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这个PPP项目值得投资吗？
核心提示：我们知道了判断一个PPP项目是否值得投资，可以通过选择合适的投资收益指标来帮助我们进行投资决策，但现实中我们应当了解，投资收益指标仅仅是众多决策因素中的一个，在做出最终投资决策前，企业还应该考虑PPP项目的政策影响、投资项目对于企业发展规划的影响、当地政府的财政支付能力的影响，以及投资风险因素的影响等等。
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">丨基本前提假设丨
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">企业是否投资一个项目，也许会存在多方面因素的考虑，如投资收益、发展规模、品牌影响力、社会效益等。在众多因素中，投资收益指标应该是所有投资者关注的核心，本文在不考虑其他因素影响的前提下，下面将进一步讨论如何利用投资收益指标来进行投资决策。
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">丨<span style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- letter-spacing: 0 word-wrap: break-word !im">PPP项目衡量投资收益指标的种类<span style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- letter-spacing: 0 word-wrap: break-word !im">丨
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">投资收益的指标是在国家现行会计规定、税法法规和价格体系的基础上计算的，根据是否考虑资金的时间价值，可将投资收益指标分为动态指标和静态指标。
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im"><strong style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im">01
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im"><strong style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im">常用的动态指标
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im"><strong style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im">1、净现值（NPV-Net Present Value）
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">净现值的表达方式有很多种，从财务管理学讲净现值就是投资项目投入使用后的净现金流量，按资本成本或企业要求达到的报酬率折算为现值，减去初始投资以后的余额。为了方便在EXCEL中直接使用，计算净现值的常见的表达公式为：
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">在此引入一个与其息息相关的概念：现金净流量或净现金流量（NCF -Net Cash Flow），是指一定时期内，现金及现金等价物的流入（收入）减去流出（支出）的余额（净收入或净支出），反映了企业本期内净增加或净减少的现金及现金等价数额。因此计算净现值的公式也可表达为：
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">（1）当NPV=0时，意味着按照企业假定的折现率（一般为资本成本或企业最低投资期望收益率）折现后，项目资金的流入刚好等于现金的流出。换句话说，该项目可实现的投资收益率正好等于折现率。这种情况下项目投资收益仅能满足企业的最低需求，因此企业一般会在综合考虑其他各方面因素后再决定是否投资。
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">（2）当NPV＞0时，意味着按照企业假定的折现率折现后，项目资金的流入大于现金的流出。换句话说，该项目可实现的投资收益率将会大于折现率。这种情况下，当NPV数值越大企业越愿意投资。
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">（3）当NPV＜0时，意味着按照企业假定的折现率折现后，项目资金的流入小于现金的流出。换句话说，该项目可实现的投资收益率将会小于折现率。这种情况下，企业一般不会投资这个项目。
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">案例1：假设有这么一个PPP项目，合作期限为10年（建设期2年），企业第一年、第二年年末均需投入200万元（企业最低投资期望收益率6%），政府从运营期第一年年末开始付费，在不考虑绩效考核的情况下，假如政府每年将支付企业66.35万元，这个PPP项目是否知道投资喃？
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">通过计算我们可以得到上述表格数据，当政府每年付费66.35万元时，NPV接近于0，因此在6%收益率能接受的情况下企业可以考虑投资是否投资；如果其他条件不变的情况下，假设政府每年付费为70万元时，NPV将大于0，则这个项目值得企业投资；如果其他条件不变的情况下，假设政府每年付费为60万元时，NPV将小于0，则企业不会投资这个项目。
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im"><strong style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im">2、净现值率（NPVR-Net Present Value Ratio）
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">净现值率又称净现值比、净现值指数，是指项目净现值与原始投资现值的比率。净现值率的经济含义是单位投资现值所能带来的净现值，是一个考察项目单位投资盈利能力的指标，净现值率小，单位投资的收益就低，净现值率大，单位投资的收益就高。表达公式如下：
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">在不考虑其他因素的影响且同一折现率的情况下，在一堆PPP项目中必须选一个投资的话，应首选净现值最大的那一个项目，但如果公司资金紧张，需要充分考虑初始投资额的使用效率，那么单从净现值指标的大小考虑是否投资是不够的，我们还必须知道这一堆净现值大于0的PPP项目对应的初始投资金额的现值是多少，此时我们就需要计算NPVR值是多少，通过参考单位投资现值所能带来的净现值的大小决定项目投资与否。
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">案例2：在与案例1基础条件一致的情况下，PPP项目1第一年、第二年年末均需投入200万元，政府运营期每年付费80万元；PPP项目2建设期每年年末需投入500万元，政府运营期每年付费220万元；PPP项目3建设期每年年末需投入300万元，政府运营期每年付费150万元。
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">因此如果单从净现值指标考虑，企业应该选择PPP项目2进行投资，但如果考虑到初始投资额的大小，就需要使用净现值率指标进行衡量，企业应该选择PPP项目3进行投资。由此可见，净现值率虽然也可以从动态角度反映项目投资的资金投入与净产出之间的关系，但是它无法直接反映投资项目的实际收益率水平。因此，净现值率通常作为净现值的辅助评价指标。
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<section powered-by="xiumi.us" style="margin: 0 padding: 0 font-family: &Helvetica Neue&, Helvetica, &Hiragino Sans GB&, &Microsoft YaHei&, Arial, sans- font-size: 16 max-width: 100%; box-sizing: border- color: rgb(62, 62, 62); line-height: 25.6 widows: 1; word-wrap: break-word !im"><section style="margin: 20px 0px 10 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im"><section style="margin: 0 padding: 0px 16 max-width: 100%; box-sizing: border- text-align: font-size: 15 color: rgb(96, 91, 91); line-height: 1.8; letter-spacing: 2 word-wrap: break-word !im">
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im"><strong style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im">3、项目收益成本比（RRC-Rate of Revenue and cost）
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">项目收益成本比是项目计算期内各期现金流入的现值与现金流出的现值之比，它与净现值、净现值率本质是相同的，都是在假定的折现率基础上计算，但三者之间又有区别，净现值、净现值率需要计算现金流入减去流出后的净现值，而项目收益成本比不需要计算净现值，只需要单独计算现金流入的现值与现金流出的现值。净现值计算绝对的货币额，净现值率和项目收益成本比计算的是比值，是一个相对值。这种把收益与成本直接进行比较的指标方式，结果比较直观，在国外经常被用来衡量项目盈利能力指标。项目收益成本比的表达公式如下：
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<section powered-by="xiumi.us" style="margin: 0 padding: 0 font-family: &Helvetica Neue&, Helvetica, &Hiragino Sans GB&, &Microsoft YaHei&, Arial, sans- font-size: 16 max-width: 100%; box-sizing: border- color: rgb(62, 62, 62); line-height: 25.6 widows: 1; word-wrap: break-word !im"><section style="margin: 10px 0 padding: 0 max-width: 100%; box-sizing: border- text-align: word-wrap: break-word !im"><section style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- vertical-align: display: inline- word-wrap: break-word !im overflow: hidden !im"><img data-ratio="0.715625" src="https://mmbiz.qpic.cn/mmbiz_png/NWqlatVnmgibiaqQrOAIShSumvdB79IegcNYaicBtPC6TLRaygdWvhXht50Tvp4n8J4ZFoWSm7bxKOIcZsXI6HRFA/640?wx_fmt=png" data-type="png" data-w="640" style="margin: 0 padding: 0 max-width: 100%; height: 458px !im box-sizing: border- border-width: 1 border-style: border-color: rgb(238, 237, 235); vertical-align: background-color: rgb(238, 237, 235); background-size: 22 background-position: 50% 50%; background-repeat: no- word-wrap: break-word !im width: 640px !im" alt="" /><section powered-by="xiumi.us" style="margin: 0 padding: 0 font-family: &Helvetica Neue&, Helvetica, &Hiragino Sans GB&, &Microsoft YaHei&, Arial, sans- font-size: 16 max-width: 100%; box-sizing: border- color: rgb(62, 62, 62); line-height: 25.6 widows: 1; word-wrap: break-word !im"><section style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im"><section style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im">
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">案例3：在案例2数据基础上，我们可以通过EXCEL表中的NPV函数分别求出现金流入现值，与现金流出现值，从而计算出项目收益成本比。
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<section powered-by="xiumi.us" style="margin: 0 padding: 0 font-family: &Helvetica Neue&, Helvetica, &Hiragino Sans GB&, &Microsoft YaHei&, Arial, sans- font-size: 16 max-width: 100%; box-sizing: border- color: rgb(62, 62, 62); line-height: 25.6 widows: 1; word-wrap: break-word !im"><section style="margin: 10px 0 padding: 0 max-width: 100%; box-sizing: border- text-align: word-wrap: break-word !im"><section style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- vertical-align: display: inline- word-wrap: break-word !im overflow: hidden !im"><img data-ratio="0.1813285" src="https://mmbiz.qpic.cn/mmbiz_png/NWqlatVnmgibiaqQrOAIShSumvdB79IegcLibTIibRQviaJ21dHH2SfRpia1c3IZ4Jpq3zC5TGoGFM7UXATUoqiawxYew/640?wx_fmt=png" data-type="png" data-w="557" style="margin: 0 padding: 0 max-width: 100%; height: 101px !im box-sizing: border- border-width: 1 border-style: border-color: rgb(238, 237, 235); vertical-align: background-color: rgb(238, 237, 235); background-size: 22 background-position: 50% 50%; background-repeat: no- word-wrap: break-word !im width: 557px !im" alt="" /><section powered-by="xiumi.us" style="margin: 0 padding: 0 font-family: &Helvetica Neue&, Helvetica, &Hiragino Sans GB&, &Microsoft YaHei&, Arial, sans- font-size: 16 max-width: 100%; box-sizing: border- color: rgb(62, 62, 62); line-height: 25.6 widows: 1; word-wrap: break-word !im"><section style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im"><section style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im">
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">因此从结果上来看，项目收益成本比与净现值率基本是一致的，因为净现值率中原始投资现值与我们所说的现金流出现值其实是同一概念的不同表述，两者的核心区别在于比值的分子一个使用的是净现值，另一个直接使用现金流入的现值。此外，因为净现值是净现金流量的现值，而净现金流量=现金流入-现金流出，因此在同一折现率下项目收益成本比=净现值率+1，与我们通常所说的获利指数（PI-Profitability Index）基本类似。&
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im"><strong style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im">4、内部收益率（IRR-Internal Rate of Return）
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">内部收益率就是资金流入现值总额与资金流出现值总额相等、净现值等于零时的折现率。在计算净现值时我们是已知折现率，即企业会设置一个是否值得投资的最低收益率作为折现率，然而计算内部收益率时，我们已知的只有预测的现金流入和现金流出，没有确定的折现率。如果不使用EXCEL或计算机，内部收益率要用若干个折现率进行试算，直至找到净现值等于零或接近于零的那个折现率。因此内部收益率可以通过求解下面的方程得到：
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">（1）内部收益率分类
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">内部收益率资本投入形式进行分类，可分为项目全投资内部收益率、项目资本金内部收益率、投资各方内部收益率。
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">a.&&&&& 项目全投资内部收益率，指项目总投资全部为企业的自由资金，即100%的股本投资，对应这一投资类型的资本收益率，就是项目全投资内部收益率。根据目前PPP项目的实际情况，基本没有项目是总投资全部为企业的自由资金的，都是&项目资本金+债权融资&模式，然而实践中经常采用项目全投资内部收益率作为PPP项目投标报价指标的原因在于，我们假设PPP项目全部是自由资金，以项目总投资额计算回报率，不区分股权融资与债权融资，或是说不考虑债权融资的问题，因此项目全投资内部收益率又称为融资前的内部收益率，在现金流中不计算债权融资还本付息的现金流[1]。该指标的作用在于它能反映项目能够承受的贷款利率上限。
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">b.&&&&& 项目资本金内部收益率，也被称为项目自有资金内部收益率，是指项目总投资中根据我国现有的项目资本金制定要求，投资各方实缴的资本总和，即项目自有资本部分对应的内部收益率。项目资本金内部收益率，用于反映项目资本金的投入在银行贷款杠杆作用下的盈利水平。
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">c.&&&&&& 投资各方内部收益率，即各方投资者股本的内部收益率，反映了各投资方的单位股本出资额在合作期内每年所获得的平均收益率。通常情况下投资各方内部收益率是各方投资者考虑是否投资项目的关键指标。
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">（2）内部收益率的局限性
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">a.&&&&& 内部收益率计算复杂且有时会有多个解或无解，对于合作期间各年度现金流动只有一次符合变动的常规现金流（如本文中案例建设期单流出，运营期单流入），内部收益率有唯一的解。如间隔几年发生的维持运营大额投资就可能使净现金流多次正负变化，就会导致内部收益率无解或多解[2]。
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">内部收率反映的是合作期内净现值等于零时候的平均收益率，对于纯使用者付费项目每一年的实际收益率会存在较大波动，因此对于合作周期短、风险不大、资金产出波动小的PPP项目，用内部收益率作为投资收益指标具有一定的意义；但是对于合作周期特别长、风险较大的PPP项目，与投资收益相比投资者更关心需要多久能收回初始投资金额[3]，因此单纯用内部收益率作为是否投资项
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">a.&&&&& 目还是存在一定风险的。
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">b.&&&&& 与净现值不同，内部收益率仅能反映项目的平均收益率，没办法提现项目的投资规模，不同投资规模的PPP项目，并不一定是内部收益率高的项目赚钱多，还需考虑项目的投资规模大小。
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">内部收益率的计算前提是假设所有的利率都相同，没有考虑中间年度所回收的现金，再投资回报率合理性的问题，如果再投资收益率不再一样，那么我们需要修正内部收益率（MIRR-Modified Internal Rate of Return），对内部收益率进行修正。
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">[1]国家发改委、建设部，《建设项目经济评价方法与参数》（第三版）
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">[2]李明哲，中国计划出版社，《投资项目经济评价问答》
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">[3]蒲明书、罗学富、周勤，《PPP项目财务评价实战指南》
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">案例4：将案例2中PPP项目1建设期现金流出进行调整，各项目内部收益率与净现值对比如下：
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<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">由此可见，内部收益率指标与净现值指标并不一定是一致的，因受到投资规模的影响，净现值大的项目内部收益率并不一定比净现值小的项目内部收益率高，因此在采用内部收益率作为投资指标时我们应当充分考虑内部收益率的局限性，结合其他指标一起作为投资决策的依据。
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<section powered-by="xiumi.us" style="margin: 0 padding: 0 font-family: &Helvetica Neue&, Helvetica, &Hiragino Sans GB&, &Microsoft YaHei&, Arial, sans- font-size: 16 max-width: 100%; box-sizing: border- color: rgb(62, 62, 62); line-height: 25.6 widows: 1; word-wrap: break-word !im"><section style="margin: 0.5em 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im"><section style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- height: 5 background-color: rgb(211, 108, 79); word-wrap: break-word !im"><section style="margin: 5px 0 padding: 0 max-width: 100%; box-sizing: border- height: 5 background-color: rgb(211, 108, 79); word-wrap: break-word !im"><section style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- height: 5 background-color: rgb(211, 108, 79); word-wrap: break-word !im"><section powered-by="xiumi.us" style="margin: 0 padding: 0 font-family: &Helvetica Neue&, Helvetica, &Hiragino Sans GB&, &Microsoft YaHei&, Arial, sans- font-size: 16 max-width: 100%; box-sizing: border- color: rgb(62, 62, 62); line-height: 25.6 widows: 1; word-wrap: break-word !im"><section style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im"><section style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im">
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<section powered-by="xiumi.us" style="margin: 0 padding: 0 font-family: &Helvetica Neue&, Helvetica, &Hiragino Sans GB&, &Microsoft YaHei&, Arial, sans- font-size: 16 max-width: 100%; box-sizing: border- color: rgb(62, 62, 62); line-height: 25.6 widows: 1; word-wrap: break-word !im"><section style="margin: 20px 0px 10 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im"><section style="margin: 0 padding: 0px 16 max-width: 100%; box-sizing: border- text-align: font-size: 15 color: rgb(96, 91, 91); line-height: 1.8; letter-spacing: 2 word-wrap: break-word !im">
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im"><strong style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im">5、贴现回收期（Discounted-payback Period）
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">贴现回收期是指从贴现的净现金流量中收回原始投资现值所需要的年限，该方法对期望的现金流量以资本成本进行贴现，考虑了风险因素以及货币的时间价值，属于动态收益指标。计算贴现回收期DPt的表达式为：
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<section powered-by="xiumi.us" style="margin: 0 padding: 0 font-family: &Helvetica Neue&, Helvetica, &Hiragino Sans GB&, &Microsoft YaHei&, Arial, sans- font-size: 16 max-width: 100%; box-sizing: border- color: rgb(62, 62, 62); line-height: 25.6 widows: 1; word-wrap: break-word !im"><section style="margin: 10px 0 padding: 0 max-width: 100%; box-sizing: border- text-align: word-wrap: break-word !im"><section style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- vertical-align: display: inline- word-wrap: break-word !im overflow: hidden !im"><img data-ratio="0.34375" src="https://mmbiz.qpic.cn/mmbiz_png/NWqlatVnmgibiaqQrOAIShSumvdB79IegcRUUe4Zo0BdHhZVTIWNibOhvfGqRnPDgflics06akSUmREhsGuLqeppIA/640?wx_fmt=png" data-type="png" data-w="640" style="margin: 0 padding: 0 max-width: 100%; height: 220px !im box-sizing: border- border-width: 1 border-style: border-color: rgb(238, 237, 235); vertical-align: background-color: rgb(238, 237, 235); background-size: 22 background-position: 50% 50%; background-repeat: no- word-wrap: break-word !im width: 640px !im" alt="" /><section powered-by="xiumi.us" style="margin: 0 padding: 0 font-family: &Helvetica Neue&, Helvetica, &Hiragino Sans GB&, &Microsoft YaHei&, Arial, sans- font-size: 16 max-width: 100%; box-sizing: border- color: rgb(62, 62, 62); line-height: 25.6 widows: 1; word-wrap: break-word !im"><section style="margin: 20px 0px 10 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im"><section style="margin: 0 padding: 0px 16 max-width: 100%; box-sizing: border- text-align: font-size: 15 color: rgb(96, 91, 91); line-height: 1.8; letter-spacing: 2 word-wrap: break-word !im">
<p style="margin: 0 padding: 0 clear: max-width: 100%; box-sizing: border- min-height: 1 word-wrap: break-word !im">贴现回收期考虑了资金的时间价值，可借助项目投资净现金流量表计算。项目投资净现金流量表中累计净现金流现值首次为正值或零的时点，即为贴现回收期。计算公式如下：
<section powered-by="xiumi.us" style="margin: 0 padding: 0 font-family: &Helvetica Neue&, Helvetica, &Hiragino Sans GB&, &Microsoft YaHei&, Arial, sans- font-size: 16 max-width: 100%; box-sizing: border- color: rgb(62, 62, 62); line-height: 25.6 widows: 1; word-wrap: break-word !im"><section style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im"><section style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- word-wrap: break-word !im">
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<section powered-by="xiumi.us" style="margin: 0 padding: 0 font-family: &Helvetica Neue&, Helvetica, &Hiragino Sans GB&, &Microsoft YaHei&, Arial, sans- font-size: 16 max-width: 100%; box-sizing: border- color: rgb(62, 62, 62); line-height: 25.6 widows: 1; word-wrap: break-word !im"><section style="margin: 10px 0 padding: 0 max-width: 100%; box-sizing: border- text-align: word-wrap: break-word !im"><section style="margin: 0 padding: 0 max-width: 100%; box-sizing: border- vertical-align: display: inline- word-wrap: break-word !im overflow: hidden !im"><img data-ratio="0.4875" src="https://mmbiz.qpic.cn/mmbiz_png/NWqlatVnmgibiaqQrOAIShSumvdB79IegcpbpzI71Hlib8fvblXCQJPxQIIU4GDgvDdTzGibxUtS13Rtlcmopl0cKw/640?wx_fmt=png" data-type="png" data-w="640" style="margin: 0 padding: 0 max-width: 100%; height: 312px !im box-sizing: border- borde