英语术语概念-附件-第5章 经济性评价方法

数字化资源（双语）Chapter5经济性评价方法TerminologyandConceptsMinimumAttractiveRateofReturn（MARR）基准收益率TheMinimumAttractiveRateofReturn(MARR),alsoknownasthehurdlerate,istheminimumreturnstandardsetbyacompanyorinvestorwhenevaluatingaprojectorinvestment.MARRrepresentsthethresholdlevelofreturnthataprojectmustachievetobeconsideredworthwhile.IftheexpectedrateofreturnofaprojectislowerthantheMARR,theprojectisgenerallyconsideredunworthyofinvestment.Conversely,iftherateofreturnexceedstheMARR,theprojectmaybeaccepted.MARRistypicallydeterminedbasedonfactorssuchasthecostofcapital,marketrisk,andthestrategicgoalsofthecompany,anditservesasabenchmarkforassessingthefeasibilityandpriorityofaproject.2、NetPresentValue（NPV）净现值法NetPresentValue(NPV)isoneofthemostimportantindicatorsfordynamicallyevaluatinganinvestmentproject,asitreflectstheproject’sprofitabilityoveritseconomiclifespan.Thismetriccalculatesthecumulativepresentvalueofallannualrevenuesandexpensesovertheproject'seconomiclifespan,discountedtoaspecificbaseyear(typicallythepresent).Thecriteriaforassessingaproject’sprofitabilityusingthepresentvaluemethodareasfollows:NetPresentValue(NPV)>0:Theprojectisprofitableandfeasible;investmentisrecommended.NetPresentValue(NPV)=0:Theprojectbreakseven,coveringonlythecosts,withnoprofitorloss.NetPresentValue(NPV)<0:Theproject’sreturnsareinsufficienttocoverthecosts;investmentisnotrecommended.3、PresentValueofCost费用现值PresentValueofCost(PVC)isaspecialcaseofNetPresentValue(NPV).Whenaprojectdoesnotconsiderrevenuesandonlyaccountsforinvestment,costs,andsalvagevalue,thetotalaccumulatedvalueofdiscountedinvestmentsandoperatingcostsovertheproject’slifespanatagiveninterestrate(usuallytheMinimumAcceptableRateofReturn,MARR)isreferredtoasthePresentValueofCost.SincePVConlyconsiderscashoutflows,itsvalueisalwaysnegative.Thisconceptiscommonlyusedinthecomparisonofmutuallyexclusiveoptions,wheretheoptionwiththelowerPVCispreferred.4、CapitalizeWorth资本化值Capitalizationmethodisaspecialcaseofthepresentvaluemethod.Whenaproject'susefullifeorstudyperiodisinfinitelylong—meaningcashflowsoccurindefinitelyintothefuture(N→∞)—thepresentvaluecalculationisreferredtoasCapitalizeWorth(CW).TheCWofaprojectisobtainedbydividingtheannualequivalentvalueofitsusefullifebytheannualinterestrate.5、FutureWorthmethod（FW）将来值法FutureWorth(FW),alsoknownastheterminalvalue,istheequivalentvalueattheendofthestudyperiodofallcashflowsoccurringthroughouttheperiod,basedonaspecificinterestrate(usuallyMARR).Thismetricistypicallyusedtomeasurethecumulativeeffectofvariouscashflows,suchasinvestmentsandreturns,overthestudyperiod,givinginvestorsaclearunderstandingofthetotalreturnstheycanexpectbytheendoftheproject.Thecriteriaforassessingaproject’sprofitabilityusingtheFutureWorthmethodareasfollows:FW>0:Theprojectisprofitableandfeasible;investmentisrecommended.FW=0:Theprojectbreakseven,coveringonlythecosts,withnoprofitorloss.FW<0:Theproject’sreturnsareinsufficienttocoverthecosts;investmentisnotrecommended.6、AnnualWorthMethod（AW）年值法NetAnnualValue(NAV),alsoknownasannualequivalentvalue,iscalculatedbydistributingtheproject’sNetPresentValue(NPV)evenlyacrosseachyearofitslifespan(fromyearonetoyearn).Thisannualequivalentrepresentsthecashflows(includinginvestments,revenues,expenses,salvagevalues,etc.)overtheproject’sentirelifespan,convertedtoanequalannualamountusingaspecifieddiscountratei(typicallytheMARR).Thecriteriaforassessingaproject’sprofitabilityusingtheannualworthmethodareconsistentwiththoseofthenetpresentvaluemethod.Theprofitabilitycriteriausingtheannualworthmethodareasfollows:AW>0:Theprojectisprofitableandfeasible;investmentisrecommended.AW=0:Theprojectbreakseven,coveringonlythecosts,withnoprofitorloss.AW<0:Theproject’sreturnsareinsufficienttocoverthecosts;investmentisnotrecommended.7、InternalRateofReturn（IRR）内部收益率InternalRateofReturn(IRR)isthediscountrateatwhichthepresentvalueofallcashinflowsoveraproject’slifespanequalsthepresentvalueofallcashoutflows—inotherwords,thediscountrateatwhichtheNetPresentValue(NPV)iszero.Insimpleterms,IRRistherateatwhichaproject’sinvestmentispreciselyrecoveredbytheendofitslife.Economically,IRRcanbeunderstoodastheproject’sintrinsicabilitytorecouptheinvestment,reflectingitsaverageprofitabilityovertheentirelifespan.WhenusingtheIRRtoevaluatetheeconomicfeasibilityofasingleproject,iftheminimumacceptablerateofreturn(MARR)isknown,theevaluationcriteriabasedontheproject’sIRRareasfollows:WhenIRR≥MARR:Theprojectiseconomicallyfeasibleandcanbeaccepted.WhenIRR<MARR:Theprojectiseconomicallyinfeasibleandshouldberejected.8、ExternalRateofReturn(ERR)外部收益率ExternalRateofReturn(ERR)isamethodusedineconomicevaluationtoanalyzeaproject’seconomicbenefits.ERRisconsideredamorerealisticprojectevaluationapproachthantheInternalRateofReturn(IRR)asittakesintoaccountthereinvestmentrateforreturnsandthecostofexternalfinancing,therebyprovidingamoreaccuratereflectionofaproject’seconomicprofitability.TheERRassumesthatrecoveredfunds(i.e.,positivecashflows)arereinvestedatanexternalrate(typicallytheMinimumAcceptableRateofReturn,MARR),whilenegativecashflowsarediscountedatthecostoffinancing.UnliketheIRR,whichassumesthatallintermediatecashflowsarereinvestedwithintheprojectitself,theERRplacesgreateremphasisontheactualreinvestmentenvironment.ThiscorrectstheunrealisticassumptionsoftheIRR,makingERRespeciallysuitableforprojectswithunevenorfrequentreinvestmentofintermediatecashflows.DecisionRulesforERR:WhenERR≥ReinvestmentRate(MARR):Theprojectisfeasibleandcanbeaccepted.WhenERR<ReinvestmentRate(MARR):Theprojectisnotfeasibleandshouldberejected.SimplePaybackPeriod静态投资回收期ThePaybackPeriod,alsoknownasthereturnperiod,isanimportantindicatorforevaluatingaproject'srepaymentability.Itreferstotheamountoftime,typicallymeasuredinyears,requiredforaprojecttorecoveritsinitialinvestmentthroughthenetprofitsitgenerates,startingfromthedateofinvestment(orthestartofconstruction).ThePaybackPeriodassessesaproject'sfinancialrecoverycapabilityandcanbeusedtomeasureitsliquidity.Generally,theshorterthePaybackPeriod,thebettertheproject'sliquidityandthelowertherisk.SimplePaybackPeriod(θ)referstothetimeneededtorecoverthefullinvestmentusingtheproject'sannualnetincome,withoutconsideringthetimevalueofmoney.10、DiscountedPaybackPeriod动态投资回收期TheconceptoftheDiscountedPaybackPeriod(θ')issimilartothatoftheSimplePaybackPeriod,exceptthatitaccountsforthetimevalueofmoneyinitscalculation.Thisappr