摘要:當(dāng)今時(shí)代的經(jīng)濟(jì)發(fā)展迅速，復(fù)雜多變的經(jīng)濟(jì)環(huán)境和日益激烈的市場競爭加快了企業(yè)的淘汰速度，一個(gè)企業(yè)的生存和發(fā)展離不開投資。有效的投資項(xiàng)目才能促進(jìn)企業(yè)的發(fā)展和壯大，所以一個(gè)投資項(xiàng)目方案是否可行需要經(jīng)過科學(xué)的評(píng)價(jià)指標(biāo)分析方法來驗(yàn)證，一旦決策失誤，不但得不到預(yù)期的項(xiàng)目收益，甚至?xí)l(fā)企業(yè)的財(cái)務(wù)危機(jī)。體現(xiàn)企業(yè)的營運(yùn)能力的一個(gè)重要指標(biāo)就是現(xiàn)金流量，現(xiàn)金流量的周轉(zhuǎn)速度越快，說明企業(yè)的運(yùn)營越好，不會(huì)出現(xiàn)資金鏈斷裂的情況，在投資分析中，相比于利潤情況現(xiàn)金流量狀況顯得更重要，所以在進(jìn)行投資項(xiàng)目的決策分析時(shí)，著重需要研究的是現(xiàn)金流量。

　　　本文以項(xiàng)目投資決策基本理論為基礎(chǔ)，以潤揚(yáng)房地產(chǎn)開發(fā)有限公司為研究對(duì)象，分析該企業(yè)項(xiàng)目投資決策的現(xiàn)狀，從現(xiàn)金流量估算、現(xiàn)金流量的影響因素及指標(biāo)分析方法三方面著手，從發(fā)現(xiàn)的問題出發(fā)，提出解決該企業(yè)基于現(xiàn)金流量的項(xiàng)目投資決策問題的優(yōu)化措施，使企業(yè)能夠科學(xué)地分析投資項(xiàng)目的現(xiàn)金流量，做出科學(xué)決策。

關(guān)鍵詞 現(xiàn)金流量；凈現(xiàn)金流量；凈現(xiàn)值法；凈現(xiàn)值率

Abstract:With the rapid economic development, enterprises are facing increasingly fierce market competition in the complex and volatile economic environment. An enterprise cannot survive and develop without investments. Only effective investment projects can promote enterprise development and expansion, so scientific evaluation methods are needed to verify whether an investment project is feasible. Once the decision-making is wrong, instead of getting the expected project benefits, the enterprise may even be led to financial crisis. Cash flow is an important indicator to reflect an enterprise’s operational capability. The faster the turnover speed of cash flow is, the better enterprise operation behaves, and thus the company needn’t worry about capital chain rupture. In the analysis of investment, the condition of cash flow is more important than that of profits, that is to say, cash flow is supposed to be focused on when doing the investment project decision research.    On the basis of the basic theory of project investment decision, the paper takes Runyang Real Estate Company as the research object and analyzes its status of project investment decision-making from the aspects of cash flow estimation and influencing factors of cash flow, using the index analysis methods. According to the discovery in the analysis, the thesis puts forward the optimization measures based on cash flow to solve the investment project decision problems, enabling enterprises to make scientific decisions with scientific analysis of the cash flows of investment projects.

Keywords  cash flow  net cash flow  net present value method  net present value rate

　　　現(xiàn)金流量能較好地體現(xiàn)一個(gè)企業(yè)的營運(yùn)能力，現(xiàn)金流量的周轉(zhuǎn)速度越快，說明企業(yè)的營運(yùn)情況越好，不會(huì)出現(xiàn)資金鏈的斷裂，在投資分析中，相比于利潤的多少，現(xiàn)金流動(dòng)情況顯得更為重要，所以在進(jìn)行投資項(xiàng)目決策研究時(shí)，需要著重研究現(xiàn)金流量。

　　　本文通過對(duì)具體企業(yè)的項(xiàng)目投資決策做出分析和研究，著重對(duì)現(xiàn)金流量的分析研究來提出相關(guān)對(duì)策和建議。通過對(duì)項(xiàng)目投資的現(xiàn)金流量的分析，使得企業(yè)更加重視到現(xiàn)金流量的重要性，在進(jìn)行項(xiàng)目投資時(shí)，能夠找到有效科學(xué)的分析方法，運(yùn)用科學(xué)準(zhǔn)確的評(píng)價(jià)指標(biāo)來控制好成本，做好投資項(xiàng)目現(xiàn)金流量預(yù)測，從而取得良好的收益。