摘要
基于企业拥有的投资机会就像持有看涨期权,NPV法严重低估了企业的投资收益,从实物期权角度,企业也会投资于传统NPV为负的投资项目;基于企业决策目标的多元化,从战略成本管理(SCM)角度,NPV值即使大于零,项目投资也并非可行。
For from the aspect of investment opportunity as call option, NPV rule significantly deevaluate the capital gains of the enterprise. From the aspect of real option,the firm would investment on project with negative NPV; from the aspect of multiple aims and strategic cost Management,the project with positive NPV may not be accepted.
出处
《武汉科技学院学报》
2008年第1期54-57,共4页
Journal of Wuhan Institute of Science and Technology
