Re-recognize Of Investment Project Economic Evaluating Indicators And Reconstruction Of Evaluation Eystem

2016 is the first year of the 13 th Five-Year Plan.This year,the economic situation at home and abroad is unprecedented complex.Investment growth continued to decline,which put forward higher requirements on the economic character of investment projects.However,when comparing multiple alternatives,the traditional economic evaluation method for investment projects could cause the non-self-consistent problem.To solve this problem,the experts at home and abroad have put forward a variety of improved methods.However,on the one hand,there are strict restrictions on the application of these methods.On the other hand,some methods have to build complex models and carry out complex calculations.This makes the methods have become "statements of a school",which not only did not form a unified framework at the theoretical level,but also did not apply to the specific practice of investment projects.In this thesis,a relatively complete set of economic evaluation theory of investment projects is established,which combines the theoretical research and practical application of investment projects.On the one hand,this thesis makes a new understanding of the common economic evaluation indicators,and then establishes a consistent and comprehensive evaluation system of investment projects.In this thesis,the relationship between net present value,internal rate of return,and the relationship between the two and the net cash flow are studied.Based on that,this thesis proposes new means of NPV and IRR.Futher,the two party and the net cash flow have been proved to have a consistent change,which explains the basic reason of the non self consistency of the net present value and the internal rate of return.The whole process is defined by the definition,then use mathematical formula to prove.After a series of argument,the thesis establishes the theory system of economic evaluation of investment projects based on the ratio of risk and benefit.The system has a rigorous theoretical basis as a support.On the other hand,the investment project evaluation system constructed in this thesis achieves the goal of using simple indicators and simple operation to assess the risk and return of the project,which has great operative and practical significance in business.The net present value and the internal rate of return are the indicators which are often used in the practice of investment projects.Based on these two criteria,the practical operating system is established based on the division of preference and arbitrage.This system can be integrated on the image of all options in different discount rates of risk and return.It can be like a map,which can find the available routes at any time.In addition,the formula of the ratio of risk return is not only simple,but also considers the two dimensions of income and risk.So it can be directly applied to the actual investment projects.