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1.Aprofitmeasureisdefinedasanindicatorofthedesirabilityofaprojectfromthestandpointofadecisionmaker.利润指标是帮助决策者判断一个投资项目前景的指示器。2.Aprofitmeasuremayormaynotbeusedasthebasisforprojectselection.利润指标也可以作为选择备选方案的基准。13.Sincevariousprofitmeasuresareusedbydecisionmakersfordifferentpurposes,theadvantagesandrestrictionsforusingtheseprofitmeasuresshouldbefullyunderstood.由于不同的利润指标被决策者用作各种不同的用途，所以，这些指标的优势和限制我们必须深入的理解。4.Thereareseveralprofitmeasuresthatarecommonlyusedbydecisionmakersinbothprivatecorporationsandpublicagencies.目前，有很多种投资收益估算方法被私人企业和公共事业部门的决策者使用.25.Eachofthesemeasuresisintendedtobeanindicatorofprofitornetbenefitforaprojectunderconsideration.每一种指标都可以被用作一个备选方案的利润或净收益的测试剂。6.Someofthesemeasuresindicatethesizeoftheprofitataspecificpointintime;othersgivetherateofreturnperperiodwhenthecapitalisinuseorwhenreinvestmentsoftheearlyprofitsarealsoincluded.某些测度表示某具体时点的利润是多少，而另外一些则是某时间段内投入资本或追加投资的收益率。7.Ifadecisionmakerunderstandsclearlythemeaningofthevariousprofitmeasuresforagivenproject,thereisnoreasonwhyonecannotuseallofthemfortherestrictivepurposesforwhichtheyareappropriate..如果给出一个项目，决策者能够清晰地理解每一种指标的意义，那么他就可以根据每种指标的限制条件在所有可行方案中挑选合适的指标。38.Withtheavailabilityofcomputerbasedanalysisandcommercialsoftware,ittakesonlyafewsecondstocomputetheseprofitmeasures.However,itisimportanttodefinethesemeasuresprecisely:在计算机技术和商业软件的支持下，投资利润指标有时只需几秒的时间就完成了，尽管如此，我们还是必须给每种指标下精确的定义。1.NetFutureValueandNetPresentValue.净终值和净现值9.Whenanorganizationmakesaninvestment,thedecisionmakerlooksforwardtothegainoveraplanninghorizon,againstwhatmightbegainedifthemoneywereinvestedelsewhere.当一个组织投资一个项目时，决策者在规划周期很想知道这个项目的收益，这个收益至少要能大于或等于把钱投到其他项目得到的收益。410.Aminimumattractiverateofreturn(MARR)isadoptedtoreflectthisopportunitycostofcapital.最低收益率被用来反映资本的机会成本。11.TheMARRisusedforcompoundingtheestimatedcashflowstotheendoftheplanninghorizon,orfordiscountingthecashflowtothepresent.它可以用来把规划周期发生的现金流折算到结束时刻，或者折现到现在时刻。512.Theprofitabilityismeasuredbythenetfuturevalue(NFV)whichisthenetreturnattheendoftheplanninghorizonabovewhatmighthavebeengainedbyinvestingelsewhereattheMARR.一个项目的赢利能力用净终值（NFV）衡量，即，若按照该MARR将资金投入到别处而在规划周期结束时将本来可以得到的净收益。13.Thenetpresentvalue(NPV)oftheestimatedcashflowsovertheplanninghorizonisthediscountedvalueoftheNFVtothepresent.在规划期所发生的现金流的净现值NPV则是用MARR把净终值换算到现在时刻得到的。14.ApositiveNPVforaprojectindicatesthepresentvalueofthenetgaincorrespondingtotheprojectcashflows.得到一个正的净现值就表明该项目是收益的。62.EquivalentUniformAnnualNetValue.净年值15.Theequivalentuniformannualnetvalue(NUV)isaconstantstreamofbenefitslesscostsatequallyspacedtimeperiodsovertheintendedplanninghorizonofaproject.等额净年值是平均分配在规划周期内的、相等的、扣除成本的净年收入。16.Thisvaluecanbecalculatedasthenetpresentvaluemultipliedbyanappropriatecapitalrecoveryfactor..这个NUV可以用净现值乘以一个适当的“资金回收因子”得到。17.Itisameasureofthenetreturnofaprojectonanannualizedoramortizedbasis.这个方法用来估算按年计息或分期清偿项目的净收益。718.Theequivalentuniformannualcost(EUAC)canbeobtainedbymultiplyingthepresentvalueofcostsbyanappropriatecapitalrecoveryfactor.一个项目的赢利能力用净终值（NFV）衡量，即，若按照该MARR将资金投入别处而在规划周期结束时本来可以得到的净收益。19.TheuseofEUACalonepresupposesthatthediscountedbenefitsofallpotentialprojectsovertheplanninghorizonareidenticalandthereforeonlythediscountedcostsofvariousprojectsneedbeconsidered.如果单独使用等值年费用，就说明备选方案在规划周期的贴现收益相同，只要比较其贴现费用的不同就行了。20.Therefore,theEUACisanindicatorofthenegativeattributeofaprojectwhichshouldbeminimized.所以，等值年费用是一个负面的值，我们要尽量使它的数值变小。83.BenefitCostRatio.收益-费用比21.Thebenefit-costratio(BCR),definedastheratioofdiscountedbenefitstothediscountedcostsatthesamepointintime,isaprofitabilityindexbasedondiscountedbenefitsperunitofdiscountedcostsofaproject.收益费用比是收益和成本折算到同一时刻的比值，它表示付出每一个单元的成本可以得到多少收益，是一个项目盈利的指标。22.Itissometimesreferredtoasthesavings-to-investmentratio(SIR)whenthebenefitsarederivedfromthereductionofundesirableeffects.有时收益是来自于削减了一些不良因素的影响，收益费用比又相当于存款投资比率。923.ItsusealsorequiresthechoiceofaplanninghorizonandaMARR.使用这个比率也需先确定规则周期和MARR。24.Sincesomesavingsmaybeinterpretedasanegativecosttobedeductedfromthedenominatororasapositivebenefittobeaddedtothenumeratoroftheratio,theBCRorSIRisnotanabsolutenumericalmeasure.因为有时将一些节省当作费用的一种节约而从分母中减掉或者当作一种收益加在分子之中，所以收益-费用比和存款投资比率不是一种绝对的数值。25.However,iftheratioofthepresentvalueofbenefittothepresentvalueofcostexceedsone,theprojectisprofitableirrespectiveofdifferentinterpretationsofsuchbenefitsorcosts.然而，只要收益现值比上成本现值的比值大于1，那么无论怎样定义成本和收益，该项目总是盈利的。104.InternalRateofReturn.内部收益率26.Theinternalrateofreturn(IRR)isdefinedasthediscountratewhichsetsthenetpresentvalueofaseriesofcashflowsovertheplanninghorizonequaltozero.内部收益率就是在项目规划周期内净现值等于0的贴现率。27.Itisusedasaprofitmeasuresinceithasbeenidentifiedasthemarginalefficiencyofcapitalortherateofreturnovercost.它被看成是一种边际资本效益或成本回报率。28.TheIRRgivesthereturnofaninvestmentwhenthecapitalisinuseasiftheinvestmentconsistsofasingleoutlayatthebeginningandgeneratesastreamofnetbenefitsafterwards.IRR适用于初期有一笔支出，后来的每一年都有一笔收入的项目，而且第一笔付出的资金要一直被项目占用着。29.However,theIRRdoesnottakeintoconsiderationthereinvestmentopportunitiesrelatedtothetimingandintensityoftheoutlaysandreturnsattheintermediatepointsovertheplanninghori