| "净利+利息+折旧"抑或"净利+税后利息+折旧"?——对会计资格考试辅导教材中经营现金净流量计量方法的商榷 |
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| 引用本文： | 田世晓,苏红敏. "净利+利息+折旧"抑或"净利+税后利息+折旧"?——对会计资格考试辅导教材中经营现金净流量计量方法的商榷[J]. 云南财贸学院学报, 2007, 23(1): 51-55 |
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| 作者姓名： | 田世晓 苏红敏 |
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| 作者单位： | 云南财经大学会计学院 云南昆明650221 |
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| 摘 要： | 计算项目净现值(NPV)等投资决策指标时,现金流量与折现率应具有匹配关系。从两者的匹配关系看,全国会计专业技术资格考试辅导教材《财务管理》一书中的经营现金净流量(NCF)计量公式有欠妥当。因为以项目的加权平均资本成本(WACC)作为折现率时,与之相应的NCF的计量方法不应是教材中的“净利 利息 折旧”,而应该是“净利 税后利息 折旧”,或者是“息税前利润(1-所得税率) 折旧”。
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| 关 键 词： | 资本成本 现金流量 匹配关系 计量方法 |
| 文章编号： | 1007-5585（2007）01-0051-05 |
| 修稿时间： | 2006-09-06 |
"Net Profit+Interest+Depreciation" or "Net Profit+Interest after Texes+Depreciation"?——Discussion on the Measurement Method of Cash Flow in guidance books for Accounting Qualification Test |
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| TIAN Shi-xiao,SU Hong-min. "Net Profit+Interest+Depreciation" or "Net Profit+Interest after Texes+Depreciation"?——Discussion on the Measurement Method of Cash Flow in guidance books for Accounting Qualification Test[J]. Journal of Yunnan Finance and Trade Institute, 2007, 23(1): 51-55 |
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| Authors: | TIAN Shi-xiao SU Hong-min |
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| Affiliation: | Faculty of Accounting, Yunnan University of Finance and Economics, Kunming 650221, China |
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| Abstract: | When calculating item net present value(NPV),we can find matching relationship between cash flow and discount rate.From their relationship,the author found that the calculating formula of net cash flow(NCF) in the book named Financial Management for national accounting qualification test is inappropriate.Because when weighted average cost of capital(WACC) is used as discount rate,the calculating method of NCF should not be "Net Profit Interest Depreciation" as stated in the book,but should be "Net Profit Interest after Texes Depreciation" or "Pretax Profit(1-IncomeTax Rate) Depreciation". |
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| Keywords: | Capital Cost Cash Flow Matching Relationship Measurement Method |
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