Investment appraisal · 投资评估
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| investment appraisal/ɪnˈvestmənt əˈpreɪzl/ | 投资评估 | tóu zī píng gū |
| payback period/ˈpeɪbæk ˈpɪərɪəd/ | 回收期 | huí shōu qī |
| initial cost/ɪˈnɪʃl kɒst/ | 初始成本 | chū shǐ chéng běn |
| net cash inflows/net kæʃ ˈɪnfləʊz/ | 净现金流入 | jìng xiàn jīn liú rù |
| average rate of return/ˈævrɪdʒ reɪt ɒv rɪˈtɜːn/ | 平均回报率 | píng jūn huí bào lǜ |
Is this investment worth it?
- A firm has 50,000 to invest in new machinery. Will it pay off — and how fast?
- Investment appraisal 投资评估 puts numbers on that decision.
这项投资值得吗?
- 一个企业有 50,000 投资于新机器。它会有回报吗——以及多快?
- 投资评估(investment appraisal)给那个决策放上数字。
Investment appraisal route · 投资评估路径
Follow how a project is judged from cash flows to decision. · 了解项目如何从现金流到决策进行评判。
An investment costs 24,000 and returns net cash of 6,000 a year. What is the payback period (years)? · 一项投资成本为24,000，每年净现金流为6,000。回收期是多少年？
24,000 ÷ 6,000 = 4 years. · 24,000 ÷ 6,000 = 4年。
The payback period measures: · 回收期衡量的是：
Payback is the time to recover the initial outlay. · 回收期是收回初始支出的时间。
Payback period 回收期
- The payback period is the time taken for an investment to recover its initial cost 初始成本 from net cash inflows 净现金流入.
- For even annual inflows: payback = initial cost ÷ annual net cash flow.
The payback period is where cumulative cash flow climbs back to zero.
回收期
- 回收期(payback period)是一项投资从净现金流入收回它的初始成本所花的时间。
- 对均匀的年流入:回收期 = 初始成本 ÷ 年净现金流。
回收期是累计现金流爬回到零之处。
An investment of 40,000 gives an average annual profit of 6,000. What is the ARR (%)? · 一项投资40,000，年平均利润为6,000。ARR是多少(%)？
6,000 ÷ 40,000 × 100 = 15%.
The appraisal method giving a percentage return per year is the average rate of . · 给出每年回报率百分比的评估方法是平均收益率。
ARR = average annual profit ÷ initial cost × 100. · ARR = 年平均利润 ÷ 初始成本 × 100。
Average rate of return 平均回报率 (ARR)
- ARR = (average annual profit ÷ initial cost) × 100.
- It shows the percentage return per year — easy to compare with interest rates.
Worked example. An investment of 20,000 returns net cash of 5,000 a year. Payback = 20,000 ÷ 5,000 = 4 years. If average annual profit is 3,000, ARR = 3,000 ÷ 20,000 × 100 = 15%.
平均回报率(ARR)
- ARR(平均回报率)=(平均年利润 ÷ 初始成本)× 100。
- 它显示每年的百分比回报——容易与利率比较。
例题。 一项 20,000 的投资每年返回 5,000 的净现金。回收期 = 20,000 ÷ 5,000 = 4 年。如果平均年利润是 3,000,ARR = 3,000 ÷ 20,000 × 100 = 15%。
Will the machine pay for itself? · 这台机器能收回成本吗？
Drag the cost, the yearly inflow and the machine's life. The line crosses zero at the payback period; ARR compares the yearly return with leaving the money in the bank. · 拖动成本、年度流入和机器寿命。该线在回收期处穿过零点；ARR将年度回报与把钱存在银行进行比较。
The ARR method ignores the timing of cash flows. · ARR方法忽略了现金流的时间价值。
ARR averages profit and ignores when cash actually arrives. · ARR平均利润并忽略现金实际到账的时间。
Comparing methods
- Payback is simple and focuses on risk (how fast you get your money back) but ignores later returns.
- ARR shows profitability but ignores the timing of cash flows.
A short payback isn't automatically the best choice. A project that pays back fast but earns little afterwards can be worse than a slower one with big long-term returns. Use more than one method.
比较方法
- 回收期简单且聚焦于风险(你多快拿回你的钱)但忽视后来的回报。
- ARR 显示盈利能力但忽视现金流的时机。
一个短的回收期不自动是最好的选择。 一个回收快但之后赚得少的项目能比一个有大的长期回报的更慢的项目更差。使用不止一个方法。
You've got it
- payback period = time to recover the initial cost (= cost ÷ annual net cash flow if even)
- ARR = (average annual profit ÷ initial cost) × 100
- payback focuses on risk/speed; ARR on profitability — each has blind spots
你掌握了
- 回收期 = 收回初始成本的时间(= 成本 ÷ 年净现金流,如果均匀)
- ARR =(平均年利润 ÷ 初始成本)× 100
- 回收期聚焦于风险/速度;ARR 聚焦于盈利能力——每个都有盲点