资本预算

• Cost estimator is that will have the ability to prepare estimates of material costs and labour costs for the manufacture of hydro - turbines and generator with highly engineering technical background , working independently and cooperating with all other departments in the company
  项目成本预算是为具有高技术含量的发电机准备材料和人力资本预算而独立地或协同公司其他部门工作。
• The enterprise should analyze the projects investment in a decision framework which includes above three facts in order to obtain the optimal investment decisions . the technology innovation investment of enterprise has option - game characteristics , because that real option method can properly deal with uncertainty and irreversibility , and game theory can properly deal with investment competition between enterprises
  由于实物期权方法可以很好地处理不确定性与不可逆性，同时博弈理论能很好地处理投资企业间的竞争反应问题，因而企业的技术创新投资决策具有期权博弈特性，可以应用期权博弈理论与方法来进行创新投资的资本预算。
• Therefore , the paper goes deep into these issues and puts forward some reformatory ideas , which aimed at the enterprise ' s poor knowledge of budget management , singleness and blindness in process , method and start point of b udget preparation , and specially the deficiencies in the queue principle of investment proposals
  针对企业对预算管理的认识不够全面、具体选择预算编制的程序、方法和起点模式时的单一性和盲目性，以及资本预算中的投资建议排队理论的缺陷等问题，本文进行了研究探讨，提出了改进建议。
• The fast - changing competitive landscape and responses from competitors become major uncertain issues when companies are trying to make investment decisions . accordingly , modeling those key factors into capital budgeting process is very necessary . in monopoly or oligopoly industries , the relationship among major competitors can be well understood by means of game theory
  这时在资本预算中引入对关键因素的判断十分重要；在垄断性行业中，竞争者间更多的体现为博弈关系，项目投资面临的信息环境不仅受竞争者决策的影响，还受到公司本身的影响，这时，为了解决这种信息不确定性，引入博弈模型是一种很好的选择。
• In this section , we have also done comparison research between real option method and traditional investment decision method ( npv ) , and pointed out that real option method cannot completely substitute for the npv index and that it acts as a supplement and revision of the traditional capital budget npv method
  在这一部分还对实物期权方法和传统的投资决策方法( npv法)做了比较研究,指出实物期权方法并不能够完全取代npv指标,而只是作为传统的资本预算npv方法的一个补充和修正,它必须配合npv指标才能加以适用。
• If companies could not take into account those factors , those companies could be negatively evaluated , and thus damage those firms " financing ability and business operations . to solve information asymmetry issue in m & a , we will introduce payment and contract design into capital budgeting . to eliminate the negative impact brought by valuation cycles , we will
  为了解决公司在对外投资过程中出现的信息不对称问题，我们在资本预算中引入支付方式及合约设计；为了解决市场评价周期对公司融资能力的影响，我们在资本预算中引入整体评估和现金流组合策略。
• Contents of this course include : basic concepts of financial management , atternative forms of business organization , financial statement analysis , break - even analysis , operating & financial leverages , managing working capital , short - term financing , financial mathematics , capital budgeting & risk , discounter - cash - flow model , fundamentals of securities valuation , cost of capital , capital structure , dividend policy , long - term financing , leases , mergers & acquisitions , holding companies , restructure and liquidation
  课程涵盖了财务管理的基本概念，企业组织型态，财务报表分析，损益平衡分析， ?杆原理，营运资金管理，短期融资，财务数学，资本预算及风险，现金流量折现模型，证券评价基础，资金成本，资本结构，股利政策，长期融资，租赁，并购，握股公司，重整及清算等重要课题。
• So the solution is to complete the transform from investment - pulling model to benefit - rise model . but strengthen the budget management is the precondition of capital - disbural efficiency . in fact , the budget management has become the base way of decision - making , control and self - restriction . the article is made up by three parts . capital - budget theory , technology and the background of domestic telecom enterprise are introduced in part1 . in part2 , we focus on the details of one state - owned telecom enterprise , diagonising the old capital budget rules and processes , bringing out a optimized capital - budget management model . in addition , i design two application case in view of the value - management function and behavior - management function
  全文主体分为三部分：第一部分为研究背景，简要的回顾和交待了资本预算主要理论、方法及其在国内外企业的应用情况；第二部分深入到某国有电信企业资本预算管理的细节，对原资本预算管理流程、弊病进行了诊断，针对性地提出了资本预算管理优化模型的特点、要点，重点论述了本地网滚动性投资的预算方法，其中abc分类法等概念和应用是该公司在分公司进行试点过程中提出的简明易用的创新型的实用方法。
• The project investment of enterprises has option - game characteristics , because that real option method can properly deal with uncertainty and irreversibility , and game theory can properly deal with investment competition between enterprises . thus , we can apply option - game theory to make the decision of projects investment and capital budget
  由于实物期权方法可以很好地处理不确定性与不可逆性,同时博弈理论能很好地处理投资企业间的竞争反应问题,因而企业的项目投资决策具有期权博弈特性,可以应用期权博弈理论与方法来进行投资决策和资本预算。