1. Initial Cost or Cash Outlay 初始投資成本或現金支出
This includes the actual investment cost as well as any other initial costs related to that investment.
這包括實際投資成本以及其他任何跟該投資有關的初始成本。
2. Projected Cash Flow 預計現金流量
Here a company looks at the incremental (additional) cash flows that will result from the investment. Usually, the projected cash flow period covers the expected life of the investment. Once this is done, however, the projected cash flow needs to be compared to the cost of the investment using today’s dollars (present value). We call this Discounted Cash Flow (DCF).
企業在這方面所要看的是投資所帶來的增額（新增）現金流量。預計現金流量的期間通常會含蓋投資的預期壽命。不過一旦完成後，預計現金流量就需要用現在的幣值（現值）來跟投資成本比較。我們稱此為折現現金流量 (DCF)。
3. Discount (Hurdle) Rate 折現（臨界點報酬）率
In order to discount the future cash flow a company needs to set a target or hurdle rate. This represents the minimum level of return that a company must obtain in order for an investment to be acceptable. The hurdle rate usually is related to a company’s cost of capital, that is, how much it would cost the company to raise the money through outside sources (debt or equity).
為了替未來的現金流量折現，企業必須訂出目標或臨界點報酬率。這代表企業為了讓投資可以被接受所必須達到的最低報酬水準。臨界點報酬率通常跟企業的資金成本有關，亦即，公司要花多少錢才能從外部來源（債務或權益）募集到資金。
淨現值(NPV)
專案或投資的淨現值由下列公式來決定：
預計現金流量的現值 － 初始投資成本 ＝ 淨現值
假如淨現值在零以上，專案就會獲得核准。假如淨現值為負，專案就會遭到否決，因為它達不到公司所要求的報酬率。
其他的投資評估策略
・內部報酬率 (IRR)──計算出會讓淨現值為零的折現率。在比較好幾個投資選項時，這種方法或許派得上用場，藉以選出內部報酬率最高的那個。
・回收期間法──估計初始投資要花幾年才能回本。不過，這種方法並沒有考慮到資金的時間價值。
Word List 重要字彙
acquisition (n.) 收購 / return (n.) 報酬 / projected (adj.) 預計的 / discount rate 折現率 / incremental (adj.) 增加的 / capital (n.) 資金 / raise (v.) 募集
