The Practical Application of Discounted Cash Flow to Plant Purchase Using an Integrated Suite of Computer Programs
指出传统折现现金流方法在机器设备评估中的技术及财务假设有误，通过专门计算机程序可纠正这些错误，揭示以往研究严重低估了投资先进技术的财务收益。
Summary This paper describes the problems of using DCF techniques for machine tool evaluation. It is shown that many of the technical and financial assumptions traditionally made are erroneous. However, the use of specially devised computer programs allows these problems to be overcome, with the result that the output from the program reveals how previous authors, by using incorrect methodologies, have seriously understated the financial benefits of investing in advanced technology. The paper discusses the difficulties normally experienced when trying to apply DCF principles, and it is shown how these difficulties are alleviated by the use of a correctly structured program.