THE APPRAISAL OF MACHINERY INVESTMENT
将现值模型应用于新机械投资决策，重点纳入税收和通胀影响，推导出等值年金形式以计算实际年度成本，并探讨财务约束下的投资标准修改。
The present value model is applied to investment decisions in new machinery with particular emphasis on the incorporation of taxation and inflation effects. In order to produce a more practically applicable version of the model an equivalent annuity form is derived in which post‐tax net present value is converted into a corresponding annual cost in real terms. The effects of inflation, tax and interest rates on this annual cost are explored. Possible modifications to the investment criterion, in the context of finance constraints at purchase or subsequent replacement, are discussed.