摘要:当今时代的经济发展迅速，复杂多变的经济环境和日益激烈的市场竞争加快了企业的淘汰速度，一个企业的生存和发展离不开投资。有效的投资项目才能促进企业的发展和壮大，所以一个投资项目方案是否可行需要经过科学的评价指标分析方法来验证，一旦决策失误，不但得不到预期的项目收益，甚至会引发企业的财务危机。体现企业的营运能力的一个重要指标就是现金流量，现金流量的周转速度越快，说明企业的运营越好，不会出现资金链断裂的情况，在投资分析中，相比于利润情况现金流量状况显得更重要，所以在进行投资项目的决策分析时，着重需要研究的是现金流量。

　　　本文以项目投资决策基本理论为基础，以润扬房地产开发有限公司为研究对象，分析该企业项目投资决策的现状，从现金流量估算、现金流量的影响因素及指标分析方法三方面着手，从发现的问题出发，提出解决该企业基于现金流量的项目投资决策问题的优化措施，使企业能够科学地分析投资项目的现金流量，做出科学决策。

关键词 现金流量；净现金流量；净现值法；净现值率

Abstract:With the rapid economic development, enterprises are facing increasingly fierce market competition in the complex and volatile economic environment. An enterprise cannot survive and develop without investments. Only effective investment projects can promote enterprise development and expansion, so scientific evaluation methods are needed to verify whether an investment project is feasible. Once the decision-making is wrong, instead of getting the expected project benefits, the enterprise may even be led to financial crisis. Cash flow is an important indicator to reflect an enterprise’s operational capability. The faster the turnover speed of cash flow is, the better enterprise operation behaves, and thus the company needn’t worry about capital chain rupture. In the analysis of investment, the condition of cash flow is more important than that of profits, that is to say, cash flow is supposed to be focused on when doing the investment project decision research.    On the basis of the basic theory of project investment decision, the paper takes Runyang Real Estate Company as the research object and analyzes its status of project investment decision-making from the aspects of cash flow estimation and influencing factors of cash flow, using the index analysis methods. According to the discovery in the analysis, the thesis puts forward the optimization measures based on cash flow to solve the investment project decision problems, enabling enterprises to make scientific decisions with scientific analysis of the cash flows of investment projects.

Keywords  cash flow  net cash flow  net present value method  net present value rate

　　　现金流量能较好地体现一个企业的营运能力，现金流量的周转速度越快，说明企业的营运情况越好，不会出现资金链的断裂，在投资分析中，相比于利润的多少，现金流动情况显得更为重要，所以在进行投资项目决策研究时，需要着重研究现金流量。

　　　本文通过对具体企业的项目投资决策做出分析和研究，着重对现金流量的分析研究来提出相关对策和建议。通过对项目投资的现金流量的分析，使得企业更加重视到现金流量的重要性，在进行项目投资时，能够找到有效科学的分析方法，运用科学准确的评价指标来控制好成本，做好投资项目现金流量预测，从而取得良好的收益。