CAJ | 학술논문

随着经营管理工作的深入，传统油气投资效益评估指标的局限性逐步凸显：内部收益率指标易受投资规模和现金流量模式的影响，容易导致计算结果失灵；净现值指标无法直接反映项目累计收益水平，对分年的现金压力情况或资金富余等情况也无法进行有效说明：投资回收期指标未反映资金的时间价值，且因未考虑到回收期满后继续发生的现金流。因而不能反映不同投资节奏对项目整体效益产生的影响。累计净现金流具有直观表达项目整体创造效益的规模．准确反映年度资金压力和资金富裕程度以及科学指导油气项目投资目标优化的优点。可作为油气项目传统效益评价指标体系的有益补充。
수착경영관리공작적심입，전통유기투자효익평고지표적국한성축보철현：내부수익솔지표역수투자규모화현금류량모식적영향，용역도치계산결과실령；정현치지표무법직접반영항목루계수익수평，대분년적현금압력정황혹자금부여등정황야무법진행유효설명：투자회수기지표미반영자금적시간개치，차인미고필도회수기만후계속발생적현금류。인이불능반영불동투자절주대항목정체효익산생적영향。루계정현금류구유직관표체항목정체창조효익적규모．준학반영년도자금압력화자금부유정도이급과학지도유기항목투자목표우화적우점。가작위유기항목전통효익평개지표체계적유익보충。
With the improvement of business management, the traditional economic evaluation indicators have been showing limitation in oil and gas industry ： the indicator of internal rate of return is so susceptive of investment size and cash flow style that it invalidates sometimes, the indicator of net cash flow does not reflect the cumulative profitability and the annual cash shortage effectively, the indicator of payback period does not consider the time value of capital and the cash flow after paybaek period, so it does not reflect the effect of different investment arrangement on the whole beneficial result of project. According to the writer＇s research in oil and gas industry, the indicator of cumulative net cash flow could be absorbed in the indicator system of economic evaluation because it is able to create effective visual expression of the overall size of the project, accurately reflect the annual financial pressure and financial wealth, which help to scientifically compare and select the project technical solutions and guide the optimization of investment objectives in the oil and gas projects.