Research On Investment Evalution Of G Nuclear Power Project Based On APV Method

As an important new energy source,the healthy development of nuclear power industry plays an irreplaceable role in improving China's comprehensive strength.In the field of nuclear power investment,the current commonly used investment assessment methods for the NPV method,but the NPV method,like many mainstream investment evaluation method without considering the nuclear power project after the asset-liability ratio is high,and power generation can ensure stable cash flow and other characteristics.High leverage can produce high value tax shields,and tax shield value is one of the important indices for other investment appraisal methods are missing,ignoring the tax shield value this important factor method cannot provide investors with the most valuable reference basis,easy to cause could have buried investment to create economic benefits of nuclear power project,its scientific nature and reliability of debate.Based on APV method to explore nuclear power project investment evaluation research,first of all,analyze the APV method of each parameters determine,then contrast,this paper emphatically analyzes the NPV method,auxiliary contrast analysis to other investment appraisalmethods,relative advantage of APV method.Secondly combining G the basic situation of nuclear power project,the analysis of the nuclear power industry in different level,then respectively for G nuclear project debt paying ability,profitability and cost analysis.Then respectively by APV method and NPV method for G nuclear power project investment evaluation,calculates the numerical analysis,it is concluded that APV method for G power plant project calculated value is much larger than the traditional NPV method,the fundamental reason for the increased value tax shields the key indicators.In the process of APV method,need to consider high leverage prone to financial distress cost,but the use of nuclear power project after the character such as stable profitability and solvency can be perfectly solved this difficult.APV method compared to the traditional investment evaluation method is the biggest advantage of using nuclear power industry characteristics of the project,under the premise that overcome the drawback of increasing the value of the project,more scientific and reasonable reference for the decision of investors,as well as to expand the application in our country to participate in the competition on the international nuclear power project investment.