Cash Flow Estimation for Environmental Capital Investment

本研究的重点是资本预算。资本预算有几个主要问题。其中之一是通过资本投资决策来估计现金流量。这些现金流是由资本项目带来的。例如，投资一个新工厂为公司带来现金流。由于环境问题的严重性和紧迫性，一种新型的投资项目正在世界范围内兴起。这些都是环保意识的项目，节约能源，减少废物。本研究的真实的对象是探索环境资本投资现金流量的估算方法。要建立环保项目的现金流量估算模型，首先要了解环保项目的现金流量估算方法的发展现状。我访问了许多公司，在亚洲和欧洲寻找这种投资实践。在日本和欧洲，显然是积极接受环境项目。许多公司投资于环境资本p ...更多信息 获得战略优势。实际上，许多优秀的企业都将环境战略作为企业战略的一部分，一般来说，资本项目的现金流是通过降低成本和增加销售额来实现的。要做到这一点，机械作为一个投资项目，必须减少资源消耗或比以往任何时候都更多地生产。这些效益作为项目现金流量进行财务计量。但环境资本项目的效益与一般项目的效益不尽相同。由于环境项目的效益难以用财务方法来衡量，因此必须对环境项目的效益进行更广泛的衡量。一般来说，与环境有关的活动包括在间接部门所做的各种活动中。通常，这些活动无法明确识别。为了衡量环境活动的资源消耗，应该将这种活动隔离开来。这种环境活动的分离可以通过作业成本法（ABC）来实现。ABC将环境活动与一般间接活动区分开来。环境资本项目投资可以减少环境活动对资源的消耗。在废物处理成本的情况下，许多材料，劳动力等都不需要处理废物。这种资源消耗的节省最终导致现金流入。此外，回收和节能对现金流也有同样的影响。为了估算环境项目的现金流量，这些效益必须通过ABC法确定和计量为现金流量。在这项研究中，这种新的现金流量估计模型。该模型有助于环境项目的正确投资决策

This study focuses on the capital budgeting. The capital budgeting has a few primary issues. One of them is cash flow estimation by capital investment decision. This cash flow is brought by capital project. For example, investment to a new plant brings cash flow to the company. Now a new type of investment projects occurs because environmental problem is serious and urgent to us all over the world. These are the environment conscious projects that save energy and reduce wastes. The real object of this study is to explore the way to estimate the cash flow of environmental capital investment. To build this cash flow estimation model of the environmental project, it is essential to know the state of the art. In addition, now growing number of these investment projects are accepted. I visited many companies to search this investment practice in Asia and Europe. In Japan and Europe, it was clear to accept environmental project positively. Many companies invest to the environmental capital p … More rojects to acquire strategic edge. In effect, many excellent companies have an environment strategy as a part of corporate strategyIn general, cash flow of capital project is brought by cost reduction and sales increase. To do this, machinery as an investment project must decrease resource consumptions or produce more than ever. These benefits are financially measured as a project cash flow. But the benefit of environmental capital project is not the same as general project. Because benefit of environmental project is difficult to measure financially, it must be measured more extensively. Generally environment-related activities are included in various activities done by indirect department. Often, these activities can't be identified clearly. To measure the resource consumption by environmental activity, this activity should be isolated. This isolation of environmental activity can be implemented by Activity-Based Costing (ABC). ABC differentiates the environmental activity from general indirect activities. Investment to environmental capital project can reduce resource consumptions by environmental activity. In the case of waste disposal cost, many materials, labor and so on are not necessary to deal with wastes. This resource consumption savings finally result in cash inflow. In addition, recycle and energy savings have the same effect on cash flow. For estimating environmental project cash flow, these benefits must be identified and measured as cash flow by ABC. In this study, this new cash flow estimation model is presented. This model can contribute to the right investment decision of environmental project Less