原理：将投资决策和融资决策分开来考虑。允许公司评估项目损益，根据新的融 资方式。这样，在估算时，先仅仅考虑商业风险（用 Kei 折现）；其次才考虑债 务融资和补贴贷款带来的好处(节税，省息）。这样公司可以评估投资活动的价值， 以及因融资方式带来的好处。

APV method separates the investment decision from the financing decision. This will allow company to evaluate the gain or loss associated with the costs and benefits of the new finance.

The value of the project is initially assessed considering only the business risk involved in undertaking the project. The discount rate used is based on the asset beta which measures only the business risk of that company.

The impact of debt financing and the subsidy benefit are then considered. In this way, the company can assess the value created its investment activity and then the additional value created from the manner in which the project is financed.

优点：

1.不同资金不同折算率，商业风险用 Kei,金融风险用 Kd。It allows each different type of cash flow to be discounted at a rate specific to risk of that cash flow.

2.当融资情况较复杂时，此法适用 It also allows the effects of more complex financing situations to be considered

缺点： 

Kei 是用 CAPM 计算得来，所以有 CAPM 的理论缺陷。Discounted rate used in base on CAPM, which has number of theoretical weakness.具体是那些不现实的假设： Zero insolvency costs 零破产成本；投资市场有效；投资人有多样化的投资组合； 完美资本市场；且很难确定 excess return, risk free rate & B 值。