在险现金流在国际资源项目投资决策中的应用研究
Study on application of CFaR in investment decision-making ofinternational resource program

鉴于净现值法等在能源项目投资风险测试中存在的不足，文章借鉴VaR（Value at Risk）的思想，提出把CFaR（Cash Flow at Risk）运用于国际能源项目投资风险评价中。通过研究发现：相比净现值等方法，CFaR更能真实反映投资项目的风险状况，更切合实际，有利于投资者进行决策。
Because of shortcomings of traditional evaluation method for project investment, we adopt CFaR(Cash Flow at Risk)in the Agadem Oil Exploration Block (AOEB). It is found that the CFaR reflects the investment risk profile of the project more authentically and practically, compared to NPV and other evaluation method, which is more conducive to investors to make decisions.