| 净现值与内部报酬率在经济学意义上的比较 |
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| 引用本文： | 邵瑞庆.净现值与内部报酬率在经济学意义上的比较[J].上海海事大学学报,1999(4). |
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| 作者姓名： | 邵瑞庆 |
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| 作者单位： | 上海海运学院管理学院财务与会计学系!上海200135 |
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| 摘 要： | 虽然净现值(NPV)与内部报酬率(IRR)作为投资项目评价指标,具有对投资项目现金流量的时间进行考虑的共同特点,但应用这两项评价指标不是总能得到一致的评价结论,也就不可避免地要在这两项评价指标中作出选择。本文通过投资者当前和未来消费、投资、资本成本等关系的分析,认为在投资项目相互独立的情况下,NPV和IRR这两项投资评价指标具有相同的意义,应用这两项指标都能得到最佳的投资决策;在投资项目相互排斥的情况下,这两项投资评价指标具有的意义却不尽相同,根据NPV仍能得到最佳的投资决策,而根据IRR则不一定能得到最佳的投资决策
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| 关 键 词： | 净现值 内部报酬率 消费 投资 资本成本 |
NPV versus IRR in the Economic Sense |
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| Shao Ruiqing.NPV versus IRR in the Economic Sense[J].Journal of Shanghai Maritime University,1999(4). |
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| Authors: | Shao Ruiqing |
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| Institution: | Shao Ruiqing |
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| Abstract: | Although net present value (NPV) and the internal rate of return(IRR) both belong to the time-adjusted measures of investment worth, they do not always give the same result in selecting capital investment proposals,which leads to the question which one is better in investment decision.Based on the analysis of relationship among present and future consumption,investment and the cost of capital,the author holds that correct decision can be made whether NPV or IRR criterion is used with regard to independent projects.However,in mutually exclusive choice situations,the optimal investment decision can not always be made according to IRR criterion while it can be made according to NPV criterion. |
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| Keywords: | net present value the internal rate of return comparison consumption investment the cost of capital |
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