论文部分内容阅读
净现值法和内含报酬率法是资本预算分析中的两种最重要的方法。用这两种方法评价投资方案，一般会得出相同的结论，但在一些特殊情况下，这两种方法却会产生矛盾。我们从净现值和内含报酬率的经济含义出发研究了产生矛盾的原因和解决矛盾的办法。认为净现值是项目的各年净现金流量在补偿资本成本和原始投资后剩余现金流量的现值，是项目能够为股东增加的价值；内含报酬率并不是项目的收益率，而是项目的保本点。因此，净现值和内含报酬率从两个不同的侧面反映了项目的特征，它们在项目评价中的作用并不是相互独立，而是相互补充的。净现值反映了项目的盈利水平，而内含报酬率反映了项目的风险水平。
The NPV method and the IRR method are the two most important methods in capital budgeting. The two approaches to evaluating investment programs generally come to the same conclusion, but in some special cases, there is a contradiction between the two approaches. Based on the economic meaning of net present value and internal rate of return, we have studied the causes of conflicts and the solutions to them. The net present value is the present value of the net cash flow of each year of the project after compensation for the cost of the capital and the residual cash flow after the original investment. It is the value that the project can increase for the shareholders. The internal rate of return is not the return rate of the project but the item Bonus points. Therefore, the NPV and ROI reflect the characteristics of the project from two different perspectives. Their role in project evaluation is not mutually independent but complementary. The NPV reflects the project’s profitability, while the ROI reflects the project’s risk level.