NPV与IRR在投资决策中比较

NPV与IRR是投资决策分析中常用的两个决策指标。在多数情况下,运用NPV与IRR得出的结论是一致的。但若投资项目是互斥的,且项目间存在（1）规模差异;（2）时间差异时,用NPV与IRR进行决策分析却可能产生不一致的结论。为避免使用NPV与IRR指标所得结论的不一致,就需要计算项目间增额现金流量的NPV与IRR来加以调整,以便于决策者作出正确的判断与选择。     

IRR法与NPV法的再投资问题探讨

引言任何一个投资项目，在其上马之前都必须进行技术经济评价，对两个或两个以上的备选方案进行比较、挑选，从而作出接受某一种方案而拒绝另一种方案的决策。既然是比较，肯定要有一定的衡量标准来判别方案的化与劣，内部收益率（IRR）与净现值（NPV）作为技术经济评价中两个最主要的评价指标，在评价方案中起着非常重要的作用。IRR法被许多投资者所推崇是因为它易于理解和使用，它被普遍认为是项目投资的盈利率，尽管这是～种不太正确的理解。所谓内部收益率（IRR）就是净现值为0时的折现率，它不是事先外生给定的，而是内生决定的一…     

建设项目财务评价方法的探讨

内部收益率（IRR）、净现值（NPV）、差额投资内部收益率（△IRR）和净现值率（NPVR），是建设项目财务评价的几个主要动态评价方法和指标，《建设项目经济评价方法与参数》第二版（以下简称《方法与参数》）中，作了详尽的阐述和说明，但仍然引来不少争鸣，作者也撰文商榷（《论建设项目财务评价方法》，本刊，1996年，第4期，第62页人为了使评价方法和指标体系更趋完善，宜采用差额投资净现值（△NPV）和差额投资净现值率（△NPVR）这二个指标应用于方案比较和项目排队，共同探讨。一、问题的由来《方法与参数》第二章财务评价中…     

对差额内部收益率△IRR的认识

差额内部收益率△IRR指标是技术经济评价中的一个重要指标，主要用于方案间的相对经济效果检验和评价，且有助于正确解释各个动态评价指标（如NPV、IRR等）的经济涵义、互斥方案间关系等问题。当前，技术经济学的有关论著中对差额内部收益率△IRR指标的经济涵义的分析及论述较为笼统，缺乏系统性和完整性，给学习者全面掌握差额内部收益率凸IRR指标带来困难。下面结合作者近年来的学习心得，探讨一下对差额内部收益率△IRR指标的认识。1对差额内部收益率△IRR定义的认识（1）定义差额内部收益率凸IRR是差额净现值面八PV等于零时…     

关于投资项目盈利能力指标的判别准则

《对建设项目经济评价方法的几点质疑》（朱直平，《技术经济》，1995年第4期，第54页至57页，以下简称《几点质疑》）对《建设项目经济评价方法与参数》（以下简称《方法和参数》）提出质疑，指出“有些概念尚不清晰，模棱两可，甚至是矛盾的、错误的，……笔者认为这些质疑过于武断，提出的见解也值得商榷。一、关于评价指标《方法和参数》把盈利能力分析的指标及判断准则按评价和方案比较分别加以规定和说明，使阐明问题更为方便。评价的指标主要是内部收益率（IRR）和净现值（NPV）。其中NPV是按某个基准收益率i计算出来的。当IRR…     

建设项目财务评价方法的探讨(续)

<正> 《建设项目经济评价方法与参数》第二版(以下简称<方法与参数>)中第81页,运用“净现值曲线图”(即净现值(NPV)——内部收益率(IRR)坐标系),对方案比较中一般不采用IRR而采用NPV和△IRR作了直观明了的阐述。为了使评价方法和指标体系更具逻辑性、系统性,作者撰文主张宜采用差额投资净现值(△NPV)和差额投资净现值率(△NPVR)应用于方案比较和项目排队。(《建设项目财务评价方法的     

中小企业实施CRM项目的技术经济分析

企业在实施CRM时 ,需投入大量的资金 ,改变传统的业务流程 ,并且受许多不确定性因素的影响 ,使得实施CRM项目的风险很高。文章运用技术经济学中的NPV和IRR方法 ,结合具体案例 ,对中小企业实施CRM项目进行分析评价。     

投资回收期(Pt)是盈利性指标吗?——关于建设项目盈利性指标之我见

<正> 建设项目的可行性研究是决策者决定项目是否上马的依据。而建设项目的经济评价又是建设项目可行性研究的重要内容。在某种意义上来说,是决定项目是否投资建设的关键,是可行性研究的核心。从经济角度来讲,任何一个项目,投资者总是希望通过它能有所盈利,以壮大自己的经济力量。从这点出发,在建设项目的经济评价中,人们设计了一系列的指标,对项目的盈利情况进行描述。这些指标,就是建设项目的盈利性指标。在建设项目的经济评价中,常见的盈利性指标有:内部收益率(IRR)、净现值(NPV)、净现值率(NPVR)、投资利润率、投资利税率等等。在国家计划委员会1987年组织编写的《建设项目经济评价方法与参数》一书中,编者把     

用ERR替代IRR的可行性分析

<正> 由于IRR评价指标提出比较早,长期以来人们已经习惯于采用IRR进行投资项目的经济评价,在《建设项目经济评价方法与参数》第二版中,也把内部收益率(IRR)做为投资项目的主要评价指标,而没有采用外部收益率(ERR)。笔者在研究和教学中发现,IRR并不是一个理想的评价指标,它主要存在以下缺点: 1.求解的计算过程比较复杂。 2.对非常规混合投资项目IRR的解不是唯一的,可能有多解的问题。     

对“NPV和IRR评价结论相矛盾的原因”的质疑——与陈友华、叶焕庭同志商榷

<正> (一) 陈友华、叶焕庭同志在《关于NPV和IRR的若干理论问题综述》(见《技术经济》88年第一期,以下简称《综述》)中对于NPV和IRR模型中的隐含条件作了明了的阐述,并引进一般的再投资利率,对NPV和IRR进行了修正,即所谓的NPV*和IRR*(由i＇表示),它们的计算公式分别如下     

The Choice of Technique with Multiple and Complex Interest Rates

This article clarifies the relationships between internal rates of return (IRR), net present value (NPV), and the analysis of the choice of technique in models of production analyzed during the Cambridge capital controversy. Multiple and possibly complex roots of polynomial equations defining the IRR are considered. An algorithm, using these multiple roots to calculate the NPV, justifies the traditional analysis of reswitching.     

Measuring internal rates of return: The transfer function approach

Although the internal rate of return (IRR) concept is recognized as the most relevant measure of economic return, in practice the accounting rate of return (ARR) is used instead because of the relative ease with which it can be obtained. This paper presents a method whereby the IRR can be estimated using linear systems' transfer functions.     

On the Separability of Real and Financial Decisions

The financial manager faces two basic problems: first, the firm’s investment or capital budgeting decision, and second, the financing decision. Capital investment and financing decisions are typically analyzed independently. Capital budgeting criteria proceeds under the simplest possible assumption about financing, namely all-equity financing. The only link between investment and financing decisions is the cost of capital. The basic idea behind Modigliani and Miller’s famous proposition I is that in perfect markets, changes in capital structure do not affect value. As long as the total cash flow generated by the firm’s assets is unchanged by capital structure, value is independent of capital structure. This paper is the first attempt to prove that leverage affects the mathematical structures of the cash flow of financing, and that different mathematical structures of financing cash flows may change the total cash flows generated by the firm or the project, thus altering the value of the firm even in perfect markets. The purpose of this paper is to explore the validity of the separation rule through net present value (NPV) and internal rate of return (IRR) rules, as representatives of academic and business practice, and compare their results with simulations that will include the financial decision of the firm. A singular experiment proving that we can change the IRR or NPV of an investment modifying the financial structure cannot be used to affirm a universal statement, but it can be used to show that a theory is wrong.     

A model of techno-economic evaluation for eco-industrial park project

An eco-industrial park or estate is a community of manufactaring and service businesses located together on a common property. The goat of ElP is to create a win-win harmonious development aspect of ecooomic development and environmental protection. This paper emphasizes that the external .effect of an EIP is its main characteristic of technoeconomic evaluation for eco-industrial park project. From the view of the property, rights, the EIP＇s product is typicalty public-private. The government should take some inca.rares for the quantitative analysis on ecological positive externalities of the enterprises in EIP, and also should adopt Coase＇s Theorem, which supports that the market transaction is the best way to deal with positive externalities （external economics or diseconoraics）, or Pigou＇s Theorem, which holds that the government anti-positive externalities programs are the best way to cope with positive externalities, to internalize the EIP＇s external effects, which is also a fundamental tool to encourage investors to actively invest in EIP projects, Furthermore. this paper thinks that the EIP ＇s income should be equal to the income of staple products of the private property, and that of its by-products of the public property. According to this principle, this paper has put forward three major indicators, net present value （NPV）, internal rate of renan （IRR）, and investment repayment period （IRP）, which are also extensively used indicators in ardinary project techno-economic evaluation model to evaluate EIP technoeconomic effects. Theoretically, the indicatory not only can be used in EIP project evaluation, but also can provide a quantitative measure toot for the government to support EIP＇s construction to the maximum. In the end. a case is analyzed.     

平均或加权内部收益率法有效性之证伪

解决独立性投资项目选择的一种常用的有效方法是平均内部收益率法或加权内部收益法，这似乎已成定论。本文用数值例证伪了该常用方法的有效性，间接地证明了只有坚持独立项目NPV之和最大化原则才能获得资金限额之内的最馋项目组合方案。     

Testification on Effectiveness of Average or Weight-added Internal Rate of Return

It seems that an effective way of how to make the right choice of Various investment projects is based on the theory of average internal income rate, or the theory of weight-added internal income rate. With several examples of numerical value, this paper proves that this method is not as effective as expected, but indirectly testifies that only with the principle of maximization of NPV that independent projects can be the best combination of projects with limited investment that is achieved.     

NPV和IRR不一致的拟合

本文通过对ＮＰＶ与ＩＲＲ指标不一致原因的分析，在资金不闲置的作用下，很好地解决了ＮＰＶ与ＩＲＲ的不一致性的拟合使其一致。     

IPOs’ signalling effects for speculative stock detection: evidence from the Stock Exchange of Thailand

Using a unique data set from the Thai stock market about the so-called, ‘Turnover List (TOL)’ of speculative stocks spanning the period 2004–2012, we investigate and provide new evidence on the relationship between IPOs’ pricing effects and subsequent classification as speculative investments. To be more specific, we examine the signalling effects for the detection of speculative stocks in relation to the degree of their prior IPOs underpricing. We also employ the market-feedback hypothesis to investigate this signalling process. Our results reveal a significant positive relationship between the magnitudes of the IPO underpricing and the probability of an IPO firm being classified officially as speculative on the TOL. Furthermore, we find that a 6-month abnormal return after going public increases the probability of speculative dealing in the IPOs. Next, we consider all listed firms in the Thai stock market and highlight the role of both abnormal return and trading volume in the transmission of probability for appearing on the TOL. In addition, we find that IPOs and non-dividend paying companies further increase the risk of being on the TOL.     

Direct versus intermediated finance: An old question and a new answer

We consider a closed economy where a risk neutral bank competes with a competitive bond market. Firms can finance a risky project either by a bank credit or by issuing a bond which is directly sold to risk averse investors who also hold safe deposits at the bank. We show that the bank tends to allocate more capital to lower quality projects but there are some interesting qualifications. If the asymmetric information concerns only the success probability, then we observe adverse selection while if it concerns only the expected return, bad types are driven out of the market.     

战略风险与收益:中国上市公司的实证研究

国外大量的研究表明,战略风险与收益的关系存在被称为"鲍漫悖论"(Bow-man’s paradox)即负相关关系的现象。文章摒弃了资本资产定价、均值方差等传统的战略风险度量方法,借鉴序数信息下系统组织整体不确定性度量的熵法,把战略风险转化为企业在战略参考系统内收益排名(竞争位置)下降带来的负面不确定信息,给出了序数战略风险度量的一般模型,这个方法符合战略风险的战略本质。通过收集中国上市公司上证50指数36家企业的收益数据,运用该模型方法,根据事件研究思路,对战略风险与收益的相关关系进行了中国情景下的多次验证,得到战略风险与收益的一致负相关关系。这个结果表明,高风险不一定带来高收益,企业持久竞争优势的获取不仅源于高收益,更是长期高收益—低风险的绩效产出结果。