最小内部收益率法及其应用

在技术经济分析工作中,常用内部收益率法进行投资项目经济性评价。然而,这一方法目前在理论上还不够完善。传统上,内部收益率法仅适用于对常规投资项目和非常规的纯投资项目进行经济性评价,而不适用于对非常规的混合投资项目进行经济性评介。本文所提出的新内部收益率法———最小内部收益率法,拓展了内部收益率法的应用范围,可适用于对具有内部收益率的各种类型的投资项目进行经济性评价。二、方法介绍应用最小内部收益率法进行投资项目经济性评价的基本步骤如下:1、确定投资项目的内部收益率ＩＲＲ。投资项目的各内部收益率(设有Ｋ个,Ｋ1)…     

投资规模不同时互斥方案的净现值与内部收益率分析

在项目投资规模不同的情况下 ,运用净现值法和内部收益率法选择互斥项目有时会得出相反的决策结论 ,其原因主要是 :一方面两个项目的投资差额存在着机会投资成本 ,即较小投资的项目与较大投资的项目相比 ,较小投资的项目可以把节省下来的资金用于再投资 ,因而存在着再投资收益 ;另一方面 ,各年的净现金流量在净现值计算中是以企业的资本成本率进行再投资 ,而在内部收益率计算中则是以此项目的特定的内部收益率进行再投资。为克服传统的净现值和内部收益率在对投资规模不同项目进行评价与决策时所产生的不一致性 ,有必要对净现值和内部收益率…     

内部收益率在确定基准折现率时的错误使用及原因分析

内部收益率(IRR)作为项目经济评价的一项指标是有一定使用范围的。文章揭示了内部收益率的使用误区、使用误区产生的原因及避免的办法,并指出从总体目标确定基准折现率时,因内部收益率的不当使用而导致了错误的结果。建议人们在使用内部收益率指标对项目进行经济评价时应注意其使用范围,以免得出的结果与实际不符。     

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。     

建设项目财务评价指标的进一步研究

通过对净现值和内部收益率两个指标的研究 ,提出一种新的财务评价指标———综合内部收益率CIRR ,并对其进行了推导求证 ,新的指标能够更全面、更科学的反映项目的可行性。     

浅议资本结构与自有资金内部收益率

从投资收益率和内部收益率的定义出发，阐明二者之间的关系，从而计算出在不同的资本结构和不同的贷款利率条件下，特定投资项目的自有资金内部收益率。     

求解项目内部收益率的一次试算法

项目内部收益率是项目实际能够达到的投资效益，是工程项目经济评价的重要评价指标。目前内部收益率的求解方法多用内插，需要多次试算，其计算量很大。众所周知“T表法”能够简洁、迅速而准确地给出内部收益率的计算结果，本将在此基础之上，对第一次估算估计进行误差分析，给出一定范围内只需进行一次试算就可以达到工程项目精度要求的方法。     

经济投资财务决策的不确定性分析与风险分析

一、经济投资财务决策不确定性分析 投资财务决策分析都是建立在未来现金流量已知、投资收益率确定的基础上。而实际上,投资不可能没有风险,经济发展过程中的通货膨胀率也不可能是零。如某项目投资者要求实际投资收益率13％,该项目的财务内部收益率为16％,在项目执行过程中,由于通货膨胀严重,达10％,那么投资者要求的财务收益率达到23％,才能满足投资者原来的获利要求,而23％远远高于项目内部财务收益率16％。此时项目已不可行了。产生这些问题的原因就是投资决策中使用的数据有相当大的部分是预测性的数据,存在着一定的不确定性,使投资结果存在一定的不确定性。     

基于主成分分析法的资金有限型企业投资决策研究

对同一项目进行评价时,时间型评价指标、价值型评价指标以及效率型评价指标,它所反映的是项目不同侧面的经济效果,对于资金有限型企业而言,仅以NPV法作为绝对衡量指标是不切合实际的。基于主成分分析法的企业投资决策方法,在考虑净现值评价指标的同时,综合考虑动态投资回收期、内部收益率、净现值率指标,全面、客观地对项目进行综合评价,为企业投资决策提供科学依据。     

浅析解决内部收益率多值问题的一种常用方法

内部收益率(IRR)是指使投资项目在整个寿命期内各年的净现金流量的现值之和(即净现值NPV)等于零的折现率,亦称内含报酬率。对于净现金流量的正负号变化多次的非常规投资项目来说,由于可能存在多个折现率r使等式NPV=0成立,根据内部收益率的定义,认为该项目存在多个“内部收益率”。但是从经济意义上来讲,一个项目最多只存在一个内部收益率。因此,为了解决这个内部收益率的多值问题,许多论著[1][2][3]都提到了这样一种方法(为讨论方便起见,本文称之为调整法)：就是通过将一部分年份的净现金流量按设定的折现率ic(通常取基准收益率…     

农户种粮收入的影响因素分析与最优粮食种植面积测算

本文通过实地考察山东、宁夏两地农民的种粮收益情况,分析了影响农民种粮收入水平的诸多因素。本文的研究认为,农户种粮面积、农机投入与人力资本投入是影响农户种粮收入的主要因素,其中农户种粮面积对种粮收入水平的影响最为明显。进一步,在农业生产力水平一定的前提下,本文探讨和测算了山东和宁夏地区农户种粮面积的最适宜水平,并给出了最优种植面积测算的比较静态方法。     

基于Tobit回归的融资决策影响因素分析

运用中国上市公司1990～2009年的有关数据,采用Tobit回归模型分析了中国A股上市公司融资决策的影响因素。结果表明融资决策(资产负债率)与实际所得税率正相关;公司规模与资产负债率正相关,而资产担保价值、获利能力和成长性与资产负债率负相关,这一结果与发达国家和其他新型国家的发现相一致。     

长三角地区城乡收入差距现状研究——基于长三角16地级市

选取泰尔系数、加权变异系数、城乡收入比、城乡收入差4个指标变量反映收入差距水平,对三角地区16个地级市2005—2011年间城乡收入差距水平进行实证分析。结果表明:在研究窗内,城乡收入差距绝对值增大但相对值减小,反映出农村居民纯收入的增长率开始高于城镇居民人均可支配收入增长率;泰尔系数、加权变异系数、城乡收入比的变化趋势趋同,总体处于下降趋势,表明城乡收入差距有所改善。根据分析结果,最后给出政策性建议。     

我国上市商业银行非利息收入业务分析与对策

本文采用10家上市商业银行2005—2009年度数据,对我国商业银行非利息收入状况、非利息收入构成进行多角度分析,对非利息收入与商业银行盈利能力关系进行实证考察,得出了非利息收入业务对商业银行盈利具有重要影响的结论,最后提出了进一步推进商业银行非利息收入业务发展的对策。本文对于商业银行非利息收入业务的进一步发展具有重要的指导借鉴作用。     

Economic inequality and paretian welfare economics: Some insinuating questions

This paper examines the academic soundness of the Pareto welfare criterion as a normative rule for evaluating alternative economic inequality scenarios and suggests that the criterion has several weaknesses, which weaken its usefulness. First, the Pareto principle is of limited use in the inequality debate because labor markets hardly satisfy the conditions of perfect competition, the pivotal assumption of the theory. Second, the proposition that competitive equilibrium leads to the “common good” of society is difficult to defend. Third, the Paretian welfare economics barely answers the questions society demands, because perfect competition does not guarantee fairness in the determination of relative prices in the initial situation of income distribution. Fourth, in the distribution theory, the marginal productivity principle determines the rewards to the factors of production. If we assume that rent, wage and interest incomes are determined by this theory, then questions arise about how profits, the potentially huge surpluses generated by the businesses, are distributed. Fifth, income distribution, being a public policy topic, is a political issue. However, Pareto's primary motivation in formulating the principle was to alienate the income distribution debate from political and policy discourses. Finally, by invoking the Pareto principle, economists are in fact avoiding the real issues of the public debate on personal distribution of income. Personal income distribution truly refers to division of income generated by a group of people working together and therefore, ought to be analysed with reference to the sector of employment. Thus, Tommy Franks' earning should be compared with that of a private, while an ordinary worker's salary should be compared with that of the CEO. History testifies that the public earning structure is much more equitable than that of the private sector. This poses a very serious question: Which earning structure reflects improvement in social welfare: public or private?     

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.     

家庭收入与中国城镇已婚妇女劳动参与决策分析

在中国经济的转型期间女性劳动参与率出现了明显下降,这种下降趋势在年龄较大以及教育程度较低的妇女群组中表现更为突出。与此同时我国的男女收入差距也在不断扩大。然而丈夫收入并不能充分解释女性劳动参与率的变动。已婚妇女劳动参与率下降最大的家庭并不是丈夫收入增长最快的家庭。1995—2002年间丈夫收入仅仅解释了整体已婚妇女劳动参与率变动的12.87%,以及低收入家庭中已婚妇女劳动参与率变动的7.74%。与其说我国女性劳动参与率的下降是家庭收入提高从而家庭重新分工的自主选择,不如说是严峻的就业形势所迫。     

Using Elasticities to Derive Optimal Income Tax Rates

This paper derives optimal income tax formulas using compensated and uncompensated elasticities of earnings with respect to tax rates. A simple formula for the high income optimal tax rate is obtained as a function of these elasticities and the thickness of the top tail of the income distribution. In the general non-linear income tax problem, this method using elasticities shows precisely how the different economic effects come into play and which are the key relevant parameters in the optimal income tax formulas of Mirrlees. The optimal non-linear tax rate formulas are expressed in terms of elasticities and the shape of the income distribution. These formulas are implemented numerically using empirical earning distributions and a range of realistic elasticity parameters.     

Optimal taxation with consumption time as a leisure or labor substitute

This paper studies the optimal commodity taxation problem when time taken in consumption is a perfect substitute for either labor or leisure. It shows that while labor substitutability affects the optimal tax structure, leisure substitutability leaves the classical optimal tax results intact. In the Ramsey tax framework with linear income taxes, whether the consumers have the same or different earning abilities, labor substitutes tend to be taxed at a higher rate than leisure substitutes with the tax differential being increasing in consumption time. This is not necessarily the case when one allows for nonlinear income taxation.     

Fiscal policy,government debt,and economic growth in the Kaleckian model of growth and distribution

This article presents the Kaleckian model of growth and distribution that sets a budget deficit ratio as an indicator of fiscal policy and examines the short- and long-run effects of an increase in budget deficits and a rise in income tax rates on the economy. The key short-run outcomes are as follows. First, expanded budget deficits have a positive effect on the rate of capacity utilization. Second, the tax rate for wage income does not affect the rate of capacity utilization, whereas the tax rate for capital income has a favorable impact on it. This result implies that raising the tax rate for capital income can be an important policy instrument for stimulating the economy. Third, we find that the economy exhibits a wage-led aggregate demand in the short run. The main long-run results are as follows. First, the effect of expanded budget deficits on the growth rate is ambiguous, since a higher debt burden negatively influences the rate of capacity utilization and hence economic growth, despite the increase in demand caused by government borrowing. A higher budget deficit ratio thus raises the growth rate only if a certain condition is satisfied. Second, the tax rate for capital income has a positive impact on the growth rate. Third, the economy shows a wage-led growth in the long run.