投资项目财务评价内部收益率的比较研究

投资项目财务评价是可行性研究报告的核心内容之一，而内部收益率是判断项目财务可行性和预期盈利能力的主要指标。从内部收益率的经济含义入手，分析了项目投资内部收益率、项目资本金内部收益率和投资各方内部收益率3类内部收益率的适用条件和数量关系，认为项目投资内部收益率是项目融资前决策的首选指标，且只需计算所得税前指标；资本金内部收益率是项目融资决策分析的主要指标，当项目投资内部收益率大于银行利率时，资本金内部收益率大于项目投资内部收益率；当各股东（投资方）同股非同权或存在股权之外的收益分配时，需要计算投资各方内部收益率。

Comparative Study on IRRs for Financial Analysis of Investment Projects

Financial analysis is one of the core components of the feasibility study report on an investment project, and its internal rate of return （IRR） is the key indicator to judge the financial feasibility and expected profitability of the project. This paper starts with the economic implication of IRR, and then analyzes the applicable conditions and quantitative relationships of the three types of IRRs, financial IRR of project investment, IRR of required equity fund for project, and IRR for a specific investor. The conclusions include： financial IRR of project investment is the primary indicator for decision-making prior to financing processes, which only requires calculations of the pre-income-tax indicators; IRR of required equity fund is the key indicator for the financing decision for the project, and this IRR is greater than the financial IRR of project investment when the latter exceeds the bank interest rate; 1RR for each specific investor should be calculated when the project＇s income is distributed among shareholders with the same share but different rights or in case there is an income distribution outside the equity.