净现值与内部收益率在投资决策中的选用  

The Choice between NPV and IRR in Investment Decisions

作　　者：张小利[1] 

机构地区：[1]中央财经大学,北京100081

出　　处：《中央财经大学学报》2006年第8期88-92,共5页Journal of Central University of Finance & Economics

摘　　要：净现值和内部收益率是投资决策中最常用的两个主要指标,但是,通过深入分析我们发现,后者在满足净效益最大化决策目标、假设条件的经济合理性以及普遍适用性三个方面均存在严重缺陷,因而不是一个可靠的项目价值衡量指标,最多只能用作决策的参考,不能用作项目取舍的依据。NPV and IRR are the two most commonly used measures of project worth in investment decisions. Recent studies, however, show that the later has three major limitations in terms of meeting the objective of benefit maximization, economic reasonableness of its underlying assumptions and universal applicability. It is, therefore, not a reliable measure and can not be used as the basis for project selection.

关 键 词：投资决策 净现值 内部收益率 

分 类 号：F230[经济管理—会计学]