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在投资项目评估中,内部收益率(简称IRR)是人们经常使用的指标,倍受决策者青睐,但该指标也存在一定的缺陷,本文拟在对其特征进行分析的基础上,指出其弊端,并试提出改进方案。一、IRR的特征分析 1.从性质上看,IRR属贴现率或折现率,而非盈利水平标志。通常,IRR被定义为使投资项目计算期(包括建设期和有效生产期)内净现值流量累计现值为零时的折现率,或者说是使投资方案各期现金净流量之和与期初投资额相等时的折现率,其定义式分别为:
In the evaluation of investment projects, internal rate of return (IRR) is a frequently used indicator, which is favored by decision-makers, but the indicator also has some shortcomings. Based on the analysis of its characteristics, this paper points out its drawbacks , And try to propose improvements. First, the IRR characteristics analysis 1. In nature, IRR is a discount rate or discount rate, rather than the profit level mark. Generally, the IRR is defined as the discount rate at which the present value of the net present value of the investment in the calculation period (including the construction period and the effective production period) is zero, or the sum of the net cash flows from each phase of the investment program The discount rate at the beginning of the same amount of investment, its definition is respectively: