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一、引言互斥型投资方案的评价比选方法虽多,但人们对其认识并不一致。例如,人们常常认为,如果 A、B 两个投资方案互斥,寿命相等,若方案 A 投资 I_p=1亿元,其净现值 NPV(i_c)=2000万元:B 投资 I_p=2亿元,其 NPV(i_c)=3000万元,则应选择 A 而不选择 B。因为,A 的投资效率,也即净现值率 NPVR=NPV/I_p=0.2,而 B 的 NPVR=0.15。然而,这一选择
I. INTRODUCTION There are many ways to evaluate and compare mutually exclusive investment programs, but people are not aware of it. For example, people often think that if A and B have two mutually exclusive investment plans with equal lifetimes, if A invests I_p = 100 million yuan, its net present value NPV (i_c) = 20 million yuan: B invests I_p = 200 million yuan , Its NPV (i_c) = 30 million yuan, you should choose A rather than choose B. Because, A's investment efficiency, that is, the net present value of the NPVR = NPV / I_p = 0.2, and B's NPVR = 0.15. However, this choice