投资项目评价中NPV与IRR的比较分析

Comparison of NPV and IRR in Investment Projection Evaluation

NPV和IRR是投资项目评价中最常用的两个决策指标,这两个指标对独立方案的投资决策的评价结果是一致的,但在互斥方案的评价中,由于初始投资额不同或现金流量分布差异较大等原因,两者往往会产生差异。本文通过对两个指标的比较分析,为投资者正确选择运用指标提供了建议。

NPV and IRR are the two most common indicators of decision-making in investment projects evaluation; the evaluation result of the two indicators is consistent with the independent program. But in the evaluation of the exclusive program, the two often show discrepancies due to the differences of the initial investment or the distribution of cash flow. The paper makes comparison between NPV and IRR, puts forward some suggestions in order to warn the investors to make the right choices and judgments.