净现值与内含报酬率的比较分析

Comparison and Analyses between NPV and IRR

净现值和内含报酬率是资本投资决策采用的两个重要指标,两者之间通常具有一致性。但当两个投资方案为互斥方案时,时常会出现排序差异的情况。本文就两者关系做了比较分析,揭示出两者的根本区别在于基本假设不同,并提出实践中较为可行的决策方法。

Net Present Value（NPV）and Internal return Rate（IRR）are the two key indexes that used in the capital investment decision-making,both of them are usually having the consistency.But when the two investment schemes fight off each other,the inconsistent result will present itself frequently.This paper analyzes their relation comparatively,which shows that fundamental difference between NPV and IRR consisted in their different basic suppose.The paper puts forward the quite feasible decision-making method in practice.