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PP、ARR与IRR投资评价指标之间的关系研究

On the Relationship between PP,ARR and IRR for Evaluating a Capital Investment Proposal
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摘要 近年来 ,越来越多的大企业开始转向使用贴现的投资评价方法 ,但投资回收期 (PP)和会计报酬率 (ARR)这两种非贴现的投资评价方法 ,尽管存在着忽视资金的时间价值的缺陷 ,仍然为很多的财务教科书所介绍和为许多企业所应用。实质上 ,投资评价的非贴现方法与贴现方法之间存在着一些联系。本文分析了非贴现的PP、APP指标与贴现的内部报酬率 (IRR)之间的关系。分析结果表明 ,在投资项目相关的一定存续期与赢利范围区间 ,非贴现的PP。 Despite ignorance of time value of money of the two methods,almost all of the financial textbooks still introduce and a lot of enterprises employ the nondiscounted methods of evaluating capital investment proposals such as payback (PP) and accounting return (ARR),although in recent years more and more larger enterprises have been making the transition to time-discounted measures of investment worth.In fact,there are some relationships between the nondiscounted and discounted methods.This paper analyses the formal relationship between the rules of nondiscounted PP,ARR and the discounted method the internal rate of return (IRR).The result of the analysis shows that as long as the enterprise assumes equal annual receipts,the nondiscounted PP and ARR can often provide a close approximation to a project's true IRR in the domain of project life and profitability which is relevant to the enterprise in practice.
作者 邵瑞庆
出处 《上海海运学院学报》 EI 2000年第3期27-32,共6页 Journal of Shanghai Maritime University
关键词 非贴现方法 贴现方法 投资回收期 报酬率 nondiscounted method,discounted method,payback period,accunting rate of return,internal rate of return
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  • 1中国注册会计教育教材编审委员会.财务管理[M].北京:经济科学出版社,1995..

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