投资项目评价标准的比较与选择

Comparison and Choice of Evaluative Criterion on Investment Projects

净现值、内部收益率、获利指数等贴现指标在互斥项目选择的实际应用中,常导致不同的投资决策,其原因、解决方法是本文探讨的目的。文章首先对净现值和内部收益率进行比较分析,着重介绍了内部收益率的先天缺陷及替代方法MIRR;然后分析净现值和获利指数的主要差异,最后得出结论:净现值是确定条件下投资项目评价标准中最合理的方法,其他标准则需结合着净现值来运用,否则可能导致决策失误。

Different choices of Net Present Value ( NPV ), Internal Rate of Return ( IRR ) and Profitability Index (PI) often cause different investment decisions on mutually exclusive project. The purpose of this thesis is to explore the reason and solution. First, the thesis compares NPV and IRR, putting great emphasis on the shortcomings of the IRR and preferring the method of MIRR ( Modified Internal Rate of Return ) as a replacement. Then it makes a comparison between NPV and PI. Finally, the thesis draws a conclusion that the method of NPV is the most reasonable one of evaluating investment projects under certain conditions, and that other methods then need to combine with NPV, otherwise they may cause improper decisions.