基于不同假设的修正内含报酬率计算问题探讨

Analysis of the MIRR Calculations under Different Assumptions

在给出MIRR定义、特征的基础上,指出其存在的不足,分析了MIRR在基于"收支两条线""收支相抵"和"资金垫支最少"假设下的计算,并总结了不同假设下的规律,明确在NPV>0的情况下,"资金垫支最少"假设计算的MIRR最符合实际,和投资者的"用最少的资金获得最大的收益"的目标也最相符;在NPV<0的情况下,可以充分利用成本低于i或无息的债务资金作为杠杆,相应地提高自有资金的MIRR,也使自有资金的NPV>0。

Based on the definition and the feature of MIRR, this paper points out the insufficient parts of it, further more, it analy- sis the MIRR base calculation under three assumptions： the ＂revenue and expenditure separation line＇! assumption,the ＂break even＂ assumption and the ＂cash advanced＂ assumption. From this research, it is found that： when NPV 〉 0, the ＂cash advanced＂ assump- tion achieves the same goal with the investors＇willing, who want to maximize the income with the least outcome; when NPV 〈 0, the in- terest free liability can be used as financial leverage to raise the MIRR of the own money, and to lead the NPV of the own money above zero.