内部收益率及其修正指标在油气投资项目经济评价中的应用分析

The analysis of IRR and modified IRR in economic evaluation of oil & gas investment projects

内部收益率(IRR)指标在国际油气投资项目评价实际运用中具有一定的优势,但也存在不足和风险,因此提出了修正后内部收益率(MIRR)。修正后内部收益率与现值指数(PI)和净现值率(NPVR)指标具有一致性,考虑项目合同期对修正后内部收益率比选的影响,提出不同开发方案和不同投资项目间的比选原则。企业内部评价时,修正后内部收益率指标优于内部收益率指标,可以替代内部收益率、现值指数或净现值率等指标参与油气投资项目的经济评价和决策。

The internal rate of return （IRR） index has certain advantages in the evaluation of international oil and gas investment projects, but it also have deficiencies and risks. Therefore, the modified internal rate of return （MIRR） shows consistency with present index （PI） and Net Present Value Ratio （NPVR）. Considering the influence of MIRR＇s comparison and selection affected by the project contract term, the paper proposes the selection principal among different development plans and investment projects. During the internal economic evaluation period, MIRR, better than the IRR, could be used to participate in the economic evaluation and decision-making of oil and gas investment projects by substituting IRR, PI or NPVR.