Principles of Finance · 免费预览
内部收益率及其陷阱
内部收益率是使 NPV 等于零的贴现率，一个项目所获得的 IRR 即为该贴现率。该方法在常规项目上与 NPV 结论一致，但在非常规现金流、互斥方案选择以及价值排序方面会失效。
1. The IRR defined
The IRR defined
2. Multiple rates on unconventional flows
Multiple rates on unconventional flows
3. Mutually exclusive projects and scale
Mutually exclusive projects and scale
4. Reinvestment and the modified IRR
Reinvestment and the modified IRR
5. The IRR's definition
What exactly is a project's internal rate of return?
6. The acceptance rule
A project has an IRR of 16.9 percent and the firm's cost of capital is 10 percent. What does the IRR method say?
7. Multiple IRRs
A project with cash flows minus, plus, plus, minus can have two IRRs. What causes the pathology?
8. The scale conflict
A small project earns a 40 percent IRR and a large one earns 20 percent, but the large one has the higher NPV. Choosing only one, which should the firm take?
9. The reinvestment assumption
What hidden assumption does the IRR make about interim cash flows?
10. The professional standard
According to the lesson, what is the professional standard when NPV and IRR disagree?
11. The zero-crossing graph
What three-letter term, followed by the word profile, names the graph of NPV against discount rate whose zero crossings are the IRRs? Write the three letters.
12. The repaired rate's abbreviation
What four-letter abbreviation names the rate that reinvests interim flows at the cost of capital instead of the IRR? Write the abbreviation.
13. The sign-change count
The maximum number of possible IRRs equals the number of what changes in the cash flow sequence? Answer with one word.
14. The comparison benchmark
The IRR is compared against which rate to decide acceptance? Answer with three words.