【摘要】 NPV和IRR指标用于评价多个互斥项目时,评价结论可能不一致。财务管理、成本会计理论通常认为其原因在于项目净收益的再投资收益率假设不同。证明二者不一致的原因并非再投资收益率假设之不同,而是由于总量指标和比率指标所致。更多还原

【Abstract】 NPV and IRR parameters, when used to assess multiple contradicting projects, may come out with different conclusions.Financial management and cost accounting theories normally attribute the differences to the different assumptions of ROA ratio in cases when the net profit generated from a certain project is reinvested.The paper attributes the cause otherwise to the different natures of these two parameters (one is an aggregate parameter and the other a ratio parameter).更多还原