IRR與NPV的比較 - 會計

※ 引述《willie1987 (威力是也)》之銘言：
: 題目:
: The net present value (NPV) method and internal rate of return (IRR) model
: are used to analyze capital expenditures.The IRR model,as contrasted with the
: NPV model
: (A)is considered inferior because it fails to caculate compo-unded interest
: rate.
: (B)is a discounted cash flow model while NPV model is not
: (C)almost always gives a different decision than does the NPV method as to
: the acceptability of a given proposal
: (D)assumes that the rate of return on the reinvestment of the cash proceeds
: is at the indicated rate of return of the project analyzed rather than at
: the discount rate used

給你參考 (出自Schweser Notes)

It is sometimes said that the NPV method implicitly assumes that project
cash flows can be reinvested at the discount rate used to calculate NPV.
This is a realistic assumption, since it is reasonable to assume that
project cash flows could be used to reduce the firm's capital requirements.

If we were to rank projects by their IRRs, we would be implicitly assuming
that project cash flows could be reinvested at the project's IRR.
This is unrealistic and, strictly speaking, if the firm could earn that
rate on invested funds, that rate should be the one used to discount project
cash flow.

Therefore, D is correct.



: (E)none of the above
: 答案:(D) 我不太懂這題的觀念,請會的人教教我吧!拜託了~感恩!!

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