IRR與NPV的比較 - 會計

前文恕刪

小弟獻醜一下
: 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.
通常來說,淨現值法則間接假設專案現金流量可以用計算淨現值的折現率來再投資。
這是一個實際面的假設,因為我們可以合理地假設專案現金流量可以用來補足公司的
資金需求(減少資金缺口)。
: 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.
如果我們用內部報酬率來將區分專案的優劣,那麼我們同時可以間接假設專案現金流量可
以用此專案的內部報酬率來再投資。嚴格來說,理論上如果公司可以在投資上賺取這個水
準的報酬率,那麼這個報酬率就可以被拿來當作專案現金流量的折現率。

有錯還請指正
: 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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