IRR

NO.PZ2023112701000051

问题如下：

A company is deciding whether to invest in one of two mutually exclusive projects with positive NPVs. If Project 1 has a higher NPV but a lower IRR than Project 2, the company should:

选项：

A.prefer Project 1.

B.prefer Project 2.

C.be indifferent between Project 1 and Project 2.

解释：

Correct Answer: A

A is correct because when the choice is between two mutually exclusive projects and the NPV and IRR rank the two projects differently, the NPV criterion is strongly preferred. As a practical matter, once a corporation has the data to calculate the NPV, it is fairly trivial to then calculate the IRR and other capital allocation criteria. However, the most appropriate and theoretically sound criterion is the NPV.

想请问下助教老师，为什么NPV等于0的时候，选择IRR高的项目？IRR高代表什么含义？感觉还是不太理解IRR这个回报率有啥用

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1 个答案

Kiko_品职助教 · 2025年01月20日

嗨，从没放弃的小努力你好：

NPV 等于 0 时选择 IRR 高的项目的原因

首先理解净现值（NPV），是指投资项目在未来各期现金流量按照一定的折现率折现到初始投资点的现值之和减去初始投资成本。当 NPV = 0 时，说明该项目按照给定的折现率计算，其收益刚好能够弥补成本，达到了投资者要求的最低回报率水平。
内部收益率（IRR）是使投资项目的净现值等于零时的折现率。它反映了项目自身的实际盈利能力或投资回报率。当 NPV = 0 时，选择 IRR 高的项目，是因为较高的 IRR 意味着在项目运营过程中，能够以更高的回报率对资金进行增值。在相同的成本和收益平衡（NPV = 0）的情况下，IRR 越高，项目对资金的利用效率越高，也就更具吸引力。

IRR 高代表的含义：IRR 高表明项目在整个生命周期内，能够产生较高的内部收益。

有啥用：IRR 在项目投资决策、项目评估与比较以及确定项目资金成本上限等方面都具有非常重要的作用

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努力的时光都是限量版，加油！

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NO.PZ2023112701000051问题如下 A company is cing whether to invest in one of two mutually exclusive projects with positive NPVs. If Proje1 ha higher NPV but a lower IRR thProje2, the company shoul A.prefer Proje1.B.prefer Proje2.C.infferent between Proje1 anProje2.CorreAnswer: is correbecause when the choiis between two mutually exclusive projects anthe NPV anIRR rank the two projects fferently, the NPV criterion is strongly preferre a practicmatter, ona corporation hthe ta to calculate the NPV, it is fairly trivito then calculate the IRR another capitallocation criteriHowever, the most appropriate antheoretically souncriterion is the NPV.老师，如果是NPV相同的情况下呢？选IRR高的还是低的呢？还是说只要NPV相同，IRR高低无所谓？

2024-04-29 22:36 1 · 回答