亦谈净现值法与内含报酬率法冲突的协调

进行资本预算方案的对比与优选，是投资项目决策时经济可行性评价的关键。净现值法和内含报酬率法是决策者经常使用的两种经济评价方法，然而美中不足的是在对互斥方案进行决策时，两种方法有时会得出相互矛盾的结论。文章通过对这一矛盾产生的原因分析，提出了内含报酬率法的一种修正方法，不仅从理论上彻底解决了二者矛盾的问题，而且进行了实证研究。

One more Talk about the Adjustment of NPV and IRR Methods

ract:Comparing and determining the acceptability of investment projects are the key of capital budgeting decisions in economical evaluation.Both NPV and IRR methods are used widely in making capital budgeting decisions,but to our regret,in the selecting of two competing investment projects,the use of them sometimes lead to the opposite conclusion.To solve the problem,we worked out an improved version of the IRR method after analyzing causes of the contradiction,we have not only solved the problem theoretically but also put it in practice.