对内部收益率的再认识

内部收益率是用于项目投资分析的动态指标 ,目前已被广泛接受、应用。但对该指标的经济含义及与该指标有关的净现金流量及贴现率等概念的认识还不够深入。笔者详细分析了项目评估中应如何正确选择合适的净现金流量及贴现率 ;对项目只有一个总体收益率、项目投资逐年产生收益的收益率及一个项目具有多个内部收益率的不同情况 ,分析了内部收益率的经济含义。建议采用内部收益率的评价方法时应考虑其他相关方法 ,以及应增强项目建成前后年净现金流量的可比性

IRR Rediscussion

IRR is a moving indicator for investment project.It is widely accepted and implemented by specialists both at home and abroad.But people need to know more about the economic nature of IRR and some relative concepts such as net cash flow and discount rate.The paper makes a detailed analysis of net cash flow and discount rate selection.It analyzes the economic nature of IRR.It suggests that when we make a project analysis,we should consider some other related analysis methods and strengthen the comparability of net cash flow before and after construction.