摘要
项目经济评价是项目可行性分析的重要组成部分。经济评价方法分为贴现分析方法和非贴现分析方法,其中贴现方法因其科学性受到广泛推崇。内部报酬率(IRR)法与净现值(NPV)法是贴现方法的代表,也是项目经济评价方法研究的重点。NPV是一个效益指标,IRR是一个效率指标,二者都体现了货币时间价值的思想,二者在理论和实际应用方面都有一些差异。在项目评价中,对于独立常规项目,二者结论一致,对于非常规项目,由于IRR法的数学特征,它无法得出惟一的指标作为决策的依据。此时,根据货币时间价值的思想,引入创新型外部收益率(ERR)法,实现对IRR法在理论假设和实际应用方面的全面修正。
Economic assessment of project is a vital in the analysis of project feasibility. The method of economic assessment is always divided into two kinds： the discounted method and the non-discounted method. Among which the former is more adorable for its scientific features. IRR and NPV method are the representatives of discounted method. In this way, they are the highlights in project assessment.NPV is a profit index, while IRR is an efficiency index. They both embody the concept of the time value of money. There are some similarities and dissimilarities between them. In theory, they have some common hypotheses. In the assessment of independent projects, they could arrive at the same conclusion. When it refers to controversial projects, their conclusions contradict. In the assessment of unconventional project, for its characteristic of mathematics, IRR could not get a proper index for decision-making. In the situation, according to the concept of the time value of money, an innovative method - ERR is introduced to totally revise IRR in theory hypothesis and practical use.
出处
《青岛科技大学学报（社会科学版）》
2006年第3期64-67,共4页
Journal of Qingdao University of Science and Technology(Social Sciences)
