投资评价动态决策的NPV法与IRR法比较分析

在分析内部收益率和净现值关系的基础上，对投资评价中项目或方案的决策问题进行了探讨，重点就独立项目、无约束条件互斥项目和有约束条件互斥项目3种情况下两种方法的选择问题进行了理论和实践的论述，并分析了两种方法发生冲突的原因及协调方法。结果表明：如果以内部收益率最大为最优方案的判别标准，将导致错误决策，因此，当两种方法发生冲突时，以净现值法较为理想。

Comparative Analysis of Dynamic Decision-Making Methods of Investment ProjectEvaluation

In the economic evaluation of investment projects, net present value method and internal rate of return methods are usually applied in selecting the best scheme. In most cases, the above two methods can draw the same conclusion and the scheme with the optimum net cash or interior yield ratio is the best one. In some cases, however, the conclusions drawn from the same project using the two methods may be different, leading to the incorrect decision making. Aiming at this problem, the evaluation of independent projects, mutually exclusive and nonrestrictive projects, and mutually exclusive and restrictive projects were analyzed theoretically and practically.