()
?
IRRP125
?
(NPV=0
巨 ù
? ?
IRR=С%+[/ С]%С%
m m m m+1 m+1 m
? ?
: IRR=r +(NPV -0)/(NPV -NPV )(r -r )
2
A
=
NCF
B
IRR
β
IRR
3
?IRR ? ? ? IRR
40,000 510,000
г10000P/Ai5-400000 P/Ai5=4
5У4 У r1 =7% 1 =4.100 IRR=? =4 r2 =8 2=3.993 12
ò
i1=7% i=? i2=8%
1 =4.100 =4 2=3.993
r1 IRR 1 = r1r2 12
7i 4.1004 = 7%8% 4.1003.993
i =7.93%
1,000,000 8200,000
磺16%NPV6.12 18%NPV-3.17÷ IRR
16%
IRR
6.12
0
18%
-3.17
18% ? IRR ? 3.17 ? 0 ? 18% ? 16% ? 3.17 ? 6.12
IRR = 17.32%
?
?
?
? ? ? ?
?
?
β .: 趨 NPV 26% -10 20% +250 24% +90 30% -200 : (1) 巨IRR (2) I14%,
? ?
?
?
(1)IRR=24%+[90-0/90-(-10)](26%24%)=25.8% IRR=25.8%>14% в
?
PI
? ? ? ?
=
=1+ 1+/
11 2
?
?
? ?
潫
NPV0 IRRic PI1
в ì 1С 2С
й 1120000 档 2100000 35 15000 4120000 64000 豸5000 5λ 61040
?
? ? ? ?
4100.683 3.170 5100.621 3.791 4 90.708 3.240 5 90.650 3.890
? ? ? ? ? ?
?
(120000-15000)/521000 NCF0=120000100000220000 NCF1~4 =120000640005000210001402100039000 NCF5 =120000640005000210001402100010000015000 154000 NPV22000039000(PA/A, 10%, 4) 154000(P/F, 10%, 5) 220000390003.1701540000.621 22000012363095634 736<0 IRR NPV22000039000(PA/A, 9%, 4) 154000(P/F, 9%, 5) 220000390003.2401540000.650 220000126360100100 6460>0 NPV22000039000(PA/A, 10%, 4) 154000(P/F, 10%, 5) 736<0 NPV0IRR9%<IRR<10% С
? ? ? ? ? ? ? ? ? ? ? ? ? ?
?
?
550 88 66( ) A 12% B 13.2% C 16% D 17.6%
?
A
0У A B C D
?
C
10 4 A 10 B6 C4 D 2.5
?
C
У ì A B C D
?
C
25 A 0.75 B 1.25 C4 D 25
?
B
У A B C D
?
B
A B С C 趨 D 趨
?
C
