()


?

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