REMARKS IN THE CONTEXT OF “THE CASE FOR A GENERALIZED NET PRESENT VALUE FORMULA”
作者:
MIROSŁAWM. HAJDASIŃSKI,
期刊:
The Engineering Economist
(Taylor Available online 1995)
卷期:
Volume 40,
issue 2
页码: 201-210
ISSN:0013-791X
年代: 1995
DOI:10.1080/00137919508903144
出版商: Taylor & Francis Group
数据来源: Taylor
摘要:
In his three recent papers [3], [4], and [5], R.G. Beaves develops an Overall Rate of Return (ORR) project evaluation criterion based on the concept of the so-called transition point (TP) which he has defined in two different versions.1In the present contribution, it is shown that some projects may produce undefined ORRs for either TP version, and that other ORR-like criteria [7] may also generate undefined results for projects for which the Net Present Value (NPV) criterion is defined. To eliminate the cases of the ORR undefinability, a generalization of the ORR criterion is proposed that makes this criterion fully NPV compatible and applicable to both investment and financing projects. This criterion embraces all the existing ORR approaches that are based on the notions of the initial and terminal wealths, including both of Beaves' approaches.
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