A CLARIFICATION OF THE CONCEPTS OF “INCOME,WEALTH BASE, AND RATE OF RETURN IMPLICATIONS OF ALTERNATIVE PROJECT EVALUATION CRITERIA”
作者:
JACKR. LOHMANN,
期刊:
The Engineering Economist
(Taylor Available online 1994)
卷期:
Volume 39,
issue 4
页码: 355-361
ISSN:0013-791X
年代: 1994
DOI:10.1080/00137919408903134
出版商: Taylor & Francis Group
数据来源: Taylor
摘要:
A recent paper by Bemhard [The Engineering Economist, 38 (Spring 1993) 3, pp. 165–176([ asserts that the NPVdecision criterion, and by implication the NPVmeasure of worth, which is part of the decision criterion, implies a different “investment” and “project income” (return) than the IRR decision criterion, except when the internal rate(s) of return are equal to the external rate(s) of return. In this paper, it is demonstrated that both the IRR decision criterion and the NPV decision criterion assume that the capital that remains invested (or borrowed) in an opportunity grows at the IRR of the opportunity and cash released by the decision about the opportunity would he invested to grow at the decision maker's marginal growth rate (or “external” rate).
点击下载:
PDF (147KB)
返 回