NO.PZ2023090506000007
问题如下：
Which of the following relationships is true?
选项：
A.
If IRR > Required rate of return, then NPV < 0.
B.
If IRR = Required rate of return, then NPV = 0.
C.
Required rate of return = Risk-free rate.
解释：
B is correct. IRR is the required rate of return that makes an investment’s NPV equal to zero.
A is incorrect because IRR is the required rate of return for which NPV = 0. If IRR is greater than the required rate of return, then NPV of cash flows discounted at the required rate of return will be greater than zero, not less than zero.
C is incorrect because when calculating NPV, expected cash flows should be discounted at the required rate of return to reflect investors’ opportunity cost for similarly risky projects, not a rate that ignores risk.
这里的required rate of return可以理解为投资者的融资成本吗？
计算NPV的折现率，是不是应该使用这个required rate of return来折现每一期产生的现金流？以此比较期初投入的现金流，求得NPV，看看是否为正？
