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H. · 2020年11月10日

问一道题:NO.PZ2016021705000009

问题如下:

Erin Chou is reviewing a profitable investment project that has a conventional cash flow pattern. If the cash flows for the project, initial outlay, and future after-tax cash flows all double, Chou would predict that the IRR would:

选项:

A.

increase and the NPV would increase.

B.

stay the same and the NPV would increase.

C.

stay the same and the NPV would stay the same.

解释:

B is correct.

The IRR would stay the same because both the initial outlay and the after-tax cash flows double, so that the return on each dollar invested remains the same. All of the cash flows and their present values double. The difference between total present value of the future cash flows and the initial outlay (the NPV) also doubles.

如果一开始NPV就是负数,那是不是变成两倍以后就是减少?

1 个答案

王琛_品职助教 · 2020年11月11日

- "那是不是变成两倍以后就是减少?" -> 请问你问的对象是什么呢?是问 NPV 还是 IRR 呀?
- 如果一开始 NPV 是负数,那么 NPV 和 IRR 的变化情况,和这道题是相同的
- NPV 会变成原来的 2 倍
- IRR 不变
- 你的举一反三非常好,通过拓展,其实你会发现,变化情况和 NPV 正负没关系,原理请参考:https://class.pzacademy.com/qa/18056