Internal Rate of Return[IRR,内部收益率]
(IRR)

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计算一项投资的真实收益率。 Internal Rate of Return[IRR,内部收益率]解析。

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什么是内部收益率? 释义

内部收益率(IRR)是令所有未来现金流的净现值等于零的利率。 它是投资预算过程中常用的一种Discounted Cash Flow[贴现现金流] 法, 如同我们所知的另一种Net Present Value[净现值] 法。 IRRNPV被广泛运用于各项投资评估,在决定是否投资的决策过程中发挥着重要作用。
 

IRR与NPV的区别

主要区别是,Net Present Value[净现值的表达方式是各种货币单位(如欧元或美元), IRR是一项投资的真实收益率,其表达方式为百分比。 


换句话说,两者只是表达方式不一,依据相同的会计原则和计算方法。 NPV是通过具体数值来显示未来现金流按照一定的百分比贴现后的实际价值,这个百分比代表着公司所期望的最低收益,常常就是公司的资本成本。 IRR则是从另一个角度来计算公司收支平衡时的收益率。 产生正的NPV是各项投资所应追求的目标,IRR就是投资还没有产生正NPV时的贴现率。 负的NPV也是各项投资因该尽量避免的,IRR也是投资还没有产生负NPV时的贴现率。 它是收支平衡的折扣率,利率现金外流的价值合计现金流入的价值。
 

有趣的是,虽然IRRNPV表达的是同样的概念,但许多人觉得IRR较之NPV更容易理解。 IRR的另一个优点是,它的计算不要求估算(绝对的)资本成本值。


IRR操作法

直接调用项目的最低预期回报率(Hurdle Rate),即刚刚超过资本成本的收益率,是运用IRR的通常之法。 这样看起来比较简单、直观。 然而,IRR与NPV相比有一个主要缺点。如果公司将精力完全集中在最大化IRR上而不是NPV,那么就会面临一个很大的风险——投资回报大于WACC[加权平均资本成本]。 公司决不想投资于这样的项目,虽然投资回报大于WACC,但低于公司的现有资产回报。 只有当项目投资不产生中期现金流(或者中期现金流能够按照实际IRR再投资),此时,IRR才能作为项目投资年度回报的真实指标。


以价值创造为导向的经理人员永远都应该投资于能够产生正NPV的项目。 在必须运用IRR的情况下,经理人员最好使用修正的内部收益率(Modified IRR,它虽然不是非常精确,但至少允许设置更为现实的中期再投资收益率。由此,我们就能够比较准确地观测中期现金流,尤其是当现金流在项目期初遭受扭曲的情况下(往往比较严重),掌握中期现金流量就显得尤为重要。


换句话说, 投资的目标不是最大化IRR,而是最大化NPV


参考书: Aswath Damodaran - Investment Valuation: Tools and Techniques for Determining the Value. [中译本《投资估价:确定任何资产价值的工具和技术》,清华大学出版社,2004] -

参考书: James R. Hitchner - Financial Valuation: Applications and Models -

参考书: Steven M. Bragg - Business Ratios and Formulas: A Comprehensive Guide -


内部收益率论坛
  Advantages of Internal Rate of Return (IRR) Method
What are the main advantages of using Internal Rate of Return for an investment proposal?...
     
 
  Internal Rate of Return and Real Estate
As an example if an owner puts up $7,500,000 equity to buy an office building. After 10 years it threw of $7,000,000 of cash flow. The owner wants to turn the project over to a management company to manage. If IRR is used to see how well the manager ...
     
 
  Internal Rate of Return (IRR) Based KPIs
Given that IRR and NPV methods are about making decisions about the future based on expected cash flows I'm not sure that a KPI based on these will give any useful information. Surely the sensible KPI is a measure of the deviation of actual result fr...
     
 
  Calculating the Rate of Return
A leading broker has advertised money multiplier certificates that will triple your money in 9 years. If you buy one for $333.33 today, it will pay you $1000 at the end of nine years. What rate of return will you earn on these money multiplier certif...
     
 
  Calculating Internal Rate of Return
A project has an initial outlay of $4000. It has a single payoff at the end of year 4 of $6996.46.
What is the internal rate of return for the project?...
     
 
  Internal Rate of Return (IRR) in Real Value?
How to calculate IRR when cash flows are in real value?? Can IRR be calculated in real value?? How can the rate be changed to nominal value?...
     
 
  Weaknesses of Internal Rate of Return (IRR)
The primary weaknesses of this method are:
- IIR sometimes requires unrealistic assumptions about reinvestment of funds, and
- Manual calculation is difficult....
     
 
  TVM versus Internal Rate of Return (IRR)
I seem to get different return or interest rates when using TVM vs and IRR scenario. The scenario is putting $250 into a fund for 36 months for a total investment of $9,000. The final return is $9,423. When I use the IRR to calculate the return I ...
     
 
  Internal Rate of Return (IRR) Formula
Who can supply the exact mathematical formula of internal rate of return? - thanks.....
     
 
  Flat Rate versus Internal Rate of Return (IRR)
In Financial Budgeting & Planning, what is Internal Rate of Return and the difference between Flat Rate and IRR?...
     
 
  Internal Rate of Return (IRR) versus ROE versus ROA
How can we explain that IRR is different from Return on Equity and Return on Asset?...
     
 

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Sensitivity Analysis

A sensitivity analysis is very helpful to define minimum or maximum margins of the IRR.
A series of sensitivity analyses shall be conducted to i...
Usage (application)Define Minimum or Maximum Margins of the IRR
 
 

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比较: Net Present Value[净现值]


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