19981JOURNALOFSHANXIFINANCEANDECONOMICSUNIVERSITYNO.1.1998,,,,,;,;,,,,,;,,()1,,:=ö,,,,,,;,,,,2:=()ö,,,,,,,,,,,,()1(NPV),15,,(),,,:NPV=6nt=0(CFt)[1+(r)]t-(CF):t,t=0,t=11,t=2,nr,NPVr,NPV,r,;,NPV,,NPV,,;,,NPV2(IRR)NPV,,IRR,:=,:NPV=6nt=0CFt(1+r)t-CF=0r=IRRIRR,IRR,IRR,;,IRR,IRR,,3(PI):PI=6nt=1CFt(1+r)tCF100%,,,;,,,,,,(),,,,,,,,,,,,()1NPV;IRR,,,NPVIRR,NPV;IRR252,NPVIRR,NPV,IRR,,,,NPVIRRNPV,IRRNPV,,NPV3,,IRR,NPV,:NPV,IRR,NPVIRR?(1)IRR,NPVIRR,IRRIRR,,,;,IRR,,IRRNPV,NPV,(2),NPV,IRR,IRR,,NPVIRR:,,,,,,,,,,IRR,IRR,,(3),,,,,NPVNPV,IRR,IRR,,IRR,IRR,IRR,:,,IRR;,,,,,NPV35IRRNPV,IRR,,IRR,IRR,,NPV,,IRR,IRR,,,,IRRIRR,,IRR;IRRIRR,,4,NPVIRRNPVIRR?IRR,IRR,IRR,,,,,,NPV,;,NPV()NPV:NPVAB;BA,?,100%,,,NPV,NPV,,?,,,,,,,,,,,,,,,,,,(:)45