ACCA P4知识要点汇总.pdfVIP

问题 回答 题目 计算公式：(回收阶段PV/投资阶段PV)1/n*(1+WACC)-1 优点： 1.MIRR has the advantage over IRR that it assumes the reinvestment rate is the company’s cost of capital. IRR assumes that the reinvestment rat is the IRR itself.前者是按照公司cost of capital 再投资；后者是按照IRR 再投资。 2.In many cases where there is conflict between the NPV and IRR methods, the MIRR will give the same indication as NPV.经常NPV 和IRR 给了决策者相 MIRR 对比IRR 2014-12-Q3 悖的指引，但MIRR 的意见跟NPV 是一致的。 【背】 2012-06-Q4 缺点： 1.It suffers form the problem that it may lead an investor to reject a project which has a lower rate of return but, because of its size, generates a larger increase in wealth.投资者可能拒绝一个低回报的项目，但其实项目的回报是很可观的，只是因为项目太大，(所以比率较小，但绝对值较高) 。 2.In the same way, a high-return project with a short life may be preferred over a lower-return project with a longer life.同上，MIRR 会倾向一个短周期 高回报率的项目，而不是一个低回报长周期的项目。 量化风险的一个现代方法包括使用正态分布的概念估计投资价值的可能变化。A modern approach to quantifying risk involves estimating the likely change in the value of an investment by using the concept of a normal distribution.通过分析正态分布表，可以看出一个正态分布曲线的标准属性。The standard properties of a normal distribution curve can be seen by analysing the normal distribution table(查表). VAR (over the project’s life)