技术经济学英文版演示文稿c33.pptxVIP

NPVIRR0ic=0=ic0icNPVIRR唯一值唯一值；无解；多解同一 ic，具有可加性无可加性与基准点有关无关可用于互斥方案优选不可用3.4.2 Multiple Rates of ReturnIn addition to the requirement of incremental analysis, the ROR analysis method also has another drawback. This method works well when a given alternative requires an initial investment which is followed by future benefits. For this type of alternative, the cash flow profile can be shown as negative cash flow in the first year followed by positive cash flow in the future years. For example, if we consider an investment of $1,000 which will result in a $300 annual benefit for the next six years with a $500 salvage value at the end of six years, the cash profile can be written as.Yeaash Flow-1,000300300300300300300300+500In this profile, there is only one sign change in cash profile between Years 0 and 1. Such profile is amenable to conventional ROR analysis.Note that the ROR calculation requires solving a polynomial of i. We calculate the value of i for which the NPV is zero. For economic analysis, we are only interested in obtaining positive, real values of i for which the NPV is equal to zero. When there is only one sign change in the cash flow profile, as shown above, we can only obtain one or zero positive solutions.In some instances, however, the sign changes more than once in a cash flow profile. Under these circumstances, we may obtain more than one real ROR. The rule of signs for polynomial solution states that the number of real solutions between -l and ∞ is never greater than the number of sign changes. That is, if we have two sign changes, we may obtain a maximum of two rates of return values between -100% and ∞. The following example illustrates the calculation of the number of feasible solutions.Example 3.25 For the following four cash ROR between -100% and ∞.PeriodABCD0-100-100300-500120120-200300220-3010030033050100-1004207020010053030-30-1006202010050SolutionTo calculate the maximum number of possible real solutions between -100% and ∞, we