最近开始看Corporate financial management(Glen Arnold),碰到了一个问题,还请各位在行的多多指教.:)
文章中关于NPV和IRR假设的比较中这么写到:
One problem centres on the reinvestment assumption. With NPV, it si assumed that cash inflows arising during the life of the project are reinvested at the opportunity cost of capital. In contrast, the IRR implicitly assumes that the cash inflows that are received, say, half-way through a project, can be reinvested elsewhere at a rate equal to the IRR until the end of the project's life.(L6, P77)
我想知道为什么NPV方法的前提假设是reinvest, 而IRR则不是. 怎么才能理解NPV的假设是reinvest.
还望刺教!不甚感激!