题目解释:如果投资的现金流不变,但加权平均成本降低,问对NPV和IRR的计算有什么影响

考点:IRR和NPV    关键词:weighted average cost of capital  reduced

解题思路:了解NPV和IRR的计算方法,找出加权平均资本成本对他们的影响

When the required rate of return is decreased, all other things being equal, the NPV will increase because the present values of the future expected cash flows will be greater. The IRR would not change. The IRR is the discount rate at which the NPV of an investment will be equal to 0. The required rate of return (the discount rate used to calculate the present values of the future cash flows) is not an input to the calculation of the IRR at all. The IRR is thus not affected the discount rate used to calculate the project's net present value.
When the required rate of return is decreased, all other things being equal, the NPV will increase because the present values of the future expected cash flows will be greater. However, the IRR would not increase. The IRR is the discount rate at which the NPV of an investment will be equal to 0. The required rate of return (the discount rate used to calculate the present values of the future cash flows) is not an input to the calculation of the IRR at all.
The NPV would not decrease as a result of using a lower discount rate. When the required rate of return is decreased, all other things being equal, the present values of the future expected cash flows will be greater. The IRR would not increase. The IRR is the discount rate at which the NPV of an investment will be equal to 0. The required rate of return (the discount rate used to calculate the present values of the future cash flows) is not an input to the calculation of the IRR at all.
The NPV would change as a result of using a lower discount rate. When the required rate of return is decreased, all other things being equal, the present values of the future expected cash flows will be greater. The IRR would not change. The IRR is the discount rate at which the NPV of an investment will be equal to 0. The required rate of return (the discount rate used to calculate the present values of the future cash flows) is not an input to the calculation of the IRR at all. The IRR is thus not affected the discount rate used to calculate the project's net present value.