생산투자수익률 계산방법에 대한 연구

• 영문명: A Study on the Calculation of Productive Rate of Return
• 발행기관: 한국산업경영시스템학회
• 저자명: 김진욱(Jin Wook Kim) 김건우(Kun-Woo Kim) 김석곤(Seok Gon Kim)
• 간행물 정보: 『산업경영시스템학회지』제38권 제3호, 95~99쪽, 전체 5쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2015.09.30

영문 초록

The IRR(internal rate of return) is often used by investors for the evaluation of engineering projects. Unfortunately, it has serial flaws: (1) multiple real-valued IRRs may arise; (2) complex-valued IRRs may arise; (3) the IRR is, in special cases, incompatible with the net present value (NPV) in accept/reject decisions. The efforts of management scientists and economists in providing a reliable project rate of return have generated over the decades an immense amount of contributions aiming to solve these shortcomings. Especially, multiple internal rate of returns (IRRs) have a fatal flaw when we decide to accep it or not. To solve it, some researchers came up with external rate of returns (ERRs) such as ARR (Average Rate of Return) or MIRR (MIRR, Modified Internal Rate of Return). ARR or MIRR. will also always yield the same decision for a engineering project consistent with the NPV criterion. The ERRs are to modify the procedure for computing the rate of return by making explicit and consistent assumptions about the interest rate at which intermediate receipts from projects may be invested. This reinvestment could be either in other projects or in the outside market. However, when we use traditional ERRs, a volume of capital investment is still unclear. Alternatively, the productive rate of return (PRR) can settle these problems. Generally, a rate of return is a profit on an investment over a period of time, expressed as a proportion of the original investment. The time period is typically the life of a project. The PRR is based on the full life of the engineering project. but has been annualised to project one year. And the PRR uses the effective investment instead of the original investment. This method requires that the cash flow of an engineering project must be separated into ‘investment’ and ‘loss’ to calculate the PRR value. In this paper, we proposed a tabulated form for easy calculation of the PRR by modifing the profit and loss statement, and the cash flow statement.

목차

1. 서 론

2. 생산투자수익률(Productive Rate of Return)

3. 생산투자수익률의 계산을 위한 현금흐름표 작성

4. 생산투자수익률 계산 사례

5. 결 론

키워드

Net Present Value Cash Flow Table Profit and Loss Statement External Rate of Return Internal Rate of Return Productive Rate of Return