Concepts, Theory, and Techniques INFLATION, MAINTENANCE OF CAPITAL, AND THE IRR MODEL OF CAPITAL BUDGETING*
提出一个修正的内部收益率模型，在通货膨胀下将现金流分为收益和资本回收，要求项目收益率超过无通胀回报率加通胀影响，以帮助企业判断投资回报是否充足并保持资本完整。
ABSTRACT Businesses operating under inflationary conditions need capital‐budgeting models that help them judge the adequacy of returns on their investments and also allow them to keep capital intact by considering the erosive effects of inflation. The model proposed in this paper computes a modified internal rate of return (IRR); if cash inflows from a project are divided between earnings and recovery of capital, total recovery equals that amount which the capital‐budgeting concept adopted by the business specifies (such as the original investment in constant dollars or its replacement cost). Under this model, a project should be accepted only if this computed rate equals or exceeds a hurdle rate that consists of the inflation‐free rate of return plus the effect of inflation on such a return. Other modifications to the IRR model suggested in the literature do not completely satisfy the objective of capital budgeting under inflationary conditions.