Students of corporate finance are taught the dangers of judging projects by their internal rate of return. The problem is that the attractiveness of a project depends not just on its rate of return, but on the amount of capital invested in it. You might reasonably prefer a 30 per cent rate of return on a £1,000 investment to a 40 per cent rate of return on a £10 investment. Ludovic Phalippou, a Dutch economist, has described how this problem makes the use of internal rates of return by proponents of alternative investments more misleading than helpful for investors.
公司金融学的学生们在学校里学到，用内部回报率(IRR)来评判项目是有风险的。问题在于，一个项目的吸引力不仅取决于回报率，还要看投入的资本总额。从情理上讲，相比于投资10英镑，获得40%的回报，你可能更愿意选择投资1000英镑，而获得30%的回报。荷兰manbetx20客户端下载 学家卢多维奇•法利普(Ludovic Phalippou)就曾描述过，由于这个问题的存在，另类投资的拥护者在使用内部回报率时，对投资者起到的更多作用是误导，而非帮助。