Abstract: The internal rate of revenue has been doubted in the paper and it is thought to be reasonable to replace the internal rate of revenue with the external rate of revenue. On the basis of analyzing the index of the external rate of revenue the constructed by scholars abroad and the misconception made by scholars at home, the unsuitability of replacing the internal rate of revenue with the external rate of revenue has been proved.

Key words: external rate of revenue, internal rate of revenue, replacing theory, suitability analyze

摘要： 质疑内部收益率指标的论文从未中断过,甚至认为用外部收益率替代内部收益率是具有道理的。在仔细分析国外创构的外部收益率指标和国内学者对其误读的基础上,证明了用外部收益率替代内部收益率的不适宜性。

关键词: 外部收益率, 内部收益率, 替代适性论, 不适宜性分析