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Modified internal rate of return
The Modified Internal Rate of Return (MIRR) is a financial measure of an investment's attractiveness.〔Lin, S. A. Y., "The modified internal rate of return and investment criterion," ''The Engineering Economist'' 21(4), 1976, 237-247.〕〔Beaves, R. G., "Net present value and the rate of return: Implicit and explicit reinvestment assumptions," ''The Engineering Economist'' 33, 1988, 275-302.〕 It is used in capital budgeting to rank alternative investments of equal size. As the name implies, MIRR is a modification of the internal rate of return (IRR) and as such aims to resolve some problems with the IRR.
==Problems with the IRR==
While there are several problems with the IRR, MIRR resolves two of them.
Firstly, IRR is sometimes misapplied, under an assumption that interim positive cash flows are reinvested at the same rate of return as that of the project that generated them.〔(Internal Rate of Return: A Cautionary Tale )〕 This is usually an unrealistic scenario and a more likely situation is that the funds will be reinvested at a rate closer to the firm's cost of capital. The IRR therefore often gives an unduly optimistic picture of the projects under study. Generally for comparing projects more fairly, the weighted average cost of capital should be used for reinvesting the interim cash flows.
Secondly, more than one IRR can be found for projects with alternating positive and negative cash flows, which leads to confusion and ambiguity. MIRR finds only one value.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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