CAJ | 학술논문

文章运用现代主流的公司理财理论企业价值最大化的原理，论述了代理问题和非对称信息所导致的净现值作为资本预算标准在实现最优资本预算结果中的无效性，以及它为什么会被内含报酬率法和现值指数所取代，同时也说明了综合运用多种预算标准进行财务决策的趋势和重要性。
문장운용현대주류적공사리재이론기업개치최대화적원리，논술료대리문제화비대칭신식소도치적정현치작위자본예산표준재실현최우자본예산결과중적무효성，이급타위십요회피내함보수솔법화현치지수소취대，동시야설명료종합운용다충예산표준진행재무결책적추세화중요성。
Rooted in the mainstream theory of corporate, this paper states that because of agency problem and asymmetry information, NPV（Net Present Value） as a capital budgeting criterion leads to inefficient capital budgeting outcome and why it may be dominated by other capital budgeting criterion such as IRR（internal rate of return） and Pl（Present Value Index）. At the same time we also show the tendency and importance of using synthesized muh：i-criterion.