Krytyka wybranych propozycji dotyczących rachunku efektywności inwestycji rzeczowych
Critique of chosen propositions regarding real investment efficiency calculation

Summary/Abstract: The paper states, that real investments can be treated as if they contain an option, only if a certain cash flow level is guaranteed. Instead of adding an option premium investments can also be considered as a few linked projects with an NPV of the whole investment calculated as a sum of those projects’ NPVs. Conditions in which IRR and other efficiency indicators can be used for project grading and capital rationing are also named in the paper.

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