单选题 Which of the following statements about NPV and IRR is least accurate?

A、 The IRR is the discount rate that equates the present value of the cash inflows with the present value of outflows.
B、 For mutually exclusive projects, if the NPV method and the IRR method give conflicting rankings, the analyst should use the IRR to select the project.
C、 The NPV method assumes that cash flows will be reinvested at the cost of capital, while IRR method assume that cash flows are reinvested at the IRR.

【正确答案】 B

【答案解析】[解析] 在对互斥项目进行分析时，IRR法可能得出与NPV法相矛盾的结论。在上述情况下，分析师应当使用NPV法进行项目筛选。上述结论的理论依据是，公司经营的最终目标是实现所有者(股东)财富的最大化，而NPV法的判断方法(NPV值的最大化)与上述目标相符合，因而应当优先使用该方法。