问题
单项选择题
Two mutually exclusive projects have conventional cash flows, but one project has a larger NPV while the other project has a higher IRR. Which of the following least likely explains this conflict（）
A. Reinvestment rate assumption.
B. Size of the projects’ initial investments.
C. Risk of the projects as reflected in the required rate of return.
答案
参考答案：C
解析：
[分析]： NPV法和IRR法的冲突主要与再投资率假设、现金流的时间和项目规模有关，与必要回报率中所反映的项目风险无关。 [考点] NPV法与IRR法的比较分析