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I saw your last comment and wanted to provide you with an Excel sheet showing the implications of not counting the principle payments as cash flows when they are received.我看见您最近的评论,希望为您提供了一个Excel的资产负债表的影响不指望的原则支付现金流量时,收到。

In this sheet I have included a situation where there is a hypothetical Prosper account that is made up by one loan that will be paid in full and on time.在这片我已列入的情况下,有一个假设的普罗斯珀帐户,是由一个贷款将得到充分和及时。The calculations would work the same with a portfolio of many loans.计算将努力同一个组合的许多贷款。The assumptions that can be changed (loan amount and interest rate) is in blue font.假设可以改变(贷款金额和利息)是蓝色字体。

The sheet shows the hypothetical loan and how the amount outstanding declines over time as the principle is paid off.在资产负债表显示,假设贷款和如何欠款随着时间的推移下降的原则是得到了回报。It also shows how the Prosper account balance for the lender would change over time as interest and principle get paid.它也表明如何普罗斯珀帐户余额的贷款人将随时间变化的兴趣和原则获得付款。In addition, it shows what the correct XIRR would be for the full term (it would be the same for each and every period for the durating of the loan as well) and what the XIRR calculation would show if it was calculated without counting the principle payments as the are received, but rather include them as part of the account balance (which I think is what you are suggesting in you last comment on your site).此外,它显示了正确的XIRR将充分任期(这将是相同的每个时期, durating的贷款以及)和什么XIRR计算表明,如果不计算计数的原则作为支付收到的,而是包括他们的一部分,帐户余额(我想这是你的暗示在您上次的评论在您的网站上) 。

The conclusion from the examples I have included in the Excel workbook is that if the principle payments are not counted when they are received, the XIRR will look like it is declining over time.得出的结论的例子我已经包含在Excel工作簿的是,如果支付的原则是不计入当他们收到的XIRR看起来就像是随着时间的推移下降。This is incorrect, since it does not reflect that the principle payments are available to reinvest.这是不正确的,因为它并不反映这一原则的付款可以再投资。If the principle payments are not counted as cash flow when they are received, the XIRR will implicitly assume that the paid principle just sits in the account balance earning zero return until the loan is fully paid off.如果支付的原则是不能算作现金流量时,他们收到的XIRR将含蓄地假定,公正的原则支付坐在收入帐户余额为零,直到返回的贷款是完全得到了回报。This is not reasonable to me.这是没有道理的我。I don’t understand how the account balance at the end (for XIRR purposes) could ever go negative by deducting the principle payments received, if you don’t assume defaults, since the amount you deduct would be exactly equal to the principle implicitly included in the ending account balance (either as cash or as loans outstanding).我不明白的帐户余额结束时(为XIRR目的)都不能去否定扣除的原则收到的付款,如果你不承担违约的,因为你的金额中扣除将完全平等的原则隐含在结束帐户余额(无论是现金或贷款结清) 。

Btw, I am not bothering you with this to prove a point.生物及毒素武器,我不打扰你,这点证明。I am potentially looking to become a lender at Prosper (whenever they actually get around to approving me. Their customer service is severely lacking) and going through these return calculations is a very good exercise for me.我可能希望成为一个贷方在普罗斯珀(实际上只要绕过批准了我。他们的客户服务是严重缺乏) ,并通过这些返回的计算是一个非常好的锻炼了我。I always compare all my investment alternatives on a risk-adjusted XIRR basis, since it is (IMO) the best way to do it, assuming that there are no capital constraints involved, but that is a different topic.我总是比较我所有的投资选择的风险调整后的XIRR的基础,因为它是(海事组织)的最好办法做到这一点,假设没有涉及资本的限制,但是这是一个不同的主题。

As always, I welcome comments.一如往常,我欢迎评论。

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