, .
:
- -.
2,573 . . . 85,7 . . . 2012 .
[1]. , , . , , :
= 1102416/85 742 = 13
(average rate of return, ARR) . 15 .
ARR :
ARR= * 100%
½ IC
n
= (835551 + 1 222 276)/2 = 1 028913 .
ARR = 1 028913/(0.5 * 2572416) * 100% = 79,9 %
.
, . (NPV) :
NPV= ∑ Ck - IC
n (1 + H)k
n , .
, , . , . 0.12;
k;
NPV.
, :
NPV > 0, ;
NPV < 0, ;
NPV = 0, , .
, NPV .
, .. NPV . , .
:
NPV = (835551 /1.12 + 1222276 /1.25) 1102416 = 746027+977820 1102416= 621 431 .
, NPV. , .
|
|
(Profitability Index, PI) ( ) :
PI= ∑ Ck: IC
n (1 + H)k
, :
PI > 1, ;
PI < 1, ;
PI = 1, , .
PI = (835551 /1.12 + 1222276 /1.25)/1 200 000 =1723847/1102416= 1.5
. , .. , .
, , , .
. = * 100%
IC
. = 1 028913 * 100% = 93.3 %
, , (, , ) . .
(internal rate of return, IRR) :
● , (NPV) 0;
● , .
IRR , NPV . - IRR .
IRR (internal rate of return) :
:
● Investments ;
● CFt t;
● N ;
● IRR .
IRR:
● , IRR , ;
● IRR, , NPV ;
● IRR , , .
, , 1 028913 /(1+IRR) + 1 028913 /(1+IRR)2=2400000, IRR=20.7 %
12,00 % | |
15 . | |
15 . | |
79,9 % | |
621 431 | |
1,5 | |
17,01 % | |
, . 12,00%, .
, . , 15 ., , -, 24 ., . , , . , .
|
|
. , 58,89% ., .
. 621 431 ., , .
, . , 1,5.
. , . 17,01%.
: .