, . . . .
, . , , , . , .
, - . , , . , , , .
. . , . (NPV) .
1. , . , .. , .
2. .
3. , .. , .
4. , ( , ), .
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.
i . , (inflation-adjusted cash flow), t. .
:
(NPV) ( , ):
, ( , , ..) ( , , ). .
, . :
, ;
- ;
.
. , , . . , 100 . . 2 , 36% . 400/1,36 + 400 /1,362 = 510,38 . .
, . . , , , .
n - . n = 4. 1,36 1,0799, 7,99%.
8- 100 . . . 8% . . 2 2 , PV = 100 . (5,7466) = 574,66 . . .
( ) . : 1) ( t = 0); 2) ; 3) . (NPV) . NPV . NPV . 8. .
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, , . . (, ) .
. , , . . , .
, . ( ) . , . .
. , .
( , NPV) . . .
(IRR) , . . , .
, NPV IRR . . IRR , NPV. IRR , IRR.
( , , ) ( , ) , . , , - (economic value added EVA). EVA NPV. MVA = ∑PV(EVA) = NPV, " " .
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. .
1. : =-1, 1=2,3, 2=-1,32. ( ) 15%? , IRR.
-1 (1 + r)2 + 2,3 (1 + r) - 1,32 = 0?
NPV . : , = 10%, 2 = 20%. , , (IRR). , . ( ) 10 20%. 15% .
2. . , NPV . ?
, . : ; . , ( ) NPV . , : 1) ; 2) ; 3) , . , .
3. 100 . . . 1 200 . 2. , 35 . . ., 190 . . . 1 150 . 2. . 12%.
1. , , . ?
2. . 35 . 42 . . . . ?
1. :
-35 | -50 |
, NPV . 12% NPV= 35 + 90/1,121 - 50/1,122 = 5,4974 . . . NPV , . , NPV = 0.
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-18,81% 75,95%. NPV(k). k = 0 NPV= 5. 0 75,94% .
2. :
-42 | -50 |
NPV= -1,503. . ( , NPV).
4. , :
-17 | -17 11 ( ) |
. , 14%.
:
1- | 2- | 1- | 2- | |
(17/2) | 8,5 | 8,5 | 8,5 | 8,5 |
0,5 | 2,5 | 2,5 | 0,5 | |
: ( + )/2 | 12,75 | 4,25 | 12,75 | 4,25 |
0,03 | 0,58 | 0,19 | 0,11 | |
0,3 | 0,15 |
. . .
5. , (), 30 . . . , . , , 120 . . . 10%.
1. , (, )?
2. ?
3. , 400 . .?
1. : 30/0,1 = 300 . . , 300 . . NPV = -120 + X/0,1. , -120 + X/0,1 > 300, > 42 . . 42 . ., .
2. . ( ). ( ). X .
3. 400 . .,
-120 + X/0,1 >400, >52.
6. , 10 . . . ( ). , 5 .
, ? , , 10%.
, 5- 10 . . . , 2 . . . , ( . . .) : 10; 2; 2; 2 .
, NPV> 0. , (10 + PV 10%) > 0 PV > 10.
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2 PVIFA (10%, ) > 10. PVIFA (10%, X ) > 5. . . 10% , PVIFA (10%, 8 ) > 5 8.
., . : 2 .: . . .: , 1997. . 1. . 208238, 260-263.
... : . . .: , 1997. . 339379.
. . : . . .: -, 1997. . 7795.
., . . .: : , 1997.
., . . // . 1997. 11. . 4649; 12. . 50 53.
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