= | , , |
.
, . , , . , , , , ( ).
, . ( , ). . , , . , . , ; , . . : R = (P Z) * q
R - ,
P - ,
Z -
Q -
(.. ).
I II. I - , II .
.
, , .
, , , , . , , :
|
|
n Rk
P = å -------
k =1 (1+ r)k
Rk - , k-
P
r
1/(1+ r)k -
, , . . , . , , .
, , .. R1 = R2 = = Rk,
n Rk R1
P = å ------- = --------
k =1 (1+ r)k r
, . Rk , It, :
n Rk m It
P = å ------- - å -------
k =1 (1+ r)k t =1 (1+ r)t
( ). , ( ).
() , .. . , , .
:
, , , , , , 9 ).
1. (NPV)
,
n Pk m It
NPV = PV IC = å ------- - å -------
k =1 (1+ r)k t =1 (1+ r)t
PV - , ;
IC .
NPV > 0, ; NPV < 0, .
2. : PI = PV / IC;
PI > 1, ; PI < 1, .
3. (IRR)
IRR = r, PV IC = 0, .. NPV = 0
k-
IRR > k, ; IRR < k, .
4. ()
|
|
T = t, NPV = 0.
, .
,
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- ( );
- ( ).
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1. ;
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: = C / Z,
, /;
Z , /.
< 1, ,
> 1, .
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