- , .
:
( , );
();
.
, ( ) .
:
1. (NCF).
, , , .
= ( ) - ( , ).
2. () (NPV):
, ( ).
PV= S (Fi / (1+r)i)
- , . , , , , .
NPV= S (Fi / (1+r)i) I0
I0 ;
F ( - );
r .
NPV > 0, , ;
NPV = 0, , ;
NPV < 0, , .
3. (IRR):
.
() , NPV , .. , .
IRR , .
S (Fi / (1+IRR)i) I0=0
IRRR
1. NPV r , NPV .
2. IRR
IRR = ra+(rb-ra)*(NPVa/(NPVa- NPVb))
3. NPVa>0>NPVb rb>IRR>ra.
IRR>r, .
IRR=r, NPV=0,
4. ( , PI):
( ).
I NPV, ( , ).
|
|
.. .
PI = ∑ F (1+ r) i / I0
I > 1 , ;
I < 1 ;
I = 1 , .
PI .
, I NPV .
5. ( , ) , , , , .
(PV) .
, PV , .