, . , , (, , ). ( , ), . .
, 1 . ., - - . 20% , . ( ). , . .8.
1 . . , , 20%. , ( ) 3- . 1 . . = PV = / (1 + i) + / (1 + i2) + / (1 + i3); i = 20%;
:
n ,
i .
1 . . = PVIFA (20%, 3 ) = 2,1065. = 0,475 . . 475 . . 20% , 20%. , (1 . .), . t + 1 = t t = 1,..., - 1. .
, . . (, 1 . . 0,2 = 200 . .) : 475 . - 200 . = 275 . .
, : 200 . 275 . . 1 . ., 725 . . (1 . - 275 .)
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, : 1 . ., 0,725 . . (1 . - ), 395 . . (1 . - - ). ( , .. 395 .). . .4.
. 4. , . .
. .
:
, . 200 . . . 30- , 8% :
) = 0,08/12 = 0,0067;
) = 200 (0,0067 / (1 - 1 / 1,006712x30) = = 200 . (0,0067 / (1 - 1/1,0067360) = 1473,11 . .
.
, 15 . . :
1- 15 . . 3% 36 ;
2- 14 . . 14 . . . 12% , 36 .
:
Excel (. 3).
, . 1 . . . 15 . . 3% 436,22 . . 15 . 12%, 498,21. 1 61,99 . 36 61,99 [(1 1/ 1,0136)/0,01] = 1866,34.
, 1 . 2 , 1866,34 .
" " /. ( ). , , . .
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, : . : ( , , ).
k, .. , (, , ). , , , ( ), . ( ) . . 3, , .
. . . : . . .:
, 1997. . 6385.
.. : 2- . .: , 1995.
., . : . . .: - , 1997. . 29-46.
., . : 2 .:. . : , 1997. . 621625.
2
1
2
[1] . . (Jensen M.,Meckling W. Theory of the firm: Managerial Behavior, Agency costs and Ownership Structure // Journal of Financial Economics. 1976. Vol 3. P 305-360).
[2] . . , ( - ). . 4.
[3] . 1998. 14. . 17.
[4] ., . : 2 .: . . .: , 1997; . . . : . . : , 1997; ., . : . . : - , 1997.
[5] .: .. . .: , 1998.
[6] . . . . . 453-455.
[7] .. . . 101-102.
[8] ., : . . . . . 455. 236
[9] ., : . . . . . 455. 236
[10] ., : .. . . 16-24. 238
[11] , ( ). , (0,8% ).
[12] Hamada R.S. Portfolio Analysis. Market Equilibrium and Corporate Finance //Journal of Finance. 1969. March. 24. P. 19-30
[13] .. : . 1995.
[14] Gordon M.J. The Pay-off Period and the Rate of Profit // Journal of Business. 1995. Vol. 28. October. P. 253-260.
[15] Brigham E.F., Gapenski L.C. Intermediate Financial Management. The Dryden Press, 1993. P. 274.
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[16] Hertz D.B Risk Analysis in Capital Investments // Harvard Business Review. 1964. JanuaryFebruary. P. 95-106.
[17] : Pike R.H. A Longitudinal Survey on Capital Budgeting Practices // Journal of Business Finance and Accounting. 1996. Spring. P. 1922.
[18] i , i = k , , 2. . . 7 1.