.


:




:

































 

 

 

 





 

.

, - ( ) :

 

:

 

( ); ( ); .

, :

 

() ( ) .

(. 1.28) (. 1.26), :

 

 

() , ; .

, () . , .

, , , , . , , , , . .

, , .

, (. pay-back period). , . , , .

, , ( ). , , .

, .

.

:

, , 2480 . : = 1000 ., = 40 ., = 80 ., = 20 .

(.1.30), :

 

 

= - - = 1000 - 20 - 40 - 940 .

, 1 . 1,57 . .

, . .1.20.1.23, , 0 , .

. 1.20

 

. 1.21

 

. 1.22

 

. 1.23

 

2.

, , , , , , .

1) ; 2) , .

() , ().

(. sensitivity analysis') , , , , .

(. annuity) 1) ; ; 2) , .

- .

- , , () . , .

1) , , , , , ; 2) .

() (. Capital budget) , .

/ .

. .

; , , .

(), , , = 0, - . Internal Rate of Return, IRR.

- () , , .

, , , .

.

(. discount) ; () .

() , , , , , .

- (-, , .) , , ().

(. return on investment, . ROI , ( ) , . .

() () .

, , , , .

, ( ).

( ), .

1) , ; 2) , .

( ) ( ).

( ) ( ).

() - .

() - .

() . . .

- , .

, .

(. inflation) , .

() , . .

, ( ).

, .

, () ().

(. log) , - .

, ; .

.

( . market ) , , .

, , .

- (. Monte Carlo simulation) , , .

, .

(. simulation) ; , .

(. monitoring) .

( , ) , .

() , . : , , , .

() (. internalrate of return, . IRR) (E ), . .

(. accounting rate of return, . AROR) , .

(. nominal regarded rate of return) , , .

(. real required rate of return) , .

, , .

- - , .

, .

, .

- , .

(, , . .) (), , , (), ().

, .

(. risk premium) , . .

, .

.

( ) .

, .

(. investment project) , , (), - ( ).

, .

, .

(. payback period, . ) , ( ) .

(. discount rate) 1) , ; 2) , .

( ) , .

(. time value of money) , (, , , , ).

(. cost of capital) , .

(. opportunity cost of capital) , .

(. weighed average cost oj capital, . WACC) , , . . , .

( ) .

(. net present value, . NPV) , , () .

, .

, .

, , .

(), , (, ) ( ).

( , ) , .

. , .

, .

() ( ) .

() . - , , Net Present Value, NPV.

, , , .

, .

() , .

 

..................................................................................................................................................................................................................... 1

2. ......................................................................................................................................................... 5

3. - ...................................................... 5

13. ........................................................................................ 5

13.1. ................................................................................................................................................................................ 5

13.2. ................................................................................................................................................................... 10

13.3. () ........................................................................................................... 13

13.4. ...................................................................................................................... 18

14. .................................................................................................................. 22

14.1. ............................................................................................................................ 22

14.2. .......................................................................................... 27

14.3. ................................................................................................................................................................. 36

15. ......................................................................................................................................................... 39

15.1. ....................................................................................................................................................... 39

15.2. ...................................................................................................................................................... 42

15.3. ..................................................................................................................................................................................... 46

15.4. ............................................................................................................................................................... 49

16. ........................................................................................................................................................... 54

16.1. .................................................................................................. 54

16.2. ........................................................................................... 58

16.3. , .................................................................. 62

16.4. ............................................................................................................................................................... 65

17. - ........................................................ 71

17.1. ....................................................................................................... 71

17.2. - .................................................................................................................... 76

17.4. ................................................................................................................................................................. 79

17.3. .............................................................................................................................................................................. 83

4. ............................... 86

18. .......................................................................................................................................... 86

18.1. ........................................................................................................................ 86

18.2. ................................................................................................................................................................................................ 94

18.3. () .................................................................................................................. 97

18.4. .............................................................................................................................................................. 102

19. ......................................................................... 107

19.1. ................................................................................................................................................................................... 107

19.2. .......................................................................................................................................................................................... 114

19.3. ................................................................. 119

19.4. ..................................................................................... 124

19.5. ............................................................................................................................................................ 127

19.6. ................................................................................................................................................................. 132

19.7. ........................................................................................................................................................... 133

19.8. ..................................................................................................................................... 135

19.9. ...................................................................................................................................................... 137

20. , ........................................................................ 140

20.1. ............................................................................................. 140

20.2. .................................................................................................... 142

20.3. ............................................................................................................... 144

20.4. .......................................................................................................................................... 148

21. -........................................................................................................................................................................................ 156

21.1. ................................................................................................................................................................................. 156

21.2. -..................................................................................................................................................................... 158

21.3. ............................................................................................................................................................................. 159

21.4. ..................................................................................................................................................... 159

21.5. ................................................................................................................................................... 159

21.6. ......................................................................................................................................................................................... 159

21.7. ................................................................................................................................................................................... 160

21.8. ...................................................................................................................................................................... 160

21.9. .................................................................................................................... 161

21.10. ...................................................................................................................................................................................... 161

21.11. ............................................................................................................................................................................... 161

21.12. -............................................................................................................ 162

21.13. -...................................................................................................................... 162

22. ................................................................................................................................. 164

22.1. .............................................................................................................................................................................. 164

22.2. .................................................................................................................................................. 176

22.3. ............................................................... 178

5. ........................................................................................................................................................... 190

23. ..................................................................................................................................................... 190

23.1. ................................................................................................................................................... 191

23.2. .............................................................................................. 194

23.3. ........................................................................................................................................................ 197

23.4. .................................................................................................................. 199

24. .................................................................................................................... 205

24.1. ............................................................................................................ 205

24.2. .................................................................................................................................................. 208

24.3. ........................................................................................................................................................................ 213

24.4. ................................................................................................................................................. 215

25. ............................................................................................................................... 217

25.1. ............................................................................................................................................................... 217

25.2. ..................................................................................................... 220

25.3. ().................................................................................... 222

......................................................................................................................................................................................................... 226

..................................................................................................................................................................... 228

1. ................................................................................................................................................................... 231

2. ..................................................................................................................................................................................... 248

3. .............................................................................................................................................. 252

4. ...................................................................................................................................... 259

5. - ...................................................................................................... 263

6. .......................................................................................................... 277

7........................................................................................................................................................................................................ 285

 





:


: 2016-11-23; !; : 305 |


:

:

, ; , .
==> ...

1899 - | 1685 -


© 2015-2024 lektsii.org - -

: 0.127 .