.
1. :
PV =
2. (Net Present Value, NPV):
NPV = (2.86)
PV ;
Pt t;
iCt t-
Ft , t;
d ( WACC);
n () .
NPV > 0, ;
NPV < 0, ;
NPV = 0, .
, . , , NPV . .
(1 + α) :
NPV. =
3. NPV :
NPV (k, ∞) = (2.87)
k .
4. (Profitability Index, PI):
PI = (2.88)
CIt , t;
Cot , t;
d .
PI > 1, ;
PI < 1, ;
PI = 1, .
, NPV >0. . , PI=1,2, , 1 , 20 .
5. () (Internal Rate of Return, IRR):
IRR = d, NPV = f(d) = 0, (2.89)
IRR > WACC, ;
IRR < WACC, ;
IRR = WACC, .
WACC .
IRR NPV=0. IRR , , NPV=0. , MS Excel ( ), IRR. , , IRR . :
(2.90)
d1 , NPV ;
d2 , NPV ;
d1<d2
NPV1 d1;
NPV2 d2.
6. (Modified Internal Rate of Return, MIRR):
(2.91)
Ft t ;
|
|
WACC ;
n .
MIRR , , WACC. MIRR , IRR.
7. (Payback Period, PP):
= min n, (2.92)
ICt t.
.
8. (Accounting Rate of Return, ARR):
ARR = (2.93)
P , ;
IC ;
RV .
9. , , :
PS = St R * iC
(PS);
St i- ;
R i- .
10. (R) (T), :
R =
T =
Vt .