- , , , [4,5] c .
. () :1) , .; 2) DPB, .; 3) ARR, %; 4) () NPV; 5) PI; 6) () IRR, %; 7) () - MIRR, %;
3,6. [6, . 121], : 1) ; 2) , ; 3) ; 4) ; 5) ; 6) .
, , .
: ; .
, . [6].
, : 1) ( -); 2) ( ); ; ( ).
(.1).
1.
( NPV [6] )
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[6] . , .
, . , ( , , .), ( !). , , .
[7]:
(gross cash flow GCF), + (, ) ( ).
(net operating cash flow NOCF), GCF + NWC(net working capital - , ). NWC .
(free cash flow FCF), NOCF + Inv (DInvestments - , , ). FCF , () , , . .
(residual cash flow - CFr) (cashflow to equity - FCFE), FCF +FR ( , ). FCFE . FCFE, , .
:
(8.1)
(8.2)
(8.3)
, () , .. FCF. ROA , CAPM [3]. NPV .