-
-Ż
-
2012
: 4
1. . 4
I. (NPV). 5
1. 5
2. 6
II. (discounted pay-back period DPBP). 6
3. 7
III. () IRR. 7
4. 8
IV. PI. 8
V. () IRR.. 9
5. 10
1. 10
2. . 12
4.1. : . 12
7. 12
4.2. : . 13
8. 13
2. 13
3. . 17
9. 18
3. 19
4. : 23
10. 23
4. 24
5. : . 25
11. 26
5. 27
6. . 29
12. 29
6. 30
1. 32
2. 33
3. 35
4. 37
:
6 . .
1.
:
- 2 i , (
).
- 3 (g = 
).
- 4.
1.
( ) , t0.
(Rate of Dicount) , , .. (Opportunity Rate of Return).
|
|
|
(E) , .
CFi i .
:
ti i- , E , , t0 , (ti - t0) .
t0 ,
:
E0,...,Ei - 0-,..., i- ;
D0,...,Di - .
:
E(Δ1) Δ
,
Δ1 , ,
Δ , , ,
(Δ/ Δ1) =1/2;
(Δ/ Δ1) =1/4;
(Δ/ Δ1) =1/12
I. (NPV)
CFi = i+ + i- i- ,
i+ i- ,
