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3. .
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NPV , .
:
1 - 2% 6 - 14% 11 - 24%
2 - 4% 7 - 16% 12 - 26%
3 - 5% 8 - 18% 13 - 28%
4 - 10% 9 - 20% 14 - 30%
5 - 12% 10 - 22% 15 - 32%
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NPV
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: [1, . 139-162], [2, .93-114]
12
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1. ʳ ( ) , . | |||
2. ʳ , , . | |||
3. ʳ , , | |||
4. , . | |||
5. , | |||
6. , %. | 27,5 | 26,3 | 24,3 |
7. , . .. | 117,5 | 95,0 | 90,0 |
8. , . . | 445,8 | 410,0 | 384,0 |
9. , % | 26,4 | 23,1 | 23,4 |
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I :
= . 4: . 5 = 100: 130 = 0,769 (76,9%)
= (. 1: . 4) / (. 2: . 4)) = (1100: 100) / (2300: 100) = 0,478
= (. 2: . 4) / (. 3: . 5) = (2300: 100) / (4000: 130) = 0,748
= 0,769 * 0,478 * 0,748 = 0,275 (27,5%).
:
= 90: 115 = 0,7829 (78,2%)
= (1000: 90) / (2000: 90) = 0,5
= (2000: 90) / (3800: 115) = 0,672
= 0,782 * 0,50 * 0,672 = 0,263 (26,3%).
:
= 90: 120 = 0,75 (75%)
= (900: 90) / (2100: 90) = 0,429
= (2100: 90) / (3700: 120) = 0,756
= 0,750 * 0,429 * 0,756 = 0,243 (24,3%).
:
I) 3,2% ;
2) :
2%;
, ( 5%);
, , , ( 1%).
4. ' :
=
: ;
=
, , .
I :
= 117500: 1100 = 106,8 .;
= 445800: 4000 = 111,4 ..
= 106,8: 111,4 = 0,959
= 27,5 * 0,959 = 26,4
II :
= 95000: 1000 = 95 ..;
= 410600: 3800 = 108,1 ..
= 95: 108,1 = 0,879
= 26,3 * 0,879 = 23,0
III :
= 90000: 900 = 100 ..;
= 384000: 3700 = 103,8 ..
= 100: 103,8 = 0,963
= 24,3 * 0,963 = 23,4
: ) ) . , - .
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: [1, .165-182 ], [2, .121-148]
13
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: [1, . 184-204], [2, .154-171]
14
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: [1, . 208-221], [2, . 203-223]
15
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16
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17
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4. .
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(.1.) .
:
|
|
1 6% 6 - 5% 11 - 15%
2 - 8% 7 - 7% 12 - 16%
3 - 12% 8 - 9% 13 - 17%
4 - 14% 9 - 11% 14 - 18%
5 - 3% 10 - 13% 15 - 20%
1.
ϳ | (30%) | + (1- ) | , % | ,% | ||||||
18,7 | ||||||||||
- | - | |||||||||
7,0 | 7,0 | |||||||||
- | - | 7,0 | 7.0 | |||||||
3,5 | 1,2 | |||||||||
- | - | 3,5 | 3,5 |
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. 1. , , - . :
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ϳ 40% , - .
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(42 - 40) , , , () , .
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:
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- 10 ;
- 10% ;
, - 40% ;
- 160 . ..;
|
|
³ - 10% ;
:
³ - 3,6 . ..;
- 2,0 . .;
- 4,0 . ..;
- 20%;
, :
1 26% 6 - 36% 11 - 25%
2 - 28% 7 - 38% 12 - 27%
3 - 30% 8 - 24% 13 - 29%
4 - 32% 9 - 22% 14 - 31%
5 - 34% 10 - 20% 15 - 33%
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˳ , 1- .
1-
= 160,0 x 10: 100 = 16,0 ..
= 152,0 x 40: 100 = 60,8 ..
= 152,0 x 10: 100 = 15,2 ..
= (36, + 2,0 + 4,0): 10 = 0,96 ..
= 16,0 + 60,8 + 15,2 + 0,96 = 92,96 ..
= 92,96 x 20: 100 = 18,592 ..
= 16,0 + 60,8 + 15,2 + 0,96 + 18,592 = 111,552 ..
г | 1- | 160,0 | 16,0 | 144,0 | 152,0 |
г | 2- | 144,0 | 16,0 | 128,0 | 136,0 |
г | 3- | 128,0 | 16,0 | 112,0 | 120,0 |
г | 4- | 112,0 | 16,0 | 96,0 | 104,0 |
г | 5- | 96,0 | 16,0 | 80,0 | 88,0 |
г | 6- | 80,0 | 16,0 | 64,0 | 72,0 |
г | 7- | 64,0 | 16,0 | 48,0 | 56,0 |
г | 8- | 48,0 | 16,0 | 32,0 | 40,0 |
г | 9- | 32,0 | 16,0 | 16,0 | 24,0 |
г | 10- | 16,0 | 16,0 | 8,0 |
2-
= 160,0 x 10: 100 = 16,0 ..
= 136,0 x 40: 100 = 54,4 ..
= 136,0 x 10: 100 = 13,6 ..
= (3,6 + 2,0 + 4,0): 10 = 0,96 ..
= 16,0 + 54,4 + 13,6 + 0,96 = 84,96 ..
= 84,96 x 20: 100 = 16,992 ..
= 16,0 + 54,4 + 13,6 + 0,96 + 16,992 = 101,952 ..
3-10 . :
16,0 | 60,8 | 15,2 | 0,96 | 92,96 | 18,592 | 111,552 | |
16,0 | 54,4 | 13,6 | 0,96 | 84,96 | 16,992 | 101,952 | |
16,0 | 48,0 | 12,0 | 0,96 | 76,96 | 15,392 | 92,352 | |
16,0 | 41,6 | 10,4 | 0,96 | 68,96 | 13,792 | 82,752 | |
16,0 | 35,2 | 8,8 | 0,96 | 60,96 | 12,192 | 73,152 | |
16,0 | 28,8 | 7,2 | 0,96 | 52,96 | 10,592 | 63,552 | |
16,0 | 22,4 | 5,6 | 0,96 | 44,96 | 8,992 | 53,552 | |
16,0 | 16,0 | 4,0 | 0,96 | 36,96 | 7,392 | 44,352 | |
16,0 | 9,6 | 2,4 | 0,96 | 28,96 | 5,792 | 34,752 | |
16,0 | 3,2 | 0,8 | 0,96 | 20,96 | 4,192 | 25,152 | |
160,0 | 320,0 | 80,0 | 9,6 | 569,6 | 113,92 | 638,52 | |
% | 23,4 | 46,82 | 11,71 | 1,4 | - | 16,67 | 100,0 |
683,52:10 = 68,352 ..
, . . | ||
01.07.99 | 68,352 | |
01.07.00 | 68,352 | |
01.07.01 | 68,352 | |
01.07.02 | 68,352 | |
01.07.03 | 68,352 | |
01.07.04 | 68,352 | |
01.07.05 | 68,352 | |
01.07.06 | 68,352 | |
01.07.07 | 68,352 | |
01.07.08 | 68,352 |
:
. (3)
ϳ :
:
- (2 );
- ;
- : ( 6 )
: [1, .257-281 ], [2, . 248-277]
18
.
- ;
, :
1. .
2. .
3. .
4. .
:
1. .
2. .
ϳ :
:
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: [1, . 284-303], [2, . 287-313]
)
1. .., .. : ϳ. .: ,2000. 322 .
2. : ../ ϳ.. . . - .: ˳, 1998.-368 .
3. .. . : . -.:, 2002- 128.
)
4. - : . . - .: , 1997.
5. . . . - ., 1995.
6. ., .. . .: , 1998.
7. .. . . . - .: . ., 2000. - 428 .
8. .. : . ..-: "", 1999.
9. .. : . - .: , 1999.
10. .. . - .: , 1999.
11. . ., .. : : ...- .: - , 1996.-304.
12. - / .. .. . - : , 1998.
13. . ., . ., . . : . . .: -, , 1999.304.
14. . ., .. : ϳ/ . . .. . - .:, 2000.
15. .. : .. - .:, 1998.