I.
.
. , .
: , , .
1.
. .
1500 2. , , 1430 1 ; 12%.
900 2. 12 7200 ./2. , 1,25. , 2,0. , 3,6. 25%. і18%.
, , . 1 760 . .
(. 1).
1
|
|
, % |
, | |
| () | () | ||
| 21 | 90 | 25 | |
| 19 | 90 | 15 | |
| 18 | 90 | 20 | |
| 14 | 50 | 18 | |
| 11 | 30 | 27 | |
| 6 | 20 | 8 | |
| 5 | 10 | 4 | |
| 6 | 20 | 11 | |
| 100 | |||
, , 32% , , . 0,1.
, , 59500 . . , , 1550 . . 9 30 . 1,35. . 12 .
|
|
|
4550 3800 .
.
, . 2.
2
1
| , 2 | 1500+N*c×10 |
| 1 2 , . | 1000+ Nc×30 |
| , % | 10+ Nc:10 |
| , 2 | 1000 + Nc×10 |
| 12 , . | 5000 - Nc×10 |
| , | 1,0+Nc:100 |
| 2,0 + N:10 | |
| , | 3,0 + Nc:10 |
| ( ), % | 10+ Nc |
| ( , ) | 1000 + Nc×100 |
| , , . . | 50000+ Nc×1000 |
| , , . . | 2000- Nc×10 |
| , | 8+ Nc:10 |
| , | 20+ Nc:10 |
| 1+ Nc:10 | |
| , , | 5+ Nc:10 |
| - , % | 10+ Nc |
| 0,2+0,01×Nc | |
| , . | 3500+ Nc×10 |
| , . | 4000+ Nc×10 |
| 1 |
: * N - .
2.
. 3.
3
| , | |||||
| 1 | 2 | 3 | 4 | 5 | |
| () , . . | 19 450 | 23 950 | 27 400 | 34 200 | 38 600 |
| , . . | 10 870 | 11 690 | 12 370 | 14 890 | 17 910 |
, - , 5 . 5,79%.
, :
- , 6,32%;
- , 8,12%.
|
|
|
, :
- 3 340 . .;
- , 128 . .
540 . ., 5 450 . .
.
, 4.
4
2
| () 1- , . . | 25000+Nc×100 |
| () 2- , . . | 29000+Nc×100 |
| () 3- , . . | 33000+Nc×100 |
| () 4- , . . | 37000+Nc×100 |
| () 5- , . . | 41000+Nc×100 |
| 1- , . . | 15000+Nc×100 |
| 2- , . . | 17000+Nc×100 |
| 3- , . . | 19000+Nc×100 |
| 4- , . . | 21000+Nc×100 |
| 5- , . . | 23000+Nc×100 |
| , % | 3 +0,5×Nc |
| , % | 5+0,1×Nc |
| , % | 10 0,2×Nc |
| , . . | 3000 - 15×Nc |
| , . . | 20×Nc |
| , . . | 5000 - 10×Nc |
3.
, , (. 5).
1000 2.
5
-
| - | |||||
| 1 | 2 | 3 | 4 | 5 | |
| , . . | 65 000 | 56 000 | 50 000 | 70 000 | 57 000 |
| , 2 | 700 | 650 | 450 | 780 | 850 |
| ( ) | 5 | 8 | 2 | 2 | |
| 250 . . | 300 . . | ||||
.
, . 6.
6
3
| - | |||||||
| 1 | 2 | 3 | 4 | 5 | |||
| , . . | 65 000 + +1000N | 56 000+ +1100Nc | 50 000+ +1000N | 70 000+ +900Nc | 57 000+ +850 Nc | ||
| , 2 | 700 + 15 Nc | 650+20 Nc | 450+10 Nc | 780+17 Nc | 850+9 Nc | ||
| 5 | 8 | 2 | 2 | ||||
| (100×Nc) . . | (90× Nc) . . | ||||||
|
| |||||||
|
| |||||||
|
| |||||||
4.
, 1-3 , :
- , , ;
- .
1. : / .. ., . .. .. . 3- . .: - , 2010. 510 .
2. .., .., .. (): . .: , 2012.
3. .. (): / . . . .: , 2009. 253 .
4. .. () / . . , . . . 3- ., . . .: -, 2009. 300 .
5. 135- 29.07.98 ( ).
6. Ի 178- 21.12.01 ( ).
7. : 369 31.05.02.
8. , . 6 2001. 519.
9. (): . / . .. , .. . .: - ѻ, 2009. 352.
10. .., .. . : . . .: -,2007. 575.
11. .. : . / .. .- .: -: , 2012. 437 .
12. .. : . / .. . .: : , 2009. 238 .
13. ., ., . : : . . 3- . .: -, 2011. 554 .
14. . ., .. : . ., 2- . .: , 2008. 282 .
15. .. : : . . .: -, 2008. 144 .
16. / ., ., ., ./ . . .. ; . . .. .: -, 2010. 388 .
17. .. (): / .., .. ., /: , 2009.- 463 .
18.
19.
20.
21.
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22.
23.
-
24. www.appraiser.ru
25. www.smao.ru
26. www.mergers.ru
27. http://www.valnet.ru
28. http://www.ocenchik.ru
29. http://www.proocenka.ru
30. http://www.consultant.ru
31. http://www.rg.ru/oficial
32. www.damodaran.com
33. valuer.ru
3
| , |
(n+1) | ||||
| 1- | 2- | n- | |||
| (CIF) | CIF1 | CIF2 | CIFn | CIFpst | |
| (COF) | COF1 | COF2 | COFn | COFpst | |
| (NOI ; FVpst - ) | NOI1 | NOI2 | NOIn | 
| |
| r | r | r | r | r | |
(DF)
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