|
|
| ( )
| | (, NPV)
( , , ᒺ)
| = ∑ (Pt - 3t)/ (1+r)t, (t=0;n)
Pt - , t
3t - ,
n - , ,
= (Pt - 3t) ( ), t
r - , .
:
>0, ,
<0,
| | (I, PI)
(
)
| =1/ ∑ (Pt - 3t)/ (1+r)t, (t=0;n)
:
, >1,
>1
<1 -
| | (, IRR)
( r, , )
| ' :
∑ (Pt - 3t) / (1+IRR)t = ∑ Kt / (1+IRR)t, (t=0;n)
IRR - .
NPV=0.
:
,
| |
(
, )
| (t) = (t) - (t)
(t) - t -
(t) - t-
(t) -
| | (t)
(
(t), o(t) f(t))
| (t)= [(t) - (t)]+ [(t) O(t)] + [f(t) Of(t)] =(t)+ o(t) + f(t)
- (t) - , , , , .
o(t)( ,
, ,
)
- f(t)- (, 䳿), .
| | B(t)
| B(t)=∑ (), (t=0;n)
() - , :
()=(t) - (t-1)
| |
( , )
| t t t Pt ' :
t=t - t
| |
| ³ , , , , . .
:
(t)=∑([(t)-0(t)] x Re(t)), (t=1;n)
(t) ,
0(t) (t),
Re(t) () (t), , 1.
| | (, )
, . , , .
| (..)= / (- )
- ,
- ,
- ,
=(- )
(..)= / ((- )/)
=((- )/)
| | (),
- , ( ) . ³ .
| (..) = (..) (..)
(..) - ( ..),
(..) - , ,
(..) - ( ..)
(..) = (..) (..)
(..) - ( ),
(..) - , ,
(..) - ( )
( %) = ( ) / 100%
| |
,
| = / ,
- ;
- ;
()
= (..)
(..) ,
- ,
- .
| | ()
,
| = (1 ) ( ) /
Җ ,
(ROA),
, (Rd)
(D), %
ʖ (S)
( ) (), 䒺,
/ ()
= /
, ,
,
=(1 )
(ROE),
Җ ,
(ROA),
.
| | ()
| =
, (NPV)
| |
( )
| = l max + (1-l) min
m, min - (NPV)
l - , ' .
| | () (Weighted Average Cost of Capital WACC). ̳
| 
D ,
S ,
V (D+S),
D/V ( ) ;
S/V ;
Rd ;
Rs ;
.
| | ֳ () R
| R=Rf + β (Rm Rf)
Rf ,
β ( )
Rm -
|
: 2016-07-29; !; : 459 |
:
:
1712 -  | 1524 - 
© 2015-2024 lektsii.org - - |
