home Management Lecture notes Management of special projects (abstract lecture NDPSU)

Management of special projects (abstract lecture NDPSU)

2.1.6. Internal rate of return Internal Rate of Return (IRR)

At lітературі зустрічаються й інші назви: внутрішня rate рентабельності, внутрішня rate to income, intra-norm rate прибутковості. IRR project dorivnyuet stavtsi discount, with a shortened discount vidod dorivnyut sumirnim discount, tobto IRR - discount rate, with a third NPV project dorivnyu zero. IRR dorivnyuet the maximum percentage of the pose, which can be paid for vikoristannoy neobhidnyh resources, zalishayuchis when tszomu on the bezbitskomu rivnі.

For its own zmistom IRR is ochikuvanyh rіvenь dohіdnostі (more than for the amount of vin buti can not, but less - it is not safe for the investor). Znachennya IRR-tsE point bezbitkostystі, yakshcho IRR> wartosti іvvestvannogo kapitalu, then the companies of the company will retain the surplus, yakshchoo IRR <varostyі kapitalu, tse means zmenshennya kapitalo kapitalu цcіsіonerіv.

The IRR method is a method of classifying investment proposals in the territory of the border region of the pre-investment period in the active, a pre-existing discount rate for the anchorage of the construction of the project in accordance with the design of the current housing variance for the future.

IRR IRR shall be carried out by the method of closing the NPV value to zero at different discount rates. Rozraunkki spend for the formula:

In practice, the IRR is held for the sake of such a wording:

,

De A - the discount rate, for any NPV is positive; B - the discount rate, for any NPV negative; A - the value of positive NPV, with a discount rate A ; B - the value of negative NPV, at the discount rate B.

Table 2.3.

The application of rozrawnku IRR

IRR = 10% + ((820 / (820 + 488))? (15-10))% = 13.1%

The rule is that the projects are adopted for the IRR criterion: the value of the IRR for the project for private investors is greater for the capitalization of the investor, the rate for refinancing is lower, and for the government - for the normative discount rate, and for the IRR of alternative projects in terms of risk, the project Може бути рекомендацииваний для фінансування.

It's a shame that the IRR exponent rozrakhovuyut abo for the use of a financial calculator, or for a computer program. In the financial calculator, the functionality for the IRR rozrawnu is introduced, so you can enter all CF values ​​into the register of groschow flows and press the "IRR" key. In this case, if the pennies flow over the rivet parts of the kozhen rik, then miemo anuyutet, and for the IRR viznachennya, you can easily get over the financial table of anyuite factors.

Істотна різниця NPV та IRR is lagging in the fact that IRR viroristan is the manager of the Vibor of the very same project, and the vibrior for NPV is buried in the vibration rate of the discount. Vibire projects for the NPV of the correct settings, the right returns to the discount rate correctly. Obidva methods predbachayut, scho otrimanі vіd інвестицій грошові streams реінвестуються під percent, який дорівнює ставці дисконту. For the method of NPV vvazhaetsya, scho rate of discount dorivnyuyu vartostі іvvestavnogo kapitalu, for the IRR method discount rate dorivnyu stavtsi for the alleged NPV = 0.

With zastosuvanny IRR vinikayut soi trudnoshi:

1) It is impossible to unambiguously single out the IRR for non-standard projects. The project is nazyvayut non-standard, yakscho stretching abo naprikintsi zhittnevogo cycle perebachayutsya znachnye groshivi vitrati. For such projects, it is possible to decree the variance of the IRR rivnyannya rivnyannya, then in the tsih vipadkah criterion IRR vzagali not possible vikoristvuvati

2) Shuffle IRR nemozhlive for vibor of alternative projects on a scale scale, the triviality of unequivocal chasoviks promizhkiv.