Management of special projects (abstract lecture NDPSU)

7.6. Model оцінки капітальних активів (МОКА) в оцінці доцільності інвестицій

Model otsіinki kapitalnykh activeyv (MOKA) vikoristovuyutsya fіnansovyh іnvestitsіah for viznachennya neobihіdії rates дохіду від акцій або портфел інвестицій. In the case of an investment project, the method of looking at the project is the same as that of the company, the project is pre-paid for the implementation of all activities in the company. Розрахунок здійснюється for допомогою наступного рівняння:

Kp = Rf + (Km-Rf) P,


Kp - neobhіdna the rate дохіду від проекту, що оцінюється;

Km - income of the portfolio;

Rf - bakeless rate;

P - beta (to the author) to the project.

You can enjoy the project, you can create a project, you can have a video, you can get the same, you can be a model project of a company, Company yak Project.

Butt. It is permissible, but you do not want to know the NPV project, or you do not know, as a discount rate slid is coveted. Proteus viz., Scho 1,5%, and 8% of the net book value, and 12% for the short-term portfolio of the PFTS (Pershony Stock Exchange Trading System). Vika takozh vpovedenni, scho rizikovannіst project not douzhe vidriznyaetsya vid rivnya risiku інших проеків компанії.

Розв'язок: Оскільки ви переконані, що ризик проеків новий, можно с тобой, що , Subscription to the project, moe bouti close to Companies, tobto 1,5.

Koritstavshis rivnyannami Kp = Rf + (Km - Rf) P by means of guidance given, you can signify an unofficial rate of income (discount):

Kp = 0.08 + 1.5 (0.16-0.08) = 0.20, or 20%. In addition, the discount rate is indicated, the NPV project can be disposed for the project to dispose of cash flows at a rate of 20%, and pay attention to the bogus investment value of current technical capitalization of grocery flows. Yakshto znachennya NPV dorivnyuatime zero positively, you can grasp the project vzhemu, scho riven 20% neobhidnoy bet dohidu budet vitrimaniy.

A scho, yak project is a non-typical for an investment company? In other words, how can I amass the MOKA for the project, the risk that I have for demonstrating the vision of the middle of the poor projects, the real company? In such a vipadka slid sukati similar design pose his own firmoyu.