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Investuvannya - Shchukin B.M.

6. Rozrahunok efficiency іinvestuvannya

Additional investment is signaled by a constant increase in capital of the investor, as well as income and vitality for their protection, as through through the flow of cash flow. Positive clean groshiy potik (like a big deal and a big boost) to talk about the financial issue of investing.

By investing, I will increase capital, and I will logically logically evaluate the effectiveness of investing through the global growth in the indicator of profitability of investing. Vin rozrahovuetsya as mid-term growth rate of assets in the project.

Rosglyanemo klka applied in rozrahunkіv entire indicator.

Rozrahunok 1. Visiting capital invested, as if the investor’s activity on the cob of rock was estimated at 120 thousand. UAH, and for example, rock could be sold for 150 thousand. UAH

Dokhіdnіst vikoristannya assets of the investor for the first time such:

(150 -120) * 100% / 120 = 20%

Rozrahunok 2. Visiting medium-sized investment income, investment for 3 rooki capital investor is 56% better.

For three rockies, the capital investor has 1.56 times. Tse meansє, the average pace of growth has become 1.12:

№156 = 1.15

Otzhe, sredniorichna dokhіdnіst becomes 15%.

Rozrahunok 3. Visiting medium income, investing, as well as investing assets of an investor on the cob of rock valued at 120 thousand. UAH (aktsії that oblagatsії), for two offensive rocky boules otrimanі divіnddi in the sum of 15 thousand. UAH, and the market interest rate of the investor’s investor has changed to 110 thousand. UAH

For two rocky capital investors from 120 thousand. UAH zr_s up to 125 thousand. UAH, tobto for 5 yew. UAH:

110 + 15 -120 = 5 thousand. UAH

Dvorichna dokhidnіst becomes 5/120 = 4.17%, and the middle of the dokhidnost - 2.08%, therefore:

Rozrahunok 4. Visiting for investment Investments, as of the ear of investor:

o insert 200 yew UAH at non-ruffle;

o for 160 thousand UAH buying a bill nominom at 210 yew. UAH with a mental redemption of yogo for example rock;

o by purchasing 10,000 shares at 20 UAH per leather;

o insert 250 yew UAH in wholesale trade in materials with a turnover of capital for 4 months of a 15% reduction in skin turnover.

For rick bullets sold shares for a price of 18 UAH per leather, non-ruggedness fell by 20%. Operations with promissory notes and financial materials gave a profit. Rosrachunks are listed in table. 6.1.

Table 6.1

Visitation of investment and investment at the oblast

Direct investment

Investments capital (tys. UAH.)

Estimation of capital to the period (thousand UAH).

1. Nerukhomist

200

200 * 08 = 160

2. Bill

160

210

3. Aktsії

20 * 10000 = 200

акції 18-10000 = 180

4. Wholesale trade

250

250-1, 15-1, 15-1, 15 = 380

Usyogo

810

930

Dokh_dnіst

(930-810 / 810) -100% = 14.8%

Rozrahunok 5. Visnazhiti for the results of first rock dokhіdnіst іinvestuvannya 100 tis. dale the virobic project has 80 yew. dale dowry newer possessions, for 10 yew. dale Technical documentation for products has been scrapped, 10 thousand. dale spent on werewolf. Side-by-side becoming 40 yew. dol., the actual physical and moral valuation of fixed assets, having established 30% of the interest rate for the period, the depreciation rate has been established - 10%.

Investments of capital investor on the cob of rock dorіvnyuvav 100 thousand. dale (80 +10 +10). For example, the investor’s assets were stored in the form of a surrendered surplus (40 thousand dollars), accumulated depreciation (80 * 0.1 = 8 thousand dollars), surplus of reverse assets (10 thousand dollars), surplus of fixed assets for all prices (80 - 80 * 0.3 = 56 thousand dollars).

The sum has 114 thousand. dale

Pririst capital for rіk such 114 - 100 = 14 thousand. dollars., But 14%. Dokhіdnіst investuvannya - 14%.

The indicator is the maximum terminology (standard). From now on, it’s been said that since 19% of income has been saved up, then it’s not so big, but for the rest.

In all probability, there are two indicators that can characterize the effectiveness of investment. All the so-called undiscounted indicators: profitability and terminology of profitability.

Profitability (r) investing showing, as a part of the invested capital, to establish the middle primary flow (P) to the project; there’s a lot of money as a part of a business trip to the amount of invested capital (C):

Cost-effective investment

1. Termin okupnosti (Current) - the whole range of rockets, yakі potrіbnі for turning invested capital, in the middle of a quick middle ride. Rozrahovuєtsya as a part of the business report on the invested capital by the amount of the average profit:

Termin okupnostі

When analyzing the dynamics of indicators of investment, you may be able to get nominated and real estimates of assets.

The nominal value of the indicator is to be maintained at that time, the most significant value of the boule rozrahovanі for the actually higher price of the region. For example, a nominal increase in sales of products is covered, as a rule, sales are taken on the cob of the correct period of sale, at the end of the period, and at the end of the period, at price, and the last period. Nominal assessment of Vrakhov’s real value of the indicator and value of the price.

There is a real amount of indications to pay for the invariable (so called portions) price, just like an indicator to pay attention to the ear and at the same time in one and the same price region.

From now on, it is possible to record such a statement for evaluating the value of the indicator in the real (Pr1 - Pr0) and the nominal (Mon1 - Mon0) enumerated through the index of the zinc code (Ic) for the same period:

Zmina indicator

For example, as a rule, an oath of income for investing for a return from the base prices of basic rock (Yandex - 0) for 400 thousand. UAH to

500 yew UAH, and the price for the star is increased by 12%, then the return on income is at the nominal rate:

(500 - 400) -1, 12 = 112 (tys. UAH).

Since income in investment in real terms became 15% for the average, and prices grew by 12% (inflation), then income for the capital is as follows:

(1, 15 * 1, 12-1) -100% = 28, 8 (%).

But I’ll deductively declare, because through the rate of growth of indicators, then the nominal income becomes:

Dn = Др + Інф. + Dr. * Інф. = (0.15 + 0.12 + 0.15-0.12) * 100% = 28.8%,

de Dr - income in real terms (15%),

Інф - рівень інфляції (Іц - 1) for the river (12%).

When analyzing the dynamics of indicators of investing, it is possible to vikoristovuvat yak real, so і nominalny otsіnki. The real estimates characterize the process of investing more accurately, but they can be additionally analyzed by the process of filling in the project estimates.

Investment Vitrati, as a rule, can be transferred to the Higher Vitrats and Investor’s income. Іnodі tse buvaє in parallel. Investments pay off in just an hour, such as to make sure that you earn, accumulate, pay attention to the investor’s first investment vitrates. However, Varto Vrakhovuvati, scho hryvnia hryvnia, yaku maє investor sjogodnі i іinvestuє, і hryvnia, yaku investor planє otrimati in maybutnyuyu іinvestuvannya, unequal through those sho іsnuє risik. Win to lie down at one o'clock; besides that, liqvidni activity i can wait for buti vikoristani in an alternative way with i'm minimally dokhnіdnіstyu sі.

Vіlnі financial resources for a round of a ruinous system of tools and tools for a financial market can be used by a hairless person to build up for additional worthless risk-free tools, for example, state property folders. The instrument is safe because the income is small (3-5% on average) with insignificant (but zero) rizikovost.

For example, 100 yew. UAH per share of the bank deposit for 10% can be paid for the deposit (can be used for the first time). To that, equivalent through the river is possible 110 thousand. UAH, thru through rіk - 121 thousand. UAH і t. d. And shchami mi mali through rіk 100 tis. UAH, our current accounts can be more expensive 91 tys. UAH Chim gave the flow time to the hour, if the investor has matrimony koshi abo vitratiti ix, the team is invested by the investor. To do this, use the method of reinsurance of groshy streams at the UE line for an hour, the method of discounting, and the reduction of financial streams.

Practical area of ​​invested money and income of the project are divided by the hour and for the next month they can be delivered in the United state once an hour. By this method, you can, by the way, come up with a special technique for bringing down (discounting) of groshy streams for a project up to one period an hour (most often before the first zero project, if it’s real, worth it, invest in).

The process of bringing down groshy streams after a project to a single equivalent is significant in the analysis of an investment project, especially in the unstable minds of the Ukrainian economy. Roszhanemo ci methodological nutrition rozrahunkіv.

Notice the following:

Ft і P - one and the same amount of assets of the Maybutniy (F) і at the current moment (P);

d - is it possible to finance the financial market for the increase in capital for the help of a recession-free or malorizikovy tool (for example, the price of a free banknote of pennies for bank loans on bank deposits). As if in the cutaneous skin, it’s possible to increase the capital, then the value and the number of rocks and the fraternity are framed with the index of the serial number of the period (rock);

r is the ordinal number of the rooku (because of the first hour, which is the picture for the vrahuvannya zmіni vartostі pennies), repairing the first roku investuvannya.

Todd maєmo totozhnіst, as in investment practice, call the compound formula:

compounding formula

somefoundation compounding

Compounding Compound.

For the same rates of discounts for all of them:

Shchob go to Maybutnyo predicted from the business plan of the investment project of the sum of money F to the third-quarter equivalent P, I will leave the formula written as follows:

several discounts

call a discount factor (reduced).

Yakshcho richnі rates discounts rіznі, formula re-run forecast for Maybutnomu financial flows at streaming ekvіvalenti matima viglyad

The discount rate (d) for the current Mayboth grocery streams at the current account is the sub-active indicator of the investor’s shutdown (the drawings are carried out for the first time, however, the most important project is needed) pennies for an hour. As a rule, get involved, what discount rate can be paid at the Sumli Sumi Chotiroh Element:

o increase the financial market interest rate on the increase of grocery money in case of victorious risk-free financial instruments (as an alternative to the investment project);

o increase the number of times, commitments due to the unstable economy of the country (for the forecast period, the increase in the number of macroeconomic periods, through which the project shows off);

o increase the number of obligations, commitments to the project itself, for some reason the discount rate is set (the forecast period is negative in managing the project, which is negative for the project);

o Rіven іnflatsії (increase in prices) in offensive rocі.

As a rule, in the drawings of financial flows of investment (in business plan), the price of investments is increased (more often than in the required expenses), then in the case of discounts of four times the cost of rents. As if the business plan was sold at a single price, on top of the remaining fate, since they did not change the period for the implementation of the project, then the discount rate should not be included in the discount rate.

Having become aware of specific estimates for a skin element, an investor can formulate a discount rate for rozrakhunіv. All the same, besides that, how many times do you have the chance of pennies in an hour.

For example, as an investor, having set the discount rate at 18%, then this means that the leather hryvnia of the income of the first rock will be realized for the project of winnings of 85%, the leather hryvnia of the income of another rock is 72 kopecks. It is so on. The number of digits is higher than the number of values ​​given:

In addition to the adjusted guidance, the method of setting the discount rate is discounted, so that you can:

1) on the level of average profitability of the financial market;

2) on the basis of financial capital, in order to qualify to invest the project;

3) on a regular basis, as well as an investor in his own business. Schob is more beautiful than the methodology of reducing groshy streams to

One equivalent per hour, in some cases applied to the rosary.

Rozrahunok 6. To a certain inline eq_valent vіdpovіdaє sum 200 tis. UAH, how much should an investor decide to sell a third rock to a project (discount rate for a given investor is 3% for first rock, 4% for another rock 5%)?

Vartіst maybutnіkh koshtіv (F) Requirements to bring to the flow period (P):

Rozrahunok 7. Virological project will require є investuvannya 2500 tis. UAH і to give the bane to otrimuvati with a stretch of five rocky shchorіchny clean ride at 700 yew. UAH Visibility of such a project.

The project can be seen in full, as if the sum of the cleaned-up clean move for all 5 of them was changed. For more income, get a project for a leather Maybutnіy rіk need to bring up to one mind a region (up to an hourly equivalent), so that before that, if you would like to invest in the art of 2500 thousand. UAH

Do not go at that very hour є the ability to invest and spend 2500 tis. UAH on the financial market in malorizovikіinstrument pid 10% of the average. I’m looking for an alternative to a viral project, I’ll look at it, but I’m quite like a discount rate for rosaries:

virobic project to secure such ghosts:

for the 1st rik

700 / (1 + 0.1) = 640 yew UAH

for the 2nd rik

700 / (1+ 0.1) = 580 yew UAH

for the 3rd rik:

700 / (1+ 0.1) = 530 yew UAH

for the 4th rik

700 / (1 + 0.1) = 480 yew UAH

for the 5th rik:

700 / (1+ 0.1) = 430 yew UAH

Zagal for the entire period of the project to give the bogeyman the opportunity to give priority to the amount of 2660 thousand. UAH, scho є zagalnym bring a profit of the virological project for 5 rokіv. For the yogi, I’m demanded a treble up to the first rock of vitratiti 2500 yew. UAH Sumi 2660 and 2500 can be completed, therefore, stinks can be reduced to one hour. Pure ghosts in addition to redevelop вестиinvestitsіynі vitrati for 160 yew. UAH To that it is possible to respect the project dotsіlnim.

Yakbi mi flashed 2500 yews. UAH iz from an undiscounted income, so that they have respected, that the hryvnia hryvnia is profitable, regardless of where the price is, it’s worth the hysterical income 700, 5 = 3500 yew. UAH Victory-free mechanism for discounting mayboshnish pennies є by the method of more active (realistically) equal income to the project from the best possible income from the alternative alternative to the project in Cyprus.

The virology project has emerged as a cost-effective option for vikoristannya koshtiv (2500 thousand UAH). Ale is not yet a Kintsevsky gown.

In order to make the project more efficient, get the best indicators and the best analysis, in addition, the parameter is based on the parameter.

More importantly, those who want to be able to invest and invest are simply able to invest in a risk-free tool on a financial market, to give a chance to increase a healthy percentage of the project, and also have an alternative project for yourself. This principle has been laid as the basis for the method of reducing pennies to one equivalent per hour.

The methodological principle of evaluating effectiveness є equal results and vitrat. For projects, the meaning of the return of income is that of the investment vitrates, which are protected. Victory is a little indicator, which is based on different options for income and income for investing.

Methodology of analysis of investment and investment as a whole logical principle of investment and income from them. Vikoristovatsya kіlka types іn indicators, yakі to realize the principle.

We’ll be aware of the following designations, which may be used for further analysis:

D - income from investment in the form (more often, profit from realizable products, after being active in the project);

I - investment vitrati;

Z - production (operational) vitrati for the project;

T-period investment (project implementation);

t - Yandex roku (can be repaired from first rock, zero, t = 1, 2,.., T);

d- rіchna discount rate, yak maє vikoristovuvatsya for reduction of groshy streams in maybutnіkh perіodіv to minds flow

rock;

To-koofіtsієnt given:

performance indicator investment

Every once in a while, a little such characteristic is an indicator of efficiency and investment.

The net is given value (wart) (NRV) is to be recognized as being ignorant of all the rocks of a realizing project, which is reduced by reduced income and vitrates for the project. Positive assessment of the project can be expressed in terms of NPV> 0:

Clean brought price

Tsei indicator "clean", fragments in new insurance costs for minus minus vitrat (D - Z - I), because so called "clean" profit.

Behind the economical serpent NRV dotsіlnіshe bulo b nazivat nazhivatim lead reduction profit vіd іinvestuvannya.

2. Term ок payback (T) є such a minimal amount of rock in a real project, with a small amount of ghosts brought in a little overtake of the oath of invested capital, so that you will be able to see the rest:

Termin okupnostі

Terminology for a positive investment for an investor can not redefine the terminus of a project — the project will pay off significantly earlier.

As a rule, investing is not only for sale of the first rock, but for the entire period of the project’s implementation, then the value of I is also discounted and the same amount of investment is shown, it is brought to the coop:

3. Income per unit of vitrate (f) (total income and vitrate) may show, how much income from the investor is attributable to one unit of igneous vitrates (invested capital and current operating vitrates). Обидві величини (чисельник і знаменник) розраховуються як приведені до поточного моменту часу. Позитивну оцінку має отримати проект, для якого цей показник перевищуватиме одиницю:

4. Прибутковість інвестованого капіталу (співвідношення прибутку та інвестованого капіталу) показує, скільки приведеної вартості поточного прибутку за весь період реалізації проекту припадає на одиницю приведеної вартості інвестованого капіталу. Позитивну оцінку за цим показником проект матиме за умови, що він не менший за одиницю:

5. Внутрішня рентабельність (IRR) розраховується через величину чистої приведеної вартості проекту, яка прирівнюється до нуля:

Ставка дисконтування d, при якій виконуватиметься рівняння, і дає кількісне визначення внутрішньої рентабельності.

Цей показник може розраховуватися кількома методами.

1. Розв'язком рівняння стосовно IRR, у якому невідомою величиною є тільки IRR. Інші показники - доходу D інвестиції (I), поточні витрати (Z) - розраховуються у фінансовому розділі бізнес-плану.

2. Графічним методом побудови функції залежності між NPV і d. У цьому разі розраховують кілька значень чистої приведеної вартості при різних ставках дисконтування. Потім будують графік залежності між цими показниками (рис. 6.1). У точці перетину графіка з горизонтальною віссю ставок дисконтування знаходять приблизне значення внутрішньої рентабельності проекту.

Внутрішня рентабельність після її розрахунку стає орієнтиром дохідності для інвестора. Величина IRR має порівнюватися з тією дохідністю використання капіталу, на яку сподівається інвестор (IRRn). Якщо внутрішня рентабельність перевищує очікувану інвестором дохідність, інвестування стає доцільним. Якщо ні, то інвестор може не прийняти позитивне рішення щодо інвестування в розглянутий проект за цим критерієм.

Зазначимо, що при прийнятті рішення найчастіше використовується один показник, методологія якого найбільшою мірою відповідає логіці інвестора. Наведена система показників може мати суперечності: за одними показниками щодо проекту будуть отримані по

Типовий графік функції NРV = f(d)

Fig. 6.1. Типовий графік функції NРV = f(d)

зитивні результати, а за іншими він буде невигідний. Багато залежить від графіка грошових потоків за роками інвестування. Отримані кількісні оцінки показників ефективності інвестування мають перевірятися на їх економічний зміст і логіку.

Приклад розрахунку показників ефективності наведено в табл. 6.3. Основні економічні умови проекту відбивають перші п'ять стовпців розрахункової таблиці. Стовпці 6-13 містять проміжні розрахунки, що будуть використані для визначення показників ефективності інвестування.