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Economic analysis - Bolyukh M.A., Burchevsky V.Z.

Rozdil 9. Analysis of investment and investment

9.1. Analysis of investment activities for financial contributions

For the real minds of the function of all the business in the world of the world, the investment of the world. From the Law of Ukraine “On Investment”, investment and investment rights may be respected and invested in property.

Otzhe, pid іnvestitsіyami rozumіyut dіyalnіst іz vkladannya penny koshtіv on vіdnosno trivaly hour at virobnichі projects tsіnnі Papero, neruhomіst, statutnі Fondi іnshih of companies, kolektsії, dorogotsіnnі threw that INSHI ob'єkti, rinkova vartіst yakih postіyno zrostaє i daє vlasnikovі dohіd in viglyadі vіdsotkіv , divіdendіv, pributkіv vіd resale skinny. At the top of the rozumіnnі іinvestitsyami nazyvayut dovgostrokove contribution koshtіv (per period ponad 1 rik).

In the process of analysis, it is necessary to incur such special features and investment dyalnost:

  • interchange of financial resources;
  • the ability to alternative projects;
  • Significant inflow of the factor rhizic.

Behind the invested contribution, there are financial and real contributions.

Finance and investment - the cost of contributions to financial and financial instruments, as well as deposits, deposits, bank deposits, shares, installments, contributions to statutory funds.

Real investment - the cost of material assets and non-material assets. The following materials should be in place for investment: equipment, equipment, possession, expensive metals, collection, international commodity and material values. Prior to the value of the group, include investment in fixed assets of the main funds, as well as in the form of capital contributions.

Investments in non-material assets include contributions to patents, licenses, know-how, technical, scientific, practical, technological and design documentation; maynі rights, schipylyut from copyright law; in intellectual values; the law koristuvannya land, water, resources, spores, possessions (rent); in main law. From the group of investment and investment to innovation - investment from the new, and also the investment form from investment to creative potential of suspension. Investments in laws and regulations are governed by the law, which can be provided in most cases of the state donation of funds as well as in real terms.

Vodnochase in protsesі rozvitku that the Embrace Stock market manager vіtchiznyanih of companies all bіlshe uwagi pridіlyayut sama fіnansovіy formі іnvestuvannya have rezultatі chogo formuєtsya portfolio tsіnnih paperіv, tobto sukupnіst usіh pridbanih pіdpriєmstvom tsіnnih paperіv, paїv that vkladen in INSHI kompanії, SSMSC zdіysneno for rakhunok koshtіv scho to sell at regular orders, by means of which I’ll remove a note from my friend, dividends, buy and sell resellers and direct incomes. The transfer of valuable folders, which will be sold for a specific market, is regulated by the current legislation of the skin region, in Ukraine - the Law “On the price of the share and stock exchange”. Significant number of important servers in terms of variety, significant characteristics, characteristics of such criteria, rules, rules, significant portfolio size is significantly accelerated.

For more information about subproducts, I’m going to analyze the performance of the company in the evaluation of the investment opportunities of the company. In such a case, we’ll need to analyze real-time investments, so that you can make forecasts for May-year business. In the process of analyzing the business environment, as a result of investing potential potential investors (investor), the order is profitable and profitable and there are important indicators, as well as the most important contribution. Analysis of the dynamics of real investment with urachuvannyam temp_inflyatsії yes I can help to garnish the gadgets of the investment activity. Analysis of the structure of investment is able to assess the prospects for direct input. Objects of such an analysis can be buti:

  • virobnicha (galuseva) structure of capital contribution to the economy, which characterizes the prospects for the Maybutnaya galusevo diversification;
  • the technological structure of the capital contribution - the safety vitrat for alarm and assembly robots (passive part of the capital contribution) and for the ownership, machines, tools (active part);
  • the structure of capital contribution is included: the relationship between investments in new budgets; in the extension of other needs; re-re-engineering and reconstruction.

The analysis of the aspect of the dіyalnostі pіdpriyomstva able otsіnyuvannya prospects yogo development and stability.

For the internal sub-analysis, the most important requirements are the most effective and the most direct investment. On the nightly basis, analyze the additional contribution of the real money and the investment. Depending on the result of the analysis, one is selected and the other is carried out the investment operations, but otherwise, it is more optimal to reconcile them. The technique of analysis of investments and the methods of investing operations is based on specific features of the project, as well as the possibility of designing and financing financial instruments. As a rule, skin troubles can be developed by methods. In addition, in the process of analyzing the post, the vibration of the optimal project was restored, in addition to the capital contributions, as well as the importance of such servers, as well as the need for consumer goods.

Because of the fact that the vibration and implementation of the investment project (capital contribution) was rewarded, the price of the song was changed, the analysis of the video was sent out in advance. On the whole, this analysis is characterized as operative.

After completion of the investment operation, it is necessary to analyze the actual effectiveness and the reasons for the appearance of the planned effectiveness of the efficiency. The results of such an analysis can be assisted in May by adequately evaluating your own capabilities and taking control of management. From now on, in the process of analyzing the investment business, the patient is stashed all see the analysis: forward, operational, retrospective.

In the process of analysis of investment activities of the company with information dzherely є form 1 "Balance" and form 3 "Sound about the ruble of poor things". The results of the investment activity are determined on the basis of the analysis on the first distribution of the balance sheet “Non-current assets”, the statute “Flow of financial investment” of the other form of the balance sheet on two financial statements Інші фінансініній revenues "," Twice your participation in capital "," Inshit Vitrati "). The quality of the results of investment and visualization is shown on the other articles of the other form 3 “Sound about the ruble of poor clothes”. The application for the analysis of structural measures for investment purposes is shown in table 9.1 by extending the period of interest.

Table 9.1

Analysis of obligations and structures of investment contribution

Indicator

On the cob period zvitnogo

At kіnetsіperіod zvіtnogo

Vidhilennya

sum, yew UAH

structure,%

sum, yew UAH

structure,%

sum, yew UAH

structure,%

Real investment:

2000

91.7

4980

97.5

2980

5.8

including:

mainly

500

22.9

2570

50.3

2070

27.4

incomplete budіvnitstvo

1200

55.0

2100

41.1

900

–13.9

non-material activities

300

13.8

310

6.1

10

–7.7

Financial Investments

180

8.3

130

2,5

-fifty

–5.8

including:

dovgostrokov_

110

5.1

100

1.9

-10

–3.2

flow

fifty

2,3

20

0.4

-thirty

–1.9

інші

20

0.9

10

0.2

-10

–0.7

Usyogo

2180

100

5110

100

2930

x

The results of the analysis show that the investment on the extended period, the analysis has been significantly activated. So, the oath of the investment contribution was 2930 thousand. UAH, tobto 2.3 times, but 134% against the cob per_iod. Porvnyannya obesygіv that structures contribution to the form of investment investvichit, which by direct implication for pidprimstva get lost real investment. The oaths of the capital insert extended over the period, which can be analyzed, matured by 2980 thousand. UAH, mainly for the bells and whitewash of the main concerns (2070 ths. UAH).

In addition, real investment may be more profitable in the structure of the investment contribution - 91.7% on the ear of the period, and by a stretch of the periodic period the indicator is 5.8%. Such dynamism is positive, even with the sphere of virology, we will have to change ourselves with virology. To that real investment, and more specifically - capital investment, may look at the skin of the skin as the first direct investment. The very same situation is poserіgatsya on pіdpriєmstvі. The financial investments become insignificant often in the contribution structure, and 8.3% for the cob for the next period up to 2.5%.

Now we come to the stage of analysis of the flow of grocery streams in investment and entertainment by extending the period. Іnformatsіynoyu bazoyu analіzu Je other rozdіl "Ruh koshtіv in rezultatі іnvestitsіynoї dіyalnostі" form of 3 de vіdobrazhayutsya nadhodzhennya yak, so i for vidatki danim view dіyalnostі, SSMSC Mali Location protyagom zvіtnogo that poperednogo perіodіv. The analysis was carried out with the help of table 9.2, dekremo grouped the necessary vidatki, povyazanі with the investment dіyalnіstyu.

Table 9.2

Analysis of groshy flow_inv_n_investment_initiality , yew. UAH

No.

Indicator

For the starter period

For forward period

Zmіna

1

Realization of financial investments

100

95

5

2

Realization of non-current assets

110

80

thirty

3

Otrimanі vidotsotki

6

6

-

4

Otrimanі divіdendi

3

3

-

5

Інші надходження

35

40

-5

Usoho nadhodhen

254

224

thirty

6

Pridbannya financial investment

-fifty

–45

5

7

Arrangement of non-current assets

–730

–600

130

8

Rukh koshtіv vіd nadzvichaynih podiy

–3

-10

–7

Usogo vidatkіv

–783

–655

128

9

Clean ruch koshtіv vіd іinvestitsіynoї dіyalnostі

–529

–431

98

I can show the data in table 9.2, with the extension of the required period of investment and investment for 30 thousand. UAH, mainly for sales of non-current assets, for sale of the main interests and non-material assets. In order to ensure that, having read through all the benefits of such operations, it is necessary to carry out a report analysis for the results of the analitical region. By stretching out the first and the second periods, we need to increase the number of buys required for real financial investments (equity, trading goblets, often at the beginning of the business), as a result of which we have a good deal of money. Yak to keep the table, the amount of ownership by the company and the dividends for the financial investments of the bank is insignificant (9 thousand UAH) and not in the long run. Imovrno, scho tse has become one of the reasons for the realization (sale) of financial investments.

Vitrati on investment dіyalnіst pіdpriimstva zbіlshilsya at tvіtnom perіody_ 128 thousand UAH and boules pov'yazanі, mainly, from dowry non-current assets. With a stretch of a great period, the company has spent 730 thousand on fixed assets. UAH, scho for 130 yew. UAH more, lower at the front. Significantly small sums can be straightened out by investment on a dandy of financial investments (50 45 45 thousand UAH UAH). All right, what’s right for real estate investment.
9.2. Methodology of alternative analysis of alternative investment projects

The main criterion for assessing the benefits of investment and investment is to pay attention, so that the investor can be invested through cash flows, which is generated by the contributor. For financing of virological projects, groshy flows - as a result, you should get to the investor by extending the period to the exploitation project for the form of net purchases of realizable products, depreciation and amortization.

Method for the determination of purely present-day vartosti. Nowadays, the cleanliness of the project ( NPV ) is almost the same as the size of the small flow, which should be kept by the process of the project, discounted at the agreed rate of return ( r ), and the sum of the investment ( IS ):

Chista teperіshnya vartіst project , (9.1)

de CF i - a groshy potik in i-i period; m - performance period for the project. The rate of income may be secured by a stable extension of the investment period, and may be withdrawn in the skin period.

To date, NPV has been awarded in order to improve the investment of investments, and the project will be shortened. For the significant significance of the NPV project, the following is the evidence of integrity. Since NPV = 0, then the project is neither more nor less, and as a whole, I need to take it on the basis of the most important criteria: the idea of ​​the best practice, the achievement of the social and social benefits. Yakshcho pіdprimstvo is a small project, then follow the fact that a certain name is the most important value of the present.

Signature: Butt 1 The company needs to analyze the contribution to the project for the project 750 thousand. UAH, for what you plan to get penny streams with a stretch of three rookіv, and itself: 1st rik - 350 yew. UAH 2nd rik - 400 yew. UAH 3rd rik - 420 yew UAH Assessment of the project:

1) for the mid-market rate of income of 25%;

2) for the mind that the average market interest rate is extended by the period of the project’s implementation and becomes quick: 25%, 30%, 23% in one.

Rosrahunok:

1) NPV = - 750 = (280 + 256 + + 215.25) - 750 = 751.25 - 750 = 1.25 (thousand UAH).

You can take your project, the fragments of the pure are now clear that the meaning is significant.

2) NPV = Chista teperіshnya vartіst project - 750 = (280 + 236.7 + + 225.7) - 750 = 742.4 - 750 = - 7.6 (thousand UAH).

For the umpteenth time, the project has been verified, and even the flow of money cannot be secured by turning the investment cost. Please be aware that the results of such events without the need for free technical discounts are always kept and the amount of pennies becomes 156%; (%)].

The method of purely present-day vartosti is the most important factor in evaluating the basic criteria for evaluating capital investments. Prior to overstepping the method to introduce those that are clean now, I want to show the ability to increase the amount of capital for the real estate investment project. And oskilki is the main method of managing the company б zbіlshennya vlasnogo capital (power Aktsіonerіv), then such a criterion іnlіkom vіdpovіdaє needs that zavdannyam, scho to stand before the management personnel. According to the sutter overriding method, the additiveness is that you can give the value of purely present wartosty for different projects and analyze the increase in capital gains. Significantly, the indicator of purely present-day vartosti is to become more vague in the most advanced methods of evaluating investment dyalnosti.

The water hour method does not allow to evaluate the effectiveness of the project with the position of “results - vitrati”, for which it is possible to vibrate not the most profitable project, but this one, which I want to generate, is in absolute total amount of income, but only need significant values. The method of purely present-day vartosti is the most efficient, as long as the amount of invested resources is practically not disjointed, and the economic situation makes it possible to more accurately predict the profit rate for the triple period. Such a situation is spared in the most distant lands, de-financial markets are oversized by financial resources, banks give out loans and loans (6-7%), and loans are fully invested.

Analysis of the profitability of the project . An analysis of investment investment can be carried out for an additional number of profitable project ( IR ) projects, which have been scrapped as a pure presentation of current interest rates to the following investments:

profitability of the project . (9.2)

Behind an economical profitability is profitability приб the size of a profit gained on a leather penny unit of investment from the project cost. Profitability is a one-stop indicator, and one can get one for one of several investment projects, as well as have the closest value to a pure present.

Signature: Butt 2 Pіdprimstvo maє vibrati project of the new workshop of the new workshop for the selection of variants. The amount of investment for the leather and design projects and the total amount of discounted grocery flows ( CF ), which should be extended to the investor by the extended period (period is not the same) is identical to the operating tables, 9 are listed in the tables. 3.

Table 9.3

Analysis of profitability of investment projects, yew. UAH

Project No.

IS

CF

NPV

IR (%)

1

830

953

123

14.8

2

1250

1395

145

11.6

3

1600

1810

210

13.1

Yak bachimo from these tables 9.3, for the criterion of maximum profitability pidprimstvo mak vibrati the first option, a kind of safe way to find a profit from the razrahunka for one hryvnia invested money (14.8%). In the end, for the criterion of purely present-day vartosti vibrata, a third project is required, which is a generic amount of income in absolute terms, and now, in order to maximize the share of investment (for the project, there is an interest in investor)

Zauvazhimo, shcho residual vibration criteria for the identification of additional investments to lay down the best practices and the policies of the business itself, as well as the views of the international economy and the climate.

Analysis of internal norms for a profit. The internal norm for the project (the standard of profitability) is to increase the value of the discount factor, because of the cleanliness of the present, the project is worthless to zero. The internal norm will show the minimum cost to the project for a little while, for the kind of income that we don’t give, the income, the loss, or the low cost, the norm for the point of the project without bezbovost. The internal norm of a margin ( d ) is as if the value is unknown:

Formula internal rate of return (9.3)

For the sake of formula, there’s only one way, d , because I’m using mathematical methods, but for the tables there are billing cards and fixed rental payments, but I’m able to simplify the payment.

For this method, the norms of profitability of projects are calculated, and in them the power of ownership is possible. A parallel analysis of internal standards and a margin of alternative projects for alternative business (for example, at the official house), as well as average market standards for the familiarity with current standards.

The indicator of internal norms is slightly more important in the process of acquisitions of the financial investment project. More investment opportunities, more money for paying money for bank cards, more dividends and more money for living in the city, and more money for living So, as a matter of fact, the internal norm is in favor of the project for the advance of capital advancement, then the project is economically higher, and the price is showing the increase in profitability, which may be an investor. As a matter of fact, the internal norm is a little bit more expensive than the advance payment of capital, then the project doesn’t bring any profit, it’s not up to you to pay more, and so on, you need to be aware of the most important criteria, for example, look at the social information As long as the internal norm comes to me for the advancement of the advance capital, the project will be a clear look.

Signature: Butt 3 Computably the internal norm for the benefit of the investment project of the project is 750 thousand. UAH, for what you plan to get penny streams with a stretch of three rookіv, and itself: 1st rik - 350 yew. UAH 2nd rik - 400 yew. UAH 3rd rik - 420 yew UAH, for the mid-market rate of income 25%.

Calculation is carried out for the secondary reception of the last iteration and recognition of discount factors, the knowledge of the tables is given for the table. There are two significant values ​​that are discounted so that the value of the pure present value changed the sign for the protrusion, but for one of the more important ones, and for the other, it is unimportant.

Nehai d 1 = 20% and d 2 = 30%. Rozrahumo vіdpovіdnі value of purely present tecіnі vartostі:

NPV ( d 1) = value of pure teperіshnyo vartostі – 750 = 812,6 – 750 = 62,6;

NPV ( d 2) = значення чистої теперішньої вартості – 750 = 697,1 – 750 = –52,9.

Далі застосуємо формулу:

, (9.4)

де NPV ( d 1) і NPV ( d 2) — значення чистої теперішньої вартості за d 1 і d 2 відповідно, тобто

d = 20 + = 25,4179 = 25,4.

Отже, як показують розрахунки, внутрішня норма прибутку цього проекту становить d = 25,4 %, а оскільки цей показник вищий за середньоринкову ставку дохідності (25 %), то розглянутий напрям інвестування можна визнати прийнятним. Якщо підприємство має кілька проектів, то необхідно розрахувати внутрішню норму прибутку для кожного з них і вибрати проект з найвищим значенням d .

Зауважимо, що точність обчислень за розглянутим методом залежить від довжини інтервалу ( d 1, d 2). Що менший інтервал, то точнішим буде значення d , а найбільша точність досягається у разі мінімального інтервалу, тобто коли d 1 і d 2 — найближчі табличні коефіцієнти дисконтування, за яких значення NPV змінює знак на протилежний. Utim, rozrahunki significantly say goodbye to the rigging of a special financial calculator.

Аналіз періоду окупності інвестицій. Період окупності інвестицій — це час, протягом якого грошовий потік, одержаний інвестором у процесі експлуатації проекту, зрівняється із сумою інвестиції (вимірюється в роках та місяцях). The method of calculating the payback period is one of the most practical practices for achieving simple tasks with the need for additional investment operations. In the classical variant there is no method of transferring the order of pennies to the watch aspect, so that the discount technique is not stalled. Of the projects we’ve become more familiar with being the one who has the shortest payback period.

The algorithm for the development of the payroll period is laid down in the form of the flow of the groshy streams. Якщо грошовий потік є стабільним протягом періоду експлуатації проекту, то період окупності визначається діленням суми інвестиції на річний обсяг грошового потоку (дріб округлюють у бік збільшення до найближчого цілого).

For example, it’s possible to invest 670 thousand. UAH, and shchorіchnі groshі streams - 175 thousand. UAH, then the term for the project will become more than 4 rocky (670: 175 = 3.83). Якщо доходи від проекту розподілено за роками нерівномірно, то період окупності обчислюють прямим розрахунком кількості років, протягом яких суму інвестицій буде погашено відповідними надходженнями.

Такий спрощений підхід до визначення доцільності інвестування прийнятний за умови незначних темпів інфляції (2—5 %) і відповідно невисоких середніх ставок дохідності. For the most accurate results, as well as for the quiet market, you need to finish the charts, and then 24 hours a minute to add a penny, while the process is important, you should pay attention to the investment. For such a time, it’s not for nominee purchases that are discounted, but discounted streams, so that you can pay for the project.

Так, період окупності проекту, описаного в прикладі 1, розрахований за першим варіантом (без застосування техніки дисконтування), становить 2 роки, оскільки суму інвестиції 750 тис. UAH буде повернено інвестору за рахунок грошових потоків, що надійдуть протягом двох років (350 + 400 = 750). За розрахунків із урахуванням дисконтованих грошових потоків період окупності проекту збільшиться до 3 років (280 + 256 + 215,25 = 751,25).

Visiting of investment for the method of return on investment, shortage of those who receive the remaining periods at the check-outs is not to be spent, and now, I will not be able to repeat the effectiveness of the project. Наприклад, із двох інвестиційних проектів з однаковими періодами окупності один може функціонувати й генерувати грошові потоки ще тривалий час після закінчення періоду окупності, а в іншого з цим періодом збігається і граничний строк експлуатації. Zrozumіlo, I’m going to overlook the first step of investing, but for criterion of profitability, the project will be in the future.

In addition, the method doesn’t allow you to have more than one project, you can have the same amount of money, you need to be more careful, but you need to have more time to go, .

Водночас існує кілька ситуацій, коли застосування даного методу слід визнати доцільним. Наприклад, для кредиторів (банків) період окупності інвестиційного проекту є орієнтиром для визначення тривалості періоду кредитування, а можливість дальшої експлуатації об'єкта для них не має значення. У галузях, які характеризуються високою ймовірністю досить швидких технологічних змін і прискореного морального зносу обладнання, наприклад у галузі комп'ютерної техніки, аналіз періоду окупності є найбільш прийнятним критерієм. For the minds of a higher degree of commitment, we can take it as a rule to take into account the project, I can’t override the payback period before the established standard. This is the time for the method of visualization of the payback period for the future project selection.

Фінансові інвестиції передбачають одержання прибутків від вкладення капіталу в інвестиційні цінні папери — облігації, акції, паї, внески тощо. У процесі формування портфеля фінансових інвестицій підприємству необхідно насамперед проаналізувати співвідношення таких основних характеристик, як дохідність та рівень ризику. Дохідність цінних паперів залежить від двох чинників: