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Аналіз банківської діяльності - Gerasimovich А.М.

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6.5. Criteria for alternative financial management of investments

The main criteria for the development of the project of the investment project are:

Table 6.7

CRITERION FOR VIBOR INVESTMENT PROJECT

Abreviation

Criteria

Economical criterium

NPV

Clean the ghosts of the effect (Net Present Value)

Viznachaet prognoznu otsinku for deposit.

With NPV> 0 deposit is valid;

At NVP = 0 - zero input;

At NVP <0 deposit of crawls

PI

Profitability Index </ strong>

Characterize dohіd on oditnitsu vitrat, dotsilno vikoristvuvati at obmezhenii resources by the method of formulating the portfolio naybіlsh дохідних інвестпроектів

IRR

Internal rate of return (Internal Rate of return)

Viznachaetsya maximum riven vitrat, povyazanyh z pervnim investvestproektom (yakshto vitrati on the project to intervene the IRR, then the project zbitkovy)

MIRR

Modified Internal Rate of Return (MIRR)

Characterized by the efektivnist project z urahuuvannyam vartosty groshovih flowiv at chasі

PP

Term Payments Period (PayBack Period)

Viznachaє kіlkіst perіодів to hour, the extension of which will be turned on the contribution of investment

The wording for the calculation of the first two sentences (the incidence for the IRR is necessary for the vikorovuvaty so the folding elements of mathematics, the method of linear approximation, and for the PP design, the minimum value of the functional):

The formula of pure pributkovy to the effect

Form of the index of profitability and investment

De Pk - groshno nadehodzhennia vіd інвестицій in k-mu році;

C - value of investment (capitalized, to receive before investment);

D - dissipation display.

For otsniki terminu okupnosti, abo string poverennya deposit (pay-back period, PP) , it is possible to reduce the formula for the requested variance (for the sake of, nosobachayutsya nezmіnnі grosnovi streams vіd інвестування, які значимо як NCF):

Formula termіn окупності інвестицій

De TIC - поні інвестиційні витрати;

NCF - clean an effective penny pot for one period.

Yak rule, when zdіysnenni інвестицій in ЦП payment (contribution коштів) відбувається one-time on the cob, and grozhevi flows in the Maybutni. Yakischu potrbno otsyniti efektivnist kolko vzaimoviiklyuchuyh інвестицій (кошти мууть бути contributions to the CPU А, for the CB, for the type B, for the CPU type В), for the disinfection of the NPV for the skinny variant and for the vibrant variant of the NPV. Vikoristovuyuchi minds navedenі in tablitsі 6.4 for troh varіantіv vkladen, obchislimo values ​​pokaznikіv NPV (perіodom viberemo quarter pokaznik diskontuvannya - 3% for the quarter (12% tobto rіchnih) otzhe, vіsіm perіodіv to completion іnvestitsіy) for with such a formula:

The formula is discounted the percentage of interest payments period

De NPVt - the percentage of interest payments for the period t is discounted.

Discount rate of interest payments

Discount rate of interest payments

Discount rate of interest payments

Net present efekt NPVi for the i-th quarter od deposits of chi will splachuvatis revenues in tsomu kvartalі, vihodyachi s minds Key infrastructure and Yakscho viplati zdіysnyuvatimutsya then їh vartіst diskontuєtsya on pokaznik discount vіdpovіdnogo quarter (div. Table. 6.4). In addition, in the 8th quarter, vidhodachi zumov vipusku, budo takozh the main sum of burgu is collected, yak tezh pidlyagaye diskontuvannu (discounted vartit zapashennya nominolnoy vartosty CP for all varivants and zbigayatsya and become 7894.09 UAH). So, for three variants:

NPVa = 485.44 + 471.30 + 457.57 + 444.24 + 431.30 + 418.74 + 406.55 +

+ 394.70 + 7894.09 - 10 000.00 = 11 403.94 - 10 000.00 = 1403.94;

NPVb = 0.00 + 0.00 + 0.00 + 1866.89 + 0.00 + 0.00 + 0.00 + 1658.71 +

+ 7894.09 - 10 000.00 = 11 419.69 - 10 000.00 = 1419.69;

NPVв = 0,00 + 0,00 + 0,00 + 0,00 + 0,00 + 0,00 + 0,00 + 3473,40 +

+ 7894.09 - 10 000.00 = 11 367.49 - 10 000.00 = 1367.49.

Оскільки, згідно з conducted with roses, 1419,69>

> 1403.94> 1367.49, tobto NPVb> NPVa> NPVv, varіant used Je naypriynyatnіshim s Look efektivnostі іnvestitsіy (at rozporyadzhennі іnvestora zalishitsya naybіlsha scrip income pіslya vihodu іnvestitsії s), by the CIM for kriterієm NPV pіdtverdzhuyutsya visnovki, otrimanі Table. 6.4.

Do not repeat the situation all the roses, zauvazhimo, sho criterion PI for dermatologic varieties mateim take znachennya:

Criteria PI

Criteria PI

Criterion PI

Оскільки, згідно з conducted with roses, 1,14197>

> 1.1404> 1.13675, tobto PIb> PIa> PIv, varіant used Je naypriynyatnіshim s Look for efektivnostі іnvestitsіy kriterієm PI (nayvischa dohіdnіst іz rozglyanutih varіantіv) tobto pіdtverdzhuyutsya poperednі visnovki.

Між вищенавееними критеріями вибору існують пвнні залежності, наприклад:

  • At NPV> 0 one-hour IRR> C, PI> 1;
  • At NPV = 0 one-hour IRR = C, PI = 1;
  • At NPV <0 one-hour IRR <C, PI <1.

Yaksho pіd hour analizu alternative projects, vyyavlyayut, scho kriterії superechat one to one (scho mozhlivo at zistavlenny projects, yakі suttєvo rіznyatsya for vartіstyu, and takozh yaksho podnovnyi groshivі streams nervivnіorny rozpodileni per hour), based on the cruster brother of the criterion NPV, hocha yogo nedolіcom є Te, scho vin do not give information in the form of projects.


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