home Finance Аналіз банківської діяльності - Gerasimovich А.М.

Аналіз банківської діяльності - Gerasimovich А.М.

6.3. Analisz vartostyi groshe u chasі ta dikontuvannya

The principle of the time value of money , that is, the stone in the day-to-day financial management, is attached to: "syogodnіshnі nedohodzhennia і tsіnnіshimi vіd majbutnіh". The incidence of a pittance is hastening in the hurricanes of the norms of pributkovost on the penny market and the market of the CPU. Yak norm pributkovostіі mozhe vіstupati norm pozitskovogo vіdsotka abo norm vіpakti divвіддів за звичайнимиі і привілейованими акціями.

To the principle of varesty of groschen in the hour of the hives, two important things are:

• Neobhіdnіst vrachuvannya chinnika hour pіd hour spent in the financial operations;
• Nekorektnist (z poglyad analizu довгострокових фінансових операцій) simple додавання грошинвих значения, що стосуються різних періодів to the hour.

Urakhuvannya vartostyi groshe u chasі є viznachalnim pid hour analizu dotsilnі іnvestitsіy u tsіnnі paperi, oskilki іgnoruvannya chyogo chinnika mozhe call to pomilkovy інвестиційних рішень.

Analiz chinnika hour at the spent fіnansovih operatsi vimagaє zastosuvannya spetsial'nikh metodіov yogo otsinki. This is the so-called method of combining (discounting), the method of discounting , the grabbing of an important role in the financial analysis, the securing of payments to cash flows . For the method of incremental and discounting, the loans are to be paid on the technical percentage, the reduced sum is to be paid, the number of hours to be paid, to the hour of the hour in the current hour or to Maybutny. With the yuk yak rate, the rate of r (interest rate) is shown as a rate.

The method of increment is allowed to mean the future value (FV) of the current value (PV) through the active promo hour, vyhodyuchi іz prednaznosti vidsotkoy betting r.

Discounting is a process of knowing the value of the value at the time of the hour for the time it takes to pre-postulate the values ​​of the Maybutn.

In the economical sense, the value of PV, is indicated to the discount, it shows the value of the FV value of Maybutny.

Yak rule, in short-line financial operations, the term spent on a loan to menshe rock, vikoristovuyutsya simple. The basis for calculating viscosities for the skin period in ts'omu vipadku is the initial (popochkova) suma operatsi. Pід an hour analizu довгострокових інвестиційних a contribution використовуться складні відсотки.

For the low percentages of the increase in the value of the formula:

Відповідно дисконтування - for the formula:

De FV - majbutnia vartist (value);

PV - continuous wart;

N is the number of discontinuation days;

R is the interest rate.

The number of discontinuation dates in the guidance formulas is reduced to:

De t is the triviality of the conducted operation in days;

B - hourly base (the number of days in the future: 360, 365 abbreviation 366, scho viznachaetsya chinnimi normative documents that oblikovoe politikoyu emitenta). Oskilki the formulation of the simplest percentages for the sake of a lichen for a short-liner deposit, then obviously, t <365.

Zvichajno at viznachennі trivalostі vozdnya operatsії dati її povatku і zakincchennja vvazhayutsya for one day (urahovuyutsya date kobatku і not vrahovuyutsya date її zakinchennya). Залежно від параметрыів t та та B, можливі такі варіанти нарахування відсотків:

• 365/365 - the exact number of days spent for the operation, and the actual number of days for the company;
• 365/360 - the exact number of days spent in the operation and financial sector (12 months for 30 days);
• 360/360 - is the number of days spent on the operation (the month is taken 30 days) and the financial year (12 months for 30 days).

For otsinki vartostі dovgostrokovyh fіnansovyh investment vikoristovyot folded percent. Maybutnia vartit groshe z vikoristannyam collapsible percent (proroshchennya) become:

De PV - continuous wart;

FV - maybutnia vartist;

N - the number of hours, the yak is paid;

R is the interest rate.

Poktne (voschastne) znachennia vartosti pevnoy majbutnyo sumi penniless viznachaetsya for dopomogo form of discounting with analogic cognitions:

Stepenova zalizhnnist in the formulas is written in the form of a nagrauvannya of folding percentages, if the sum of the accrued simple percentage is not vycplachuyetsya in the skin period, but priadnuetsya to the sum of the main insufficiency at the approaching paid period itself to bring dohid. With the database, the base for nahrauvannya percentage for the offensive period includes in itself yak pocatkovu sumu інвестиції, and і суму vz hoardings up to the whole hour of interest.

Приклад 2. Нехай інвестор купує дисконтну облігацію номінальною вартістю 2000 грн із paid off through two rock. Яка розумна ціна облігації, якщо the deposit interest rate becomes 15% of the richest?

For an additional wording for vicarities of folding percentages

PV = FV / (1 + r) n

It is easy to viznachit, scho potarchna vartim sumi vygushennia (nominolnogo vartosti) become:

The value r is interpreted by the formula for disconnecting the discount rate and often being called simply a discount .

Zavdannya viznachennya rates discounting є important for vikonannya vidpodіnih fінансово-економічних розрахунків, насамперед при оцінці ефективності інвестицій. It is not necessary to take a loan without any obvruntuvannya yak nybіlsh tiiviy chi extensions viznachaetsya rivnem pributkovosty one of the most popular rinkovyh tools (napriklad, pributkovіst for bankovykimi deposits abo rate for bank loans).

Ob'ekt інвестування bude will be privatized for the investor, yakshcho yogo norm pributkovoosti peresvyshchutime taku for be-yakogo іnshogo way of contribution коштів з аналогічним ризиком. Otzhe, the rate of discounting, shcho vikoristovuyutsya for rozraunkiv, guilty vizobrazhati neobhidnu rate pributkosty for danyogo інвестиційного to the project.

The rate of discontinuation is guilty of physically malignant guarantees of riches, pributkostyosty (which does not lie in the view of investment deposits), the pace of inflation and the economy, but it hurts the steps of the concrete investment. Тобто цей поздник відображає мінімально admissible віддачу on the deposits каітал (for the anchor investor віддаст перевагу участі в проекті, alternative contribution of the quiet themselves in the new project з порівнянною мірою ризику).

Practically, the time is spent on acquiring the discount rate on the acquisition date of investment permits in the form of applications for investment in an investor of one third of the total investment amount. 10,000.00 UAH with a term of two banks (for which the current rate of a loan is 12, 0% річних) з різними исвами випуску:

А) з nomінольною дохідністю 20.0% річних і щоквартальною сплатою відсотків;

Б) з nomільнольною дохідністю 20,4% річних і щорічною сплатою відсотків;

В) з nomінальноюю дохідністю 22,0% річних і сплатою відсотків під час погашення.

Оскільки періодичність та суми проценних виплат відрізняються, дані щодо nomіnnіії those discounted wartostі percentages of payments for кожним із варіантів для зручності порівняння are listed in the table below. 6.4. At rіchnії стціці r = 12% quarterly rate is 3%, the viewers of the quarterly discount for the Іth quarter become (1 + 0.03) and are not independent of the minds (the "discounters" are shown in Table 6.4).

Table 6.4

DISCOUNTED PART OF INTEREST VIPLATES FOR THREE DECISIONS OF INVESTMENT

For the 2nd quarter, the display is discounted (1 + 0.03) 2 =

= 1.0609, for the 3rd - (1 + 0.03) 3 = 1.033 = 1.092727 i etc.

The absolute sum of the quarterly percentages for the first variant (20% of the richest) is: 10,000.00 • 0.20 / 4 =

= 500,00 UAH, for other variants (20,4% of the richest people) - gross amount of interest in the statistime: 10,000.00 • 0,204 = 2,040.00 UAH, for the third variant (22% of the richest), absolute sum of interest for two rock, Yaki raschutitsya pid hour of extinguishment, become 10 000,00? 0,22 • 2 = 4400,00 UAH. Vidpovidnyi sums of payments are included in the rows for cutaneous injury at the graph in the quarter.

Three ostalnie ryadki tabliі 4 mіstyat discounted by sumy of percentage payments yak a part of the amount of money absolutely for a discount display of discount. On the contrary, for the fourth quarter, the display of discount disbursement becomes 1,125,509, the volume for the variance of the schokwartal payments is discounted for the quarter of the quarter, the percentage of interest payments in 500,00 UAH is 500,00 / 1,125,509 = 444,24 UAH. Sumarny disankovaniya groshny potyk (sum vartosty pokushennya ta vsyh percent of payments) on the date of analizu for dermal із varіantіv інвестування (contribution) is imposed in Table. 6.5:

Table 6.5

SUMMARY DISCONTINUATION OF THE GROUND POOTK (DGP) ON THE DATE OF ANALYSIS FOR THE LEATHER OF THE IZ TRHOCH VARYANTIV INVESTMENT (deposit)

Oskilki extinguished in the three trivial variants vidbudetsya through vіsіm kvartіv, znachennya in Count 3 tabl. 6.5 viznachaetsya through diskutuvannya sumy pokushennia (10 000,00 UAH) on the display of discount (1 + 0.03) 8 = 1.266770:

DANI graph 4 і підсумком з 1-го по 8-й квартал (з Table 6.4) показників дисконтування. So, in terms of a) 485.44 + 471.30 +

+ 457.57 + 444.24 + 431.30 + 418.74 + 406.55 + 394.70 = 3509.85;

On variant b) 1866.89 + 1658.71 = 3525.60;

On variant c) 3473.40.

Sumarne, the value of the discounted interest payments is imposed in Count 4, and the sum of the graph 3 and graph 4 is imposed on the graph. 5. Having released the value on the sum of the deposit (nominal, 10,000.00 UAH), it is possible to pay for the rented goods. Otzhe, yakzsche take a discount discount of 12.0%, dizemo visnovku, scho, vrahovoychy periodiznsty of the percentage of interest income, that analіz їх discounted wart, nayefektivnimi є varіant b (contribution to the nominal income 20,4% rіchnihі and shorіchnoyu produktu percent), а варіант з Номінальною дохідністю 22.0% є найгіршим з погляду ефективної (дисконтованої) дохідності.