02-09-2014_16-40-43 / 2013 Пакеты прикладных программ
.pdfpe3 KOTOpoe HaqaJibHllil CYMMa 3aHMa (BKJia,ua) ,[(OCTl1rHeT 3a,uaHHOro 3HaqeHIDI - <l>YHKUIDI KIIEP;
• 3HaqeH11e ITOCTOHHHOH ITpou;eHTHOH CTaBKH 3a 0,[(11H ITep110.z:t. ,[(JUI cep1111 <t>11Kc11poBaHHhIX ITep110.z:t.J1qeCKHX IIJiaTexeii 11 3HaqeH11e ITpo-
u;eHTHOH crnBKH ITO BKJia,uy IDI11 3aHMY - <l>YHKUIDI HOPMA.
<l>yu~ KilEP. 3Ta <l>YHKUIDI ITpe.z:t.Ha3HaqeHa ,[(JUI Bh1q11cJieHID1 o6mero q11cJia ITepl10,[(0B BhIIIJiaT KaK .z:t.JIH e.z:t.11HOH CYMMhl BKJia,ua (3aHMa), TaK 11 ,[(JIH ITep110.z:t.11qecK11X ITOCTOHHHhIX IIJiaTe)KeH Ha OCHOBe ITOCTOHHHOH ITpou;eHTHOH CTaBKH. ECJil1 IIJiaTe)Kl1 ITPOl13BOMTCH HeCKOJihKO pa3 B ro.z:t., Haii.z:t.eHHOe 3HaqeH11e Heo6X0,[(11MO pa3.z:t.eJil1Th Ha q11cJIO pacqeTHhIX ITep110.z:t.OB B ro;zy, qTo6bI HaHTl1 q11cJIO JieT BhIIIJiaT.
C11HTaKc11c KIIEP(HopMa;BhIIIJiarn;H3;6c;T11IT).
3HaqeH11e <l>YHKU1111 KIIEP - 3TO apfYMeHT n 113 <l>OPMYJihI <l>opM)'Jia.z:t.JIH pacqern B Excel o6mero q11cJia ITep110.z:t.oB Haq11cJie-
HID1 ITpou;eHTOB, Heo6xo;::i:11MhIX ,[(JUI Toro, qTo6bI HaqaJihHllil CYMMa pa3MepoM H3 .z:t.OCTl1fJia yi<:a3aHHOfO 6y,1zymero 3HaqeHIDI 6c, 11MeeT
BH.z:t. =KIIEP(HOpMa;;H3;6c). B 3TOM cnyqae n Bhl'll1CJIHeTCHITO <l>OPMY-
Jie ( 12.45).
,[(ml pacqeTa o6mero q11cJia ITep11o;::i:oB, qepe3 KOTopoe COBOKYIIHhie <t>11Kc11poBaHHhie ITep110,[(J1qeCKHe BhIIIJiaThl COCTaBHT yi<:a3aHHOe 3HaqeH11e 6c, apfYMeHT n Bhl'll1CJIHeTCH ITO <l>OPMYJie (12.46), eCJil1 3Tl1 IIJiaTe)Kl1 ITPOl13BOMTCH B Haqane Ka:>K:;::i:Oro pacqeTHOfO ITep11o;::i:a, 11Jil1 ITO <t>opM)'Jie(12.47), eCJil1 IIJiaTe)Kl1 ITp0113BO;::vITCH B KOHU:e Ka:>K:;::i:O- ro pacqeTHoro ITep11o;::i:a. CooTBeTCTBeHHo <l>OPMYJihI .z:t.JIH pacqern B Excel 6y.r:i:yT 11MeTh BH.z:t.: KIIEP(HopMa;BhIIIJiarn;;6c; 1) - .z:t.JIH BhIIIJiaT B Ha-
qane pacqeTHoro ITep110.r:i:a 11 KIIEP(HopMa;BhIIIJiarn;;6c) - MH BhIIIJiaT B KOHU:e pacqeTHoro ITep11o;::i:a.
Ilp11 ITOrarneHl111 3aHMa pa3MepoM H3 paBHOMepHhIMl1 ITOCTOHHHhIMl1 IIJiaTe:>K:aMl1 B KOHU:e Ka:>K:;::i:OfO pacqeTHOfO ITep11o;::i:a .z:t.JIH pacqeTa q11cJia ITep11o;::i:oB, qepe3 KOTopoe ITpo1130M:;::i:eT ITOJIHOe ITorarneH11e, 11CITOJih3yeTCH <t>opM)'JiaKIIEP(HOpMa;BhIIIJiarn;H3).
IlonyqeHHoe B pe3yJihTaTe TaKoro pacqeTa 3HaqeH11e MO)KHO TaK)Ke 11CITOJih30BaTh KaK ITOKa3aTeJih cp01ca 01cynaeMOCmu ITPl1 aHaJil13e 11HBeCT11U110HHOf0 ITpOeKTa. Ilp11 3TOM ITpe.z:t.ITOJiaraeTCH, qTO ITOCTYIIJieH11e
.z:t.OXO.z:t.OB ITp011CXO.z:t.11T ITep11o;::i:J1qeCK11 paBHhIMl1 CYMMaMl1 B KOHU:e IDil1 Haqane Ka:>K:;::i:oro pacqeTHoro ITep11o;::i:a. 3rn 3HaqeH11e 6y;::i:eT ITpe;::i:crnBJIHTh co6oii q11cJio pacqeTHhIX ITep11o;::i:oB, qepe3 KOTopoe CYMMa ;::i:oxo-
.z:t.OB, .z:t.11CKOHTl1pOBaHHhIX Ha MOMeHT 3aBeprneHIDI 11HBeCT11U11H, 6y- ;::i:eT paBHa BeJIJ1ql1He 11HBeCT11U11H.
Ja;Ja11a. Pacc1unaTb, qepe3 CKOJibKO 11eT BKJia,n. pa3MepoM 1 MJIH p. ,!J;OCTHrHeT BeJiffqHHbI 1 MJip,!1; p., eCJIH fO,!l;OBfil! npoueHTHa.H CTaBKa TIO BKJill,Ll.Y
16,79 % H HaqncJieHHe npoueHTOB IIPOH3BO,!l;HTCH e)KeKBapTaJibHO.
p e llI e H He. Ilo <l>OPMYJie (12.45) Ha~eM apryMeHT n. B COOTBeTCTBHH c Ta611. 12.3 IIPH KBapTaJibHOM HaqncJieHHH npoueHTOB npoueHTHfil! CTaBKa 3a pacqeTHbIH nepHO,!I; paBHa 16,79 %/4.
170
Hcnonb3YH apryMeHTbI <l>YHKUHH KilEP HOpMa= 16,79 %/4, H3=-1, 6c = I 000, ttaH,n:eM qHcno KBaprnnoB HaKonneHHit
KilEP(16,79%/4;;-1;1000)=168, T. e. qHCJIO neT COCTaBHT 168/4 = 42.
3ai>a'la• .ri;m1 o6ecneqeHHj{ 6y;:i:yrn:Hx pacxo;:i:oB co3;:i:aH <l>ott;:i:, cpe;:i:crna ll KOTOpblH nOCTYUaIOT B BH)J;e nOCTOHHHOH ro;:i:oBOH peHTbl noCTttyMepaH)J;O. Pa3Mep pa3oBoro nnaTe:>Ka 16 MnH p. Ha noCTYUHBIIIHe B3HOCbI ttaqHCJij{eTcH 11, 18 % ro;:i:OBbIX. Heo6xo;:i:HMO onpe;:i:enHTb, Kor;:i:a HaKonneHHH <t>oH)J;a cocTaBHT 100 MnH p.
Pe III e H He. HaH,n:eM n H3 <l>OPMYJibI (12.47). B Excel <t>opMYna )J;nj{ pacqern HMeeT BH)J;
KilEP(l 1,18%;-16;;100) = 5,
T.e. qepe3 Ilj{Tb neT COBOKYUHaH CYMMa BbinnaT COCTaBHT 100 MnH p.
3ai>a'la. 0)!(H)J;aeTcj{, qTo e:>Kero;:i:Hbie ;:i:oxo;:i:bI OT peanH3aI.J,HH npoeKTa cocTaBj{T 33 MnH p. Heo6xo;:i:HMO paccqHTaTb cpoK OKYUaeMOCTH npoeKTa, ecnH HHBeCTHI.J,HH K Haqany nOCTYDneHHH ,lJ;OXO,lJ;OB COCTaBj{T 100 MnH p., a HOpMa )J;HCKOHTHpOBaHHH 12,11 %.
p e III e H He. qT06bI onpe;:i:enHTb, qepe3 CKOJibKO neT TeKYIIIaH CTOHMOCTb O:>KH,lJ;aeMbIX )J;OXO)J;OB 6y;:i:eT paBHa pa3Mepy HHBeCTHI.J,HH, HCnOJib3yeM cneJl:ylOIIIHe apryMeHTbI <l>YHKUHH KilEP: H3 = -100 (3HaqeHHe 3aTpaT), BblIInaTa = 33 (e:>KefO,lJ;Hbie nocrynneHHH), HOpMa = 12, 11 % (HOpMa )J;HCKOHTHpoBaHHj{).
Tor;:i:a KilEP(12,11%;33;-100)=4,
T. e. cpoK OKYUaeMOCTH npoeKTa COCTaBHT qeTbipe ro;:i:a.
3ai>a'la. Ccy;:i:a pa3MepoM 66 000 TbIC. p., Bbl.ll:aHHaH no;:i: 36 % ro;:i:oBbIX, noraIIIaeTcH o6bNHbIMH e:>KeMecHqHbIMH nnaTe:>KaMH no 6630 TbIC. p. PaccqHTaTb cpoK noraIIIeHHH ccy;:i:b1.
Pe III e H He. Onpe;:i:enHM no rn6n. 12.3 npou,eHTHyIO CTaBKY 3a MeCj{I.J,: 36 %/12 (apryMeHT HOpMa). IlpH HcnOJib30BaHHH <l>YHKUHH KilEP e:>KeMecj{qHbie BbinnaTbl 3anHCb1BaIOT KaK OTpHI.J,aTeJibHble qffcJia (apryMeHT BblnnaTa = -6630), a CYMMY nonyqettttoro 3aHMa - KaK noJIO)!(HTeJibHOe qffcno (H3 = 66 000). TaK KaK 3aeM noJIHOCTbIO noraIIIaeTCH, ero 6y;:i:yrn:aH CTOHMOCTb paBHa 0, T. e. apryMeHT 6c MO)!(HO orryCTHTb. Tor;:i:a cpoK, 3a KOTOpbIH npoH3oH.n:eT nonttoe noraIIIeHHe 3aHMa, MO)!(HO 3anHCaTb B cne;:i:yIOrn:eM BH,lJ;e:
KilEP(36%/12;-6630;66 000) = 12 Mee. = l r.
Cl>yu~ HOPMA. 3Ta <l>YHKIJ;IDI orrpe.D,eJUieT JHaqemre rrpoueHTHo:H CTaBKH 3a O,LJ,HH pacqeTHbIH rrepHO,LJ,. ~ HaxmK,LJ,eHID.! ro,LJ,OBOH rrpoueHTHOH CTaBKH rro.rryqeHHOe 3HaqeHHe CJie;zyeT )'MHO)l(HTbHa qJiCJIO pacqeTHbIX rrepHO,LJ,OB 3a ro,LJ,.
CHHTaKCHC HOPMA(KIIep;BhIIIJiaTa;HJ;6c;THrr;rrpe.D,rroJioxeHHe). 3HaqeHHe <l>YHKUHH HOPMA - 3TO apfYMeHT r H3 <t>opMyJihI
(12.43).
<l>yttKIJ;IDI HOPMA HaxO,LJ,HTCH MeTO.D.OM rrocJie,LJ,oBaTeJihHoro rrpH6JIH)KeHID.! H MOXeT He HMeTb perneHID.! HJIH HMeTb HeCKOJibKO perneHHH. EcJIH rrocne 20 HTepauH:H rrorpernHOCTb orrpe.D,eJieHID.! CTaBKH
171
npeBhilllaeT 0,0000001, TO ct>YHKUIDI HOPMA B03BpamaeT 3HaqeHHe OllIH6KH #ql.fCJIO!. B 3TOM c.rryqae MO)l{HO nonhITaThCH 3a,!l;aTh ,n;pyroU: apryMeHT-npe,n;nonoxeHHe, no YMOJiqaHHIO paBHhIH 10 % (B 6oJihllIHHCTBe c.rryqaeB ero He Tpe6yeTCH 3a,n;aBaTh).
PaccMOTpHM BapHaHThI npaKTffqeCKoro npHMeHeHIDI 3TOH <l>YHKUHH.
,LJ;orrycTHM, Heo6xo.n;HMO pacc•rnTaTh npoueHTH)'IOCTaBKY no cpopMYJie (12.45) npH H3BeCTHOH TeKYIUeH CTOHMOCTH H3, 6y,n;ymeU: CTOHMOCTH 6c, qffcJie nepHO,D;OB KI1ep. 3Ta cpOPMYJia B Excel 6y,n;eT HMeTb BH,D, HOPMA(Krrep;;HJ;6c;;npe,n;nonoxeHHe).
IlpH pacqernx cpHKCHpOBaHHhIX 06H3aTeJihHhIX H o6bl'IHhIXnepHO- ,ll;ffqeCKHX IIJiaTexeU: no cpopMYJiaM (12.46) H (12.47) npou;eHTHYIO CTaBKY Ja pacqeTHhIH nepHo,n; B Excel MO)l{HO JanHCaTh B BH,D,e HOPMA(Krrep, BhIIIJiaTa,, 6c, THn, npe,n;nonoxeHHe).
<l>OPMYJia ,D;JIH pacqeTa npou;eHTHOH CTaBKH no 3aHMY pa3MepoM H3 npH paBHOMepHOM norallleHHH 06hl'IHhIMHnepHO,D;ffqeCKHMH IIJiaTe- )l{aMH H ycJIOBHH, qTo 3aeM nOJIHOCThlO noralllaeTCH, 6y,n;eT HMeTb BH,ll, HOPMA(Krrep;BhIIIJiaTa;HJ;;;npe,n;nonoxeHHe).
3aiJarca. Ilpe.nnOJIO:lKHM, qTQ KOMnaHHH x noTpe6yeTCH 100 000 TbIC. p. qepe3 ,n;Ba ro.na. KoMnaHHH roToBa BJIO:lKHTh 5000 TbIC. p. cpa3y, a 3aTeM BKJia-
.!l;blBaTb no 2500 TbIC. p. KIDK.!l;blH MecHu;. KaKHM .noJDKeH 6hITb npou;eHT Ha HHBeCTHPOBaHHbie cpe.ncTBa, qTo6bI nonyqHTb Heo6XO.!l;HM)'IOCYMMY B KOHU:e BToporo ro.na?
Pe III e H He. TaK KaK CYMMa 100 000 TbIC. p. (aprYMeHT 6c IPYHKUHH HOP- MA) ¢iopMHpyeTcH 3a cqeT npHBe,n;eHIDI K 6y.nymeMY MOMeHTY HaqaJibHOro BKJia,!l;a B 5000 TbIC. p. H ¢IHKCHpOBaHHbIX e)l{eMeCj{qHbIX BbIIlJiaT, Heo6XO.!l;HMO YKa3aTb o6a aprYMeHTa ¢iYHKUHH HOPMA: BbIIlJiaTa = -2500, H3 = -5000. 06rn;ee qHCJIO nepHO.!l;OB HaqHcJieHHH npou:eHTOB onpe.neJIHM no Ta6JI. 12.3: KIIEP = 2 ·12, no.ncTaBHB KOTopoe B pacqeTHYJO ¢IOPMYJIY nonyqHM:
HOPMA(24;-2500;-5000; 100 000) = 3,28 %.
Tor.na ro.noBaH npou;eHTHaH cTaBKa cocTaBHT 3,28 ·12 = 39,36 %, T. e. npo- u;eHT Ha BJIO)l(eHHble cpe,n;cTBa .!l;OJDKeH 6bITb He MeHbIIIe 3TOfO 3HaqeHIUI.
3aiJarca. Ilpe.nnoJIO:lKHM, qTo KOMnaHIDI x OTKa3aJiaCb OT e)l{eMeCj{qHhJX BblilJiaT (CM. npe.nbl.!l;}'IUYIO3a,!l;aqy) H roTOBa cero.nHH noJIO)l(HTb Ha .nen03HT 40 000 TblC. p. Onpe,n;eJIHTb, KaK B 3TOM CJiyqae H3MeHHTCH MHHHMaJibHaH ro-
.!l;OBaH npou;eHTHaH CTaBKa.
Pe III e H He. CrnBKa (aprYMeHT r) onpe.neJIHeTCH H3 ¢iopMYJibI (12.43). CYMMa 100 000 TbIC. p. ¢iopMHpyeTCH TOJibKO 3a cqeT npHBe,n;eHIDI K 6y.nymeMY MOMeHTY HaqaJibHOfO BKJia,!l;a:
12 *HOPMA(24;;-40000;100 000) = 46, 7 %,
T. e. B 3TOM cnyqae MHHHMaJibHaH ro.!l;OBaH npou;eHTHaH CTaBKa, npH KOTOpo:H
.!l;OCTHraeTCH 3a,!l;aHHOe 6y.nymee 3HaqeHHe, B03pacTaeT .no 46,7 %.
3aiJarca. PaccqHTaTb npou;eHTHYIO cTaBKY MH qeTblpexneTHero 3ai1Ma B 7000 TbIC. p. c e)l{eMeCj{qHblM noraIIIeHHeM no 250 ThlC. p. npH yCJIOBHH, ~o 3aeM noJIHOCTbIO noraIIIaeTCH.
172
Pe III eH He. 6y,eymee 3HaqettHe exeMeCSl'!HhIXBblIIJiaT no 250 ThIC. p. ,n;oJIlKHO cocTaBHTb qepe3 qeTblpe ro.n;a CYMMY 3aH:Ma c npou,eHTaMH, T. e. 3aeM JlOJI)l{eH 6b1Tb nOJIHOCTblO noraIIIeH. TeicyI.I.J,ruI CTOHMOCTb 3aH:Ma no ycJI0- 81110 paBHa 7000 ThIC. p. (apryMeHT H3 = 7000). IIo 3aHMy HaqffCJUleTCH npou,em B TeqeHHe 4. 12 nepHO,ZJ;OB. IlpH 3THX ycJIOBIDIX exeMeCj{qffaH npou,eHTHaH CTaBKa onpe,n;eJIHeTCH no cJie.n;yJOmeH: <t>oPMYJie:
HOPMA(48;-250;7000) = 2,46.
Tor.n;a ro.n;oBaH npou,eHTHruI CTaBKa cocTaBHT 2,46 ·12 = 29,5 %.
~ 3<1><1>EKT H HOMl1HAJI rrpe,llHa:JHaqeHbI cooTBeTCTBeHHO )l.1IH pacqeTa 3<l><l>eKTHBHOH H HOMHHaJibHOH npou;eHTHbIX CTaBOK. OpH BhirrycKe u;eHHhIX 6)'Mar,3a1uuoqeHHH <l>HHaHCOBhIX KOffTPaKTOB, 3aHMax Ha )lOJirOBOM comarneHHH yxa3bIBaIOTCH ro)lOBaH HOMHHaJibHaH npou;eHTHaH CTaBKa H nepHO)l Haql{CJieHHH (ro,ll, no.rryro- ,LJ,He, KBapTaJI).
HaqHcJieHHe no HOMHHaJihHOH CTaBKe npOH3BOJlHTCH no <t>opM}'Jie CJIOlKHbIX npou;eHTOB. fO)lOBaH CTaBKa, o6ecneqHBaIOIU:aH TOT xe )lOXO)l, qTO H HOMHHaJibHaH CTaBKa nocne HaqHcJieHHH CJIO)l(HbIX npo- I.J,eHTOB, HBJIHeTCH 3<l><l>eKTHBHOH npou;eHTHOH CTaBKOH. HoMHHaJihHaH H 3<l><l>eKTHBHaH npou;eHTHbie CTaBKH 3KBHBaJieHTHbI no <l>HHaHCOBOMY pe3yJibTaTY H pacqHTbIBaIOTCH no <t>opM}'Jie(12.22).
~3<1><1>EKT. 3Ta <l>YHKUHH npe,llHa:JHaqeHa )lJIH BbNHCJie-
HHH,LJ,eHCTByIOIUHX (3<l><l>eKTHBHbIX) exero)lHbIX npou;eHTHbIX CTaBOK, eCJIH 33,ll;aHbI HOMHHaJibHaH ro)lOBaH npou;eHTHaH CTaBKa H q}ICJIO pacqeTHbIX nepHOJlOB 3a ro)l.
CHHTaKcHc 3<1><1>EKT(HOMHHaJihHaH_CTaBKa,Kon_nep).
3aiJa'la. 3aeM B 1000 TblC. p. B3HT no.n; HOMHHaJibttyIO npou,eHTttyIO CTaBKY 12 % Ha TpH ro.na. Beeb 3aeM H ttaqHcJieHHble Ha Hero npou,eHTbI .ll;OJl)l{Hbl 6b1Tb BblIIJiaqeHbl e.n;HHOH CYMMOH B KOHI.J,e cpoKa 3a:H:Ma. K.aKaH CYMMa 6y,neT BbIIIJiaqeHa npH HaqHcJieHHH npou,emoB: a) nonyro.n;oBoM; 6) exeKBapTaJibHoM; B) MeCSl'lHOM;r) exe,nHeBHOM.
Pe III e H He. 3a,n;aqy MO)l{HO peIIIHTb HeCKOJibKHMH cnoco6aMH. B Excel CyI.I.J,eCTByeT <l>YHKI.J.HH 63, no3BOJIHIOI.I.J,aH BblnOJIHHTb pacqeT B COOTBeTCTBHH C,naHHbIMH Ta6JI. 12.3 H <l>OPMYJIOH (12.45):
a) 63(12%/2;2*3;;-1000)= 1418,52 ThIC. p.;
6)63(12%/4;4*3;;-1000)=1425,76 TblC. p.;
B)63(12 %/12;12 * 3;;-1000) = 1430,77 TbIC. p.; r) 63(12 %/365;365 * 3;;- 1000) = 1433,24 TblC. p.
TaKXe MO)l{HO paccqHTaTb 6y.nyI.I.J,yIO CTOHMOCTb 3aH:Ma, HCnOJib3yH 3<l>-
<t>eKTHBHYIO npoueuTttyIO cTaBicy. BbJqHCJIHM 3<l><l>eKTHBHble cTaBKH B Sl'leH:- KaX Al :A4.
a) Al= 3<I><I>EKT(l2 %,2) = 0,1236 TbIC. p.;
6)A2 = 3<I><I>EKT(l2 %,4) = 0,1255 Thie. p.;
B)A3 = 3<I><I>EKT(l2 %,12) = 0,1268 TbIC. p.;
r)A4 = 3<I><I>EKT(l2 %,365) = 0,1275 TblC. p.
173
B wieifKY Bl BBe.n;eM <l>OPMYJIY .nmi: Bhrqwcnemrn 6yJJYI.UeH CTOHMOCTH 3aifMa: Bl = E3(Al;3;;-1000) H cKorrnpyeM ee B wieifKH B2: B4. Pe3yJihTaThI pacqeTa qeThrpex BapwaHTOB 6y.n;yT naxo.n;HThCSI B wieifKax B 1 : B4: 3TO cooTBeTCTBettno 1418,52, 1425,76, 1430,77, 1433,24 ThIC. p.
<I>~ HOMHHAJI. 3Ta <l>YHKll;JUI ITpe,ri;Ha3HaqeHa MH Bhl'UfCJieHIDI HOMHHaJihHOH fO.IJ;OBOH ITPOUeHTHOH CTaBKH ITPH H3BeCTHhIX 3$$eKTHBHOH CTaBKe H qffcJie pacqeTHhIX ITepHO.IJ;OB 3a ro,ri;.
CHHTaKcHc HOMHHAJI(3$$eKT_CTaBKa,KOJI_ITep).
3HaqeHHe <l>YHKUHH HOMHHAJI - 3TO apryMeHT <t>opMyJihI
(12.22).
3aiJa'la. 3<t><l>eKTHBHa.SI CTaBKa COCTaBJisreT 28 %; naqwcJieHHe rrpoI.J,eHTOB rrpoH3BO)];HTCSI e)l(eMecwino. PaccqHTaTh HOMHHaJihH)'lOCTaBK)'.
p e III e H H e. HOMHHaJihH)'lOro.n;oByio rrpoI.J,eHTHYIO CTaBK)'orrpe.n;eJIHM ITO cne.n;yioII.J,eif <l>opM}'Jie:
HOMI1.HAJ1(28 %,12) = 0,2494 HJIH 24.94 %.
Pac'leTnepao~ecKHX DJiaTeJKeii
Cl>yttKUHH Excel IT03BOJIHIOT BhJqHcJIHTh cJie.IJ;yIO:rn;He ITapaMeTphI,
CBH3aHHbie c ITepHO,IJ;HqecKHMH BhIIIJiaTaMH:
•ITepHo,ri;wqecKHe IIJiaTe)KM, ocy:rn;ecTBJIHeMhre Ha ocHoee ITOCTOHHHOH ITpoueHTHOH CTaBKH H He MeHHIO:rn;HeCH 3a BCe epeMH pacqeTa - <l>YHKUIDI IIIIJIAT;
•IIJiaTe)KM ITO ITpoueHTaM 3a KOHKpeTHhIH ITepHO.IJ; - <l>YHKUIDI IlJIIlPOIJ,;
•CYMMY IIJiaTexeif ITO ITpoueHTaM 3a HeCKOJihKO ITepuo,ri;oe ITO.IJ;- psr,ri; - <l>YHKUIDI OE.W:IlJIAT;
•OCHOBHbie IIJiaTe)KM ITO 3aHMY (3a BbNeTOM ITpoueHTOB) 3a KOHKpeTHhIH ITepuo,ri; - <l>YHKUIDI OCHIIJIAT;
•CYMMY OCHOBHhIX IIJiaTexeif 3a HeCKOJihKO nepuo,ri;oe no,ri;pH.IJ; - <l>YHKUIDI 0 EI.11)1,0XO,U.
Bee 3TU IIJiaTe)KM BhNHCJIHIDTCH, HanpHMep npu pacqeTe cxeMhI paBHOMepHoro norarneHIDI 3aifMa. ,UonycTHM, qTo 3aeM norarnaeTCH O.IJ;HHaKOBhlMH IIJiaTexaMH B KOHUe Ka)l(.IJ;OfO pacqeTHOfO nepuo,ri;a. Ey,ri;y:rn;asr CTOUMOCTh 3THX IIJiaTexeif 6y,ri;eT paeHa CYMMe 3aHMa c HaqucJieHHhlMH npoueHTaMH K KOHuY nocJie,IJ;Hero pacqeTHOfO nepHO-
,ri;a, ecJiu npe,ri;noJiaraeTCH ITOJIHoe ero norarneHue.
c ,ri;pyroH CTOpOHhl, TeKy:rn;aH CTOUMOCTh BhIIIJiaT no 3aHMY ,IJ;OJI)l(Ha
paBHHThCH HacTosr:rn;eif ero CYMMe. EcJiu U3BeCTHhI CYMMa 3aifMa, npoueHTHaH CTaBKa H cpoK, Ha KOTOphIH BhI,IJ;aH 3aeM, MO)l(HO paccquTaTb CYMMY ITOCTOHHHhIX nepuo,ri;wqecKHX IIJiaTexeif, He06XO.IJ;UMhIX .IJ;JIH paBHOMepHoro norarneHIDI 3aifMa, c noMo:rn;hID <l>YHKUHH IIIIJIAT.
BhlqucJieHHhre IIJiaTe)KM BKJ110qa10T B ce6sr CYMMY npoueHTOB no HenorarneHHOH qacTU 3aHMa H OCHOBHYJO BhIIIJiaTY no 3aHMY. 3TU Be-
174
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Ta6nuua 12.4 |
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CxeMa norameHHJ1 3aiiMa |
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||
fo.11 |
i. Cymta Jatl:Ma |
06masi: |
IlJiaTe)[(H ITO |
Cymta |
CymiaJatl:Ma |
|
OCHOBHOfO |
||||||
n orarneIUrn |
Ha HaqaJio |
CyMMa |
ITpoueHraM, |
Ha KOHeu |
||
IIJiaTe)l(ll ITO |
||||||
Jatl:Ma |
ro.11a, p. |
IIJiaTe)l(ll, p. |
p. |
ro.11a, p. |
||
JaHMy, p. |
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|
|
|
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||
1 |
70000,00 |
31680,16 |
11 900,00 |
19 780,16 |
50219,84 |
|
2 |
50219,84 |
31680,16 |
8537,57 |
23 142,78 |
27077,06 |
|
3 |
27077,06 |
31680,16 |
4603,10 |
27077,06 |
0 |
|
|
Hroro |
95 040,47 |
25 040,47 |
70000,00 |
0 |
|
JIWHfHbl 3aBHCHT OT HOMepa pacqeTHOro nepHO.D;a H paccqJ.fTbIBaIOTCH c noMom;blo <l>YIIKUHH TIJITIPOU H OCHTIJIAT. HaKoIUieHHhie 3a HeCKOJibKO nepHO.D;OB IUiaTexrn: BbNHCJIHIOT c IlOMOIIJ;blO <l>YIIKUHH OBll.J,TIJIAT H OBII.J,UOXO)l
,Il;JIH npHMepa B Ta6JI. 12.4 npwBe.D;eHa cxeMa norarneHHH 3aH:Ma B 70 000 p., BbI.D;aHHOro cpOKOM Ha TpH ro.D;a TIO.D; 17 % ro,D;OBbIX, paccqJ.fTaHHaH c noMOIIJ;hIO <l>HHaHCOBhIX <l>YIIKUHH Excel (pacqeTbI no.S1c- H.S1IOTCH .D;aJiee npH onwcaHHH <l>YIIKUHH).
~ 11IIJIAT. 3Ta <l>YIIKUH.SI npe,D;Ha3HaqeHa .D;JIH BbNHCJieHH.SI pa3Mepa BbIIIJiaTbl 3a O.D;HH pacqeTHblH nepHO.D; Ha OCHOBe <l>HKCHpoBaHHbIX nepHO.IJ;J.iqeCKHX IIJiaTe)l(eH H nocTOHHHOH npou;eHTHOH CTaBKll. BhlIIJiaTbI, paccqHTaHHbie c noMOIIJ;hIO <l>YIIKUHH IIIIJIAT, BKJIIOqa10T B ce6.S1 ocHOBHbie IUiaTexrn: H IUiaTe)l(J.f no npou;eHTaM. 3ttaqeHHe <l>YIIKUHH TIIIJIAT - 3TO apryMeHT pmt H3 <t>opM)'JihI(12.43).
CHHTaKcwc IITIJIAT(ttopMa;KTiep;tt3;6c;THn).
<l>yHKUH.SI 11IIJIAT npHMeH.SleTCH, eCJIH H3BeCTHa 6y,IzyIIJ,aH CTOHMOCTb <l>HKCHPOBaHHbIX nepHO.D;J.fqecKHX BbITIJiaT, npOH3BO.D;HMbIX B Haqane HJIH KOHUe Ka)l(,D;OfO pacqeTHOro nepHO.D;a H Tpe6yeTCH paccqHTaTb pa3Mep 3THX BbIIIJiaT. I-fa <t>opM)'JI(12.46) H (12.47) HaxO.D;HM apryMeHT pmt. CoorneTCTBeHHO 3anHch B Excel 6y.D;eT HMeTb cne.D;yIO- m;HH: BH,D;: =IlIIJIAT(HOpMa;KTiep;;6c;THn).
<l>yHKUH.SI 11IIJIAT npHMeH.SleTCH TaK)l(e npH pacqeTe paBHbIX nePHO.IJ;J.iqeCKHX IIJiaTe)l(eH no 3aHM)'pa3MepoM H3, He06XO.D;HMblX .D;JIH nonttoro norarneHH.SI 3Toro 3aH:Ma qepe3 Knep qJ.icJio nepHO.D;OB. TaK KaK TeKYIIJ;aH CTOHMOCTb 3THX BbIIUiaT .ll;OJl)l(Ha paBH.SITbC.SI TeKYIIJ;eH CYMMe 3aH:Ma, apryMeHT pmtonpe.D;eJIHIOT H3 <t>opM)'JI(12.50) H (12.51), T.e. qepe3 TeKYm:YIO CYMMY 3aH:Ma, cTaBKY npou;eHTa H qwcno nepHo-
.D;OB. CooTBeTCTByIOm;HH: pacqeT B Excel BbIIIOJIH.S1eTc.S1 no <t>opM)'ne: =TITIJIAT(HOpMa;KIIep;H3;;THn).
06bNHO norarneHHe 3aH:Ma npOHCXO.D;HT B KOHI.J;e Ka)l(.IJ;Oro pacqeTHOro nepHo.D;a. B 3TOM cnyqae pacqeTHaH <t>opM)'Jia6y.D;eT HMeTb BM =TITIJIAT(HOpMa, KTiep, H3), TaK KaK apryMeHT THn = 0.
175
Ecirn JaeM norarnaeTcH He noJIHOCTbIO, T. e. ero 6yJlYlllee 3Ha11eHHe He paBHO ttyJIIO, Heo6X0)1,HMO yx:aJaTh apryMeHT 6c, KOTOpblH paBeH HenorarneHHOMY ocTaTKY Jaii:Ma nocne acex BblITJiaT.
3aiJa11a. Tpe6yeTCH HaKonHTh 4000 Thie. p. Ja TpH ro.na, OTKJIMbIBM noCTOHHHYJO CYMMY B KOHUe K!UK,D;Oro MeCHUa. KaKOH JJ:OJDKHa 6b1Tb 3Ta CYMMa, eCJIH npoueHTHM CTaBKa no BKJia)J;y COCTaBJIHeT 12 % ro.noBblX.
Pe III e H He. Onpe.neJIHM o6mee qHcJio nepHo.noB ttaqHcJieHHH npouettTOB H npoueHTH)'IOCTaBKY Ja pacqeTHhIH nepHOJJ: no Ta6JI. 12.3. 3TH BeJIHqlfHhl cocTaBHT cooTBeTcTBeHHO 3 ·12 (apryMeHT <l>YHKUHH KTIEP) H 12 %/12 (apryMeHT <l>YHKUHH HOPMA). ApryMeHT rnn = 0, TaK KaK no ycnoBHIO 3TO BKJiaJJ:hl nocTffYMepaHJJ:o. Tor.na BeJIIfqHHa e.JKeMecHqHbIX BhIITJiaT B Excel 6y-
.neT HMeTb CJie.a:yIOIUHA BHJJ::
IIIIJIAT(12 %/12;12 *3;;4000) =-92,86 ThIC. p.
3aiJa11a. EaHK Bhl.D:aJI ccy.a:y 200 MJIH p. Ha qeTh1pe ro.na no.n 18 % ro.noBhIX. Ccy.na BbI.D:aHa B Haqane ro.na, a noraIIIeHHe HaqHHaeTCH B KOHUe ro.na o.nHHaKOBbIMH ITJiaTe.JKaMH. Onpe.neJIHTh paJMep ccy.nhl, noraIIIaeMoH: e.JKero.ntto.
Pe III e H H e. E.JKero.nHhie ITJiaTe.JKH onpe.neJIHM no cJie.a:yIOmeA <l>OPMYJie: IIIIJIAT(l8%;4;-200) = 74,35 MJIH p.
06paTHTe BHHMaHHe, qTo .D:JIH 6aHKa BbI.naHHM ccy.na - 3TO OTpHUaTeJibHM BeJIHqHHa, a BhlqlfcJieHHble e.JKero.nHhle nOCTYITJieHHH - noJIO.lKHTeJibHM.
3aiJa11a. PaccqHTaTb o6myIO CYMMY ITJiaTe.JKeH: B Ta6JI. 12.4.
Pe III e H He. 06myIO CYMMY ITJiaTe.JKa ttaA.neM no cJie.a:yIOmeH: <t>oPMYJie: IIIIJIAT(l7%;3;- 70 000) = 31680,16 ThIC. p.
Cl>ye~ UJIIIPOIJ:. C nOMOW:blO 3TOH cpyttKUHH Bhl'IHCJIHIOT ITJiaTe)KH no npoueHTaM Ja 3a.z:i;aHHhlH pac11eTHhlH nepHo.n Ha ocHoae nepHO)],H'leCKHXnoCTOHHHblX BbIITJiaT H noCTOHHHOH npoueHTHOH CTaBKH.
CHHTaKCHC TIJITIPOU:(HopMa;nepHo.n;KITep;Tc;6c;THn).
IlpH paBHOMepHOM norarneHHH 3aHMa noCTOHHHaH nepHO)],H'leCKaH BbIITJiaTa BKJI1011aeT a ce6H ITJiaTe)KH no npoueHTaM no HenorarneHHOH 11acTH JaHMa H BblITJiazy 3a.z:i;oJDKeHHOCTH. TaK KaK HenorarneHHaH 11acTb Ja:HMa YMeHbrnaeTcH no Mepe ero norarneHHH, YMeHbrnaeTCH H )1.0JIH ITJiaTexe:H no npoueHTaM a o6me:H CYMMe BblilJiaT, a )1.0JIH BblilJiaThl Ja.z:i;oJDKeHHocTH yaeJIH'IHBaeTCH. .[l.mI onpe.neneHHH pa3Mepa ITJiarexa no npoueHTaM Ha KOHKpeTHhlH nepHo.n, ecJIH norarneHHe 3a:HMa npOH3B0)1,HTCH paBHblMH ITJiaTe:>KaMH B KOHUe Ka:>K)l;OfO pac11eTHoro nepHO)].a, HCnOJib3yIOT cl>OPMYJIY =IIJITIPOU:(HOpMa;nePHO)].;KITep;Tc).
Bhl'IHCJieHHe.noxo.na, KOTOphlH npHHOCHT nocTOHHHhle nepH0)1.H- 11ecKHe BblITJiaTbI 3a KOHKPeTHbIH nepHO)], H KOTOpbIH npe)].CTaBJIHeT co6o:H CYMMY npoueHTOB, Ha'IHCJieHHblXHa HaKoITJieHHhle (c npoueHTaMH) K )1,aHHOMY MOMeHzy COBOKYfiHble BJIO:>KeHHH npOH3B0)1.HTCH no cl>OPMYJie IlJIIIPOU:(HOpMa, nepHO)]., KITep,, 6c, THn).
176
3aiJa11~. Bhl'IHCJIHTbJIJiaTe)IGI no npou;eHTaM 3a nepBhlii MCCHU: OT 'l'pexro-
.LUfllHOro 3\lHMa B 800 ThIC. p. H3 paC'ICTa10 % ro.n;OBhIX.
Pe w e '~ H e. Onpe,neJIHM 'IHCJIOnepHo,noB H CTaBicy 3a nepHo,n no cne.ny10meu <t>o~ne: HOpMa = 10 %/12, KIIep = 12 ·3. 3aTeM HaH.neM JIJiaTex 3a nepBhIH nelJHO.IJ;:
IlJIIlPqIJ;(10%/12;1;12 * 3;800) =-6,667 ThIC. p.
3aiJa11a. 3a C'ICTexerO.D;HblX OT'IHCJICHHiiB TC'ICHHCUICCTH JICT 6hIJI c<t>opMHPOBaH <t>ou.n B 5000 ThIC. p. Onpe,neJIHTb, KaKoii: .noxo.n npHHeCJIH BJioxeHHH BJia.IJ;CJihJJY 3a nOCJIC.IJ;HHii ro.n, CCJIH ro.n;OBaH npou;eHTHaH CTaBKa COCTaBJIHJia 17,5 %.
Pew e HHe. )l;oxo.n 3a nocne.n;HHii ro.n (wecToii: nepuo.n) cocTaBHT: IlJIIlPOQ(l7,5%;6;6; ;5000) = 664,81 ThIC. p.
Exero.n;Ho OT'IHCJIHJIOcb:IlilJIAT(l7,5%;6;;5000) =-536,27 Thie. p.
3aiJa11a. Pacc'IHTaTbJIJiaTe)IGI no npou:eHTaM B Ta6JI. 12.4.
Pew eH He. IlJiare)IGI no npou;eHTaM 3a nepBhIB ro.n: 70 000·0,17= 11 900 p. I-fa cyMMhl 3aHMa Ha Ha'laJIOro.na Bhl'ITCM06my10 CYMMY JIJiaTexa H noJiyqHM cyMMY 3aHMa Ha KOHCU: nepaoro H Ha'laJIOBTOporo ro.noB: 70 000 -
- 31680,16 = 50 219,84 p.
Ha nonyqeHHYIO CYMMY Ha'IHCJIHeM17 % 3a BTopoii: ro.n: 50 219,84 ·0,17 = = 8537,57p.
AHanorH'IHOHaH.n;eM cyMMY npou;eHTOB 3a 'fPCTHiiro.n: 27 077,06·0,17= = 4603,1 p.
B Excel .naHHhIH pactieT 6y.neT HMeTb cne.ny10mHii: BH.IJ;: IIJIIlPOU:(17%; 1;3;-70 000) = 11 900 p.;
IIJIIlPOU:(l 7%;2;3;-70 000) = 8537,37 p.; IIJIIlPOU:(17%;3;3;-70 000) = 4603,10 p.
<D)'llKQllR 06IlJ;JIJIAT. C noMOIUbIO 3TOli: <l>YHKUHH Bbl'IHCJUIIOT HaKoIUieHHblH .uoxo.u (CYMMY IUiaTexeH: no npouemaM) no 3aHMY, KOTOpbIH noramaeTCH paBHblMH qacTHMH B KOHUe HJIH Haqa.rre Kax,llOro pacqeTttoro nepHo.n;a, Me)l{)ly ABYMH nep1m,n;aMH BhlIUiaT.
CHHTaKcHc OBIIIJIJIAT(cTaBKa;KoJI_nep;tt3;ttaq_nepHo.n;;KoH_nepHo.u;THn).
3aiJa11a. 3aeM no.n HC.IJ;BH)l(HMOCTb c,neJiaH Ha CJIC.nyIOIUHX YCJIOBHHX: npo- U:CHTHaH CTaBKa 9 % ro.noahlX; cpoK 30 neT, paJMep ccy,nhI 125 000 p., npo- u:eHThl Ha'IHCJIHIOTCHexeMeCB:'IHO.HauTH CYMMY BhIJIJiaT no npou;eHTaM 3a BTOPOH ro.n H nepBhlii MCCHU: 3aHMa.
Pew e H He. Onpe,neJIHM no Ta6JI. 12.3 06111ee 'IHCJIOBhIJIJiaT H npou;eHTHYIO CTaBKY 3a nepHO.IJ; COOTBCTCTBCHHO 30. 12 H 9 %/12. BTOpoii: ro.n JIJiaTe- )l(Cii: - 3TO paC'ICTHhliinepHO.IJ; c 13 no 24 MCCHU:hl.
06my10 BhIJIJiaTY no npou:eHTaM 3a BTopou ro.n onpe.neJIHM no cne.nyIOmeii: <l>OPMYJIC:
OBIIJ;IlJIAT(9%/12;30*12;125 000;13;24;0) =-11135,23 p. BhIJIJiaTY no npou;eHTaM 3a nepBhlii MCCHU: COCTaBHT: OBIIJ;IlJIAT(9%/12;30*12;125 000;1;1;0) =-937,5 p. IIJIIlPOU:(9%/12;1;30*12;125 000) =-937,5 p.
177
<l»ymanm OCHIIJIAT. c ITOMOll.l,bIO 3TOH <l>YHKUHH Bbl'IHQJullOTocHOBHOH IIJiaTex (BbIIIJiaTY 3MOJDKeHHOCTH) ITO 3aHM}',KOTppbIH ITOrarnaeTCH paBHblMH qaCTHMH B KOHI.J,e HJIH HaqaJie KIDK,ll.Oro pacqeTHOro ITep110.ua B TeqeHHe Ja,n;aHHoro cpoKa.
Ci.rnTaKCHC OCHIIJIAT(ttopMa;ITep110.u;KIIep;Tc;6c;THrr!).
I
3aiJa11a. Pacc•nnaTb rrpH rroMOIUH <l>YHKIIHH OCHilJIAT CYMMY octtoBttoro rmaTe)l{a rro Jaii:M)'H3 Ta6JI. 12.4.
p e III e H He. C}'MMaOCHOBHOro rmaTe)l{a IIO 3aHM)'(BbIIIJiaTil 3a,!l.OJI)l{eHHOCTH) paCC'IHTbIBaeTCHKaK pa3HOCTb Me)l{)zy <t>HKCHpOBaHHOH rrepHOAH'leCKOH BbrrmaToii: H rrpol.(eHTaMH rro tterrorawettttoii: 'laCTHJaii:Ma. HarrpHMep, AJIH rrepaoro ro.u,a 3aii:Ma OCHOBHOit rmaTe)I{ COCTaBHT:
31680,16 - 11900 = 19 780,16 p.
Pa3Mep octtOBHbIX BbIIIJiaT rro Jaii:My rrpH rroMOIUH <l>YHKIIHH OCHilJIAT B Excel orrpe.u,eJIHeTcH rro CJie.u,yiomHM <t>opM)'JiaM:
OCHilJIAT(17%;1;3;-70 000) = -19 780,16 p. OCHnJIAT(17%;2;3;-70 000) = -23 142,78 p. OCHilJIAT(17%;3;3;-70 000) = -27 077,06 p.
<l>yHl{JUHI 0:6IIJ,I1;0X0,IJ;. 3Ta $yttKI.J,HH MCITOJih3yeTCH MH BbJqMCJieHHH CyMMbl OCHOBHbIX BbIIIJiaT ITO 3aHMy, KOTOPblH ITOrarnaeTCH paBHhIMH IIJiaTexaMM B KOHI.J,e IDIM Haqane KIDK,ll.oro pacqeTHoro ITepMo.ua, HJIM Me)K,ll,)'.UBYMH ITep110.uaMM.
CMHTaKcMc OBI.II,llOXO,IJ.(cTaBKa;KoJI_ITep;3;ttaq_ITepMo.U;KoH_ITepMO.U, THIT).
3aiJa11a. Bhmatta ccy.u,a pa3MepoM 1000 TbIC. p. cpoKOM Ha IIIeCTb neT rro.u, 15 % ro.u,oahlx; rrpol.(eHThl tta'IHCJIHIOTCHe)l{eKBapTaJibHO. Orrpe.u,eJIHTb pa3Mep OCHOBHbIX BbIIIJiaT 3a IIHTbIH ro.u,.
Pew e H He. Orrpe.u,eJIHM rro rn6n. 12.3 cTaBKY rrpouettrn Ja pac'leTHbIH rrepHOA (15 %/4) H o6mee 'IHCJIOpac'leTHbIXrrepHOAOB (6·4). IlepHOAbl c 17 IIO 20 MeCHUbl COCTaBJIHIOT IIHTbIH ro.u, rmaTe)l{eH. EcJIH ccy.u,a rroraIIIaeTCH paBHblMH rmaTe)l{aMH B KOHI.(e Ka)l{)J,Oro pac'leTHOrorrepHOAa, pa3Mep BblIIJiaTbl 3a,!J.OJI)l{eHHOCTH 3a IIHTbIH ro.u, orrpe.u,eJIHM CJie.u,yiomHM o6pa30M:
OEI.I.I,lJ;OXO.IJ;( 15%/4;6*4;1000; 17;20;0) = -20 l ,43 p.
Onpe,ll,e.Jieuae cKopocTH o6opOTa HHBecT~
BExcel MMelOTCH <l>YHKI.J,MH, II03BOJIHIOll.l,Me paccqMTaTh:
•BttyTpeHHIOIO CKOpOCTb o6opoTa MH pH,ua ITOCJie.UOBaTeJibHbIX ITe-
pMO,uHqeCKMX ITOCTYIIJieHHH H BbIIIJiaT ITepeMeHHOH BeJIJiq}lffbl - <l>YHK- l.l,HH BH,IJ.OX;
• BttyTpeHHIOIO CKOPOCTb o6opoTa MH pH,ua HeperyJIHpHbIX IIOC'fYilJieHMH M BbIIIJiaT ITepeMeHHOH BeJIJiqHHbl - <l>YHKUHH qwcTBH,IJ.OX;
• BttyTpeHHIOlO CKOpOCTb o6opoTa MH pH,ua rrepMO,l(JiqeCKMX rroCTYIIJieHMH M BbIIIJiaT ITepeMeHHOH BeJIJiqMHbl c yqeTOM .uoxo.ua OT peMHBeCTMpoBaHHH - <t>YHKUHH MBC,IJ..
178
c rroMorn;bio <l>YHKI.J;H:H BHLl,OX H q11cTBHJJ:OX BbNHcID110T HTepaTHBHbIM MeTo.LJ;oM HOPMY .LJ;HCKOHTHpoBaHIDI R, rrpH KOTopo:H qHcTa51 TeKYlllM CTOHMOCTb (NPV) paBHa H)'JllO.ECJIH H3BeCTHa pbIHoq- l-ta51 HOpMa ,LJ;OXO,LJ;a k, TO Bbl'IHCJieHHOe3HaqeHHe R MO)KHO HCIIOJib30BaTb .llllil oueHKH ueJiecoo6pa3HOCTH rrpHH51TIDI Toro HJIH HHOfO rrpoeKTa BJioxeHIDI cpe.LJ;CTB. IlpoeKT rrpnHHMaeTc51, ecJIH R > k, n OTBepraeTc51, ecJin R < k.
OcHoBaHHeM .llllil rrpHH51TIDI perneHIDI 5IBID1eTCH TO, qTo rrpH R < k
O)KH,ll;aeMbIX ,LJ;OXO,LJ;OB OT rrpoeKTa OKa3bIBaeTC51 He,LJ;OCTaToqHo ,LJ;.JUI IIOKpbITH51 Bcex <t>nHaHCOBbIX IIJiaTexe:H, T.e. rrpoeKT 3KOHOMHqecKH HeueJiecoo6pa3eH. CooTBeTCTBeHHO rrpH R > k HHBecTop 3a cqeT .LJ;OXO.LJ;OB OT rrpoeKTa CMOXeT He TOJlbKO BbIIIOJIHHTb Bee <l>HHaHCOBbie 06513aTeJibCTBa, HO " IIOJIY'iHTb,LJ;OIIOJIHHTeJibH)'10rrpH6bIJib. QqeBH,LJ;HO, qTo TaKOH rrpoeKT 3KOHOMffqeCKH ueJiecoo6pa3eH, n ero cJie.LJ;yeT rrpHH51Th.
<l>ymmeJr BH.IJ:OX. C IIOMOIUblO 3TOH <i>YHKI.J;HH BblqHCIDllOT BttyTpeHHIOIO cKopocTh o6oporn HHBeCTHUHH (BJIYTPeHHIOIO HOPMY .LJ;OXO.LJ;- HOCTH) .llllil p51,ll;a rrepeMeHHbIX rrepHO,LJ;ffqeCKHX BbIIIJiaT " IIOCTYIIJleHHH. 3HaqeHne o6opoTa HHBeCTHUHH HaxOMT H3 <t>opMyJibl (12.10)
JJJI51
0 = f, |
value;;' |
(12.54) |
i=I |
(1 + R) |
|
r.LJ;e n - qHCJIO BbIIIJiaT H IIOCTYIIJleHn:H; value; - |
3HaqeHH51 BbIIIJiaT H |
|
rrocTYIIJleHH:H; R - BJIYTPeHHH51 cKopocTb o6oporn. CHHTaKCHC BHLl,OX(3HaqeHIDI, rrpe,LJ;rroJioxeHne).
HaqHHM co 3HaqeHIDI rrpe.LJ;rroJioxeHHe, <l>YHKI.J;IDI BHLl,OX BhIrroJIH51eT UHKJIH'IeCKHeBblqHCJieHIDI ,LJ;O IIOJIY'ieHIDIpe3yJibTaTa c ToqHOCTblO 0,00001 %. ECJIH TaKOH pe3yJihTaT He IIOJIY'ieHIIOCJie 20 IIOIlbITOK, B03BpamaeTC51 3HaqeHHe oum6KH #qMCJIO!.
B 6oJibIIIHHCTBe CJIY'iaeBHeT Heo6xo.LJ;HMOCTH 3a.LJ;aBaTb apryMeHT rrpe.LJ;IIOJIO)KeHHe .llllil BbJqHCJieHHH c IIOMOIUblO <l>YHKI.J;HH BH,lI;OX. Ilo yMoJiqaHHIO apryMeHT rrpe.LJ;rroJioxeHHe rrpHHHMaeTC51 paBHhIM 0.1
EcJIH BHLl,OX BhmaeT 3HaqeHne ornH6KH #qMCJIO! HJIH ecJIH IlOJiyqeHHbIH pe3yJibTaT ,LJ;aJieK OT O)KH,ll;aeMoro, MO)l(HO IIOIIbITaTbC51 BhIIIOJIHHTh BhNHCJieHIDI eme pa3 c .LJ;PYfHM 3HaqeHHeM apryMema rrpe.LJ;- rroJioxeHHe.
<l>yttKI.J;HH Hil3 H BHLl,OX B3aHMOCB513aHbI: .llllil O.LJ;HHaKOBbIX 3HaqeHHH BhIIIJiaT n IIOCTYIIJleHHH, HaXOMIUHXCH B 51qe:HKax B 1: B6, Hil3(BHLl,OX(Bl: B6);Bl: B6) = 0.
3aiJa11a. 3aTpaTbI no npoeKTY 500 MJIH p. O:>KHJJ:aeMbie .uoxo.UhI B Te'lettne nocne.uyrorn:nx qeTbipex JieT COOTBeTCTBeHHO 50, 100, 300 H 200 MJIH p. OueHHTb 3KOHOMH'leCKYJOuenecoo6pa3HOCTb npoeKTa no CKOpOCTH o6opoTa HHBeCTHUHH, eCJIH pbJHOqHrui: HOpMa .uoxo.ua 12 %.
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