IRR mawerengedwe. IRR: tanthauzo zitsanzo za kachitidwe ndi

Mlingo mkati adzabweranso (IRR / IRR) ndi chizindikiro yofunika kwambiri Investor lapansi. IRR mawerengedwe ikusonyeza zimene osachepera kuchuluka mawerengedwe akhoza kuwonjezekeredwa mu mawerengedwe mtima kwa njira, ndipo ukonde phindu pano (NPV) polojekiti ayenera kukhala wolingana 0.

Net Ano Phindu (NPV)

Popanda kudziwa kufunika NPV mawerengedwe a ntchito IRR wa ndalama n'zosatheka. chizindikiro ichi ndi Uwerenge phindu panopa aliyense nthawi ya ntchito ndalama. Chilinganizo chakale cha chizindikiro chiri motere:

TTS PP = Σ _K / (1 + p) ^Q, kumene:

• NPV - ukonde pano mtengo;
• PP - mtsinje wa ndalama;
• tsa - mlingo mawerengedwe;
• kwa - nyengo chiwerengero.

PP _K / (1 + p) ^K - ndi phindu ziliri pa nthawi inayake, ndipo 1 / (1 + p) ^K - discounting Chinthu kwa nthawi zina. Stream ya malipiro masamu monga kusiyana malipiro ndipo malisiti.

discounting

Mfundo kuchotsera kusonyeza phindu ndalama imodzi malipiro m'tsogolo. Yafupika koyefishienti amatanthauza kuwonjezeka chidwi mawerengedwe ndi kuchepetsa ndalama.

Kuchotsera chinthu akhoza umaimiridwa ndi mitunduyi awiri:

FD = 1 / (1 + p) ^N = (1 + p) ^-n komwe:

• PD - kuchotsera Chinthu
• N - chiwerengero cha nthawi;
• tsa - kuchuluka mawerengedwe.

mtengo pano

index Izi kuchita masamu ndi kuchulukitsa kuchotsera chinthu kusiyana pakati revenues ndi ndalama. Pansipa pali chitsanzo cha kuwerengetsa phindu pa nthawi zisanu pamene kuchuluka mawerengedwe a 5% ndi ndalama kuchuluka kwa mayuro 10 zikwi lililonse.

TC1 = 10.000 / 1,05 = 9523,81 mayuro.

TC2 = 10 000 / 1,05 / 1,05 = 9070,3 mayuro.

TC3 = 10 000 / 1,05 / 1,05 / 1,05 = 8638,38 mayuro.

TC4 = 10 000 / 1,05 / 1,05 / 1,05 / 1,05 = 82270,3 mayuro.

TC5 = 10 000 / 1,05 / 1,05 / 1,05 / 1,05 / 1,05 = 7835,26 mayuro.

Monga mukuonera, chaka chilichonse kuchotsera chinthu ukuwonjezeka, ndi kuchuluka panopa yafupika. Izi zikutanthauza kuti ngati kampaniyo kusankha pakati wotuluka awiri, muyenera kusankha malinga ndi zomwe ndalama apita ku nkhani kampani banki posachedwapa.

Internal mlingo wa kubweranso

IRR mawerengedwe zikhoza kuchitika kutsatira zonse deta pamwambapa. Ovomerezeka mawonekedwe a chilinganizo cha kuwerengetsa zosonyezera zotsatirazi:

0 = Σ1 / (1 + IRR) ^{K m'menemo:}

• IRR - mlingo mkati adzabweranso;
• K - nyengo yotsatira.

Malinga ku kachitidwe, phindu khoka mu nkhani iyi ayenera kukhala wolingana 0. Komabe, njira imeneyi mawerengedwe IRR si nthawi zonse zothandiza. Popanda Chiwerengero ndalama kudziwa izo sizingakhale, ngati ntchito ndalama adzaphatikizapo nthawi zoposa zitatu. Pankhaniyi, angadziwire kugwiritsa ntchito njira zotsatirazi:

GNI = R _mamita + tsa _kn * (TTS _m / P _TTS) mmene:

• IRR - Internal Voterani;
• Kp _mamita - ang'onoang'ono kuchuluka mawerengedwe;
• P _kn - kusiyana pakati pa ziwawa ndi kutsikira chidwi;
• TTS _mamita - ukonde pano mtengo akamagwira mawerengedwe pa mitengo;
• P _PBX - kusiyana mtheradi mtengo lino.

Monga Tingaone chilinganizo cha kuwerengetsa ndi IRR ayenera kupeza ukonde phindu kupezeka pa anthu awiri osiyana a mawerengedwe. Ziyenera adzanyamula kukumbukira kuti kusiyana sayenera lalikulu. Zolemba - 5 peresenti, koma tikulimbikitsidwa kuti atenge Zachikondi ndi kusiyana wamng'ono zotheka (2-3%).

Komanso, m'pofunika oterowo miyeso mitengo pa zimene TTS akanati Ngati munthu mtengo zoipa, ndipo chachiwiri - positive.

Chitsanzo cha mawerengedwe IRR

Kumvetsa zakuthupi pamwamba ayenera disassembled chitsanzo.

kampaniyo akukonza ntchito ndi ndalama kwa zaka zisanu. Poyamba udzakhala mayuro 60 chikwi. Kumapeto kwa chaka choyamba kampani adzakhala aganyali mu ntchito zina zokwana mayuro miliyoni 5 kumapeto kwa wachiwiri chaka - yuro 2000, kumapeto kwa chaka chachitatu - mayuro chikwi, ndi zina zokwana mayuro 10 miliyoni adzakhala padera tsopano m'chaka chachisanu.

Kampani mudzalandira ndalama kumapeto kwa nthawi iliyonse. Pambuyo M'chaka choyamba kukula kwa ndalama ya mayuro 17 miliyoni mu chaka chamawa - mayuro 15 zikwi m'chaka chachitatu - mayuro 17 zikwi wachinayi - mayuro 20 zikwi ndi mayuro 25 zikwi kampani adzakhala chaka chatha cha polojekiti. Mlingo kuchotsera 6%.

Musanayambe kuwerengetsa mlingo mkati adzabweranso (IRR), muyenera kuwerengera kukula kwa TTS lapansi. mawerengedwe ake chimaonetsedwa tebulo.

Monga mukuonera, ndi ntchito yopindulitsa. TTS ndi mayuro 904,6. Izi zikutanthauza kuti padera likulu la kampani chatulutsa peresenti 6, ndipo ngakhale anabweretsa mayuro 904,6 "kuchokera pamwamba". Kenako muyenera kupeza zoipa ukonde phindu pano. mawerengedwe ake zikusonyezedwa tebulo zotsatirazi.

Pagome zikuonekeratu kuti likulu padera si kwakhululukidwa 7 peresenti. Choncho, mkati payback index Mtengo pakati pa 6 ndi 7 peresenti.

GNI = + 6 (7-6) * (904.6 / 904.6 - (-812,3)) = 6,53%.

Choncho, IRR Project anali peresenti 6,53. Izi zikutanthauza kuti ngati kuika NPV mawerengedwe, phindu lake adzakhala ziro.

Primechenie: ndi mawerengedwe ndi dzanja amaloledwa zolakwa za mayuro 3-5.