Библиографический список
Беренс, В. Руководство по оценке эффективности инвестиций: пер.с англ./ В. Беренс, П. Хавранек. – М.: АОЗТ Интерэксперт, ИНФРА–М, 1995. – 528 с.
2. Ковалев, В.В. Введение в финансовый менеджмент / В.В. Ковалев. – М.: Финансы и статистика, 1999. – 768 с.
3. Ковалев, В.В. Методы оценки инвестиционных проектов / В.В. Ковалев.– М.: Финансы и статистика, 1998. – 144 с.
4. Колтынюк, Б.А. Инвестиционные проекты / Б.А. Колтынюк. – СПб.: Изд-во Михайлова В.А., 2000. – 422 с.
5. Мелкумов, Я.С. Инвестиции: учебное пособие / Я.С. Мелкумов. – М.: ИНФРА–М, 2003. – 254 с.
6. Методические рекомендации по оценке эффективности инвестиционных проектов и их отбору для финансирования: официальное издание /под общ. ред. А.Г. Шахназарова. – М.: Теринвест, 1994. – 80 с.
7. Методические рекомендации по оценке эффективности инвестиционных проектов (вторая редакция) / сост.: В.В. Косов, В.Н. Лившиц, А.Г. Шахназаров и др. – М.: Экономика, 2000. – 421 с.
Приложение
ТАБЛИЦЫ ФИНАНСОВЫХ КОЭФФИЦИЕНТОВ
Таблица 1
Коэффициент наращения F1(Е,t) = (1+ Е)t
E
|
|
|
|
|
t |
|
|
|
|
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
|
1% |
1,0100 |
1,0201 |
1,0303 |
1,0406 |
1,0510 |
1,0615 |
1,0721 |
1,0829 |
1,0937 |
1,1046 |
2% |
1,0200 |
1,0404 |
1,0612 |
1,0824 |
1,1041 |
1,1262 |
1,1487 |
1,1717 |
1,1951 |
1,2190 |
3% |
1,0300 |
1,0609 |
1,0927 |
1,1255 |
1,1593 |
1,1941 |
1,2299 |
1,2668 |
1,3048 |
1,3439 |
4% |
1,0400 |
1,0816 |
1,1249 |
1,1699 |
1,2167 |
1,2653 |
1,3159 |
1,3686 |
1,4233 |
1,4802 |
5% |
1,0500 |
1,1025 |
1,1576 |
1,2155 |
1,2763 |
1,3401 |
1,4071 |
1,4775 |
1,5513 |
1,6289 |
6% |
1,0600 |
1,1236 |
1,1910 |
1,2625 |
1,3382 |
1,4185 |
1,5036 |
1,5938 |
1,6895 |
1,7908 |
7% |
1,0700 |
1,1449 |
1,2250 |
1,3108 |
1,4026 |
1,5007 |
1,6058 |
1,7182 |
1,8385 |
1,9672 |
8% |
1,0800 |
1,1664 |
1,2597 |
1,3605 |
1,4693 |
1,5869 |
1,7138 |
1,8509 |
1,9990 |
2,1589 |
9% |
1,0900 |
1,1881 |
1,2950 |
1,4116 |
1,5386 |
1,6771 |
1,8280 |
1,9926 |
2,1719 |
2,3674 |
10% |
1,1000 |
1,2100 |
1,3310 |
1,4641 |
1,6105 |
1,7716 |
1,9487 |
2,1436 |
2,3579 |
2,5937 |
11% |
1,1100 |
1,2321 |
1,3676 |
1,5181 |
1,6851 |
1,8704 |
2,0762 |
2,3045 |
2,5580 |
2,8394 |
12% |
1,1200 |
1,2544 |
1,4049 |
1,5735 |
1,7623 |
1,9738 |
2,2107 |
2,4760 |
2,7731 |
3,1058 |
13% |
1,1300 |
1,2769 |
1,4429 |
1,6305 |
1,8424 |
2,0820 |
2,3526 |
2,6584 |
3,0040 |
3,3946 |
14% |
1,1400 |
1,2996 |
1,4815 |
1,6890 |
1,9254 |
2,1950 |
2,5023 |
2,8526 |
3,2519 |
3,7072 |
15% |
1,1500 |
1,3225 |
1,5209 |
1,7490 |
2,0114 |
2,3131 |
2,6600 |
3,0590 |
3,5179 |
4,0456 |
16% |
1,1600 |
1,3456 |
1,5609 |
1,8106 |
2,1003 |
2,4364 |
2,8262 |
3,2784 |
3,8030 |
4,4114 |
17% |
1,1700 |
1,3689 |
1,6016 |
1,8739 |
2,1924 |
2,5652 |
3,0012 |
3,5115 |
4,1084 |
4,8068 |
18% |
1,1800 |
1,3924 |
1,6430 |
1,9388 |
2,2878 |
2,6996 |
3,1855 |
3,7589 |
4,4355 |
5,2338 |
19% |
1,1900 |
1,4161 |
1,6852 |
2,0053 |
2,3864 |
2,8398 |
3,3793 |
4,0214 |
4,7854 |
5,6947 |
20% |
1,2000 |
1,4400 |
1,7280 |
2,0736 |
2,4883 |
2,9860 |
3,5832 |
4,2998 |
5,1598 |
6,1917 |
21% |
1,2100 |
1,4641 |
1,7716 |
2,1436 |
2,5937 |
3,1384 |
3,7975 |
4,5950 |
5,5599 |
6,7275 |
22% |
1,2200 |
1,4884 |
1,8158 |
2,2153 |
2,7027 |
3,2973 |
4,0227 |
4,9077 |
5,9874 |
7,3046 |
23% |
1,2300 |
1,5129 |
1,8609 |
2,2889 |
2,8153 |
3,4628 |
4,2593 |
5,2389 |
6,4439 |
7,9259 |
24% |
1,2400 |
1,5376 |
1,9066 |
2,3642 |
2,9316 |
3,6352 |
4,5077 |
5,5895 |
6,9310 |
8,5944 |
25% |
1,2500 |
1,5625 |
1,9531 |
2,4414 |
3,0518 |
3,8147 |
4,7684 |
5,9605 |
7,4506 |
9,3132 |
26% |
1,2600 |
1,5876 |
2,0004 |
2,5205 |
3,1758 |
4,0015 |
5,0419 |
6,3528 |
8,0045 |
10,0857 |
27% |
1,2700 |
1,6129 |
2,0484 |
2,6014 |
3,3038 |
4,1959 |
5,3288 |
6,7675 |
8,5948 |
10,9153 |
28% |
1,2800 |
1,6384 |
2,0972 |
2,6844 |
3,4360 |
4,3980 |
5,6295 |
7,2058 |
9,2234 |
11,8059 |
29% |
1,2900 |
1,6641 |
2,1467 |
2,7692 |
3,5723 |
4,6083 |
5,9447 |
7,6686 |
9,8925 |
12,7614 |
30% |
1,3000 |
1,6900 |
2,1970 |
2,8561 |
3,7129 |
4,8268 |
6,2749 |
8,1573 |
10,6045 |
13,7858 |
Таблица 2
Коэффициент дисконтирования F2(Е,t) = 1/(1+ Е)t
E
|
|
|
|
|
t |
|
|
|
|
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
|
1% |
0,9901 |
0,9803 |
0,9706 |
0,9610 |
0,9515 |
0,9420 |
0,9327 |
0,9235 |
0,9143 |
0,9053 |
2% |
0,9804 |
0,9612 |
0,9423 |
0,9238 |
0,9057 |
0,8880 |
0,8706 |
0,8535 |
0,8368 |
0,8203 |
3% |
0,9709 |
0,9426 |
0,9151 |
0,8885 |
0,8626 |
0,8375 |
0,8131 |
0,7894 |
0,7664 |
0,7441 |
4% |
0,9615 |
0,9246 |
0,8890 |
0,8548 |
0,8219 |
0,7903 |
0,7599 |
0,7307 |
0,7026 |
0,6756 |
5% |
0,9524 |
0,9070 |
0,8638 |
0,8227 |
0,7835 |
0,7462 |
0,7107 |
0,6768 |
0,6446 |
0,6139 |
6% |
0,9434 |
0,8900 |
0,8396 |
0,7921 |
0,7473 |
0,7050 |
0,6651 |
0,6274 |
0,5919 |
0,5584 |
7% |
0,9346 |
0,8734 |
0,8163 |
0,7629 |
0,7130 |
0,6663 |
0,6227 |
0,5820 |
0,5439 |
0,5083 |
8% |
0,9259 |
0,8573 |
0,7938 |
0,7350 |
0,6806 |
0,6302 |
0,5835 |
0,5403 |
0,5002 |
0,4632 |
9% |
0,9174 |
0,8417 |
0,7722 |
0,7084 |
0,6499 |
0,5963 |
0,5470 |
0,5019 |
0,4604 |
0,4224 |
10% |
0,9091 |
0,8264 |
0,7513 |
0,6830 |
0,6209 |
0,5645 |
0,5132 |
0,4665 |
0,4241 |
0,3855 |
11% |
0,9009 |
0,8116 |
0,7312 |
0,6587 |
0,5935 |
0,5346 |
0,4817 |
0,4339 |
0,3909 |
0,3522 |
12% |
0,8929 |
0,7972 |
0,7118 |
0,6355 |
0,5674 |
0,5066 |
0,4523 |
0,4039 |
0,3606 |
0,3220 |
13% |
0,8850 |
0,7831 |
0,6931 |
0,6133 |
0,5428 |
0,4803 |
0,4251 |
0,3762 |
0,3329 |
0,2946 |
14% |
0,8772 |
0,7695 |
0,6750 |
0,5921 |
0,5194 |
0,4556 |
0,3996 |
0,3506 |
0,3075 |
0,2697 |
15% |
0,8696 |
0,7561 |
0,6575 |
0,5718 |
0,4972 |
0,4323 |
0,3759 |
0,3269 |
0,2843 |
0,2472 |
16% |
0,8621 |
0,7432 |
0,6407 |
0,5523 |
0,4761 |
0,4104 |
0,3538 |
0,3050 |
0,2630 |
0,2267 |
17% |
0,8547 |
0,7305 |
0,6244 |
0,5337 |
0,4561 |
0,3898 |
0,3332 |
0,2848 |
0,2434 |
0,2080 |
18% |
0,8475 |
0,7182 |
0,6086 |
0,5158 |
0,4371 |
0,3704 |
0,3139 |
0,2660 |
0,2255 |
0,1911 |
19% |
0,8403 |
0,7062 |
0,5934 |
0,4987 |
0,4190 |
0,3521 |
0,2959 |
0,2487 |
0,2090 |
0,1756 |
20% |
0,8333 |
0,6944 |
0,5787 |
0,4823 |
0,4019 |
0,3349 |
0,2791 |
0,2326 |
0,1938 |
0,1615 |
21% |
0,8264 |
0,6830 |
0,5645 |
0,4665 |
0,3855 |
0,3186 |
0,2633 |
0,2176 |
0,1799 |
0,1486 |
22% |
0,8197 |
0,6719 |
0,5507 |
0,4514 |
0,3700 |
0,3033 |
0,2486 |
0,2038 |
0,1670 |
0,1369 |
23% |
0,8130 |
0,6610 |
0,5374 |
0,4369 |
0,3552 |
0,2888 |
0,2348 |
0,1909 |
0,1552 |
0,1262 |
24% |
0,8065 |
0,6504 |
0,5245 |
0,4230 |
0,3411 |
0,2751 |
0,2218 |
0,1789 |
0,1443 |
0,1164 |
25% |
0,8000 |
0,6400 |
0,5120 |
0,4096 |
0,3277 |
0,2621 |
0,2097 |
0,1678 |
0,1342 |
0,1074 |
26% |
0,7937 |
0,6299 |
0,4999 |
0,3968 |
0,3149 |
0,2499 |
0,1983 |
0,1574 |
0,1249 |
0,0992 |
27% |
0,7874 |
0,6200 |
0,4882 |
0,3844 |
0,3027 |
0,2383 |
0,1877 |
0,1478 |
0,1164 |
0,0916 |
28% |
0,7813 |
0,6104 |
0,4768 |
0,3725 |
0,2910 |
0,2274 |
0,1776 |
0,1388 |
0,1084 |
0,0847 |
29% |
0,7752 |
0,6009 |
0,4658 |
0,3611 |
0,2799 |
0,2170 |
0,1682 |
0,1304 |
0,1011 |
0,0784 |
30% |
0,7692 |
0,5917 |
0,4552 |
0,3501 |
0,2693 |
0,2072 |
0,1594 |
0,1226 |
0,0943 |
0,0725 |
Таблица 3
Конечная стоимость аннуитета F3(Е,t) = ((1+ Е)t -1)/E
E
|
|
|
|
|
t |
|
|
|
|
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
|
1% |
1,0000 |
2,0100 |
3,0301 |
4,0604 |
5,1010 |
6,1520 |
7,2135 |
8,2857 |
9,3685 |
10,4622 |
2% |
1,0000 |
2,0200 |
3,0604 |
4,1216 |
5,2040 |
6,3081 |
7,4343 |
8,5830 |
9,7546 |
10,9497 |
3% |
1,0000 |
2,0300 |
3,0909 |
4,1836 |
5,3091 |
6,4684 |
7,6625 |
8,8923 |
10,1591 |
11,4639 |
4% |
1,0000 |
2,0400 |
3,1216 |
4,2465 |
5,4163 |
6,6330 |
7,8983 |
9,2142 |
10,5828 |
12,0061 |
5% |
1,0000 |
2,0500 |
3,1525 |
4,3101 |
5,5256 |
6,8019 |
8,1420 |
9,5491 |
11,0266 |
12,5779 |
6% |
1,0000 |
2,0600 |
3,1836 |
4,3746 |
5,6371 |
6,9753 |
8,3938 |
9,8975 |
11,4913 |
13,1808 |
7% |
1,0000 |
2,0700 |
3,2149 |
4,4399 |
5,7507 |
7,1533 |
8,6540 |
10,2598 |
11,9780 |
13,8164 |
8% |
1,0000 |
2,0800 |
3,2464 |
4,5061 |
5,8666 |
7,3359 |
8,9228 |
10,6366 |
12,4876 |
14,4866 |
9% |
1,0000 |
2,0900 |
3,2781 |
4,5731 |
5,9847 |
7,5233 |
9,2004 |
11,0285 |
13,0210 |
15,1929 |
10% |
1,0000 |
2,1000 |
3,3100 |
4,6410 |
6,1051 |
7,7156 |
9,4872 |
11,4359 |
13,5795 |
15,9374 |
11% |
1,0000 |
2,1100 |
3,3421 |
4,7097 |
6,2278 |
7,9129 |
9,7833 |
11,8594 |
14,1640 |
16,7220 |
12% |
1,0000 |
2,1200 |
3,3744 |
4,7793 |
6,3528 |
8,1152 |
10,0890 |
12,2997 |
14,7757 |
17,5487 |
13% |
1,0000 |
2,1300 |
3,4069 |
4,8498 |
6,4803 |
8,3227 |
10,4047 |
12,7573 |
15,4157 |
18,4197 |
14% |
1,0000 |
2,1400 |
3,4396 |
4,9211 |
6,6101 |
8,5355 |
10,7305 |
13,2328 |
16,0853 |
19,3373 |
15% |
1,0000 |
2,1500 |
3,4725 |
4,9934 |
6,7424 |
8,7537 |
11,0668 |
13,7268 |
16,7858 |
20,3037 |
16% |
1,0000 |
2,1600 |
3,5056 |
5,0665 |
6,8771 |
8,9775 |
11,4139 |
14,2401 |
17,5185 |
21,3215 |
17% |
1,0000 |
2,1700 |
3,5389 |
5,1405 |
7,0144 |
9,2068 |
11,7720 |
14,7733 |
18,2847 |
22,3931 |
18% |
1,0000 |
2,1800 |
3,5724 |
5,2154 |
7,1542 |
9,4420 |
12,1415 |
15,3270 |
19,0859 |
23,5213 |
19% |
1,0000 |
2,1900 |
3,6061 |
5,2913 |
7,2966 |
9,6830 |
12,5227 |
15,9020 |
19,9234 |
24,7089 |
20% |
1,0000 |
2,2000 |
3,6400 |
5,3680 |
7,4416 |
9,9299 |
12,9159 |
16,4991 |
20,7989 |
25,9587 |
21% |
1,0000 |
2,2100 |
3,6741 |
5,4457 |
7,5892 |
10,1830 |
13,3214 |
17,1189 |
21,7139 |
27,2738 |
22% |
1,0000 |
2,2200 |
3,7084 |
5,5242 |
7,7396 |
10,4423 |
13,7396 |
17,7623 |
22,6700 |
28,6574 |
23% |
1,0000 |
2,2300 |
3,7429 |
5,6038 |
7,8926 |
10,7079 |
14,1708 |
18,4300 |
23,6690 |
30,1128 |
24% |
1,0000 |
2,2400 |
3,7776 |
5,6842 |
8,0484 |
10,9801 |
14,6153 |
19,1229 |
24,7125 |
31,6434 |
25% |
1,0000 |
2,2500 |
3,8125 |
5,7656 |
8,2070 |
11,2588 |
15,0735 |
19,8419 |
25,8023 |
33,2529 |
26% |
1,0000 |
2,2600 |
3,8476 |
5,8480 |
8,3684 |
11,5442 |
15,5458 |
20,5876 |
26,9404 |
34,9449 |
27% |
1,0000 |
2,2700 |
3,8829 |
5,9313 |
8,5327 |
11,8366 |
16,0324 |
21,3612 |
28,1287 |
36,7235 |
28% |
1,0000 |
2,2800 |
3,9184 |
6,0156 |
8,6999 |
12,1359 |
16,5339 |
22,1634 |
29,3692 |
38,5926 |
29% |
1,0000 |
2,2900 |
3,9541 |
6,1008 |
8,8700 |
12,4423 |
17,0506 |
22,9953 |
30,6639 |
40,5564 |
30% |
1,0000 |
2,3000 |
3,9900 |
6,1870 |
9,0431 |
12,7560 |
17,5828 |
23,8577 |
32,0150 |
42,6195 |
Таблица 4
Современная стоимость аннуитета F4(Е,t) = (1−(1+ Е)– t )/E
E
|
|
|
|
|
t |
|
|
|
|
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
|
1% |
0,9901 |
1,9704 |
2,9410 |
3,9020 |
4,8534 |
5,7955 |
6,7282 |
7,6517 |
8,5660 |
9,4713 |
2% |
0,9804 |
1,9416 |
2,8839 |
3,8077 |
4,7135 |
5,6014 |
6,4720 |
7,3255 |
8,1622 |
8,9826 |
3% |
0,9709 |
1,9135 |
2,8286 |
3,7171 |
4,5797 |
5,4172 |
6,2303 |
7,0197 |
7,7861 |
8,5302 |
4% |
0,9615 |
1,8861 |
2,7751 |
3,6299 |
4,4518 |
5,2421 |
6,0021 |
6,7327 |
7,4353 |
8,1109 |
5% |
0,9524 |
1,8594 |
2,7232 |
3,5460 |
4,3295 |
5,0757 |
5,7864 |
6,4632 |
7,1078 |
7,7217 |
6% |
0,9434 |
1,8334 |
2,6730 |
3,4651 |
4,2124 |
4,9173 |
5,5824 |
6,2098 |
6,8017 |
7,3601 |
7% |
0,9346 |
1,8080 |
2,6243 |
3,3872 |
4,1002 |
4,7665 |
5,3893 |
5,9713 |
6,5152 |
7,0236 |
8% |
0,9259 |
1,7833 |
2,5771 |
3,3121 |
3,9927 |
4,6229 |
5,2064 |
5,7466 |
6,2469 |
6,7101 |
9% |
0,9174 |
1,7591 |
2,5313 |
3,2397 |
3,8897 |
4,4859 |
5,0330 |
5,5348 |
5,9952 |
6,4177 |
10% |
0,9091 |
1,7355 |
2,4869 |
3,1699 |
3,7908 |
4,3553 |
4,8684 |
5,3349 |
5,7590 |
6,1446 |
11% |
0,9009 |
1,7125 |
2,4437 |
3,1024 |
3,6959 |
4,2305 |
4,7122 |
5,1461 |
5,5370 |
5,8892 |
12% |
0,8929 |
1,6901 |
2,4018 |
3,0373 |
3,6048 |
4,1114 |
4,5638 |
4,9676 |
5,3282 |
5,6502 |
13% |
0,8850 |
1,6681 |
2,3612 |
2,9745 |
3,5172 |
3,9975 |
4,4226 |
4,7988 |
5,1317 |
5,4262 |
14% |
0,8772 |
1,6467 |
2,3216 |
2,9137 |
3,4331 |
3,8887 |
4,2883 |
4,6389 |
4,9464 |
5,2161 |
15% |
0,8696 |
1,6257 |
2,2832 |
2,8550 |
3,3522 |
3,7845 |
4,1604 |
4,4873 |
4,7716 |
5,0188 |
16% |
0,8621 |
1,6052 |
2,2459 |
2,7982 |
3,2743 |
3,6847 |
4,0386 |
4,3436 |
4,6065 |
4,8332 |
17% |
0,8547 |
1,5852 |
2,2096 |
2,7432 |
3,1993 |
3,5892 |
3,9224 |
4,2072 |
4,4506 |
4,6586 |
18% |
0,8475 |
1,5656 |
2,1743 |
2,6901 |
3,1272 |
3,4976 |
3,8115 |
4,0776 |
4,3030 |
4,4941 |
19% |
0,8403 |
1,5465 |
2,1399 |
2,6386 |
3,0576 |
3,4098 |
3,7057 |
3,9544 |
4,1633 |
4,3389 |
20% |
0,8333 |
1,5278 |
2,1065 |
2,5887 |
2,9906 |
3,3255 |
3,6046 |
3,8372 |
4,0310 |
4,1925 |
21% |
0,8264 |
1,5095 |
2,0739 |
2,5404 |
2,9260 |
3,2446 |
3,5079 |
3,7256 |
3,9054 |
4,0541 |
22% |
0,8197 |
1,4915 |
2,0422 |
2,4936 |
2,8636 |
3,1669 |
3,4155 |
3,6193 |
3,7863 |
3,9232 |
23% |
0,8130 |
1,4740 |
2,0114 |
2,4483 |
2,8035 |
3,0923 |
3,3270 |
3,5179 |
3,6731 |
3,7993 |
24% |
0,8065 |
1,4568 |
1,9813 |
2,4043 |
2,7454 |
3,0205 |
3,2423 |
3,4212 |
3,5655 |
3,6819 |
25% |
0,8000 |
1,4400 |
1,9520 |
2,3616 |
2,6893 |
2,9514 |
3,1611 |
3,3289 |
3,4631 |
3,5705 |
26% |
0,7937 |
1,4235 |
1,9234 |
2,3202 |
2,6351 |
2,8850 |
3,0833 |
3,2407 |
3,3657 |
3,4648 |
27% |
0,7874 |
1,4074 |
1,8956 |
2,2800 |
2,5827 |
2,8210 |
3,0087 |
3,1564 |
3,2728 |
3,3644 |
28% |
0,7813 |
1,3916 |
1,8684 |
2,2410 |
2,5320 |
2,7594 |
2,9370 |
3,0758 |
3,1842 |
3,2689 |
29% |
0,7752 |
1,3761 |
1,8420 |
2,2031 |
2,4830 |
2,7000 |
2,8682 |
2,9986 |
3,0997 |
3,1781 |
30% |
0,7692 |
1,3609 |
1,8161 |
2,1662 |
2,4356 |
2,6427 |
2,8021 |
2,9247 |
3,0190 |
3,0915 |
Таблица 5
Регулярный взнос на накопление фонда F5(Е,t) = E /((1+ Е)t –1)
Таблица 6
Регулярный взнос на погашение долга F6(Е,t) = E /(1– (1+ Е) – t )
