Международные финансы
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– 21 –
TA TL C
TA –
TL – ,
C –
C TA TL NW
NW –
RE0 UDP1 RE1
RE – ( )
UDP – ( )
NCF UDP Am
NCF –
Am –
NW0 NCF1 NW1
1950- .
– « » ( ), ( ) ,
, . 1950- NW –
; NCF – :
NCF NW1 NW0 NW
, (CF).
(DCF), (NPV),
3 CF:
NW0 NPV0 PV0 DCF a PV0 n NCFt a t 1 (1 i)t
i – ( ), i = MRRR = MCOC
NPV :
F |
n |
NCOFt a |
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NPV0 |
F0 |
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(1 i) |
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t 1 |
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NPV :
NPV0I I0 n NCIFtta t 1 (1 i)
– 22 –
–
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( , ) .
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– 23 –
:
(if)
(ea)
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R |
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F0(f) = $100, SR0 |
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25, F0(h) = R2500, if = 20%, ih = 50%, SRa |
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30 |
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$ |
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– $120* |
30 = R3600 |
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$ |
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, , 44%: |
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ei f |
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FV h PV h |
PV f |
(1 i f ) * SRa PV f * SR |
$100* (1 0,2) *30 $100* 25 |
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0,44 |
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PV h |
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$100 * 25 |
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STF |
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PV f * SR |
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:
eiSTFf (1 i f ) (1 ea ) 1
ea – ( )
, :
eiSTFf i f ea
:
eiSTFh (1 ih ) (1 eh ) 1 ih
– , :
ih ei f
( .
, ERP), , :
ih (1 i f ) (1 e f ) 1 ERP
ih (50%) > eif (44%) => , ERP 6%.
, :
(« » ),
(« » ),
(« » )
( ,
), ( ).
eiSTFf (1 i f ) (1 f ) 1
. : . – .: 2003 .