$ 6.7.
! " %-% -%F% %-% *% % + %-% * % +
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9 !
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& # ! #, . . 6.8.
! -%F% ; *% % %-% * % + |
$ 6.8. |
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8 ! . 9 # - ! ! , , -, ! - !# .
9 , , - " , . 6.4.
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' . 6.4. 9
4 # " !, , ( ) -, % ! , ( ! !, :
! # $& ! (;;);
# " ! ( RR).
4 " ! , % !# :
% # + $ (NPV);
# + ! (PI);
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! # $& ! (DP;).
4 !# ! .
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1. 0 (Payback Period – P*).
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PP – ; IC – ;
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265
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% :
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4 !# - ! # , ! # , - # " ! # .
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2. 0 ( ' ) -(Simple Rate of Return – SRR) ' -(Accounting Rate of Return – ARR).
8 ( ! ) !(SRR) ! , !, " -( ! !). 5 ,# ! ,! " . 9 # -! ! ( " )! , " % -! # .
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CFi – # , % - ( ), (i = 1, ..., n). ! (* ) ! -
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9. ) # 1 P, . 6.10. 7 # -ARR, % ! , ! .
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6.10. |
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( . .) |
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0 |
1 |
2 |
3 |
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4 |
1 |
-1000 |
450 |
500 |
300 |
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100 |
P |
-1200 |
150 |
300 |
450 |
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600 |
' # :
1.! !:1 1000 : 4 = 250 . .
P 1200 : 4 = 300 . .
2.8 ! :
1: ' = (450 +500 +300 + 100) /4 – 250 = 87,5 . .;P: ' = (150 +300 +450 + 600) /4 – 300 = 75 . .;
3. 8 ! :1: * = (1000 + 0): 2 = 500.P: * = (1200 + 0): 2 = 600.
4.8 ARR:
1: ARR1 = (87,5 : 500) · 100 % = 17,5 %;
P: ARRP = (75 : 600) · 100 % = 12,5 %;
6 , 1 ! # .
) -, ’, . . 6.11.
$ 6.11.
- "%! & % + # '%" ! * % %7 %$! % %7 % ' "%; " % %-% * % +
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# – -! ! (CAPM – Capital Asset Pricing Model);
# – !
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& , , %! ! , !
