02-09-2014_16-40-43 / 2013 Пакеты прикладных программ
.pdf3$cpeKTHBHaH npou;eHTHaH CTaBKa i H HOMHHa.JlbHaH npou;eHTHaH cTaBKa j npH HapameHHH CYMMbI no CJIO)l{HOH ro.uoBoH: CTaBKe m pa3 B ro.uy COOTBeTCTBeHHO onpe.ueJIHIOTCH no <l>OPMYJiaM
i = ~S/P-1; |
(12.33) |
j = m~S/P-1. |
(12.34) |
.[(HCKOHTHPOBaHHe no CJIO)l(HOH yqeTHOH CTaBKe d H HOMHHa.JlbcooTBeTCTBeHHO onpe.ueJIHeTCH no cpopMYJiaM
(12.35)
(12.36)
MO,Zl,eJIB DOTOKOB DJiaTelK:ei B tBBaeCOBYX peHT
llomoK - 3TO nocne.uoBaTeJihHOCTh TIJiaTexeH: onpe.ueneHHoro HarrpaBJieHHH. IloJio)J(HTeJibHbie TIJiare)J(H 03HaqaJOT rrocTYTIJieHHe .ueHer, OTPHU:aTeJibHbie - BbITIJiazy .ueHer. IlOTOK COCTOHT H3 OT,UeJibHbIX 't/le-
H06 nomoKa.
noTOKH TIJiaTe)l{eH KJiaccHcpHu;HpYJOTCH no pa3JIHqHhIM rrpH3HaKaM.
no nepHO,UlfqHOCTH IlpOTeKaHHH IIOTOKH ,UeJIHTCH Ha pe2yARpHble H
Hepe2yJ1Rp1tble.
noTOK, BCe qneHbl KOToporo nOJIO)J(HTeJibHbl H nOCTYfialOT qepe3 O.UHHaKOBbie HHTepBa.Jibl BpeMeHH, Ha3bIBaeTCH </JUHOHC060U peHmou,
HJIH aHHyumemoM. PettTa xapaKTepH3yeTcH: qneHOM peHThI (pa3MepoM OT,UeJibHOfO TIJiaTe)l{a); nepHO.UOM (HHTepBa.JIOM BpeMeHH Me)l()zy .UBYMH CMe)l{HblMH TIJiaTe)l{aMH); cpoKOM H npou;eHTHOH CTaBKOH.
no qlfCJIY BbITIJiaT qneHa peHTbl B TeqeHHe ro,na pa3JIHqaJOT peHTbl rooo6ble H p-cpoqHbie (p pa3 B ro.u).
no muny KOnUmlJ./lU30U,UU npOUeHTOB pa3JIHqaJOT peHTbl C e)l{efO,U- HblM HaqHcJieHHeM; HaqHCJieHHeM m pa3 B ro.u H HenpepblBHbIM HaqJfCJieHHeM. npH 3TOM MOMeHT HaqHcJieHHH npou;eHTOB MO)l{eT He coBIIa,UaTb c MOMeHTOM BbITIJiaTbl no peHTe.
no BeJIJfqHHe qneHOB peHTbl pa3JIHqalOT nocmORHHbte H nepeMeHHbte peHTbl.
no Ha,Ue)l{HOCTH BbITIJiaT peHTbl .ueJIHTCH Ha 6epHble H YC!l06Hble. no KOJIHqecTBY qneHOB pa3JIHqaJOT peHTbl C KOHe'tHblM 'IUCJlOM 't/le-
H06, orpaHHqeHHbie no cpoKaM, H BeqHbie peHTbl, c 6eCKOHe'tHblM
'IUCJlOM 't/leH06.
no CpOKaM Haqa.rra ,UeHCTBHH peHTbI H HaCTYIIJieHHH KaKOfO-JIH60 co6bITHH pa3JIHqaIOT HeMeOJleHHble H OmflOJICeHHble peHTbl.
150
BbITIJiaTa ITO peHTe MO)l{eT ocymeCTBJUIThCH B KOHI.l,e TIJiaTe)l{HOfO nep1m.n;a (nocmHyMepaHoo), a TaK)l{e B HaqaJie HJUf cepe.n;irne ITepirn.n;a
(npeHyMepaHOO).
AHaJIH3 ITOTOKa rniaTe)l{eH ITpe.n;IToJiaraeT pacqeT Hapall.l,eHHOH cyMMhl Bcex qneHOB ITOTOKa c HaqHcJieHHhIMH Ha HHX K KOHI.1,Y cpoKa ITpOI.1,eHTaMH H Ol.l,eHKY COBpeMeHHOH CTOHMOCTH ITOTOKa ITJiaTe- )f(eH Bcex qJieHOB ITOTOKa, )l;HCKOHTHPOBaHHhlX Ha HaqaJio cpoKa
peHThl.
KoHKpeTHhIH CMhICJI 3THX xapaKTepHCTHK oITpe.n;eAAeTCH co.n;ep)l(a-
HHeM qneHOB peHThl HJIH HX ITPOHCXO)l{)l;eHHeM.
Hapall.l,eHHaH CYMMa MO)l{eT ITpe.n;cTaBJUITh co6oH: o6IIzyIO CYMMY HaKOTIJieHHOH 3a)l;OJI)KeHHOCTH K KOHl.l,y cpoKa, HTOfOBhIH o6'beMHH-
BeCTHI.l,HH, HaKOTIJieHHhIH .n;eHe)l(HbIH pe3epB HT.)];.
CoepeMeHHaH CTOHMOCTh ITpoeKTa BKJIIOqaeT B ce6H: ITPHBe.n;eHHhie K Haqany ocymeCTBJieHHH ITpOeKTa 3aTPaThl, KaITHTaJIH3HpOBaHHhIH .n;oxo.n;, HJIH qHCTYIO ITPHBe.n;eHHYIO rrpH6hIJib OT pea.TIH3al.l,HH
ITpoeKTa, H T • .n;.
B o6w;eM ~ae, Kor.n;a p51)]; IIJiare)l(eit R, BhlIIJia'IHBaeTCHcrrycTH BpeMH n, IIOCJie HeKOTOporo HaqaJihHOro MOMeHTa epeMeHH rrpH 06Il.l,eM cpoKe BhlTIJiaT n JieT'Hapall.l,eHHaH CYMMa IIOTOKa IIJiaTe)l{eit Ha
KOHel.I, 3TOro cpoKa
s =I. Rt (1 + ;r-ni. |
(12.37) |
t |
|
,[(aHHaH <PopMyna ITpe.n;IToJiaraeT, qTo ITpoueHThI HaqHcAAIOTCH pa3 B fO)l. ITO CJIO)l{HOH CTaBKe i.
CoepeMeHHaH CTOHMOCTh TaKoro ITOTOKa TIJiaTe)l{eH
A-~ |
Rt |
(12.38) |
f |
(l+i)"' |
|
PaccMOTPHM MeTO.ll.hI pacqeTa peHTHhIX TIJiaTe)l{eH. |
|
|
Hapall.l,eHHaH CYMMa ITOCTOHHHOH peHThI ITOCTHyMepaH)l.o |
|
|
S=R (1 + ir -1 . |
(12.39) |
|
|
i |
|
CoepeMeHHaH CTOHMOCTh TIOCTOHHHOH peHThl TIOCTffYMepaH)l.O
(12.40)
<l>OPMYJia )l.JIH pacqeTa Hapall.l,eHHOH CYMMbl TIOCTOHHHOH peHThl ITpeffYMepaH)l.o HMeeT BH.ll.
151
12.5. AHan1113 AaHHblX 111 Bb16op onTMManbHoro eap111aHTa peweHM.R c 111cnonb30BaHMeM Ta6n111~ nOACTaHOBKM
Ta6Jnu1,hr rro.n:cTaHOBKH B CHCTeMe Excel rrpHMeIDIIOT ,LJ,llil aHaJIH3a ,LJ,aHHhIX rrpH BhI6ope OIITHMaJihHOfO BapHaHTa qrnHaHCOBOfO pernemrn.
TeXHOJIOfHIO IIOCTpOeHIDI H HCIIOJih30BaHIDI Ta6JIHll IIO,LJ,CTaHOBKH paCCMOTpHM Ha rrpHMepe qrnHaHCOBOfO aHaJIH3a HHBeCTHllHM, BKJIIOqaiomero B cefo1 cJieJJYIOmHe c]:>11HaHCOBhie orrepa111111:
•pacqeThI no Kpe,LJ,HTaM 11 3a:HMaM;
•orrpe.n:eneHHe CKOPOCTH o6opoTa HHBeCTHllHM;
•011eHicy HHBeCTHllHM.
B .n:aHHOM pa3,LJ,eJie rroKa3aHO rrp11MeHeH11e <l>YHKIIHM Excel, 11crroJih3YJOIUHX 6a30Bhle Mo,LJ,eJIH c]:>11HaHCOBhIX orrepa1111:H. TaK KaK rrp11 H3JIO)KeHHH MaTep11ana HCIIOJih3YJOTCH TepMHHhl CHCTeMhl Excel, Ka)K- ,LJ,aH <l>YHKIIIDI corrpOBO)K)J;aeTCH CChillKOM Ha COOTBeTCTBYJOIUYIO c]:>op-
MYJIY KJiaCCJ1qeCKo:H MO,LJ,eJIH c]:>11HaHcoBoii orrepa111111.
B Ta6JI. 12.1 rrpHBe,LJ,eHhI .n:aHHhie, Heo6xo,LJ,HMhie ,LJ,llil cornacoBaHIDI o603HaqeHHii OCHOBHhIX 3JieMeHTOB c]:>HHaHCOBhIX orrepa1111ii B KJiacCJ1qeCKHX 6a30BhIX MO,LJ,eJIHX H rraKeTe rrporpaMM Excel.
Ta61rnu:a 12.1
CooTBeTCTBHe 3JieMeHTOB KJiaccll'lecKHXct>uuaucoBblX onepaQHii H cl>YHKnHii Excel
060JHaqem1e |
<l>yHICU:ID! |
OrmcaHtte 3JieMeH'Ia |
Ha3Haqe1U1e Excel |
|
3JieMeHm |
Excel |
|||
|
|
|||
s |
fv |
Haparn,ettttrui: C}'MMa |
Ey,a:ym,rui: CTOHMOCTh |
|
|
|
,a:onra B Komi:e cpoKa |
e,a:HHOH C}'MMhlHJIH |
|
|
|
(3aHMa) |
IIOTOKa IIJiaTe)l(:eH |
|
p |
pv |
IlepBOHa'laJibHaH |
TeKYill,ruI cTOHMOCTh |
|
|
|
CYMMa .a:onra (3aHMa) |
e,a:HHOH C}'MMhlHJIH |
|
|
|
|
IIOTOKa IIJiaTe)l(:eH |
|
R |
pmt |
CyM:Ma qacTWittoro rre- |
<l>HKCHpOBaHHruI rre- |
|
|
|
pMOJJ:H'leCKOroIIJiaTe)l(:a |
pMOJJ:H'leCKaHC}'MMa |
|
|
|
|
IIJiare)l(:a |
i |
r |
Ilpou;eHTHrui: CTilBKa, |
Ilpou;eHTHrui: CTilBKa 3a |
HOpMa rrpou;eHTil |
o,a:HH rrepwo.a: BbIIIJiaT |
n |
n |
CpoK ccy,a:h1 HJIH '!Meno 06rn,ee 'IHCJIO |
|
|
|
rrepwo,a:oB BhIIIJiaT |
rrepHOJJ:OB BbIIIJiaT |
A |
pv |
CoBpeMettttrui: crow- |
TeKYill,ruI CTOHMOCTh |
|
|
MOCTh IIOCTOHHHOH peH- |
e,a:HHOH C}'MMhlHJIH |
|
|
Thi (rrocTffYMepatt.a:o) |
IIOTOKa IIJiaTe)l(:eH |
w
NPV |
qHCThIH .a:oxo.a:, rrpHBe- |
qHCTruI TeKYill,ruI CTOH- |
|
,a:eHHbIH K Ha'laJibHOMY MOCTh rrepHOJJ:H'leCKHX |
|
|
rrepwo,a:y BbIIIJiaT 3aHMa |
IIJiare)l(:eH |
158
|
|
|
0KOH'tllHUe ma6!1. 12.1 |
|
06o3Haqem1e |
<l>YHKUIDI |
On.Hcatt.He 3JieMeH1a |
Ha3HaqeHll:e Excel |
|
3JieMeHra |
Excel |
|||
|
|
|||
R; |
value; |
Pa:3Mep ITepBoro 'DleHa |
3Haqemrn BhIIIJiaThI |
|
|
|
ITOTOKa IIJiaTe)l(eH |
HJIH ITOC1)'IIJieHIDI |
|
i), i2, .. ., ik |
CraBKa 1, |
IlepeMeHHM |
IIepeMeHHM |
|
|
CTIIBKa 2, .. ., |
ITpoueHTHaSI CTilBKa |
ITpoueHTHM CTilBKa |
|
|
CTaBKa N |
|
|
j |
j |
HoMHHaJihHM |
HoMHHaJihHM |
ITpoueHTHM CTilBKa |
ITpoueHTHM craBKa |
m |
m |
qHCJIO ITepHO,ll;OB Haqu- |
qHCJIO ITepHO,ll;OB Haqu- |
c11eHIDI ITpoueHTOB |
c11eHIDI ITpoueHTOB |
Ta611uua 12.2
OOBcaBBe apryMeBTOB tlJaeaecoBhlX 4Jyinautii Excel,
HCDOJlh3YJOontX 6830BWe MO)J.e.Jlll
63
6c
ApryMeHT |
On.HcaH.He apryMeHra |
BynymM CTOHMOCTh QnfKCMpOBaHHblX ITepHO,ll;WieCKHX BblIIJlaT HJIH e,ll;HHOH CYMMH; 6aJiaHC HaJIH'IHOCTH, KOTOpblH ,ll;OCTHraeTCSI ITOCJie ITOCJie,ll;HeH BblIIJiaThI, ITO YMOJiqaHHIO paBHbIH 0 (HaITpHMep, 6y,1J;ymM CTOHMOCTh)
BhIIIJiara
naraO; naral; ... ; naraN
KITep
qucJIO_ ITepHO,ll;OB
KOJI_ITep
H3
TC
CTilBKa
HOpMa
CYMMaO; CYMMal; •.. ; CYMMaN
3HaqeHIDI
THIT
<l>HKCHpOBaHHM ITepHO,ll;H'IeCKMBbIIIJiara
)l;aTu1 oITepauuil: c HaJIH'IHhIMH
06mee quc110 ITepuonoB BbIIIJiaT
HaqaJihHoe 3HaqeHue (reKymM CTOHMOCTh) BKJia,ll;a HJIM 3aHMa
IlpoueHTHaH CTaBKa 3a ITepMon; HOpMa ,ll;MCKOHTH-
pOBaHIDI
3HaqeHIDI BhlIIJiaT M ITOCTYIIJieHMH
qMCJIO 0 HJIM 1, o603HaqaJOIUee ITepMO,ll; ITpOM3BO,!J;CTBa BbIIIJiaThI (1 - B HaqaJie ITepMona IIJiaTe)l(eH, 0 - B KOHUe), ITO YMOJiqaHHIO paBHOe 0
ITpenIToJio)l(eHHe |
IlpenIToJiaraeMoe 3HaqeHHe ITpoueHTHOH craBKM, |
ITpenIT |
ITO YMOJiqaHHIO paBHoe 0, 1 |
|
|
nporHo3 |
|
159
