02-09-2014_16-40-43 / 2013 Пакеты прикладных программ

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Puc. 12.10. CxeMa o6opOTa HHBecnn.i;uu

Pe III e H He. IIycTL H'IeihrnAl : AS co.nepxaT 3HaqeHIDI -500, 50, 100, 300, 200. BttyTpeHIUUI cKopoCTb o6opOTa HHBeCTHU:HH orrpe.neIDieTcH cne.nyIOI.UHM o6pa3oM: BH,IJ;OX(Al :AS)= 9,25 %, qTO MeHbIIIe, qeM pbIHoqHaH HOpMa, T. e. rrpoeKT .D;OJl)l{eH 6bITh orneprnyr. fpa<t>uqecKaH HHTeprrpeTaU:IDI

.n;aHHOH 3a,naqu rrpe,ncTaBJieHa Ha puc. 12.10.

3aiJa'la. 0)1{H.!l;aeMLie .noxo.n;hI no rrpoeKTY B TeqeHHe rrocJie.nyIOmHX qeTbIpex JieT COOTBeTCTBeHHO 50 000, 100 000, 300 000 H 200 000 p. Orrpe,neJIHTh, KaKHM .!l;OJl)l{Hbl 6bITb rrepBOHaqaJibHhie 3aTpaThl, qTo6hI o6ecrreqHTh CKOpOCTb o6opOTa 10 %.

Pe III e Hue. TaK KaK B Excel OTCYTCTByeT cooTBeTCTBYJOI.UaH <t>uHaHCOBaH <l>YHKUIDI, .D;IDI peIIIeHIDI 3a,naqu ucrroJih3yeM arrrrapaT rro.n6opa rrapaMeTpa, Bhl3hIBaeMbIH KOMaH.D;OH MeHIO Cep6UC, IloiJ6op napaMempa.

IlycTL H'IeHKHA2: A5 co.nepxaT 3HaqeHIDI 50 000, 100 000, 300 000, 200 000. IloMecTHM B H'IeHKYAl rrpe.nrronaraeMoe 3HaqeHHe JaTpaT -300 000. B .!l'IeHKY Bl sse.n;eM <t>YHKUHIO =BH,IJ;OX(Al:A5). YcTaHOBHB Kypcop B .!l'IeHKYBl, BhI6epeM B MeHIO Excel KOMatt.ny Cep6uc, IloiJ6op napaMempa u 3aIIOJIHHM rroHBHBIIIeecH .nuanoroBoe oKHo. B pe3yJibTaTe s gqeifKe Al rronyquM 3HaqeHHe 3aTpaT no rrpoeKTY: Al = 489 339 p.

~ qffCTBH,LJ:OX. 3Ta cPYHKUIDI o6ecrreqHBaeT Bbl'IHCJieHHe BHYfPeHHe:U CKOPOCTH o6opoTa ,llJUI pH,!1;a Heperymi:pHbIX IIOCT}'IIJieHHH H BhIIIJiaT rrepeMeHHo:U BeJiffqHHhI. Bhl'IHCJieHIDIrrpoH3BO,UHTCH no cJ;>opM)'Jie

r.n;e n - qffCJIO BbIIIJiaT H IIOCTYIIJieHH:U; d; - .n;aTa i-ii onepan;HH; do -

.n;arn lfYJieBo:U orrepau;HH (HaqanhHaH ,n;aTa); value; - CYMMa i-:U orrepa- U:HH; R - BHYfPeHHHH cKopocTh o6opOTa.

CHHTaKcHc q11cTBH,ll:OX({cYMMaO;cYMMal;...;cYMMaN},{.n;arnl;.n;a- Ta2; ...;.n;aTaN},npe.n;rr).

MeTo,n; BhNHCJieHIDI no 3TOH cPYHKUHH TOT xe, qro H no cPYHKUHH

BH,UOX.

180

<l>yHKI.J;HH q11cTBH,llOX H q11cTH3 B3aHMOCBR3aHbl: T.e. ,ll)IR O.UHHaKOBbIX 3Ha'leHHH IIOCTYIIJieHHH (BbIIIJiaT) H .uaT q11cTH3 (qlfCTBH,n:OX(...), ...) =0.

3aiJtl'la. PaccMOTPHM rrpHMep HCIIOJib30BaHHR <t>y1uai;HH ql1CTH3. IlycTb Heo6XO,ll;HMO orrpe.neJIHTb, rrpH KaKHX pbIHOqHbIX ycJIOBHRX rrpoeKT 6y.neT 3KOHOMH'leCKHu;e11ecoo6paJeH.

Pe III e H He. PaccqHTaeM BffYTPeHHIOIO cKopocTb o6opOTa. CTaBira .noxo.na, COOTBeTCTBYIOIUruJ. ttyJieBOH NPV, COCTaBHT ql1CTBH.[(OX(A2:E2,Al:El) =

=37,49 %, T. e. rrpoeKT HMeeT CMbICJI, eCJIH pbrnoqHrui. HOpMa .noxo.na MeHbllle

37.49%.

Cl>yuKmm MBC)J;. 3Ta <l>YHKI.J;HR B03BpamaeT Mo,umpHI]Hpoaamzyro BHYfPeHHIOIO CKOpOCTb o6opoTa cpe.ucm Jl:JIR pR,ua nepeMeHHbIX nepH- 0,UH'leCKHX IIOCTYIIJleHHHH BbIIIJiaT. IlpH 3TOM yqHTbIBaIOT CTOHMOCTb HHBeCTHl]HH H .uoxo.u, IIOJiyqaeMblH OT peHHBeCTHpOBaHHR. <l>OPMYJia JJ:JIR Bbl'IHCJieHHR<l>YHKI.J;HH MBC,ll HMeeT BHJJ:

Hbie 3Ha'leHHR(IIOCTYIIJleHHR); value'{'- OTpHl]aTeJibHbie 3Ha'leHHR (BbIIIJiaTbl); r - HOpMa npH6bIJIH, BbIIIJia'IHBaeMOH3a .ueHbrH, HaxoMIIJ;HeCR B o6opoTe; f - HopMa npH6bIJIH, noJiyqaeMoH: 3a ,ueHbrH B o6opore npH peHHBeCTHpoaaHHH.

CHHTaKcHc MBC,ll (3Ha11eHHR;qmHaHCOBaR_ HopMa;peHHBecT_HopMa).

ApryMeHT <l>YHKI.J;HH .UOJDKeH co.uepxaTb 110 KpaH:HeH Mepe O.UHO IIOJIO:xrn:TeJibHOe H O,UHO OTpHl]aTeJibHOe 3Ha'leHHeJl:JIR Toro, 11T06bI MO)l(HO 6bIJIO Bbl'IHCJIHTbMO.UH<l>HllHPOBaHHYJO BHYfPeHHIOIO CKOpOCTb o6opoTa. B npoTHBHOM cJiyqae <l>YHKllHR MBC,ll B03BpamaeT 3Ha11eHHe oum6KH #,llEJI/O!.

3aiJa'ta. Ccy.na B paJMepe 1 MJIP.ll: p., B3HTruJ. rro.n 10 % ro.noBbIX ,ll;JIH <l>H- HaHcHpoBaHHR rrpoeKTa Ha IIHTb JieT, rrpHHeCJia rrpH6bmb COOTBeTCTBeHHO 100, 270, 450, 340 H 300 MJIH p. 3TH .neHbrH 6bmH peHHBeCTHPOBaHbl rro.n 12 % ro.noBbIX. HaH:TH MO.ll:H<l>Hu;HpoBaHHYIO BttyTpeHHIOIO cKopocTb o6oporn HHBeCTHIJ;HH.

Pewenue. IIycTb Ha pafioqeM JIHCTe 3aeM BBe.neH KaK -1000 B HqeH:KY B 1, a B H'leHKHB2: B6 BBe.neHbI 3HaqeHHR npH6blJIH 3a KIDK,Ll;bIH ro.n. Tor.na MO,ll;H- <l>Hu;HpoBaHHYIO BttyTpeHHIOIO CKOpOCTb o6opoTa 3a IIHTb JieT MOXHO HaHTH no cJie.nYIOmeH: <t>opMyJie:

MBC.[((Bl:B6;10%;12%) = 12,25 %.

181

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182

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189