NPV - abin da yake da shi? NPV: dabara. NPV na zuba jari aikin

Tasiri zuba jari matakai taka muhimmiyar rawa a bunkasa tattalin arziki, inganta ta gasa. Matsalar yin su tsauri da kuma wadanda ba madadin harafin ne sosai dacewa ga zamani Rasha. Da taimakon su samu wani sabon matakin na hanyar samar, kara da girma, ci gaban m fasahar.

ko zuba jari theme ne ainihin for Rasha? Zai yiwu amsar wannan tambaya shi ne da bayanai na Rosstat for 2013 show cewa shekara-shekara kwarara daga kasashen waje zuba jari a cikin tattalin arzikin kasar, idan aka kwatanta da shekara ta gabata, ya karu da 40%. A general, da tara waje babban birnin kasar a cikin Rasha tattalin arzikin a karshen bara amounted zuwa 384,1 dalar Amurka biliyan. Mafi yawa daga cikin zuba jari (38%) ne a cikin masana'antu. 18% na girma zuba jari a cikin harkokin ciniki da kuma gyare-gyare, kusan kamar yadda da yawa (17%) - a karafa masana'antu.

Bisa kididdigar da, tun 2012, tattalin arziki manazarta sun ƙaddara cewa Rasha mukamansu shida a duniya cikin sharuddan da zuba jari kyawawa kuma ne ma wani shugaban a cikin CIS kasashe a kan wannan nuna alama. Har ila yau, a shekarar 2012, kasashen waje kai tsaye zuba jari a cikin Rasha kasuwar rufe 128 manyan abubuwa. A muhimmancin aiwatar ne, bayyananne. Tuni a shekarar 2013, bisa ga Rosstat, kawai ƙara da kai tsaye waje zuba jari a cikin Rasha tattalin arzikin ya karu da 10.1% da kuma kai adadin $ 170,18 biliyan.

Babu shakka cewa duk wadannan zuba jari suna sanya basira. Mai saka jari a gaba, kafin zuba jari da kudi, ba shakka, tantance kyawawa na aikin kudi ne, financially, a zahiri da kuma harkar more rayuwa.

zuba jari kyawawa

A bisa kididdigar ne da kuma "fasaha" gefe. Wannan tsari ne warai kẽwaye da sanannun manufa cewa awo dole ne na farko zama sau bakwai. Jigon zuba jari kyawawa a matsayin tattalin arziki category aka qaddara ta zuba jari kai tsaye amfanin kafin zuba jari ta birnin kasar a wani takamaiman kamfanin ko aikin. Lokacin da zuba jari, da biyan hankali ga solvency da kuma kudi da kwanciyar hankali na kamfanin a duk matakai na raya kasa da suka zuba jari a cikin kudi. Saboda haka, tsarin da zuba jari da kanta, kazalika da ta gudana ya kamata, bi da bi, gyara.

Wannan za a iya cimma idan kamfanin yin irin zuba jari kudi, tsare daukawa fitar da dabarun gudanarwa da zuba jari a kamfanin. A karshen ne:

• sober bincike na dogon lokaci a raga na ta ci gaba;
• siffata su da isassun jari siyasa.
• aiwatar da ta yarda da ake buƙata iko a wani m darajar gyara correlative da kasuwar yanayi.

Karatu baya girma na zuba jari aiki dagaji fifiko la'akari da yiwuwar rage aiki ta halin kaka, da kara fasaha matakin na samar.

A samuwar da dabarun dole a dauki la'akari da doka da yanayi domin ta aiwatar, domin tantance matakin da cin hanci da rashawa a cikin tattalin arzikin kashi, sanya yanayin hasashen.

zuba jari kyawawa Evaluation Hanyar

Sun kasu kashi a tsaye da kuma tsauri. Lokacin amfani canzawa hanyoyin za a iya Sauki - kudin babban birnin kasar ne m kan lokaci. Aiwatarwa aka ƙaddara tsaye zuba jari payback lokacin da coefficient na yadda ya dace. Duk da haka, irin wannan ilimi yi ne na kadan amfani a yi.

A hakikanin tattalin arzikin tantance da zuba jari ƙara yin amfani da tsauri yi. Taken wannan labarin zai zama daya daga cikinsu - cikin net ba darajar (NPV, kuma aka sani da RR). Ya kamata a lura da cewa a cikin Bugu da kari shi yana amfani da tsauri sigogi kamar:

• ciki kudi na sama (IRR).
• zuba jari riba (PI).
• rangwame payback lokaci na zuba jari (DPP).

Duk da haka, a cikin muka ambata a sama Manuniya, a yi, a tsakiyar wurin zauna ga net ba darajar. Zai yiwu dalilin ne cewa wannan wani zaɓi ba ka damar da lãbãri a hanyar da sakamako - zuba jari da Naira Miliyan Xari da tsabar kudi gudana generated da su. Encased a ciki feedback ya kai ga cewa misali zuba jari sharudda ana riskarsa NPV. Wannan adadi har yanzu underestimates? Wadannan tambayoyi da za a tattauna a cikin labarin da.

Da muhimman hakkokin dabara domin kayyade NPV

Net yanzu darajar ake magana a kai a matsayin rangwame tsabar kudi kwarara ko DCF-hanyoyin. Its tattalin arziki ji dangane da kwatanta zuba jari halin kaka IC da kuma gyara nan gaba tsabar kudi gudana. Fundamentally NPV da aka lasafta kamar haka (duba dabara 1.): NPV = PV - IO, inda:

• PV - yanzu tamanin da tsabar kudi da kwarara.
• IO - da farko zuba jari.

The sama Sauki dabara domin NPV-shows tsabar kudi samun kudin shiga.

Da dabara daukan la'akari da rangwame da kuma daya-lokaci zuba jari

Hakika, da sama dabara (1) yana zuwa da za a wuya, akalla domin nuna shi a cikin discounting inji. Tun da ya kwarara daga kudaden kasaftawa a lokaci discounting shi da wani musamman coefficient r, wanda ya dogara a kan zuba jari ta halin kaka. Discounting siga Taswirar aka samu da lokacin da ya faru daban-daban gudana (ga dabara 2.), ina:

• r - rangwame.
• CF _t - zuba jari biya a kan t shekaru.
• n - yawan matakai na aikin.

NPV-dabara dole ne la'akari da tsabar kudi gyara diskonotom (coefficient na r), ayyana ta zuba jari manazarta haka da cewa zuba jari aikin la'akari a hakikanin lokaci da inflow da outflow na tsabar kudi.

A cewar sama da hanya, da abin da aka makala mahada sigogi yadda ya dace za a iya wakilta shifran. Abin da irin dokar nuna wani dabara da kayyade jigon da NPV? Abin da wannan adadi ya nuna zuba jari na'am da tsabar kudi kwarara bayan aiwatar da zuba jari aikin zuwa gare su, kuma biya kashe da halin kaka ake magana a kai a cikin shi (ga dabara 3.), ina:

• CF _t - zuba jari biya a lokacin t shekaru.
• IO - da farko zuba jari;
• r - rangwame.

Net yanzu darajar (NPV-dabara ba sama) da aka lasafta kamar bambanci ne tsakanin duka tsabar kudi receipts, actualized da wani batu a lokacin a kan hadari da farko zuba jari. Saboda haka, da tattalin arziki ciki (ma'ana - a halin yanzu version na dabara) - da riba samu ta hanyar zuba jari tare da wani karfi guda farko zuba jari, watau, da kara darajar da aikin ...

A wannan yanayin da muke magana ne game da NPV rarrabẽwa. Formula (3) - fiye da real babban birnin kasar zuba jari da kayan aiki, ka yi la'akari da yiwuwa ga su zuba jari cikin sharuddan da wadannan amfanin. Tare da updated sharuddan a halin yanzu lokaci na tsabar kudi kwarara, shi ne wani nuna alama daga cikin amfanin da harkokin zuba jari. Analysis na da sakamakon da gaske rinjayi ya yanke shawara: su zuba jari ko bari su.

Me zuba jari korau dabi'u NPV? Cewa aikin ne marasa amfani baki ɗaya, kuma marasa amfani baki ɗaya zuba jari a cikin shi. Yana yana da akasin halin da ake ciki tare da m NPV. A wannan yanayin, da zuba jari da kyawawa na aikin shi ne high, kuma daidai da, irin zuba jari kasuwanci da riba. Duk da haka, yana yiwuwa cewa a lokacin da net ba darajar ne sifili. Shi ne m cewa a cikin wadannan yanayi da zuba jari yi. Menene saka jari a NPV? Tare da wannan zuba jari da shi zai fadada kasuwar share. shi ba zai kawo riba, amma zai arfafa Jihar kasuwanci.

Net ba ta da daraja a wani Multi-mataki zuba jari dabarun

Zuba jari dabarun an canza duniya kewaye da mu. To a kan wannan batu ya ce sanannen American marubuci kuma kasuwa Robert Kiyosaki cewa zuba jari hadarin shi ne ba kanta, amma da rashin iko a kan shi. A daidai wannan lokaci, kullum progressiruschaya abu-fasaha tushe na tilasta masu zuba jari zuwa ba daya-kashe, da kuma lokaci-lokaci zuba jari. NPV na zuba jari aikin a wannan harka za a ƙaddara da wadannan dabara (3), inda m - da yawan shekaru a lokacin da zuba jari aiki za a za'ayi, I - koeffitsint kumbura.

Practical amfani da dabara

A fili yake cewa yin lissafin ta amfani da dabara (4), ba tare da yin amfani da karin kayan aiki, - shi ne quite lokaci-cinyewa. Saboda haka, yi na kirga Roi Manuniya rarraba fairly amfani kafa masana falle (misali, aiwatar a Excel). Characteristically, domin tantance NPV na zuba jari aikin kamata la'akari da mahara kõguna na zuba jari. A zuba jari na nazarin da dama dabarun zuwa karshe fahimtar uku tambayoyi:

• wanda na bukatar zuba jari da kuma yadda da yawa, saukarwa.
• inda zan samu ƙarin kafofin na kudi, crediting idan akwai wani bukatar.
• Shin ya wuce adadin kudaden shiga forecasted halin kaka hade da zuba jari.

Mafi na kowa hanya - kusan yin lissafi da real viability na zuba jari aikin - shi ne domin ayyana domin shi NPV 0 sigogi da (NPV = 0). A tabular form damar zuba jari ba tare da kudi na lokaci, ba tare da ciwon tunani akai masana, da m lokaci zuwa visualize da daban-daban dabaru da kuma a sakamakon zabi mafi kyau zaɓi don ya dace da zuba jari tsari.

Amfani da Excel domin sanin NPV

A yi masu zuba jari nuna gaibu lissafi na NPV a Excel? Wani misali na irin wannan lissafi, za mu gabatar a kasa. Methodical bayar da yiwuwar kayyade yadda ya dace da zuba jari tsari dangane da wani musamman aiki hadedde NPV (). Wannan shi ne wani hadadden aiki na aiki tare da mahara muhawara halayyar dabara domin kayyade net ba darajar. Mun nuna ginin kalma domin wannan aiki:

NPV = (r. IO. C4: C11), a cikinsa (5) r - rangwame kudi. IO - da farko zuba jari
CF1: CF9 - aikin tsabar kudi kwarara domin lokaci 8.

A general, dangane da farko zuba jari a 2.0 miliyan. kuma m tsabar kudi gudana a tara matakai na zuba jari aikin da 10% rangwame kudi, net ba darajar NPV adadin zuwa 186,39 dubu. Rub. Muhimmancin da tsabar kudi kwarara za a iya wakilta a cikin wadannan zane (ga. Adadi 1).

Figure 1. The tsabar kudi gudana na zuba jari aikin

Saboda haka, shi za a iya kammala zuba jari riba da al'amurra, da aka nuna a cikin wannan misali.

Jadawalin na net ba darajar

Modern Zuba Jari Project (IP) yana dauke yau da tattalin arziki ka'idar a cikin wani nau'i na dogon lokaci jadawalin na babban birnin kasar zuba jari. A kowane lokaci mataki, shi ne halin da wasu samun kudin shiga da kuma kudi. Babban tushen samun kudin shiga ne Saide daga sayar da kayayyaki da kuma ayyuka ne babban burin da irin wannan zuba jari.

Don gina NPV-jadawalin, la'akari da hali na wannan aiki (muhimmancin tsabar kudi kwarara) dangane da hujja - duration na daban-daban zuba jari NPV dabi'u. Idan sama misali, cewa a da tara da mataki muka samu jimlar darajar zaman kansa ba darajar 185,39 dubu. Rub., Sa'an nan kuma iyakance shi zuwa takwas, saukarwa (misali, sana'ar sayar da), za mu isa RR 440,85 dubu. Rub. Family - muna samun wata asara (-72.31 dubu rubles ..), shida - asarar zama mafi muhimmanci (-503.36 dubu rubles ..), Biyar - (-796.89 dubu rubles ..), Four - ( -345,60 dubu rubles), uku - .. (-405.71 dubu rubles), iyaka zuwa matakai biyu - .. (-1,157.02 dubu rubles) ... Wannan ci gaban ya nuna cewa NPV na aikin o ƙarin tabbatar da kara a cikin dogon lokacin da. A daya hannun, da zuba jari ne m, a kan sauran - a barga jari zai amfãne daga game da bakwai mataki (ga adadi 2.).

Figure 2. Jadawali NPV

Akwai hanyoyi da zuba jari aikin zažužžukan

A zane 2 bincike gano biyu madadin yiwu zuba jari dabarun. Su ainihi za a iya fassara sosai kawai, "Abin da za a zabi - karami riba, amma nan da nan, ko mafi girma, fãce daga baya?" Kallon ginshiƙi, da NPV (net ba darajar) dan lokaci haura wani m darajar a karo na hudu mataki na zuba jari aikin, amma batun zuwa wani daina zuba jari dabarun, za mu shiga wani lokaci na ci riba.

Bugu da kari, za mu lura cewa NPV darajar dogara da rangwame kudi.

Wannan daukan la'akari da rangwame kudi

Daya bangaren na dabarbari (3) da kuma (4) a kan abin da aikin da aka lasafta NPV aka bayyana yawan rangwame, wani da ake kira kudi. Abin da shi ya nuna? Ainihi, sa ran kumbura kudi. A ci al'umma shi ne 6-12%. Ka ce mafi: da rangwame kudi dogara a kan hauhawar farashin kaya index. Ka tuna da aka sani cewa a kasar inda ta kumbura kudi ya wuce 15%, zuba jari zama marasa amfani baki ɗaya.

Mu sami damar yin gwada shi a aikace (saboda muna da wani misali na kirga da NPV yin amfani da na'urar mai kwakwalwa). Ka tuna cewa index of NPV lasafta ta mu a cikin rangwamen kudi na 10% na tara mataki na zuba jari aikin ne 186,39 dubu. Rub., Wanne ya nuna ribar da kuma amfani da jari. Sauya a Excel-hydrochloric tebur rangwame kudi 15%. Wannan nuna mana da aiki NPV ()? Loss (da ke karshen kammala devyatietapnoy zuba jari shirin!) Don 32.4 dubu. Rubles. Ko saka jari yarda a kan wani aiki da irin wannan rangwame kudi? Nisa daga gare shi.

Idan muka siddan rage rangwamen zuwa 8% kafin yin lissafi da NPV, hoton zai canza zuwa gaban: net ba darajar zai kara zuwa 296,08 dubu rubles ..

Saboda haka, akwai wani zanga-zanga daga cikin amfanin a barga tattalin arzikin da low kumbura ga nasara zuba jari.

The most Rasha zuba jari da kuma NPV

Abin da ya haddasa mai kyau lissafi na lashe dabarun da masu zuba jari? Amsar mai sauki - ga nasara! Mun wakilci rating daga cikin mafi girma Rasha zaman zuba jari a cikin shekarar bara. A farko matsayi ne shagaltar da Yuri Milner, co-mai Mail.ru Group, kafa DTS asusu. Ya samu nasarar kashe a Facebook, Groupon Zygna. Sikelin da ta zuba jari ne isassun da zamani duniya. Zai yiwu shi ya sa yana daukan cikin 35th matsayi a cikin duniya ranking, da ake kira Midas List.

A matsayi na biyu - for Victor Remsha suka aikata a shekarar 2012, wani m da yawa domin sayar da 49,9% fara sabis.

The uku matsayi ne shagaltar da Leonid Boguslavsky, co-owner of game da 29 Internet kamfanoni, ciki har da MegaMarket Ozon.ru. Kamar yadda ka gani, da uku mafi girma a cikin gida da masu zaman kansu masu zuba jari da su zuba jari a Internet fasahar, t. E. A fanni na ba-kasa samarwa.

ko irin specialization ne bazuwar? Amfani da kayan aikin kayyade NPV, kokarin sami amsar. A muka ambata a sama masu zuba jari a cikin ikon Internet fasahar ƙayyadaddu na kasuwar za ta atomatik shiga kasuwa tare da wani karami rangwame, maximizing su amfãni.

ƙarshe

Modern kasuwanci shirin cikin sharuddan sama a kan zuba jari da lissafin, kuma criticality canza kaya ne yanzu yadu amfani ci-gaba da bincike na da tasiri, ciki har da tabbatar da dalilin da net ba darajar. Domin zuba jari, da babbar daraja yana definition of dorewa Manuniya na asali bambance-bambancen da zuba jari aikin.

Versatility NPV damar da shi don nazarin canje-canje a cikin sigogi na zuba jari aikin a ta sifili darajar. Bugu da kari, shi ne quite wani fasaha da kayan aiki aiwatar ga mai fadi da kewayon masu amfani a misali falle tare da gina a cikin ayyuka.

Yana da haka rare cewa ko da posted online calculators domin sanin shi a cikin harshen Rashanci Internet. Duk da haka, Excel kayan aiki da damar ƙarin zaɓuɓɓuka don nazarin zuba jari dabarun.