Ukubala IRR. IRR: inkcazelo, imizekelo olungumgubo kunye

Izinga yangaphakathi lokubuya (IRR / IRR) luphawu ebaluleke kakhulu-mali. yokubala IRR ubonisa ukuba ipesenteji minimum wokubala ayinakuhlonyelwa ekubaleni esebenzayo yokungenelela, kunye nexabiso net langoku (NPV) le projekthi kufuneka ibe 'elingana no0.

Ixabiso Net inkcaza (NPV)

Ngaphandle ukumisela ixabiso NPV ukubalwa yeprojekthi IRR-mali akunakwenzeka. Esi salathisi umdibaniso ixabiso sangoku nganye ixesha kwimisebenzi yotyalo-mali. Le ndlela yokubala wezinto salathisi ngolu hlobo lulandelayo:

TTS PP = Σ _k / (1 + p) ^q, apho:

• NPV - net ixabiso langoku;
• PP - loqukuqelo lwentlawulo;
• p - rate ukubala;
• ku - inombolo xesha.

PP _K / (1 + p) ^k - ixabiso langoku kwixesha elithile, kunye 1 / (1 + p) ^k - kumaxabiso factor kangangexesha elithile. Loqukuqelo lwentlawulo kubalwa njengomohluko phakathi iintlawulo kunye neerisithi.

kumaxabiso

Imiba isaphulelo zibonisa ixabiso elililo kwentlawulo olulodwa lwemali kwixesha elizayo. lomlingani okwehlileyo ithetha ukwanda ukubala inzala kunye nokunciphisa iindleko.

Le isaphulelo factor angamelwa ifomula ezimbini:

Lizuze = 1 / (1 + p) ⁿ = (1 + p) ^-n apho:

• PD - isaphulelo factor
• n - inani kwexesha;
• p - ipesenteji ukubala.

ixabiso elikhoyo

Esi salathisi singavuselelwa ibalwe phinda isaphulelo sokuhlola umahluko phakathi kwengeniso kunye neendleko. Ngezantsi kukho umzekelo yokubala ixabiso elikhoyo kwamathuba ezintlanu xa ipesenti ubalo-5% kunye neentlawulo-mali ka-euro amawaka 10 nganye.

TC1 = 10.000 / 1,05 = 9523,81 euro.

TC2 = 10 000 / 1,05 / 1,05 = 9070,3 euro.

TC3 = 10 000 / 1,05 / 1,05 / 1,05 = 8638,38 euro.

TC4 = 10 000 / 1.05 / 1.05 / 1.05 / 1.05 = 82270.3 euro.

TC5 = 10 000 / 1.05 / 1.05 / 1.05 / 1.05 / 1.05 = 7835.26 euro.

Njengoko ubona, nyaka ngamnye isaphulelo ukunyuka into, kunye nemali ekhoyo lifinyele. Oku kuthetha ukuba, ukuba inkampani kufuneka ukhethe phakathi imicimbi ezimbini, kufuneka ukhethe lowo kwakhe kwi-mali iza kuya-akhawunti yebhanki yenkampani ngokukhawuleza kangangoko kunokwenzeka.

izinga yangaphakathi senzuzo

yokubala IRR kungenziwa ngokusebenzisa yonke idatha ngasentla. Ifom ezakha le Ngokwefomyula yokubala isalathiso ilandelayo:

0 = Σ1 / (1 + IRR) ^k, apho:

• IRR - isilinganiso sangaphakathi lokubuya;
• K - kwixesha elilandelayo.

Njengoko kubonakala ifomula, ixabiso net kule meko kufuneka ilingana no 0. Noko ke, le ndlela yokubala IRR akusoloko olusebenzayo. Ngaphandle wokubala mali ukuqinisekisa ukuba ayikwazi kuba, ukuba le projekthi iya kubandakanya ixesha ezingaphezu kwezintathu. Kulo mzekelo, kuya kuba kuhle ukuba ukusebenzisa le ndlela ilandelayo:

GNI = R _m + p _KN * (TTS _m / P _TTS) apho:

• IRR - Rate lwangaPhakathi;
• P. _m - ezincinane ipesenti ukubala;
• P _KN - umahluko phakathi amazinga aphezulu nolusezantsi inzala;
• TTS _m - net ixabiso elikhoyo ezifunyenwe yi ukubalwa ngamaxabiso;
• P _PBX - umahluko epheleleyo ixabiso elikhoyo.

Njengoko kubonakala Ngokwefomyula yokubala IRR kufuneka afumane ixabiso net abakhoyo ezimbini ipesenti ezahlukeneyo yokubala. Kufuneka ikhunjulwa into yokuba ezi yantlukwano akufunekile ukuba zibe nkulu. Ubuninzi - 5 ekhulwini, kodwa kucetyiswa ukuba uthathe i ukubheja umahluko ubuncinane kakhulu (2-3%).

Ngaphezu koko, kuyimfuneko ukuba imilinganiselo ezinjalo iirhafu apho TTS wayeza xa omnye esinentlawulo engenaxabiso, kwaye eyesibini - HIV.

Umzekelo yokubala IRR

Kuba ukuqonda ngcono umbandela ngasentla kufuneka zezikhali umzekelo.

Le nkampani liceba iprojekthi zotyalo-mali isithuba seminyaka emihlanu. Ekuqalekeni iza kusetyenziselwa 60 amawaka euro. Ekupheleni konyaka wokuqala inkampani iya imali kule projekthi ezinye euro million 5 ekupheleni yesibini yonyaka - 2000 euro, ekupheleni konyaka wesithathu - zaliwaka kowethu, yaye ezinye izigidi 10 Euro iza kutyalwa ngoku kunyaka wesihlanu.

I-Company uza kufumana ingeniso ekupheleni sethuba ngalinye. Emva konyaka wokuqala ubungakanani ngengeniso-17 yezigidi euro kunyaka ozayo - amawaka 15 euro kunyaka wesithathu - 17 amawaka euro sesine - 20 amawaka euro 25 lamawaka euro nkampani iya kuba ingunyaka wokugqibela wale projekthi. Izinga isaphulelo yi-6%.

Phambi kokuba uqale yokubala izinga lwangaphakathi lokubuya (IRR), kufuneka ukuba ukubala ubungakanani TTS. izibalo zalo iyavezwa kule theyibhile.

Njengoko ubona iprojekthi nenzuzo,. TTS yi 904,6 euro. Oku kuthetha ukuba imali eyinkunzi imali le nkampani iye kubazalele amaduna namathokazi-6 ekhulwini, wada wenza 904,6 kowethu "phezulu". Okulandelayo kufuneka ufumane negative net ixabiso elikhoyo. izibalo zalo kubonisiwe kolu luhlu lulandelayo.

Ukusuka itafile kucacile ukuba eyinkunzi imali ayihlawulwanga off-7 ekhulwini. Ngoko ke, kwangaphakathi ixabiso isalathiso payback uphakathi-6 ne-7 ekhulwini.

GNI = 6 + (7-6) * (904.6 / 904.6 - (-812,3)) = 6,53%.

Ngoko ke, lo IRR Project waba 6,53 ekhulwini. Oku kuthetha ukuba, xa athe wafaka ekubaleni NPV, ixabiso layo liya kuba zero.

Primechenie: ukubalwa ngesandla uvumelekile isiphoso 3-5 euro.