Kuverenga kweRRR. Mutengo wekudzoka mukati: tsanangudzo, mazano uye mienzaniso

Iko mukati yekudzoka (IRR) chiratidzo chinonyanya kukosha mubasa romurimari. Iko kuverenga kweRRR kunoratidza kuti zvikamu zviduku zvekuverenga zvinogona kuiswa sei mukuverenga kwekubudirira kwezviyero, nehuwandu hwezvino huripo (TTS) yeprojekti ino iri 0.

Net Present Value (NPV)

Pasina kugadzirisa kukosha kweNPV, IRR kuverenga kwebasa rekutsvaga hazvibviri. Ichi chinoratidziro chikamu chezvinhu zvose zvemazuva ano zvinoenderana nenguva imwe neimwe yezviitiko zvekutsvaga. Chikamu chekirasi chechiratidzo ichi ndotevera:

PTS = Σ PP _kusvika / (1 + p) ^k , apo:

• CHTS - net present value;
• PP - kubuda kwebhadharo;
• P - kuverenga chiyero;
• K ndiyo nguva yenhamba.

PP _kusvika / (1 + p) ^k ndiyo kukosha kwemazuva ano mune imwe nguva, uye 1 / (1 + p) ndiyo inoshandiswa pane imwe nguva. Kuyerera kwekubhadhara kunoverengerwa sekusiyana pakati pebhadharo nemisiti.

Discounting

Zvinhu zvinokurudzira zvinomiririra kukosha kwazvino kwechimwe chemari chezvikwata zvemangwana. Kuderedza muyese yeiyeneti kunowedzera kuwedzera kwekuverenga kwekufarira uye kuderera kwekukosha.

Iko kuverengerwa kwechikwereti chinogona kuenzanisirwa nemazamu maviri:

(1 + p) ⁿ = (1 + p) ^-n , apo:

• Dhi-icho chinokonzera kuderedza
• N ndiyo nguva iyo;
• P ndiyo chiyero chekuverenga.

Current value

Nhamba iyi inogona kuverengwa kuburikidza nekuwedzera kuderedza chinokonzerwa nemusiyano pakati pemari uye mari. Pasi pane muenzaniso wekuverenga maitiro ezvino mazuva mashanu ane chiyero chekuverenga ye5% nebhadharo ye 10 000 euro imwe neimwe.

TC1 = 10 000 / 1.05 = 9523.81 euros.

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 makero.

Sezvaunogona kuona, gore roga roga kuwedzera kunowedzera, uye mari yazvino inoderera. Izvi zvinoreva kuti kana bhizimisi rinofanira kusarudza pakati pekutengeserana kwemashure maviri, zvino munhu anofanira kusarudza iyo iyo iyo mari ichaendeswa kukambani yekambani nekukurumidza.

Internal rate of return

I IRR kuverenga kunogona kuitwa kuburikidza ne data iri pamusoro apa. Nzira yechinyorwa chemuumbi wekuverenga chirevo ndeyotevera:

0 = Σ1 / (1 + GND) ^k , apo:

• GNI - mukati mezana yekubatsira;
• K ndiyo kuenzanisa kwenguva.

Sezvo zvinogona kuonekwa kubva pane zvakasarudzwa, mari inoshandiswa munyaya iyi inofanira kuva 0. Zvisinei, iyo nzira yekuverenga IRR haina nguva dzose inoshanda. Pasina mari yekugadzirisa zvemari, haigoni kutsanangurira kana chirongwa chekutsvaga mari chinosanganisira nguva dzinopfuura mitatu. Munyaya iyi, zvingava zvakanaka kushandisa nzira inotevera:

IRR = MP _m + R _kp * (PTS _m / R), iyo:

• GNI - mukati mazana;
• KP _m - madiki mashoma kuverenga;
• Р _кп - musiyano pakati _pezvikwereti zvakaderera uye zvezasi;
• TTS _m isiri yemazuva ano inowanikwa kuburikidza nediki duku kuverenga;
• R ndiyo mhedziso yakakwana mune zvinodiwa zvino.

Sezvaunogona kuona kubva murairo, kuverenga IRR iwe unofanira kuwana ruzivo rwezvino rwehutano pane zvikamu zviviri zvakasiyana zvekuverenga. Iko kunofanira kuonekwa kuti kupesana mavari hakufaniri kuve kwakakura. Izvo zvakanyanya zvikamu zvishanu, zvisinei, zvinokurudzirwa kutora mari yacho zvishomanana sezvinobvira (2-3%).

Mukuwedzera, zvakakosha kutora matanho akadaro emitengo apo TTS ingadai isina kukosha kwakanaka mune imwe nyaya, uye munyaya yechipiri yakanaka.

Muenzaniso we IRR kuverenga

Kuti unyatsonzwisisa zviri pamusoro apa, muenzaniso unofanira kuitwa.

Basa iri rinoronga chirongwa chekutsvaga kwemakore kwemakore mashanu. Pakutanga ichashandiswa 60 000 ma euro. Pakupera kwegore rokutanga, kambani ichaisa mamwe ma Euro 5 000 muprojekiti, pakupera kwegore rechipiri - 2 000 euro, pamagumo egore rechitatu - imwe euro, uye imwe 10 euro inokwidzwa nemhizha mugore rechishanu.

Iko kambani ichawana mari pamagumo ezuva rimwe nerimwe. Mushure megore rokutanga, mari yekusvika ichava 17 000 euro, gore rinotevera - 15 000 euro, mugore rechitatu - 17 mamiriyoni ehurumende, muchina - 20 000 euro, uye mamwe ma Euro 25 000 iyo kambani ichagamuchirwa mugore rapera reprojekti. Izvo zvinotapudza chidimbu ndeche 6%.

Iwe usati watanga kuverenga mukati mukati yekudzoka (IRR), unoda kuverenga TTS usayizi. Kuverenga kwayo kunoratidzwa mutafura.

Sezvaunogona kuona, basa racho rinobatsira. CHTS is 904.6 euros. Izvi zvinoreva kuti guta guru rinotengeswa nekambani yakabhadharwa ne6 muzana uye yakaunza mamwe euro 904.6 "kubva kumusoro." Zvadaro, unofanirwa kuwana unhu husina kunaka huripo. Kuverenga kwayo kunoratidzwa mutafura inotevera.

Tafura inoratidza kuti mari yakasimwa haina kubhadhara ne7 muzana. Nokudaro, kukosha kwekodzero yekunze kubhadhara iri pakati pe6 ne7 muzana.

IRR = 6 + (7-6) * (904.6 / 904.6 - (-812.3)) = 6.53%.

Saka, GNI yepurojekiti yaiva 6.53 muzana. Izvi zvinoreva kuti kana ikaiswa mukuverenga kweTTS, kukosha kwayo kuchava zero.

Cherechedza: paunenge uchiverenga munhu, iko kukanganisa kwema 3-5 euro kunobvumirwa.