NPV - ntoni na? NPV: ifomula. NPV yeprojekthi mali

Effective iinkqubo zotyalo zidlala indima ebaluleke kakhulu ekuphuhliseni uqoqosho, ukuphucula ukhuphiswano yayo. Ingxaki yokwenza kwabo ubhalo obuluqilima kunye non-enye into efanelekileyo kakhulu iRashiya yanamhlanje. Ngoncedo kwabo baphumelela kwinqanaba elitsha bezinto zokuvelisa, ukwandisa umthamo wayo, uphuhliso lobuchwepheshe ezintsha.

ingaba umxholo mali zokwenyani Russia? Mhlawumbi impendulo yalo mbuzo ulwazi lwe Rosstat-2013 zibonisa ukuba kwemali yonyaka investment angaphandle kuqoqosho weli lizwe, xa kuthelekiswa nonyaka odlulileyo, kunyuke nge-40%. Ngokubanzi, ikomkhulu angaphandle emfono kuqoqosho Russian ekupheleni konyaka ophelileyo yaba 384,1 billion US zeerandi. Uninzi-mali (38%) ngabona kwishishini lemveliso. 18% ye umthamo esityalwe urhwebo kunye nokulungiswa, baninzi (17%) - kushishino lwezimbiwa.

Ngokutsho manani, ukususela ngo-2012, abahlalutyi yezoqoqosho sele uqinisekile ukuba iRussia ubekwa kwindawo yesithandathu kwihlabathi ngokwemiqathango ezinomtsalane zakhe zotyalo-mali kwaye inkokheli phakathi kwamazwe ico kwesi salathisi. Kwakhona ngowama-2012, utyalo-mali olungqalileyo kwimarike Russian ifihle 128 izinto ezinkulu. Le Dynamics inkqubo ibonakala. Sele 2013, ngokutsho Rosstat, kuphela umthamo-mali ngqo kwamanye amazwe kuqoqosho Russian inyuke nge-10.1%, wafika mali $ 170,18 billion.

Akukho mathandabuzo ukuba zonke ezi utyalo-mali zenziwa ngokukhalipha. Abatyali kwangaphambili, phambi kokuba imali yabo, Kakade ke, ukuhlola nomtsalane projekthi ngokorhwebo, imali, ngokobuxhakaxhaka nangokwasekuhlaleni.

nomtsalane kutyalomali

La manani angentla kwaye icala 'technical ". Le nkqubo buqondwe kakhulu umgaqo ezaziwayo-kakuhle ukuba umlinganiselo kufuneka kuqala ube izihlandlo zibe sixhenxe. Undoqo ezinomtsalane investment njenge didi kwezoqoqosho igqitywa iinzuzo mali ngqo phambi kokuba imali eyinkunzi zayo inkampani okanye iprojekthi ethile. Xa imali, ukunikela ingqalelo yokuhlawula amatyala nozinzo zemali zokuqala kuzo zonke izigaba zophuhliso ukuba utyalo-mali zakhe. Ngoko ke, isakhiwo investment ngokwawo, kunye nezingenayo kufuneka, ke, ubuhle.

Oku kunokufikelelwa ukuba inkampani ukwenza imali loo mali, ngokucwangcisiweyo uphumeza ulawulo ngobuchule utyalo-mali zokuqala. Mithandazo:

• Uhlalutyo ngengqondo ephaphileyo iinjongo zexesha elide zophuhliso layo;
• ekubumbeni kubo nkqubo olwaneleyo investment;
• ukuphunyezwa nokuthotyelwa kunye ulawulo olufunekayo kwi ixabiso ukulungiswa rhoqo correlative kunye neemeko zemarike.

Wafunda umqulu yangaphambili zokuqala umsebenzi investment ephambili ucinga amathuba yokunciphisa iindleko zokusebenza, ukwanda kwinqanaba zeteknoloji kwimveliso.

Xa ukuyilwa sicwangciso ngokuyimfuneko kuthathelwa ingqalelo iimeko esemthethweni ngokulandelwa nokuphunyezwa kwayo, ukuvavanya inqanaba norhwaphilizo kwicandelo kwezoqoqosho, wenza iimeko sase-.

nomtsalane mali Evaluation Iindlela

Zahlula-hlulwe ndawonye kunye neguquguqukayo. Xa kungenziwa lula kusetyenziswa iindlela ezingashukumiyo - indleko yekhapitali njalo ekuhambeni kwexesha. Ukusebenza uzimisele ixesha payback utyalo static kunye ngumlingani wemfezeko. Noko ke, ukusebenza kwizifundo loo luncedo kangako practice.

Kuqoqosho wokwenene ukuvavanya utyalo ngokuya usebenzisa yokusebenza olutshintshayo. Umxholo wale nqaku liza kuba ngomnye wabo - nexabiso langoku net (NPV, okwabizwa ngokuba RR). Kufuneka kuqatshelwe ukuba ukongeza isebenzisa tshintshayo iparameters ezifana:

• isilinganiso sangaphakathi lokubuya (IRR);
• mali nenzuzo (PI);
• ixesha payback ngesaphulelo le mali (DPP).

Sekunjalo, phakathi iimpawu ezikhankanywe apha ngasentla, xa kusenziwa, indawo esembindini ahlale ixabiso net langoku. Mhlawumbi isizathu kukuba olu khetho likuvumela ukuba babalise unobangela kunye nesiphumo - mali kunye isixa lokungena nokuphuma kwemali eyenziwe ngazo. Ingavalelwa a ingxelo umxholo kukhokelele kwinto yokuba inkqubo yotyalo oluqhelekileyo waqonda NPV. Eli nani nangoku oyithatha? Le mibuzo iza kuxutyushwa kwinqaku ngokunjalo.

Le ndlela yokubala esisiseko ukucacisa NPV

Net ixabiso elikhoyo kubizwa ngokuba kwemali ngesaphulelo okanye DCF-iindlela. Ngokwengcamango zoqoqosho ngokusekelwe uthelekiso lotyalo ixabisa IC kunye nokuphuma ehlengahlengisiweyo kwixesha elizayo. Ngokwesiseko NPV ibalwa ngale ndlela ilandelayo (jonga ifomula 1.): NPV = PV - Io, apho:

• PV - ixabiso le-cash flow;
• Io - le mali sokuqala.

Le ndlela yokubala ngentla olulula NPV-ubonisa ingeniso yemali.

Ifomula ithatha ingqalelo isaphulelo kunye notyalo-mali ngexesha elinye-

Kakade ke, indlela ngasentla (1) kufuneka ukuba ibe nobucukubhede, ubuncinane ukwenzela ukubonisa oko indlela kumaxabiso le. Ekubeni nokungena kwemali eyabelwe ngexesha kumaxabiso ngokuthi a r okhethekileyo lomlingani, leyo ixhomekeke iindleko zotyalo-mali. Kumaxabiso parameter imephu siyifumana lixesha nasisihlo lokusetyenziswa kwemali ezahlukeneyo (jonga ifomula 2.), Uphi:

• r - isaphulelo;
• CF _t - Iintlawulo zotyalo-mali kwiminyaka t;
• n - inani izigaba zeprojekthi.

NPV-ifomula kufuneka ithathele ingqalelo mali luhlengahlengiswe diskonotom (ukungavumelani kwe r), echazwe abahlalutyi mali ukuze le projekthi utyalo-mali kwi-akhawunti ngexesha lenene kunye ekungeneni kunye nencindi ngemali.

Ngokutsho le nkqubo ilapha ngasentla, ukwanela link parameters uncamathiselo angamelwa ngokwezibalo. Enjani umthetho iveza indlela egqiba kakuhle eli NPV? Yintoni le mfanekiso ubonisa mali ifumana cash flow emva kokuba ukuqaliswa kweprojekthi utyalo-mali kuzo kunye nokuhlawula iindleko ekubhekiselelwe kuyo (jonga ifomula 3.), Uphi:

• CF _t - Iintlawulo zotyalo-mali kwiminyaka t;
• Io - sokuqala;
• r - isaphulelo.

Net ixabiso elikhoyo (NPV-ifomula ezinikwe apha ngentla) zibalwe umahluko phakathi kwimali efunyenweyo iyonke, actualized yingongoma ethile xesha imingcipheko kunye notyalo-mali lokuqala. Ngoko ke, isiqulatho kwazo kwezoqoqosho (elithetha - Kwinguqulelo ekhoyo ngoku kwifomula) - ingeniso efunyenwe yi-mali nge-mali enye ekuqaleni womelele, oko kukuthi, i-ixabiso le projekthi ...

Kule meko sithetha ngayo umbandela NPV. Formula (3) - ngaphezu isixhobo mali eyinkunzi lenene, cinga amathuba ngenxa yotyalo-mali ngokwe-nzuzo zilandelayo. Ndikunye ngokoMthetho oluhlaziweyo ngexesha langoku kwemali, kuba sisalathisi izibonelelo-mali. Uhlalutyo iziphumo ngokwenene nefuthe kwisigqibo sakhe: ukuba imali okanye asilahle.

Yintoni abatyali amaxabiso akhabanayo NPV? Ukuba iprojekthi le utyalo azincedi lutho, asinto ongancedi lutho kuyo. It has imeko malunga kunye NPV ezintle. Kulo mzekelo, umtsalane utyalo-mali yale projekthi liphezulu, kwaye ngokufanelekileyo, ezifana inzuzo zoshishino zotyalo-mali. Noko ke, kunokwenzeka ukuba xa ixabiso net langoku ngu zero. Kubalulekile ukwazi ukuba kwezi meko wenza utyalo-mali. Ntoni le mali a NPV? Nale mali iza ukwandisa isabelo yayo emarikeni. akuyi unyusa, kodwa ziya komeleza imeko yoshishino.

Net ixabiso elikhoyo kwi icebo lotyalo-multi-step

qhinga Investment ezingqingqwa olujongwayo lubonwe. Well kule ndaba wathi umbhali odumileyo American kunye nosomashishini uRobert Kiyosaki ukuba umngcipheko wotyalo ngokwaso, kodwa ukungabikho kolawulo phezu kwayo. Kwangaxeshanye, usoloko progressiruschaya eziphathekayo-technical base anyanzele abatyali ukuba akukho namnye-off, kwaye kutyalo ngamaxesha. NPV iprojekthi utyalo-mali kulo mzekelo ziya kumiselwa liSebe le fomyula ilandelayo (3), apho m - inani leminyaka ngexesha apho umsebenzi utyalo-mali luya kwenziwa, I - inflation koeffitsint.

ngokoqobo kwifomula

Kucacile ukuba ukuze ukwenza ubalo usebenzisa ifomula (4), ngaphandle kokusebenzisa izixhobo abancedisayo, - ngoku lixesha elide kakhulu. Ngoko ke, le ndlela yokubala izalathisi ROI asasazwa ngokufanelekileyo besebenzisa kwasekwa iingcali spreadsheet (umzekelo, yaphunyezwa ngo-Excel). Akumangalisi, ukuvavanya NPV yeprojekthi mali kufuneka athathe ingqalelo imijelo ezininzi zotyalo-mali. Umtyali ihlaziya izicwangciso eziliqela ukuqonda ekugqibeleni le mibuzo mithathu:

• esifuna utyalo-mali kunye nendlela ezininzi izigaba;
• apho ukufumana imithombo eyongezelelweyo mali, evuma kwimeko elililo;
• Ngaba sidlula isixa-mali lungeniselo eqikelelweyo iindleko ezinxulumene ne-mali.

Eyona ndlela iqhelekileyo - phantse ukubala impumelelo yokwenene iprojekthi zotyalo - kukuchaza ukuba NPV yena 0 parameters kunye (NPV = 0). Ifom tabular ivumela abatyali ngaphandle ngeendleko ixesha, ngaphandle kokuba abanaluncedo kwiingcali, elona xesha lincinane ngeso izicwangciso ezahlukeneyo kwaye ngenxa yoko ukhethe ukhetho ilungileyo impumelelo yenkqubo zotyalo-mali.

Ukusebenzisa Excel ukujonga NPV

Ekusebenzeni abatyali ukuvelisa ubalo axelwe of NPV e Excel? Umzekelo ukubala enjalo, esilishumayelayo ngezantsi. Lwemethodoloji ukubonelela indlela yokufumanisa ukwanela inkqubo yotyalo-mali esekelwe umsebenzi ezizodwa esihlanganisiweyo NPV (). Lo ngumsebenzi entsonkothileyo wokusebenza iingxoxo ezininzi yokubala uphawu yokuqingqa ixabiso net langoku. Sibonisa ukuba lwesivakalisi ukuba lo msebenzi:

NPV = (r; Io; C4: C11), apho (5) r - rate isaphulelo; Io - le mali sokuqala
CF1: CF9 - iprojekthi cash flow kwamathuba 8.

Ngokubanzi, ngokusekelwe kwi-mali lokuqala ngo-2.0 mln. kunye nokuphuma kwemali esilandelayo kwi zigaba asithoba iprojekthi zotyalo-mali kunye nezinga isaphulelo-10%, nexabiso langoku NPV mali net ukuya 186,39 amawaka. bagcobe. Dynamics ingxelo yokungena nokuphuma kwemali kumelwa kulo mzobo ulandelayo (bona. UMfanekiso 1).

Umfanekiso 1. kwemali nokuhamba iprojekthi zotyalo-mali

Ngenxa yoko, kunokwenziwa isigqibo nenzuzo investment kunye nethemba, kuboniswe kulo mzekelo.

Ishedyuli ixabiso net langoku

Project Investment Modern (IP) ithathwa namhlanje yi ingcamango kwezoqoqosho ngendlela weshedyuli ixesha elide-mali eyinkunzi. Ngexesha Kwinyathelo ngalinye, oku esibonakala ingeniso ezithile kunye nenkcitho. Lo mthombo womvuzo na iinzuzo evela kwintengiso yempahla kunye neenkonzo yeyona njongo iphambili kwemali.

Ukwakha NPV-ishedyuli, cinga indlela yokuziphatha kwalo msebenzi (ukubaluleka kwemali) ngokuxhomekeke ingxoxo - ubude amaxabiso ezahlukeneyo NPV utyalo-mali. Ukuba umzekelo ngasentla, ukuba sikwinqanaba yesithoba sifumana ixabiso lilonke ixabiso yabucala langoku 185,39 amawaka. Hlikihla., Ke oko kuthintele ukuba izigaba ezisibhozo (umzekelo, ukuthengisa ishishini), sifika RR 440,85 amawaka. Hlikihla. Family - sifumana ilahleko (-72.31 amawaka engange ..), ezintandathu - ukulahlekelwa uba namandla ngakumbi (-503.36 amawaka engange ..), ezintlanu - (engange -796,89 amawaka ..), Four - ( -345,60 amawaka engange), ezintathu - .. (-405.71 amawaka engange), zimbalwa izigaba ezibini - .. (-1,157.02 amawaka engange) ... Oku kubonisa ukuba NPV le projekthi ijonge ukwandisa kwi ixesha elide. Kwelinye icala, utyalo-mali sikwancedela, kwelinye - mali ezinzileyo akasayi kuninceda ukusuka kwisigaba wayo wesixhenxe (jonga umfanekiso 2.).

Isazobe 2. Igrafu NPV

Ukukhetha iinketho iprojekthi zotyalo-mali

Xa umzobo 2 uhlalutyo ibhaqwe qhinga yomtyali kunokwenzeka ezizezinye ezibini. umongo yabo ezinokuchazwa kakhulu nje, "Yintoni ukukhetha -? inzuzo encinane, kodwa nangoko, okanye ngaphezulu, kodwa kamva" Akukhangela itshathi, i NPV (net ixabiso elikhoyo) abaphumelela okwethutyana enexabiso kwinqanaba lesine iprojekthi zotyalo-mali, kodwa kuxhomekeke ukuba utyalo-mali elide qhinga, thina singena kwisigaba inzuzo bamxhasa.

Ukongezelela, siphawula ukuba ixabiso NPV luxhomekeke kwindlela isaphulelo.

Ethathela ingqalelo izinga isaphulelo

Enye inxalenye le fomyula (3) kunye NPV (4) apho iprojekthi zibalwe ichazwa ipesenti isaphulelo, ebizwa ngokuba yi-rate. Oko kubonisa? Ngokuyintloko, kulindeleke izinga lokwenyuka kwamaxabiso. I uluntu ezizinzileyo na 6-12%. Yithi ngaphezulu: izinga isaphulelo kuxhomekeke index kwamaxabiso. Khumbula Yinyaniso eyaziwayo ukuba kwilizwe apho izinga lokwenyuka kwamaxabiso kune-15%, utyalo bebonke.

Sinawo Uzakubanethuba lokuyivavanya kuyo practice (kuba sinazo umzekelo yokubala NPV usebenzisa Excel). Khumbula ukuba kwisalathiso NPV ebalwe sithi ngomlinganiselo isaphulelo ka-10% kumgangatho yethoba iprojekthi zotyalo-mali yi 186,39 amawaka. Hlikihla., Yiyiphi ibonisa iingeniso kunye nomdla wemali. Esikhundleni e Excel-zehydrochloric rate itheyibhile isaphulelo-15%. Ebonisa ukuba umsebenzi NPV ()? Ilahleko (kwaye isiphelo devyatietapnoy kugqitywe inkqubo yotyalo!) Ukuze amawaka 32.4. Engange. Nokuba ngaba umtyali bevumelana umsebenzi othile kunye rate isaphulelo onjalo? Makube lee oko.

Ukuba ezinemvume ukunciphisa isaphulelo ukuya kwi-8% phambi kokuba ukubala NPV, umfanekiso uya kutshintsha olungaphesheya: ixabiso net langoku uya kwandisa ku 296,08 amawaka engange ..

Ngoko ke, kukho umboniso kweenzuzo noqoqosho oluzinzileyo kunye namazinga okunyuka nokwehla kwemali ukuba utyalo-mali ngempumelelo.

Abatyali mali inkulu Russian and NPV

Yintoni ebangela i-akhawunti elungileyo yokutsala izicwangciso yi abatyali-mali? Impendulo ilula - empumelelweni! Simela nokurhafiswa abatyali mali ezinkulu Russian kunyaka ophelileyo. Kwindawo yokuqala kuhlala uYuri Milner, intsebenziswano umnini Mail.ru Group, lasekwa DTS fund. Uye imali e-Facebook, Groupon Zygna ngempumelelo. Isikali-mali zawo zanele kwihlabathi lanamhlanje. Mhlawumbi loo nto ithatha indawo 35th kwi simo lwehlabathi, ebizwa ngokuba yi-List namaqhalo.

Indawo yesibini - kuba Victor Remsha abo benza ngo-2012, nesahlulo okuqaqambileyo yokuthengiswa 49,9% yenkonzo lwaqalwa.

I indawo yesithathu kuhlala Z Boguslavsky, intsebenziswano umnini kwiinkampani malunga 29 Internet, kuquka MegaMarket Ozon.ru. Njengoko ubona, ezona mali babucala ekhaya ezintathu ukutyala technology Internet, t. E. Isigaba yemveliso non-izinto eziphathekayo.

ingaba loo ligxininise random? Ukusebenzisa izixhobo emisela NPV, zama ukufumana impendulo. Abatyali mali zikhankanywe apha ngasentla ngamandla ezichaphazela technology Internet yemarike uya kungena ngokuzenzekelayo emarikeni kunye isaphulelo ezincinane, yokwandisa iinzuzo zabo.

isiphelo

Isicwangciso soshishino Modern ngokwemiqathango yokubuyiswa kweengxelo izibalo utyalo-mali, kunye criticality ukutshintsha ezisetyenziswayo ngoku ngokubanzi isebenzisa uhlalutyo phambili ukusebenza, kuquka ukumiselwa ixabiso net langoku. Kuba abatyali, ixabiso elikhulu definition kwezalathisi nokuzinza uhlobo olusisiseko iprojekthi zotyalo-mali.

Ukukwazi NPV ikuvumela ukuba ukuhlalutya utshintsho parameters zeprojekthi investment ngexabiso layo zero. Ukongeza, zako sisixhobo zeteknoloji akukenziwa uluhlu olubanzi abasebenzisi spreadsheet eqhelekileyo nge eyakhelwe kwimisebenzi yabo.

Kuyinto zithandwa kangangokuba ngeposi iikhalityhuleyitha intanethi ukujonga kuyo kwi Internet Russian elithetha. Noko ke, isixhobo Excel ivumela iinketho ezininzi ekuhlalutyeni iqhinga investment.