NPV - ndichiyani? NPV: chilinganizo. NPV polojekiti ndalama

Kugwiritsa njira ndalama kumathandiza kwambiri kukhala chuma, kutukula mpikisano ake. Vuto la kuwapanga khalidwe zazikulu ndiponso sanali zina zogwirizana kwambiri kwa Russia ano. Mothandizidwa ndi iwo akwaniritsa mlingo watsopano njira ya ulimi, kuwonjezera mphamvu zake, chitukuko cha umisiri wotsogola.

kaya ndalama mutu ndi leni kwa Russia? Mwina yankho la funso limeneli ndi mfundo za Rosstat cha 2013 zimasonyeza kuti otaya pachaka ndalama zakunja mu chuma cha dziko, poyerekeza ndi chaka chatha chinawonjezeka ndi 40%. Nthawi zambiri, anapeza likulu zakunja chuma Russian kumapeto kwa chaka chatha anakwana madola US biliyoni 384,1. Ambiri mwa ndalama za (38%) ndi makampani opanga. 18% buku padera mu malonda ndi zokonza, pafupi ambiri (17%) - makampani migodi.

Malinga ndi kafukufuku, kuyambira 2012, akatswiri azachuma anatsimikiza kuti Russia tithe chimodzi mu dziko malinga chikoka ake ndalama ndipo alinso mtsogoleri pakati pa mayiko CIS pa chizindikiro ichi. Komanso mu 2012, ndalama zakunja mwachindunji mu msika Russian 128 chinthu chachikulu anaphimba. Mphamvu ya ndondomeko tikaganizira. Kale mu 2013, malinga Rosstat okha buku la ndalama mwachindunji zakunja chuma Russian chinawonjezeka ndi 10,1% ndipo anafika kuchuluka kwa $ biliyoni 170,18.

Palibe kukaika kuti ndalama zonsezi anapanga mwanzeru. Investor pasadakhale, pamaso pakuika ndalama zawo, kumene, ganizilani chikoka cha polojekiti malonda, ndalama, mwaukadaulo ndi chikhalidwe.

Msungidwe chikoka

The ziwerengero pamwamba ali ndi "luso" mbali. Zimenezi kwambiri comprehended ndi mfundo odziwika kuti muyeso choyamba ayenera kukhala kasanu. Akamanena za chikoka ndalama ngati gulu zachuma ndi anakonzeratu ndi ubwino Investor mwachindunji pamaso pakuika likulu lake ku kampani inayake kapena ntchito. Pamene pakuika, powasamalira solvency ndi kukhazikika ndalama za startups mu magawo osiyanasiyana iwo padera mu ndalama. Choncho, Kapangidwe ka ndalama yokha, komanso utuluke ake akhale nayenso, wokometsedwa.

Izi chingapezeke ngati kampani kupanga ndalama ndalama zimenezi, mwadongosolo akuchita kasamalidwe njira ya ndalama ku startups. The yamasika:

• wodzisunga kusanthula zolinga zikuluzikulu za chitukuko;
• ulili iwo ndondomeko yokwanira ndalama;
• kukhazikitsa kugwilizana ake ndi ulamuliro chofunika pa zonse mtengo kukonzedwa correlative ndi zinthu msika.

Anaphunzitsidwa buku wakale ntchito ndalama startups patsogolo kuganizira n'zotheka kuchepetsa ndalama zikugwira ntchito, kuchuluka mlingo zamakono kupanga.

Mu mapangidwe strategy kwenikweni n'komwe zinthu mlandu kukhazikitsa, kuwunika mlingo wa chivundi mu gawo chuma, anapanga zinthu zanyengo.

Msungidwe chikoka Lounikira Njira

Iwo agawidwa mu malo amodzi ndi zazikulu. Pamene ntchito njira malo amodzi akhoza m'Chingelezi chosavuta - mtengo wa likulu ndi nthawi zonse nthawi. Mogwira anatsimikiza malo amodzi ndalama payback nthawi ndi koyefishienti wa dzuwa. Komabe, ntchito ngati maphunziro ndi ntchito pang'ono kuchita.

Mu chuma chenicheni kuwunika ndalama za akugwiritsa ntchito ntchito zazikulu. Mutu wa nkhaniyi mmodzi wa iwo - ukonde phindu pano (NPV, amatchedwanso rr). Tikumbukenso kuti kuwonjezera limagwiritsa ntchito magawo zazikulu monga:

• mlingo mkati adzabweranso (IRR);
• Msungidwe profitability (PI);
• Kuchotsera payback nthawi ya ndalama za (DPP).

Komabe, mwa zizindikiro zatchulidwa pamwambapa, mu kuchita, malo chapakati kukhala mtengo ukonde pano. Mwina chifukwa chakuti njirayi limakupatsani ikukhudzana ndi zotsatira - ndalama ndi Uwerenge utuluke ndalama kwaiye iwo. Litapakidwa ndemanga zili kwachititsa chakuti muyezo i ndalama amaona NPV. chithunzi Ichi akuona? mafunso amenewa m'nkhani komanso.

Chilinganizo pochita kudziwa NPV

Net pano mtengo amatchedwa Kuchotsera otaya ndalama kapena DCF-njira. tanthauzo lake chuma zochokera kufanana kwa ndalama ndalama IC ndi takambiranazi utuluke ndalama m'tsogolo. Wachibadidwe NPV kuchita masamu motere (onani chilinganizo 1.): NPV = PV - Io, kumene:

• PV - phindu panopa otaya ndalama;
• Io - ndi ndalama koyamba.

Pamwamba wosalira chilinganizo cha NPV zikusonyeza ndalama ndalama.

Ndondomeko amaganizira kuchotsera ndipo mwa nthawi ndalama

Kumene, chilinganizo pamwamba (1) ali kukhala zovuta, osachepera kuti asonyeze izo mu njira discounting. Popeza otaya ndalama allocated mu nthawi discounting izo ndi wapadera r Mukhoza koyefishienti, potsata ndalama ndalama. Discounting chizindikiro sanjira zimatheka ndi nthawi yatsoka wa utuluke zosiyanasiyana (onani chilinganizo 2.), Kodi;

• r Mukhoza - kuchotsera;
• CF _T - malipiro ndalama zaka T;
• N - chiwerengero cha magawo a polojekiti.

NPV-chilinganizo ayenera kuganizira ndalama kusintha diskonotom (koyefishienti wa r Mukhoza) wofotokozedwa ndi akatswiri Investor kotero kuti ntchito ndalama nkhani mu pompopompo ndi inflow ndi outflow ya ndalama.

Malinga ndi ndondomeko pamwamba, dzuwa kugwirizana magawo kuphatikana akhoza ankaimira mwamasamu. Kodi mtundu wa malamulo anafotokoza chilinganizo chimene Mzimuyo akamanena za NPV chiyani? Kodi chithunzi ichi chikusonyeza Investor amalandira otaya ndalama pambuyo kukhazikitsa ntchitoyi ndalama kwa iwo ndi kulipira mtengo wotchulidwa pa izo (mwaona chilinganizo 3.), Kodi;

• CF _T - malipiro ndalama pa zaka T;
• Io - ndi ndalama koyamba;
• r Mukhoza - kuchotsera.

Net mtengo pano (NPV-chilinganizo anapatsidwa pamwamba) ndi kuchita masamu kuti kusiyana malisiti okwana ndalama, actualized ndi ina nthawi pa mavuto ndi ndalama koyamba. Choncho, wokhutira chuma (kutanthauza - Baibulo panopa njira) - phindu analandira ndi Investor ndi amphamvu ndalama umodzi koyamba, ie, anawonjezera phindu la polojekiti ...

Pankhaniyi tikulankhula za muyezo NPV. Chilinganizo (3) - kuposa likulu lenileni Investor chida, taganizirani mwayi kwa ndalama zawo ku phindu zotsatirazi. Ndi mawu kusinthidwa nthawi panopa otaya ndalama, ndi chizindikiro cha ubwino kwa Investor lapansi. Analysis wa zotsatira kwenikweni kuvota wake: yopeza kapena sadzawasiya.

Kodi ndalama makhalidwe oipa NPV? Kuti ntchitoyo ndi opanda pake ndipo opanda pake ndalama mu izo. Ilo liri vuto popenyana ndi NPV positive. Mu nkhani iyi, ndalama chikoka cha polojekiti ndi mkulu, ndi moyenera, ngati phindu ndalama malonda. Komabe, n'zotheka kuti pamene ukonde pano mtengo ndi ziro. Ndi chidwi kuti zinthu izi ndalama zimene anapanga. Kodi Investor ndi NPV? Ndi ndalama zimenezi imatundumukira msika gawo. izo Sindizakubweretsanso phindu, koma adzakulimbikitsani boma la bizinesi.

Net pano mtengo mfundo Mipikisano njira ndalama

njira Investment zikusintha m'dzikoli. Bwino pa nkhani imeneyi anati wotchuka American wolemba ndi wamalonda Robert Kiyosaki kuti ndalama chiopsezo si yokha, koma kupanda amailamulira. Pa nthawi yomweyo, nthawi zonse progressiruschaya zakuthupi-luso m'munsi mwa kukakamiza ndalama kuti munthu wolemera, ndi ndalama nthawi. NPV polojekiti ndalama mu nkhani iyi kudzayesedwa chilinganizo zotsatirazi (3), kumene mamita - chiwerengero cha zaka imene ntchito ndalama idzachitike, I - koeffitsint kufufuma.

Othandiza kugwiritsa ntchito njira

Zikuonekeratu kuti kupanga kuwerengetsera ntchito chilinganizo (4), popanda kugwiritsa ntchito zipangizo wothandiza, - izo si nthawi yambiri. Choncho, mwambo wa kuwerengetsa zizindikiro ROI mosakondera ntchito anakhazikitsa akatswiri spreadsheet (mwachitsanzo, akuyendera kupambana). Characteristically, kuti aone NPV polojekiti ndalama ayenera kuganizira mitsinje angapo kunyakhe. The Investor kusanthula njira zingapo potsiriza kumvetsa mafunso atatu:

• chimene chimafuna ndalama ndi mmene magawo ambiri;
• komwe ndingapeze zina magwero a ndalama, crediting vuto la kusowa;
• Kodi kuposa kuchuluka kwa ndalama forecasted ndalama kugwirizana ndi ndalama pa.

Ambiri njira - pafupifupi kuwerengera viability chenicheni cha polojekiti ndalama - ndi kuthandauza kwa iye NPV 0 magawo ndi (NPV = 0). The tabular mawonekedwe amalola ndalama popanda ndalama za nthawi, popanda thandizo akatswiri nthawi yochepa kuti muzione njira zosiyana ndi chifukwa kusankha njira yabwino dzuwa la ndondomeko ndalama.

Kugwiritsa kupambana kwa kudziwa NPV

Zochita ndalama kubala predictive mawerengedwe a NPV mu kupambana? Chitsanzo cha chotero mawerengedwe, ife azipereka pansipa. Methodical kupereka n'zotheka kudziwa nthawi ya dzuwa la ndondomeko ndalama zochokera ntchito yapadera Integrated NPV (). Iyi ndi ntchito zovuta za amachita makani angapo khalidwe chilinganizo cha kudziŵa ukonde phindu pano. Timaonetsa malembedwe kwa nchito imeneyi:

NPV = (r Mukhoza; Io; C4: C11), momwe (5) r Mukhoza - kuchotsera mlingo; Io - ndi ndalama koyamba
CF1: CF9 - ntchito otaya ndalama kwa nthawi 8.

Ambiri, zochokera ndalama koyamba mln 2.0. ndipo utuluke wotsatira ndalama mu magawo asanu ndi anayi polojekiti ndalama ndi 10% mlingo kuchotsera, ukonde pano mtengo NPV kuchuluka kwa 186,39 zikwi. opaka. Mphamvu za otaya ndalama akhoza akuimira mu chithunzi zotsatirazi (onani. Chithunzi 1).

Chithunzi 1. utuluke ndalama za polojekiti ndalama

Choncho, Ndizachidziwikire ndalama profitability ndi chiyembekezo, tikuonera chitsanzo ichi.

Ndandanda wa mtengo ukonde pano

Modern Investment Project (IP) imatengedwa lero ndi chiphunzitso chuma mawonekedwe a yaitali ndandanda wa ndalama likulu. Pa sitepe iliyonse nthawi, amakhala ndi ndalama zina ndalama. Ndiwo ndalama ndi chimaposa kugulitsa katundu ndi cholinga chachikulu cha ndalama zimenezi.

Kumanga NPV-ndandanda, taganizirani khalidwe la nchito imeneyi (tanthauzo la otaya ndalama) malingana mtsutso - nthawi ya mfundo zosiyanasiyana ndalama NPV. Ngati chitsanzo pamwamba, kuti pa siteji ake chinayi tipeze phindu okwana payekha mtengo pano 185,39 zikwi. Pakani. Ndiye Kuchepetsa ku magawo asanu ndi atatu (mwachitsanzo, kugulitsa malonda), ife kuwafika rr 440,85 zikwi. Pakani. Banja - ife imfa (-72.31 zikwi rubles ..), Six - imfa amakhala zofunika kwambiri (-503.36 zikwi rubles ..), Isanu - (-796.89 zikwi rubles ..), Four - ( -345,60 zikwi rubles), atatu - .. (-405.71 zikwi rubles), kwenikweni ndi magawo awiri - .. (-1,157.02 zikwi rubles) ... Zimenezi zikusonyeza kuti NPV polojekiti amamuchititsa kuwonjezera yaitali. Pa dzanja limodzi, chuma ndi opindulitsa pa zina - ndi Investor khola adzakhala kupindula za mbali yake chiwiri (onani chithunzi 2.).

Chithunzi 2. Chithunzi NPV

Kusankha mungachite ndalama ntchito

Mu chithunzi 2 kuwunika wapezeka awiri zina zotheka Investor strategy. Kwenikweni awo kutanthauziridwa zapamwamba, "Kodi kusankha -? phindu ang'onoang'ono, koma nthawi yomweyo, kapena wamkulu, koma kenako" Kuyang'ana tchati, ndi NPV (ukonde pano phindu) mongoyembekezera chikafika mtengo zabwino pa siteji chachinayi cha polojekiti ndalama, koma nkhani ndi ndalama yaitali strategy, ife kulowa gawo la wolingalira profitability.

Komanso, tiona kuti phindu NPV zimadalira mlingo kuchotsera.

Kuti amaganizira mlingo kuchotsera

chimodzi mwa mitunduyi (3) ndipo (4) pa lomwe polojekiti yanu ndi kuchita masamu NPV limanenedwa kuchuluka kuchotsera, otchedwa mlingo. Kodi izo zikusonyeza? Makamaka, kuyembekezera mlingo kufufuma. The anthu zisathe ndi 6-12%. Kunena kwambiri: mlingo kuchotsera zimadalira kufufuma index. Kumbukirani mfundo amadziwika kuti m'dziko limene mlingo kufufuma kuposa 15%, ndalama kukhala opanda pake.

Tili ndi mwayi kuyesa kuchita (chifukwa ife tiri ndi chitsanzo cha kuwerengetsa ndi NPV ntchito kupambana). Kumbukirani kuti zosonyezera NPV masamu ndi ife pa mlingo kuchotsera 10% pa siteji chinayi cha polojekiti ndalama ndi 186,39 zikwi. Pakani. Amene chimasonyeza phindu ndi chidwi Investor. M'malo mwa kupambana-hydrochloric mlingo tebulo kuchotsera 15%. Kuti atipangize ntchito NPV ()? Loss (ndi ndiwo mapeto a akamaliza devyatietapnoy pulogalamu ndalama!) Kuti 32,4 zikwi. Rubles. Kaya Investor zikuvomereza pa ntchito zoterezi mtengo kuchotsera? Ayi.

Ngati ife amangosankha kuchepetsa kuchotsera mpaka 8% pamaso kuwerengera NPV chithunzi idzasintha kuti pandunji: ukonde pano mtengo zingawonjezere kuti 296,08 zikwi rubles ..

Choncho, pali chitsanzo cha ubwino wa chuma khola ndi kufufuma otsika kwa ndalama bwino.

The Russian ndalama yaikulu komanso NPV

Kodi chimayambitsa nkhani zabwino kuwina njira ndi ndalama? Yankho lake ndi losavuta - bwino! Tikuimira mlingo yaikulu kwambiri Russian ndalama payekha mu chaka chatha. Udindo woyamba wotanganidwa ndi Yuri Milner, co-mwini Mail.ru Group, anakhazikitsa DTS thumba. Iye bwinobwino padera mu Facebook, Groupon Zygna. The lonse la ndalama zake chokwanira Masiku ano. Mwina n'chifukwa chake zimatengera malo 35 mu kusanja lonse, otchedwa Midas List.

Udindo wachiwiri - chifukwa Victor Remsha amene anachita mu 2012, waluntha zambiri zogulitsa a 49,9% inayamba utumiki.

Udindo lachitatu wotanganidwa ndi Leonid Boguslavsky, co-mwini wa makampani za 29 Internet, kuphatikizapo MegaMarket Ozon.ru. Monga mukuonera, ndi zitatu zopezera zoweta ndalama payekha kuti aganyali luso Internet, T. E. The dera kupanga sanali zakuthupi.

ngati specialization amenewa ndi mwachisawawa? Pogwiritsa ntchito zida kudziwa NPV, yesani kupeza yankho. Tatchulawa ndalama mu mphamvu ya Internet luso limatchula za msika adzakhala basi kulowa msika ndi kuchotsera aang'ono, maximizing ubwino wawo.

Pomaliza

Modern dongosolo ntchito mawu a kubwerera pa kuwerengetsera ndalama, ndi criticality kusintha consumables tsopano ambiri amagwiritsa kusanthula patsogolo zimatha mphamvu, kuphatikizapo mtima wa mtengo ukonde pano. Pakuti ndalama, phindu lalikulu ali tanthauzo la zizindikiro polojekiti ya zosinthika zoyambirira za polojekiti ndalama.

Amagwiritsidwa ntchito mwanjira NPV chololera yosanthula kusintha magawo a polojekiti ndalama pa mtengo wake ziro. Komanso, ndithu chida zamakono zomwe zagwiridwa kwa osiyanasiyana owerenga mu muyezo spreadsheet ndi anamanga mu ntchito zawo.

Ndi wotchuka kuti ngakhale anaika Intaneti toŵerengera kudziwa izo mu Chirasha Internet. Komabe, kupambana chida amalola muwone zambiri kudziwa njira ndalama.