Ukubala IRR. IRR: definition, izibonelo ifomula kanye

Izinga sangaphakathi senzuzo (IRR / IRR) kuyinto kuyinkomba ebaluleke kakhulu zimali. ukubala IRR kubonisa ukuthi okungenani iphesenti ukubala kungenziwa ifakwe kulesi sibalo imphumelelo yekungenelela, futhi inani lamanje (NPV) yephrojekthi ungakwazi ukukwenza kufanele kulingane 0.

Net Value Present (NPV)

Ngaphandle ekutholeni ukubaluleka NPV ekubalweni IRR iphrojekthi kokutshalwa akunakwenzeka. Le nkomba kuyinto isamba Inani lamanje ngamunye nezikhathi imisebenzi utshalomali. Ifomula zasendulo inkomba simiswe ngalendlela lelandzelako:

TTS PP = Σ _k / (1 + p) ^q, lapho:

• NPV - inani lamanje;
• PP - umfudlana izinkokhelo;
• p - Izinga ukubala;
• ukuze - inkathi inombolo.

PP _k / (1 + p) ^k - ukubaluleka samanje isikhathi esithile, futhi 1 / (1 + p) ^k - discounting isici isikhathi esithile. Ukusakaza lezinkokhelo esibaliwe umehluko phakathi izinkokhelo namarisidi.

discounting

Izinto Isaphulelo abonisa ukubaluleka yangempela lwemali olulodwa izinkokhelo esizayo. Coefficient encishisiwe kusho ukwanda isithakazelo ukubala kanye nokunciphisa izindleko.

Isici Isaphulelo kungenziwa emelelwa amafomula ezimbili:

FD = 1 / (1 + p) ⁿ = (1 + p) ^-n lapho:

• PD - Isaphulelo isici
• n - Inani lenkathi;
• p - iphesenti sibalo.

Inani lamanje

Kulolu hlu ingabalwa ngokuvele azalane isaphulelo isici ngumehluko phakathi izimali kanye nezindleko. Ngezansi yisibonelo kubalwa inani khona izinkathi ezinhlanu lapho iphesenti sibalo 5% kanye izinkokhelo inani ayizinkulungwane 10 euro ngasinye.

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.

Njengoba ubona, minyaka yonke isaphulelo isici ukwanda, kanye nenani lamanje kuyehla. Lokhu kusho ukuthi uma inkampani kumele bakhethe phakathi ukuthengiselana ezimbili, kufanele ukhethe elilodwa owawuthi izimali uzoya akhawunti yasebhange yenkampani ngokushesha ngangokunokwenzeka.

Inani langaphakathi lembuyiselo

ukubala IRR kungenziwa ngokusebenzisa yonke idatha ngenhla. Ifomu ezakha ifomula ukubala Inkomba ezilandelayo:

0 = Σ1 / (1 + IRR) ^k, lapho:

• IRR - isilinganiso sangaphakathi senzuzo;
• K - inkathi ezayo.

Njengoba ungase ubone ifomula, ukubaluleka net kulokhu kufanele alingane 0. Nokho, le ndlela ukucabanga IRR alusebenti njalo. Ngaphandle wokubala zezimali ukunquma ayikwazi ukuba, uma iphrojekthi utshalomali izobandakanya nezikhathi ezingaphezu kwezintathu. Kulokhu, kungafaneleka ukusebenzisa indlela elandelayo:

GNI = R _m + p _kN * (TTS _m / P _TTS) lapho:

• IRR - Ukukala Yangaphakathi;
• KP _m - ezincane ngamaphesenti ukubala;
• P _kN - umehluko phakathi okusezingeni eliphezulu futhi aphansi zenzalo;
• TTS _m - inani lamanje etholwe ukubala ngamazinga;
• P _PBX - umehluko ngokuphelele inani lamanje.

Njengoba singabona kusukela ifomula ukubala IRR kufanele uthole inani lamanje at amaphesenti amabili ezahlukene ukubala. Kumele kukhunjulwe ukuthi lo mehluko akufanele kube ezinkulu. Maximum - amaphesenti 5, kodwa kunconywa ukuthatha abawinile okungenani kungenzeka umehluko (2-3%).

Ngaphezu kwalokho, kubalulekile ukuthatha ezifana Ubukhulu amazinga lapho TTS kwakuyodingeka kwelinye icala value ezimbi, kanti eyesibili - omuhle.

Isibonelo ukubala IRR

Ukuze uthole ukuqonda kangcono zendaba engenhla kumele zezikhali isibonelo.

Le nkampani ihlela iphrojekthi investimenti isikhathi esiyiminyaka emihlanu. Ekuqaleni kuyothiwa wachitha ayizinkulungwane 60 euro. Ekupheleni konyaka wokuqala inkampani ngeke izimali zami kule phrojekthi eminye 5 million euros ekupheleni konyaka wesibili - 2000 euro, ekupheleni konyaka wesithathu - eziyinkulungwane euro, kanti 10 million euros iyitshalwa manje ngomnyaka wesihlanu.

The Inkampani uzothola imali ekupheleni kwenkathi ngayinye. Ngemva konyaka wokuqala usayizi nomholo eziyizigidi ezingu-17 zamaRandi ngonyaka ozayo - ayizinkulungwane 15 zamaRandi ngonyaka wesithathu - ayizinkulungwane 17 zamaRandi yesine - ayizinkulungwane 20 euro futhi inkulungwane 25 zamaRandi inkampani kuyoba ngonyaka odlule lo msebenzi. Izinga Isaphulelo kuyinto 6%.

Ngaphambi kokuba uqale ukubala isilinganiso sangaphakathi senzuzo (IRR), udinga ukubala usayizi TTS. ukubala wayo siboniswa ethebuleni.

Njengoba ubona, iphrojekthi inzuzo. TTS 904,6 euro. Lokhu kusho ukuthi etshaliwe lenkampani kwabasiza ngoba amaphesenti 6, waze wavusa 904,6 euro kuvela "phezulu". Okulandelayo udinga ukuthola negative inani lamanje. ukubala Its eboniswe kuthebula elandelayo.

Kusukela etafuleni kuyacaca ukuthi etshaliwe ingakhokhwa off amaphesenti angu-7. Ngakho-ke, yangaphakathi payback Inkomba value lesemkhatsini we 6 ne 7 amaphesenti.

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

Ngakho, i-IRR Project lokwaba ngemaphesenti lali-6,53. Lokhu kusho ukuthi uma efakwa ukubala NPV, inani layo kuyoba zero.

Primechenie: ukubala ngesandla uvunyelwe isiphambeko 3-5 euro.