Документ взят из кэша поисковой машины. Адрес оригинального документа : http://www.msu.ru/projects/amv/doc/h6_1_6_1_nom8_2.pdf Дата изменения: Fri Feb 24 12:14:25 2012 Дата индексирования: Mon Feb 4 04:48:50 2013 Кодировка: Поисковые слова: horizon

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..., . . .. .. ...,

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:
- - ( ) (Cash flow), (/)

(Chief Technology Officer Horizon Emerging Technologies Ltd)
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· · · · · · : , ( )
(Schulich School of Business (York University, Canada))
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·


?
· ROI - Return On Investments ( ): + ( )

·
·

Break Even ­ ,
Exit Strategy ( ): IPO ( ), , M&A ( )

(Schulich School of Business (York University, Canada))
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?
·

· ( , , , , ..)

(Schulich School of Business (York University, Canada))
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( )
Cash Flow 1) ; 2) 3) .

0

Time

(Seed)

(Start-up)

(Early stage)

(Development / Expansion )

(Exit)

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( )
Cash Flow

1) , ; 2) ;

3) ;

0

4) .

Time

(Seed)

(Start-up)

(Early stage)

(Development / Expansion )

(Exit)

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( )
Cash Flow 1) , , , ; 2) . 3) ; 4) . Time

0

(Seed)

(Start-up)

(Early stage)

(Development / Expansion )

(Exit)

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( )
Cash Flow 1) seed ; 2) , 3) ; 4) , , . Time

0

(Seed)

(Start-up)

(Early stage)

(Development / Expansion )

(Exit)

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( )
Cash Flow

1) .

2) , ;

0

Time

(Seed)

(Start-up)

(Early stage)

(Development / Expansion )

(Exit)

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Cash Flow

:


0



Time

(Seed)

(Start-up)

(Early stage)

(Development / Expansion )

(Exit)

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(DCF)



NPV

IRR

PI

ROE

ROI





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, , , .

.

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S P 1

n i
n

,

S P1 i

,

S n i

-

, ; , ; ; ;

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P S

1 1 n

i



1 P S ( 1 i ) n



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(PV FV)
,



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$100 = FV (Future value)

FV $100 (1 r )

t

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(FV)
: (FV) $400,000, 5%?

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= DF (Discount Factor) = PV of $1

DF

1 ( 1 r )

t

­ $1, .

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$200
$100 Year 0 100/1.07 200/1.072
0 1 2



= $93.46

= $172.42
= $265.88

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Ct PV DF Ct (1 rt )

t

"1" "t" .

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1: = C0 = 370 1 = C1 = 420 2: 5%, = r = 5%

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· 3:

PV

C1 (1 r )



420 (1.05)

400

· 4: ,

NPV 400 370 30

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NPV = PV - C1 NPV = C 0 1 r
C0

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.

PV
PV

C1 (1 r1 )
1
t



t

C

2 2

(1 r2 )

....

1
0

C

rt

N PV C

1

C

t

rt



t

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(PV)
­ : , . 5% , (PV) (NPV).

0 1 2

Discount fact or 1.0
1 1.05 1 1.052

Cash Flow 170,000 100,000 320,000 NPV

Present Value 170,000 95,238 290,249 $25,011

.952 .907

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(PV)
­ : -$100,000 -$170,000 +$320,000

Present Value
Year 0 -170,000 -100,000/1.05 320,000/1.052 = NPV
0 1 2


= -$170,000 = $95,238 = $290,249 = $25,011

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(FV)

­ ,

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, :

PV of C1 $420 at 5%
:

420 PV 400 1 .05

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PV of C1 $420 at 12% 420 PV 375 1 .12


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PV of C1 $420 at 5% 420 PV 400 1 .05


Investment - ­ , .

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NPV = PV - NPV = 375,000 - 370,000 $5,000

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­ ,

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, , .

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, (.. ). : , .

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, , 2- .
A B C C
0

C1 500 500

C

2

C

Payback
3

- 2000 - 2000

500 1800 500

5000 0 0

Period 3 2 2

NPV@ 10% 2,624 - 58 50

- 2000 1800

: · · NPV ,
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, , , . , ( ) ( )

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- , . - (IRR) , . IRR , , , .
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NPV,
, .

, , .

() , .

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· ­ , . ­ . ­ , , . .

·

·

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IRR (Internal rate of return) ­




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(IRR)


­ , NPV=0 IRR

: . $4,000. $2,000 $4,000 2- . IRR ?

2,000 4,000 NPV 4,000 0 1 2 (1 IRR ) (1 IRR )

IRR 28.08%
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(IRR)
2500 2000 1500

NPV (,000s)

1000 500 0

IRR=28%

-1000 -1500 -2000 (%)

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100

-500

10

20

30

40

50

60

70

80

90




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(ROA) (ROI) / () / / () EBIAT / ()

(RonA)

/ () / ()

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/ () / - / * 365 / ()



, , .
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/ / () / () EBIT /

() / /

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/ () ( + -) / () ( ­ - ) / () - / () () / * 365



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