Документ взят из кэша поисковой машины. Адрес оригинального документа : http://www.mce.biophys.msu.ru/archive/doc15654/doc.pdf Дата изменения: Fri Oct 26 19:06:36 2007 Дата индексирования: Mon Oct 1 20:59:00 2012 Кодировка:

: , , .. (. .) , , . , , . WORKPLACE OF FINANCIAL DIRECTOR OF FIRM: PROBLEMS, MODELS AND METHODS OF PREPARATION, ACCEPTANCE AND THE CONTROL OF EXECUTION OF DECISIONS Semeshko A.V. (Dolgoprudny, Moscow region) Problems, models and methods of a finance administration, intermediate term and operational planning are considered. Properties of the suggested models, algorithms of optimum distribution, the account and updating of working capital are investigated. 1. , , 2. ,
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, , , . . . I j , j- , (j+1)- , , , . , ­ . . : j ­ j- , I j - j- , M j - , j- , - j j- , - j j- , j =
M I
j j

­ -

j- , r ­ . , , : () j () = I j ; j j
() = j () j



M j =

() j

j



j Ij.

j

I j , (j+1)- , (1- ) ­ I j , : (1 - ) I j =
182
j +1

,

j +1

- -


.. -- -10, 2002, .177-183

(j+1)- : +1 () j +1 = +1 - = j +1 I j j j j +1

j +1

-

() j



j Ij.

j

, , .. j = j +1 = , j . , (j+1)- I j +1 = I j (1 + r ) ,

j+1


j +1


j +1


- = j

j +1

, .. (j+1)-
I
j +1

:
()

j +1

= I j +1 -

j +1

,





=

=



I

-

() j

j +1



I

j

­ -

j

(j+1)- . G

j , j +1

I j ,

(j+1)- . I j . .. G I
j +1

j , j +1

,

=G

j , j +1

I j (1 + r ) .

, G j , j +1 :
(1 - ) I j =
j +1

()



j +1 j +1

I
j +1

j +1

- I

() j


j +1

j

Ij; Ij ;

I j (1 + r ) = I
I
j +1

+

()



-

() j

j +1



j

=G

j , j +1

I j (1 + r ) .

, ,

183


2.

1+
G
j , j +1



j j

=
1+



+


j +1 j +1

j

j (1 + r )
(1 + r )



j +1 j +1

.

(1)



+

I
I j =G

j +1

=G
G

j , j +1

I j (1 + r ) , j ,

n- C0 :
j -1, j j - 2, j -1

... G0,1 C0 (1 + r ) j
Gl
-1, l

I j = C0 (1 + r ) j


l =1

j

.

i (, , ), = const k ­ :
I i = C0
l =k (i -1)+1



ki

(1 + r ) l



l

G

m=1

m -1,m

.

(2)

( ) , ,
G
j , j +1

=G =

1 1+ A , A = + T 1+ r 1 + A (1 + r )
j -1

,

B j = G j 0 (1 + r ) j .
j = 0 G j (1 + r ) r ­ .

i ­ :
Ii =
j =(i -1) k +1



ki

I j = C0 (G (1 + r )

)k

(i -1) +1



G k (1 + r ) k - 1 ; G (1 + r ) - 1

i =

r I i = C0 (G (1 + r ) 1+ r

)k

(i -1)



G k (1 + r ) k - 1 r . G (1 + r ) - 1

(1) , r, :
184


.. -- -10, 2002, .177-185

I



=

I

j +1 j

I

= G (1 + r ) = 1 +
1+

r




+





.
(1 + r )



, , . = = 0 = 1 + r I = (1 + r ) k ­ . (1) r T , 1 1 j+ , = G = 1 , .. 1+ r j (1+r) (1 + r ) k , . (1 + r ) k . , . , . , G :
S j = I j- C ­ j- ; k C , k

I j = S 0 (G (1 + r )) j -
i = S 0 G j (1 + r )
j -1

C (G (1 + r )) j -1 - 1 ; G (1 + r ) k G (1 + r ) - 1
- C (G (1 + r )) j -1 - 1 r. G k G (1 + r ) - 1

.

185


2.

. , j- (j+1)- , .

, ( ), .

80% 70% 60% 50% 40% 30% 20% 10% 0% 1 2 3 4 5 6 7 8 9 10 11 16 14 12 10 8 6



4 2 0

(2) r( ) . 186


.. -- -10, 2002, .177-187

, . , . , , , . r , - - - . . 1. Brealey R.A., Myers S.C. Principles of Corporate Finance, 4-th ed. ­ McGraw Hill, Inc., 1991. 2. Brigham E.F., Gapenski L.S. Intermidiate Financial Management, Drygen, 1993. 3. Samuels J.M., Wilkes F.M., Brayshaw R.E. Management of Company Finance, Chapman & Hall, 1992.

187