NPV - chii? NPV: fomura. NPV of inivhesitimendi chirongwa

Zvinobudirira mubhizimisi pezvakaitwa kutamba inokosha basa kusimukira upfumi, nani makwikwi kwayo. Dambudziko zvokuaita simba uye non-nzira hunhu rinoshanda zvikuru Russia ano. Achibatsirwa vavo kubudirira kuvandudza nzira inoshandiswa, kuwedzera vhoriyamu kwayo, pave itsva ruzivo.

kana mari dingindira iri chaidzo muRussia? Zvichida mhinduro yomubvunzo uyu ndiyo mashoko ose Rosstat 2013 zvinoratidza kuti wegore chekubuda dzimwe upfumi kupinda upfumi munyika, tichienzanisa rapfuura gore, yakawedzera 40%. Kazhinji, asi akazviunganidzira vatorwa guta iri Russian upfumi pakupera rapera gore vakasvika mabhiriyoni 384,1 US emadhora. Vazhinji upfumi (38%) vari mukugadzira indasitiri. 18% bhuku paakapiwa ari zvokutengeserana uye kugadziridza, anenge akawanda (17%) - iri kuchera indasitiri.

Maererano nenhamba, kubva 2012, vaongorori zvoupfumi vakatsunga kuti Russia pokutanga wechitanhatu munyika tichitarisa kwayo mari kukwezva uye zvakare mutungamiri pakati Kishi kunyika iri chakarurama ichi. Uyewo 2012, yokumwe zvakananga mubhizimisi pamusika yeRussia rakafukidza zvinhu huru 128. The simba acho pachena. Nechekare muna 2013, maererano Rosstat, chete bhuku yakananga yokumwe upfumi munyika Russian zvoupfumi yakawedzera 10.1% uye ukasvika uwandu $ 170,18 bhiriyoni.

Hapana mubvunzo kuti oupfumi izvi zvose zvinoitwa noungwaru. Investor pachine vasati bhizimisi mari yavo, Chokwadi, kuongorora Kukwezva chirongwa kutengeswa, mari, zvazviri uye mumagariro.

inivhesitimendi kukwezva

The pamusoro nhamba uye "michina" divi. Izvi zviri zvikuru nokuenzanisa patsime-anozivikanwa musimboti kuti nechiyero anofanira kutanga kuva kanomwe. Musimboti mari Kukwezva sechinhu muchikwata upfumi huri zvakafanorongwa nokuda investor kubatsirwa rwetende bhizimisi rayo guru mune imwe kambani kana chirongwa. Kana bhizimisi, anoteerera solvency uye mari kutsiga startups mumatanho ose okukura kwavo paakapiwa mune mari yake. Naizvozvo, kuti nemamiriro mubhizimisi pacharo, uyewo ayo Rwako vanofanira, akavapindurawo, optimized.

Izvi zvinogona kuitwa kana kambani kuita mari yakadaro mari, zvakanyatsorongwa anoita inokosha kurapa oupfumi mu startups. Ekupedzisira ndiwo:

• vanozvidzora Kuongororwa refu zvinangwa zvaro kukura;
• kuumba kuipa inivhesitimendi maitiro;
• Implementation pokuita dzaro zvaida kuzvidzora pane kugara ukoshi kururamiswa correlative pamwe musika ezvinhu.

Kudzidza chapfuura Vhoriyamu mari kwebasa startups pokutanga nokuongorora zvinoita kuderedza kushanda mari, kuwedzera kwezvinhu pamwero kugadzirwa.

In paumbwe nzira hazvo kufungwa yepamutemo ezvinhu nokuda kwayo Implementation, kuongorora padanho uori ari upfumi chidimbu, akaita mamiriro ramangwana.

mari Kukwezva Evaluation Nzira

Vari rakakamurwa kunofambira mberi uye simba. Kana kushandisa nzira kunofambira mberi inogona nyore - mari guru riri kuramba pamusoro nguva. Kubudirira Akatsunga kunofambira mberi mubhizimisi payback nguva uye coefficient kuti kunyatsoshanda. Zvisinei, kuita zvedzidzo vakadaro zvishoma kushandiswa uchidzidzira.

In upfumi chaihwo rokuongorora mubhizimisi kuramba vachishandisa simba unongotaura. The dingindira nyaya ino ichava mumwe wavo - mambure chipo ukoshi (NPV, aizivikanwawo RR). Zvinofanira kucherechedzwa kuti mukuwedzera rinoshandisa simba parameters akadai:

• zvazvingava dzakawanda kudzokerazve (IRR);
• mari profitability (PI);
• discounted payback Nguva mubhizimisi (DPP).

Kunyange zvakadaro, pakati-dzataurwa pamusoro zviratidzo, mune tsika, nzvimbo musimboti kugara nokuti mambure varipo ukoshi. Zvichida chikonzero ndechokuti nezvechisarudzo ichi kunoita kuti kurondedzera chikonzero uye nomugumisiroi - mari pamwe Verengai mari Rwako kunotangira navo. Encased ari kugutsikana inofambiswa zvakakonzera chokwadi kuti mureza mubhizimisi nzira kunonzwisiswa NPV. Nhamba iyi ichiri underestimates? Mibvunzo iyi ichakurukurwa munyaya uyewo.

Chinokosha payakavakirwa nokuti Pakusarudza NPV

Net chipo ukoshi kunzi mari aibuda discounted kana DCF-nzira. pfungwa dzayo zvoupfumi kwakavakirwa fananidzo mari kunodyira IC uye akagadziridzwa ramangwana mari Rwako. Pane NPV rinowanikwa sezvinotevera (ona nzira 1.): NPV = PV - ıo apo:

• PV - kukosha kuitika pamusoro mari kuyerera;
• IO - kwokutanga inivhesitimendi.

The pamusoro nyore payakavakirwa nokuti NPV-anoratidza mari mari.

The yemaitiro anofunga dhisikaundi uye imwe-nguva inivhesitimendi

Chokwadi, apa payakavakirwa (1) anofanira kuva kwakaoma, dzinenge kuti aratidze panzvimbo discounting mashandiro. Sezvo aibuda mari dzinounzwa munguva discounting parutivi chaiwo coefficient R, izvo kunobva mari mari. Discounting parameter Mapping zvinoitwa nguva panowanikwa siyana Rwako (ona yemaitiro 2.), Where:

• R - dhisikaundi;
• CF _t - mari kubhadhara pamusoro t makore;
• N - nhamba nzendo chirongwa.

NPV-fomura anofanira kufungawo mari kugadziridzwa diskonotom (coefficient pamusoro R), kunorondedzerwa investor vaongorori kuti mubhizimisi chirongwa anoziva nguva chaiyo uye inflow uye water drainage Mari.

Maererano nezviri pamusoro apa nzira, kubatana parameters kuda kunyatsoshanda inogona kumiririrwa mathematically. Imhandoi mutemo anotaura nzira kuti anosarudza musimboti wenyika NPV? Chii mufananidzo uyu unoratidza investor anogamuchira mari nokuyerera pashure Implementation pamusoro mubhizimisi chirongwa navo uye sokubhadhara mari anotaurwa mariri (ona yemaitiro 3.), Where:

• CF _t - mari kubhadhara panguva t makore;
• IO - kwokutanga inivhesitimendi;
• R - dhisikaundi.

Net varipo ukoshi (NPV-nzira yakapiwa pamusoro) rinowanikwa sezvo kusiyana zvachose mari pakutengeserana, actualized ne imwe nguva iri nengozi uye kutanga pfuma. Naizvozvo, ayo hupfumi kugutsikana (zvichireva - magetsi shanduro yemaitiro) - mubereko kwakaitwa investor rimwe chete kwokutanga mubhizimisi simba, kureva, tainge kukosha chirongwa ...

Muchiitiko ichi tiri kutaura pamusoro NPV chokuratidza. Formula (3) - kupfuura guta chairo investor mudziyo, funga pangave mari yavo nemashoko anotevera zvakanakira. With Updated mazwi panguva kuitika nguva mari aibuda, ndiwo nechiidzo zvakanakira kuti investor. Kuongororwa zvabuda zvechokwadi chakamukurudzira: kushandisa kana kuvasiya.

Ko vanoita asina tsika NPV? Kuti chirongwa hazvikubatsiriyi uye maturo upfumi mariri. Rine pakatarisana mamiriro uine NPV. Panyaya iyi, iyo mari Kukwezva chirongwa zvakakwirira, uye maererano zvakadai mubhizimisi mabhizimisi purofiti. Zvisinei, zvinobvira kuti kana mambure varipo mutengo uri razero. Zviri kuziva kuti mumamiriro ezvinhu aya ari inivhesitimendi akaita. Ko investor mumwe NPV? With mari izvi kuchawedzera ayo musika mugove. zvichaita kuuya mubereko, asi achasimbisa mamiriro bhizimisi.

Net varipo ukoshi panguva multi-danho inivhesitimendi nzira

Investment nzira dziri kuchinja nyika yakatipoteredza. Zvakanaka nezvenyaya iyi vakati American munyori akakurumbira uye muzvinabhizimisi Robert Kiyosaki kuti mari pangozi haasi pachayo, asi kushaya anoridzora. Panguva iyoyowo, nguva dzose progressiruschaya zvinhu-hwokugadzira mujinga kumanikidza vanoita kuti hakuna mumwe-kure, uye kuti nguva nenguva upfumi. NPV of mubhizimisi chirongwa ichi nyaya achazviisa kubudikidza mutoo (3), apo M - namakore ayo mari basa chichaitwa, I - koeffitsint mitengo.

kushandiswa Anoshanda of fomura

Zviri pachena kuti kuti Masvomhu chichishandisa yemaitiro (4), pasina kushandisa webetsero maturusi - inguva yakawanda kwazvo. Saka, kuita pakuverenga roi zviratidzi zvakaenzana kushandisa yakasimbiswa nyanzvi spreadsheet (somuenzaniso, rakatangwa muna Excel). Characteristically, rokuongorora NPV pamusoro mubhizimisi racho vanofanira kufunga akawanda nzizi inivhesitimendi. The investor inoongorora nzira dzinoverengeka pakupedzisira kunzwisisa mibvunzo mitatu:

• izvo zvinoda mari uye kuti nzendo zhinji;
• kwokuwana mamwe manyuko mari, achirumbidza kana yokushayiwa;
• Ita akapfuudza uwandu zveminda forecasted mari chokuita mari.

The inonyanya nzira - zvinenge kuverenga chinhanho chaiye mubhizimisi chirongwa - ndiko kutsanangura kwaari NPV 0 parameters ne (NPV = 0). The tabular chimiro achibvumira vanoita pasina mari nguva, asina mukana wokuzvidzivirira nenyanzvi, shoma nguva kuona nzira dzakasiyana uye somugumisiro kusarudza zvakanaka chingaitwa kunyatsoshanda yacho inivhesitimendi kwacho.

Kushandisa Excel kuziva NPV

In tsika vanoita zvibereko chokufenbera kukarukureta pamusoro NPV muna Excel? Muenzaniso mumwe kuverenga kwakadaro, ratinoparidza pazasi. Yakarongeka kupa mukana Pakusarudza kunyatsoshanda kuti mari kwacho pahwaro kushandiswa basa revatema NPV (). Uyu kunzwisisa kushanda kushanda multiple nharo mamirire payakavakirwa nokuti Pakusarudza mambure chipo ukoshi. Tinoratidza nemarongerwo kuti basa iri:

NPV = (R; ıO; C4: C11), sezvamakaropafadzwa (5) r - dhisikaundi zvazvingava; IO - kwokutanga inivhesitimendi
CF1: CF9 - purojekiti mari nokuyerera nokuda kwenguva 8.

Kazhinji, inobva kwokutanga mubhizimisi muna 2.0 mln. kwaizotevera mari inoyerera vapfumbamwe nzendo mubhizimisi racho uye 10% dhisikaundi zvazvingava, mambure chipo ukoshi NPV mari kuti 186,39 zviuru. varikwizire. Dynamics of mari kuyerera inogona kumiririrwa mu zvinotevera kaavio (ona. Figure 1).

Figure 1. mari Rwako ari inivhesitimendi chirongwa

Saka, zvinogona akapedzisa mari profitability uye tarisiro, kuratidzwa muenzaniso uyu.

Purogiramu mambure varipo ukoshi

Modern Investment Project (IP) anonzi nhasi zvoupfumi yokuti ari muchimiro refu purogiramu guta upfumi. Panguva imwe nguva danho, izvozvo kunoratidzwa vamwe mari uye mari. Kwainyanya mari ndiyo chinobva kutengeswa kwenhumbi uye mabasa ndicho chikuru chinangwa upfumi dzakadaro.

Kuvaka NPV-purogiramu, funga maitiro basa iri (zvinorehwa mari kuyerera) zvichienderana nharo - ya-siyana mubhizimisi NPV tsika. Kana muenzaniso pamusoro apa, kuti panguva yayo repfumbamwe Danho tinowana mari private varipo ukoshi 185,39 zviuru. Kwiza., Akabva vakaomerwa kuti muzvikamu zvisere (somuenzaniso, kutengesa bhizimisi), tinosvika RR 440,85 zviuru. Kuzora. Family - tinowana kurasikirwa (-72.31 zviuru rubles ..), Six - kurasikirwa anova zvikuru (-503.36 zviuru rubles ..), Five - (-796.89 zviuru rubles ..), Four - ( -345,60 zviuru rubles), vatatu - .. (-405.71 zviuru rubles), unongoshanda muzvikamu zviviri - .. (-1,157.02 zviuru rubles) ... budiriro Izvi zvinoratidza kuti NPV chirongwa ruchigona dzichiwedzera yenguva refu. Kudivi rimwe, kuti mubhizimisi hunobatsira, pane dzimwe - yakatsiga investor haangakubatsiriyi kubva pamusoro wayo Danho rechinomwe (ona mufananidzo 2.).

Figure 2. Graph NPV

Kusarudza inivhesitimendi chirongwa mikana

In dhayagiramu 2 kuongorora padzakacherechedza vaviri nzira zvinogoneka investor nzira. Chaizvoizvo yavo raigona zvichishandurwa chaizvo nyore, "Chii kusarudza -? purofiti duku, asi pakarepo, kana mukuru, asi gare gare" Achitarira chati, iro NPV (mambure aripo ukoshi) kwenguva Chinobudirira yakanaka chamunowana padariro wechina mubhizimisi chirongwa, asi pasi refu inivhesitimendi nzira, tiri kupinda chehupenyu yakasimbisa profitability.

Uyezve, tinoona kuti NPV mutengo kunobva dhisikaundi unodiwa.

Kuti anofunga dhisikaundi mwero

Chimwe chikamu chezvinhu Masvomhu (3) uye (4) iro basa rinowanikwa NPV richinzi kubva muzana dhisikaundi, Yaunoti zvazvingava. Chii zvinoratidza? Zvikurukuru, akatarisirwa mitengo unodiwa. The inogona kuenderera vanhu zviri 6-12%. Uti zvakawanda: asi dhisikaundi mwero kunobva mitengo indekisi. Yeuka anozivikanwa chokwadi kuti mune imwe nyika umo ari mitengo mwero kwazvo 15%, upfumi vasina maturo.

Tine mukana yokuedza nayo tsika (nokuti tine muenzaniso pakuverenga ari NPV uchishandisa Excel). Yeuka kuti Indekisi NPV dzaona nesu panguva dhisikaundi mwero 10% nokuti repfumbamwe pavaipfuura mubhizimisi chirongwa chiri 186,39 zviuru. Kwiza., Ndezvipi zvinoratidza purofiti uye kufarira kuti investor. Tsiva muna Excel-hydrochloric tafura dhisikaundi zvazvingava 15%. Kuti tiratidzei basa NPV ()? Loss (uye kuti kuguma devyatietapnoy kupera mari chirongwa!) To 32,4 zviuru. Rubles. Kana investor kubvumirana purojekiti yakadaro dhisikaundi zvazvingava? Ngazvisadaro.

Kana isu pamadiro kuderedza dhisikaundi kusvika 8% pamberi kuverenga NPV, mufananidzo richachinja kuti pakatarisana: mambure varipo ukoshi kuchawedzera kusvika 296,08 zviuru rubles ..

Saka, pane zvinoratidza zvakanakira mudanga upfumi pamwe yakaderera mitengo kuti abudirire inivhesitimendi.

The Kudeuka vanoita Russian uye NPV

Chii chinokonzera nhoroondo yakanaka kuhwina nzira ne makambani? Mhinduro iri nyore - kuti ubudirire! Tinomiririra Rating makurusa Russian voga vanoita mugore rapera. Chokutanga nzvimbo inogarwa Yuri Milner, co-muridzi Mail.ru Group, yakavambwa DTS Fund. Iye zvinobudirira paakapiwa muna Facebook, Groupon Zygna. Kutambudzwa oupfumi ayo zvakakwana kuti mazuva ano. Zvichida ndosaka zvinoda kuti 35th chinzvimbo yose chepamusoro, anonzi Midas List.

Chechipiri nzvimbo - nokuti Victor Remsha akaita muna 2012, kwakajeka ngaakuitirei kuti kutengeswa 49,9% atanga basa.

Wechitatu nzvimbo inogarwa Leonid Boguslavsky, co-muridzi Internet makambani anenge 29, kusanganisira MegaMarket Ozon.ru. Sezvaunogona kuona, vatatu kupfuura zvipfuwo private vanoita kuti vanopedzisira Internet michina, t. E. The zvoupenyu dzisiri zvinhu kugadzirwa.

kana specialization kwakadaro asingashumbi? Uchishandisa zvishandiso kusarudza NPV, edza kuwana mhinduro. The-vataurwa pamusoro vanoita musimba Internet michina chaizvo zviri mumusika vachangoerekana kupinda musika ane dhisikaundi duku, maximizing makomborero avo.

mhedziso

Modern mabhizimisi hurongwa tichitarisa kudzoka musi mari Masvomhu, uye criticality kushandura consumables zvino zvikuru anoshandisa yemhando kuongorora kubudirira, kusanganisira kutsunga mambure varipo ukoshi. Nokuti makambani, mutengo mukuru ane tsanangudzo kuenderera zviratidzi anokosha musiyano pakati inivhesitimendi chirongwa.

Pakawanda NPV anobvumira kuti kuongorora kuchinja parameters iri mubhizimisi racho panguva yayo razero ukoshi. Uyezve, zviri zvikuru muzvigadzirwa chokushandisa chinozoiswa kuti siyana vanoshandisa mune mwero spreadsheet pamwe yakavakwa mabasa avo.

Zviri nevakawanda zvokuti kunyange akagadza Converter paIndaneti kuziva panzvimbo mutauro wokuRussia Internet. Zvisinei, Excel chishandiso anobvumira zvakawanda zvokusarudza kuongorora inivhesitimendi nzira.