VAN ndi TIR

pitani kapena pitani

Pamwambowu tikufuna kuwunikiranso pang'ono mawu awiri omwe amagwiritsidwa ntchito kwambiri pazachuma ndi zachuma kuti agwire bwino ntchito zokolola zotsatira pamakampani ndi kudziwa ngati ndalama mu ntchito inayake ndizotheka, yotchedwa NPV ndi IRR. Zida ziwirizi zingakupangitseni kupeza ndalama zambiri kapena kukhala kutali ndi zosankha zoyipa zamakampani.

Kodi NPV ndi IRR ndi chiyani?

NPV ndi IRR ndi mitundu iwiri yazida zachuma ochokera kudziko lazachuma lamphamvu kwambiri ndipo amatipatsa mwayi wounikira phindu lomwe mapulani osiyanasiyana azachuma angatipatse. Nthawi zambiri, ndalama zomwe zimaperekedwa mu projekiti sizimaperekedwa ngati ndalama koma ngati mwayi woyambitsa bizinesi ina chifukwa chopeza phindu.

Tsopano, tipanga kuyambitsa kwakung'ono kwa NPV ndi IRR, malingaliro azachuma awa padera kuti muwone momwe amawerengedwera ndi njira yabwino kwambiri kutengera zotsatira zomwe mukufuna kudziwa ndi mwayi woperekedwa ndi NPV ndi IRR.

VAN ndi chiyani

NPV kapena Net Present ValueChida ichi chazachuma chimadziwika kuti kusiyana pakati pa ndalama zomwe zimalowa mu kampaniyo ndi ndalama zomwe zimayikidwa mu malonda omwewo kuti muwone ngati zilidi malonda (kapena pulojekiti) zomwe zingapindulitse kampani

VAN ili ndi chiwongoladzanja yomwe imadziwika kuti cutoff rate ndipo ndiyomwe imagwiritsidwa ntchito kumadzisintha yokha. Mtengo wodula umaperekedwa ndi munthu yemwe ati awunike projekitiyo ndipo izi zimachitika limodzi ndi anthu omwe adzagulitse ndalama.

Mtengo wodula NPV utha kukhala:

  • Chidwi zomwe muli nazo pamsika. Zomwe mumachita ndikutenga chiwongola dzanja cha nthawi yayitali chomwe chingachotsedwe mosavuta pamsika wapano.
  • Voterani phindu la kampani. Chiwongola dzanja chomwe chimadziwika nthawi imeneyo chimadalira momwe ndalama zimapezidwira. Mukamaliza ndi ndalama zomwe wina wapereka, ndiye mitengo yodula ikuwonetsa mtengo wa ndalama zomwe wabwereka. Ikamalizidwa ndi likulu lake, imakhala mtengo wachindunji ku kampaniyo koma zimapatsa olowa m'malo mwayi

Mlingowo ukasankhidwa ndi wogulitsa ndalama

Izi zitha kukhala zosankha zilizonse.

Nthawi zambiri imachitika ndi phindu lochepa kuti amene amagulitsa ndalama akufuna kukhala nazo ndipo azikhala pansi pazomwe adzapange ndalama zonse.

Ngati wogulitsa akufuna a mlingo womwe umawonetsa mtengo wamtengo wapatali, munthuyo amasiya kulandira ndalama kuti agwire ntchito inayake.

Kudzera mu NPV mutha kudziwa ngati ntchito itheka kapena ayi Tisanayambe kuzichita komanso, munthawi yomwe mungasankhe polojekiti yomweyi, zimatilola kudziwa kuti ndi iti yomwe ndiyopindulitsa kwambiri kapena ndiyo njira yabwino kwambiri kwa ife. Zimatithandizanso kwambiri pakugula, popeza ngati tikufuna kugulitsa, njirayi imatithandiza kwambiri kudziwa kuchuluka kwa ndalama zenizeni zomwe timagulitsa kampani yathu kapena ngati timalandira zochuluka posunga bizinesi.

Kodi NPV ingagwiritsidwe ntchito bwanji

Kodi NPV ingagwiritsidwe ntchito bwanji

Kudziwa momwe mungagwiritsire ntchito NPV tili ndi chilinganizo chomwe ndi NPV = BNA - Investment. Van tikudziwa kale kuti ndi chiyani ndipo BNA ndi phindu lokonzanso kapena mwanjira ina, ndalama zomwe kampaniyo ili nazo.

Njirayi iyenera kugwiritsidwa ntchito nthawi zonse ndi phindu losinthidwa osati ndi phindu la kampani kuti maakaunti athu asalephere. Kudziwa kuti ndi chiyani BNA muyenera kupanga kuchotsera kwa TD kapena kuchotsera. Uwu ndiye mulingo wochepa wobwerera ndipo umadziwika motere.

Ngati mlingowu ndiwokwera kuposa BNA izi zikutanthauza kuti mlingowu sunakhutire ndipo tili ndi NPV yoyipa. Ngati BNA ndiyofanana ndi ndalamazo, izi zikutanthauza kuti mulingo wakwaniritsidwa, NPV ndiyofanana ndi 0.

BNA ikakwera ndiye kuti milingo yakwaniritsidwa komanso, phindu linapangidwa.

Chifukwa chake kuti timvetsetse mwachangu

Pamene pomaliza, zikutanthauza kuti ntchitoyi ndiyopindulitsa ndipo mutha kupita nazo. Zikakhala kuti pali zokoka, ntchitoyi ndiyopindulitsa chifukwa phindu la TD limaphatikizidwa koma muyenera kusamala. Zikachitika vuto loyamba, ntchitoyi siyopindulitsa ndipo muyenera kuyang'ana njira zina.

Muyenera kusankha ntchito yomwe imatipatsa phindu lina lowonjezera.

Ubwino wa NPV

Mmodzi wa zabwino zazikulu ndipo chifukwa chomwe ili imodzi mwanjira zomwe amagwiritsidwa ntchito kwambiri ndi chifukwa ndalama zomwe zimayenda nthawi zonse zimakhala zosakanikirana pakadali pano. NPV kapena Net Present Value imatha kuchepetsa kuchuluka kwa ndalama zomwe zimapangidwa kapena zomwe zimaperekedwa ku gawo limodzi. Kuphatikiza apo, zizindikilo zabwino ndi zoyipa zitha kuloledwa kuwerengera komwe kumafanana ndi kulowa ndi kutuluka kwa ndalama popanda zotsatira zomaliza kusinthidwa. Izi sizingachitike ndi IRR momwe zotsatira zake ndizosiyana kwambiri.

Komabe, NPV ili ndi mfundo yofooka ndikuti ndalama zomwe zimagwiritsidwa ntchito kuchotsera ndalamazo mwina sizingakhale zomveka kwathunthu kapena kukayikira anthu ambiri.

Pankhani yokhudzana ndi kuchuluka kwa chiwongola dzanja, ndi imodzi mwanjira zabwino kwambiri zodalirika kwambiri.

Kodi IRR ndi chiyani ndipo imagwiritsidwa ntchito bwanji

Kodi IRR ndi chiyani? IRR kapena kuchuluka kwakubwerera kwamkati, ndiye kuchotseredwa komwe kunalipo mu projekiti ndipo zomwe zimatilola ife kuti BNA ndiyofanana ndi ndalama. Ponena za TIR imayankhula za TD yayikulu kuti ntchito iliyonse itha kukhala nayo kuti iwoneke ngati yoyenera.

Kuti mupeze IRR munjira yolondola, deta yomwe ingafunike ndi kukula kwa ndalama ndi kuyerekezera ndalama. Nthawi iliyonse pamene IRR ipezeka, njira ya NPV yomwe takupatsani kumtunda iyenera kugwiritsidwa ntchito. Koma m'malo mwa Van level ndi 0 kuti itipatse kuchotserakapena. Mosiyana ndi NPV, pamene mlingowu ndiwokwera kwambiri, akutiuza kuti ntchitoyi siyopindulitsa, ngati mitengoyo ndiyotsika, izi zikutanthauza kuti ntchitoyi ndiyopindulitsa. Kutsika kwa mtengo, ntchitoyo imakhala yopindulitsa kwambiri.

Kodi njira imeneyi ndi yodalirika?

Muyenera kudziwa kuti zodzudzulidwa zomwe zachitika chifukwa cha njirayi ndizochuluka chifukwa cha zovuta zomwe anthu ambiri ali nazo. Komabe, masiku ano zakhala zotheka kale kupanga ma spreadsheets ndipo kuwerengera kwamasayansi kwamakono kumabweranso ndi njira iyi yophatikizidwa. Akwaniritsa zomwe zitha kuchitika mumasekondi.

Njirayi ili ndi njira yosavuta yowerengera pomwe mukudziwa kale momwe mungaigwiritsire ntchito ndipo imapereka zotsatira zoyenerera, zomwe ndi el njira yofananira yomasulira.

Ngakhale zili choncho, kubwerera ku zomwe zagwiritsidwa ntchito kwambiri komanso zoyambirira, zimachitika ngati ntchito inayake yakwaniritsidwa kubwezera kapena kuchotsera komwe kuli, osati koyambirira kokha komanso panthawi yofananira, mwina chifukwa ntchitoyi yakhala itayika kapena ndalama zatsopano zaphatikizidwa.

Nthawi yogwiritsa ntchito VAN kapena TIR

Nthawi yogwiritsa ntchito VAN kapena TIR

NPV ndi IRR ndizizindikiro ziwiri zomwe akatswiri amagwiritsa ntchito, koma zida zonsezi zimagwiritsidwa ntchito pozigwiritsa ntchito. Ndipo ndizosavuta kudziwa nthawi yomwe mungagwiritse ntchito NPV komanso IRR komanso momwe mungayesere zotsatira zomwe mumapeza kuchokera kwa onse awiri.

Chifukwa chake, pano tikusiyirani inu momwe mungagwiritsire ntchito iliyonse ya izo.

Nthawi yogwiritsa ntchito VAN

NPV, ndiye kuti, phindu lomwe lilipo, Ndikusintha komwe makampani ambiri amagwiritsa ntchito kuti athe kusungitsa ndalama pakati. Ndiye kuti, kuchepetsa ndalama zonse zomwe zimapangidwa kapena zomwe zimaperekedwa mchiwerengero chimodzi. Kuphatikiza apo, ndi chida chomwe amagwiritsa ntchito kudziwa ngati polojekiti ikugwira ntchito; Mwanjira ina, ngati pali maubwino kutengera zomwe zasungidwa.

Kuti achite izi, amagwiritsa ntchito chilinganizo NPV = BNA-Investment. Chifukwa chake, ngati ndalama ndizochulukirapo kuposa BNA, chiwerengerochi chomwe chimapezeka ku NPV sichabwino; ndipo ngati zili zosiyana zikutanthauza kuti pali phindu.

Ndiye iyenera kugwiritsidwa ntchito liti? Chabwino, mukafuna kudziwa ngati phindu lanu lonse ndilokwanira kapena ngati mukuwonongeka. M'malo mwake, izi zimayenera kugwiritsidwa ntchito pachaka chilichonse, ngakhale zowerengera zake zitha kujambulidwa nthawi iliyonse pachaka (koma nthawi zonse zimakhala ndi chidziwitso mpaka pano).

Kodi njira ya NPV ndi yotani?

Chotsatira:

NPV ndi lingaliro lazachuma

Kumeneko:

  • Ft ndiye kutuluka kwa ndalama munthawi iliyonse (t).
  • I0 ikuyimira ndalama zoyambirira.
  • n ndi kuchuluka kwa nthawi zomwe zikuwerengedwa.
  • k ndiye kuchotsera.

Kodi TIR ndi chiyani?

Potembenukira ku IRR, muyenera kukumbukira kuti, monga takuwuzirani, sizofanana ndi NPV, ndi zida ziwiri zosiyana kwambiri zomwe zimayeza zinthu zofananira, koma sizofanana.

El Mtengo wa IRR umagwiritsidwa ntchito kuwunika ngati ntchito ili yopindulitsa kapena ayi, koma palibenso china. Njira yomwe imagwiritsidwa ntchito ndiyofanana ndi ya NPV, koma pano NPV ndi 0 ndipo mfundo ndikuti mupeze kuchotsera, kapena ndalama.

Chifukwa chake, kukwera kwa mtengo womwe umatuluka mufomuyi, zikutanthauza kuti ntchitoyi ndi yopanda phindu. Koma m'munsi mwake, ndipindulitsa kwambiri.

Amagwiritsidwa ntchito liti?

Ndipo iyenera kugwiritsidwa ntchito liti? Pamenepa, Ndicho chisonyezo chabwino kwambiri chowunika phindu kapena ayi la projekiti inayake. Mwanjira ina, imakupatsirani chidziwitso, koma izi sizingafaniziridwe ndi chidziwitso cha projekiti ina, makamaka ngati ndi yosiyana, chifukwa pali zosintha zambiri zomwe zingachitike (mwachitsanzo, kuti imodzi mwa ntchitoyo imayamba posachedwa kenako imatenga off, kapena kuti ndi yolimba nthawi).

Mwambiri, NPV ndi IRR zikuwonetsa ngati polojekiti itha kuchitidwa kapena ayi, ndiye kuti, ngati phindu lingapezeke nawo kapena ayi. Palibe chida china chabwino kuposa ichi choti achite izi, popeza NPV ndi IRR zimathandizana ndipo osunga ndalama amaganizira zotsatira za onse asanapange chisankho.

Momwe mungadziwire ngati IRR ndiyabwino

Momwe mungadziwire ngati IRR ndiyabwino

Pambuyo pazonse zomwe takuwuzani, palibe kukayika kuti chisonyezo chomwe chitha kukhala cholemera kwambiri pokhudzana ndi kudziwa ngati ntchito ili bwino kapena ayi ndiye kuchuluka kwakubwerera kwamkati, ndiye IRR. Koma mungadziwe bwanji ngati IRR ili bwino kapena ayi mu projekiti?

Mukamayesa mulingo uwu, ndiye kuti, IRR, m'pofunika kuganizira zinthu ziwiri zofunika kwambiri. Izi ndi:

  • Kukula kwa ndalama. Ndiye kuti, ndalama zomwe ziyikidwa kuti zichite ntchitoyi.
  • Ndalama zomwe zikuwonetsedwa. Ndiye kuti, zomwe akuti zimatheka.

Kuwerengetsa IRR ya bizinesi, njira yomweyo ya NPV imagwiritsidwa ntchito; koma m'malo mopeza izi, zomwe mumachita ndikupeza kuti kuchotsera ndi chiyani. Chifukwa chake, chilinganizo cha IRR chikhoza kukhala:

NPV = BNA - Investment (kapena kuchotsera).

Popeza sitikufuna kupeza NPV, koma Investment, chilinganizo chiziwoneka motere:

0 = BNA - Investment.

BNA ikhala ndalama zenizeni pomwe ine ndi zomwe tiyenera kuthana nazo.

Mwachitsanzo, taganizirani kuti muli ndi ntchito yazaka zisanu. Mumabzala ma euro 12 ndipo, chaka chilichonse, mumakhala ndi ma 4000 euros (kupatula chaka chatha, chomwe ndi 5000). Chifukwa chake, chilinganizo chidzakhala:

0 = 4,000 / (1 + i) 1 + 4,000 / (1 + i) 2 + 4,000 / (1 + i) 3 + 4,000 / (1 + i) 4 + 5,000 / (1 + i) 5 - 12,000

Izi zimatipatsa zotsatira kuti i ndi wofanana ndi 21%, zomwe zimatiuza kuti ndi ntchito yopindulitsa, ndikuti IRR ndiyabwino, ngati ndizomwe zikuyembekezeredwa kupezeka. Kumbukirani kuti kutsika mtengo, ntchito yomwe mukuasanthula idzakhala yopindulitsa kwambiri.

Ndipo apa ndipomwe chiyembekezo chopeza phindu chimayamba. Mwachitsanzo, taganizirani kuti muli ndi ntchito yomwe ikuwoneka yopindulitsa komanso yosangalatsa. Ndipo mukuyembekeza kupeza phindu la osachepera 10% pazomwezo. Mukatha kuwerengera, mukuwona kuti ntchitoyi ikupatsirani kubweza kwa 25%. Izi ndizochulukirapo kuposa momwe mumayembekezera, chifukwa chake ndichopatsa chidwi ndipo zikukuwuzani kuti IRR ndiyabwino.

M'malo mwake, lingalirani kuti m'malo mwa 25%, zomwe IRR imakupatsani ndi 5%. Ngati mwapeza 10, ndipo ikakupatsani 5, zomwe mukuyembekezera zimatsika kwambiri, ndipo pokhapokha mutaganizira mwina, ntchitoyi siyabwino (ndipo ikadakhala kuti ilibe IRR yabwino) kutengera ndalama zanu.

Kawirikawiri, Bizinesi yomwe ili yotetezeka, ndipo yomwe sikuphatikizapo zoopsa, idzauza IRR yabwino, koma yotsika. Kumbali inayi, mukamayesetsa kugulitsa mabizinesi omwe amafunikira chiopsezo chochepa, bola mukamachita ndi mutu komanso chidziwitso, mutha kuyembekezera kuti padzakhala IRR kuphatikiza china chake, motero, chabwinoko. Mwachitsanzo, pakadali pano mapulojekiti aukadaulo, kapena omwe akukhudzana ndi magawo oyambira (ulimi, ziweto ndi kusodza) atha kukhala opindulitsa komanso opindulitsa.

Mwachidule

IRR kapena kuchuluka kwakubwerera kwamkati ndichizindikiro chodalirika zikafika phindu la ntchito inayake. Poyerekeza kuyerekezera kwamkati kwakubwerera kwamitundu iwiri yamapulojekiti kukuchitika, kusiyana komwe kungakhalepo m'miyeso yawo sikulingaliridwa.

Tsopano, titadziwa zonse izi timadabwa ndizosavuta kumva? Kodi tikudziwa kale zomwe VAN ndi TIR?

Zitha kukhala kuti koyambirira VAN ndi IRR ndi mawu awiri omwe amakusokonezani pang'ono koma momwe kampani yanu imagwirira ntchito komanso koposa zonse kuti musataye ndalama ndizofunikira kwambiri, chifukwa chifukwa cha izi mutha kudziwa polojekiti ndiyopindulitsa kwambiri chifukwa choti mutha kuyikapo ndalama kapena ngati mungasankhe pakati pa mapulojekiti angapo, mutha kudziwa kuti ndi ntchito iti yomwe ili yopindulitsa.

Komanso zimakupatsani mwayi dziwani nthawi yomwe ntchito siyopindulitsa pali kusiyana kotani kuti musiye kupambana.

Chifukwa chake, onse NPV ndi IRR ndi zida zothandizira ndalama ndipo atha kutipatsa chidziwitso chofunikira chamakampani kapena mapulojekiti omwe tili ofunitsitsa kuyikapo ndalama, kuwonetsetsa kuti nthawi zonse timakhala ndi phindu la 100% m'mapulojekiti omwe mukufuna kuchita.

Dziwani kuti ROE kapena Return on Equity ndi chiyani:

Nkhani yowonjezera:
Kodi ROE ndi chiyani?

Zomwe zili m'nkhaniyi zikutsatira mfundo zathu za malamulo okonzekera. Kuti mufotokoze cholakwika dinani Apa.

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