VAN kunye neTIR

Ngeli xesha besifuna ukwenza uphononongo oluncinci lwamagama amabini asetyenziswa kakhulu kwihlabathi lezemali kunye noqoqosho ngokusebenza kwabo okumangalisayo xa kuziwa iziphumo zemveliso kwiinkampani kwaye wazi ukuba ngaba utyalomali kwiprojekthi ethile luyasebenza, lwaziwa njenge i-NPV kunye ne-IRR. Ezi zixhobo zimbini zinokukwenza ukuba ufumane imali eninzi okanye uhlale kude neenketho ezimbi zenkampani.

Yintoni i-NPV kunye ne-IRR

I-NPV kunye ne-IRR ziindidi ezimbini zezixhobo zemali Ukusuka kwilizwe lezemali elinamandla kakhulu kwaye lisinike ithuba lokuvavanya inzuzo esinokuthi isinike iiprojekthi ezahlukileyo zotyalo-mali. Kwiimeko ezininzi, utyalo-mali kwiprojekthi alunikwa njengotyalo-mali kodwa njengelungelo lokuqalisa elinye ishishini ngenxa yenzuzo.

Ngoku, siza kwenza intshayelelo encinci ye-NPV kunye ne-IRR, ezi ngqikelelo zezemali ngokwahlukeneyo ukuze ubone ukuba zibalwa njani kwaye loluphi olona khetho lulungileyo ngokuxhomekeke kwiziphumo ofuna ukuzazi kunye amathuba anikezelwa yi-NPV kunye ne-IRR.

Yintoni i-NPV

I-NPV okanye Ixabiso elikhoyo ngoku, Esi sixhobo semali saziwa njengomahluko phakathi kwemali engenayo kwinkampani kunye nemali etyalwe kwimveliso enye ukubona ukuba iyimveliso ngokwenene (okanye iprojekthi) enokunika izibonelelo kwinkampani

IVAN ine inzala ebizwa ngokuba yinqanaba lokusika kwaye lelinye elisetyenziselwa ukuzihlaziya rhoqo. Amanqanaba okusika anikezelwe ngumntu oza kuvavanya iprojekthi kwaye oko kwenziwa ngokudibeneyo nabantu abaza kutyala imali.

Inqanaba lokusika le-NPV linokuba:

• Inzala Oko kuyimarike. Into oyenzayo kukuthatha inzala yexesha elide enokuthi ikhutshwe ngokulula kwintengiso yangoku.
• Ireyithi kwinzuzo yenkampani. Umyinge wenzala ophawulwe ngelo xesha uya kuxhomekeka kwindlela olugcinwa ngayo imali. Xa yenziwe ngeemali ezinkulu ezityalwe ngomnye umntu, emva koko Iqondo lokunqunyulwa libonakalisa indleko zemali ebolekiweyo. Xa yenziwe ngekapitali yakho, oku kuye indleko ngqo kwinkampani kodwa inika umnini zabelo inzuzo

Xa ireyithi ikhethwe ngumtyali mali

Oku kunokuba naliphi na inqanaba lokukhetha kwakho.

Ihlala iqhutywa ngefayile ye- Ubuncinci bokufumana inzuzo ukuba umtyali mali uzimisele ukuba nayo kwaye uyakuhlala engaphantsi kwesixa azakwenza ngaso utyalomali.

Ukuba umtyali mali ufuna inqanaba elibonisa indleko zamathuba, umntu uyeka ukufumana imali yokutyala iprojekthi ethile.

Ingasetyenziswa njani i-NPV

Ukwazi indlela yokusebenzisa I-NPV sinefomyula eyi-NPV = BNA-Utyalomali. I-Van sele siyazi ukuba yintoni kwaye i-BNA yinzuzo ehlaziyiweyo yomnatha okanye ngamanye amagama, ukuhamba kwemali inkampani inayo.

Le ndlela kufuneka isoloko isetyenziselwa inzuzo ehlaziyiweyo yomnatha hayi ngenzuzo yomnatha eqikelelweyo yenkampani ukuze iiakhawunti zethu zingasileli. Ukwazi ukuba yintoni i- I-BNA kufuneka wenze isaphulelo se-TD okanye isaphulelo kwinqanaba. Eli lizinga lokubuya elincinci kwaye laziwa ngolu hlobo lulandelayo.

Ukuba ireyithi iphezulu kune-BNA, oku kuthetha ukuba inqanaba alonelisekanga kwaye sine-NPV egwenxa. Ukuba i-BNA ilingana notyalo-mali, oku kuthetha ukuba ireyithi kuye kwafikelelwa kuyo, i-NPV ilingana no-0.

Xa i-BNA iphezulu oko kuthetha ukuba ireyithi kuye kwafikelelwa kuyo kwaye ukongeza, bakwazile ukwenza inzuzo.

Ke ukuze siqonde ngokukhawuleza

Xa ifayile ye- ityala lokugqibela, oko kuthetha ukuba le projekthi inenzuzo kwaye ungaqhubeka nayo. Xa kukho imeko apho kukho ukuzoba, iprojekthi inenzuzo kuba inzuzo ye-TD ibandakanyiwe, kodwa kuya kufuneka ulumke. Xa isenzeka ityala lokuqala, le projekthi ayinangeniso kwaye kuya kufuneka ujonge ezinye iindlela.

Kuya kufuneka ukhethe iprojekthi esinika eyona nzuzo ilungileyo.

Izibonelelo zeNPV

Enye ye izibonelelo eziphambili Isizathu sokuba ibe yenye yeendlela ezisetyenziswa kakhulu kukuba ukuhamba kwemali kulungelelaniswe okwangoku. I-NPV okanye iNet Present Value iyakwazi ukunciphisa amaxabiso emali evelisiweyo okanye enegalelo kwiyunithi enye. Ukongeza, iimpawu ezintle nezingalunganga zinokufakwa kubalo lokuhamba oluhambelana Ukungena nokuphuma kwemali kwemali ngaphandle kwesiphumo sokugqibela esitshintshiweyo. Oku akunakwenziwa nge-IRR apho iziphumo zahluke kakhulu.

Nangona kunjalo, I-NPV inendawo ebuthathaka Kwaye kukuba inqanaba elisetyenziselwa ukuphungula imali lisenokungaqondakali ngokupheleleyo okanye linokuxoxwa ngabantu abaninzi.

Ngoku, xa kufikwa ekuhleleni umgangatho wenzala, yenye yeendlela ezilungileyo onokukhetha kuzo ngokuthembeka okuphezulu kakhulu.

Yintoni i-IRR kwaye isetyenziswa njani

Yintoni i-IRR? IRR okanye umyinge wangaphakathi wembuyekezo, linqanaba lesaphulelo esinalo kwiprojekthi kwaye esivumela ukuba i-BNA okungenani ilingane notyalo-mali. Xa uthetha nge-TI-IR ithetha nge-TD ephezulu ukuba nayiphi na iprojekthi inokuba nayo ukuze ibonakale ngokufanelekileyo.

Ukuze ufumane i-IRR ngendlela echanekileyo, idatha eya kufuneka bubungakanani botyalo-mali kunye nokuhamba kwemali okuqikelelweyo. Nanini na xa i-IRR ifunyanwa, kufuneka kusetyenziswe ifomula ye-NPV esikunike yona ngasentla. Kodwa endaweni yenqanaba leVan nge-0 ukuze isinike izinga lesaphulelookanye. Ngokungafaniyo ne-NPV, xa inqanaba liphezulu kakhulu, isixelela ukuba iprojekthi ayinangeniso, ukuba izinga liphantsi, oku kuthetha ukuba iprojekthi inenzuzo. Izinga eliphantsi, iprojekthi inenzuzo ngakumbi.

Ngaba olu hlobo lwendlela luthembekile?

Kuya kufuneka uyazi ukuba ukugxekwa kwale ndlela kuye kwabaninzi ngenxa yenqanaba lobunzima elinalo kubantu abaninzi. Nangona kunjalo, kule mihla sele kunokwenzeka ukuba kwenziwe inkqubo kwiipredishithi kwaye ezona zibalo zesayensi zale mihla ziza nalo olu khetho lubandakanyiweyo. Bafezekisile ukuba banokwenziwa ngemizuzwana.

Nangona kunjalo, ukubuyela kweyona isetyenzisiweyo kunye neyona iphambili, kuyenziwa xa kwiprojekthi ethile kunokwenzeka ukubuyisela okanye ukubuyisa ezifumanekayo, hayi kwasekuqaleni kuphela kodwa ngexesha lokuphila okufanayo, nokuba kungenxa Iprojekthi ihambile ilahleko okanye utyalomali olutsha lubandakanyiwe.

Uyisebenzisa nini iVAN okanye iTIR

Zombini i-NPV kunye ne-IRR zizalathi ezibini ezisetyenziswa ngokubanzi ziingcali, kodwa nganye yezi zixhobo inokusetyenziswa okuthile xa uzisebenzisa. Kwaye kufanelekile ukwazi ukuba uyisebenzisa nini i-NPV kwaye nini i-IRR kunye nendlela yokuvavanya iziphumo ozifumanayo kuzo zombini.

Ke ngoko, apha siza kukushiya ngendlela ebonakalayo xa uza kuyisebenzisa nganye yazo.

Uyisebenzisa nini iVAN

I-NPV, oko kukuthi, ixabiso langoku lomnatha, ngumahluko osetyenziswa ziinkampani ezininzi ukuze zikwazi ukwenza homogenize ukuhamba kwemali. Oko kukuthi, ukunciphisa onke amaxabiso emali aveliswayo okanye athi abonelelwa ngomntu omnye. Ukongeza, sisixhobo abasisebenzisayo ukwazi ukuba iprojekthi iyasebenza; Ngamanye amagama, ukuba kukho izibonelelo ezisekwe kwinto ebityaliwe.

Ukwenza oku, basebenzisa ifomula ye-NPV = BNA-Investment. Ke, ukuba utyalomali lukhulu kune-BNA, inani elifunyenwe kwi-NPV alilunganga; kwaye ukuba ichasene oko kuthetha ukuba kukho inzuzo.

Ke kufuneka isetyenziswe nini? Ewe, xa ufuna ukwazi ukuba ingeniso yakho iyanele okanye uyalahleka. Ngapha koko, oku kufuneka kusetyenziswe rhoqo ngonyaka, nangona eneneni amanani anokuzotwa nangaliphi na ixesha lonyaka (kodwa uhlala enedatha ukuya kulo mhla)

Yintoni ifomula yeNPV?

Ngaba oku kulandelayo:

Kuphi:

• Iift zihamba kwemali kwixesha ngalinye (t).
• I0 ibonisa utyalo-mali lokuqala.
• n linani lamaxesha abaliweyo.
• k linqanaba lesaphulelo.

Yintoni i-TIR kwaye yenzelwe ntoni?

Ukujika ngoku uye kwi-IRR, kuya kufuneka ukhumbule ukuba, njengoko besitshilo, ayifani ne-NPV, zizixhobo ezimbini ezahluke ngokupheleleyo ezilinganisa izinto ezifanayo, kodwa azifani.

El Ixabiso le-IRR lisetyenziselwa ukuvavanya ukuba ngaba iprojekthi inenzuzo okanye akunjalo, kodwa ayikho enye into. Ifomula esetyenzisiweyo iyafana naleyo ye-NPV, kodwa kule meko i-NPV ngu-0 kwaye umbuzo ngowokuba kufumaneke isantya sesaphulelo, okanye utyalo-mali.

Ke, ukuphakama kwexabiso eliphuma kule fomyula, oko kuthetha ukuba iprojekthi ayinanzuzo. Kodwa isezantsi, inenzuzo ngakumbi.

Isetyenziswa nini?

Kufuneka isetyenziswe nini? Kule meko, Sesona salathisi sihle sokuvavanya inzuzo okanye hayi yeprojekthi ethile. Ngamanye amagama, ikunika idatha ethile, kodwa oku akunakuthelekiswa nedatha yenye iprojekthi, ngakumbi ukuba yahlukile, kuba zininzi izinto ezahlukileyo eziza kudlala (umzekelo, ukuba enye yeeprojekthi iqala kwakamsinya emva koko ithathe icinyiwe okanye ehlala ixesha elide).

Ngokubanzi, zombini i-NPV kunye ne-IRR zibonisa ukuba iprojekthi inokwenziwa okanye hayi, oko kukuthi, ingaba izibonelelo ziya kufumaneka ngayo okanye hayi. Akukho sixhobo silunge okanye esinye sokwenza oku, kuba zombini i-NPV kunye ne-IRR ziyancedisana kwaye abatyali zimali bazithathela ingqalelo iziphumo zabo bobabini ngaphambi kokwenza isigqibo.

Ungazi njani ukuba i-IRR ilungile

Emva kwayo yonke le nto sikuxelele yona, akukho mathandabuzo ukuba isalathi esinokuba nobunzima kakhulu xa kuziwa ekwazini ukuba iprojekthi ilungile okanye ayililo inqanaba lokubuyela ngaphakathi, oko kukuthi, i-IRR. Kodwa uyazi njani ukuba i-IRR ilungile okanye ayikho kwiprojekthi?

Xa kuvavanywa eli nqanaba, oko kukuthi, i-IRR, kufuneka kuthathelwe ingqalelo izinto ezimbini ezibaluleke kakhulu. Zezi:

• Ubungakanani botyalo-mali. Oko kukuthi, imali ezakubekwa ukwenza iprojekthi.
• Imali engenayo eqikelelweyo net. Oko kukuthi, oko kuqikelelwa ukuba kuya kufezekiswa.

Ukubala i-IRR yeshishini, kusetyenziswa le ndlela ifanayo yeNPV; kodwa endaweni yokufumana oku, into oyenzayo kukufumanisa ukuba yeyiphi inqanaba lesaphulelo. Ke, ifomula ye-IRR iya kuba:

NPV = BNA - Utyalo mali (okanye inqanaba lesaphulelo).

Kuba asifuni kuyifumana i-NPV, kodwa endaweni yoTyalo-mali, ifomula inokujongeka ngoluhlobo:

0 = I-BNA - Utyalomali.

I-BNA iya kuba kukuhamba kwemali ngelixa mna ndiyinto ekufuneka siyisombulule.

Umzekelo, cinga ukuba uneprojekthi yeminyaka emihlanu. Utyala imali eyi-12 euros kwaye, unyaka nonyaka, unemali engenayo eyi-4000 euro (ngaphandle konyaka ophelileyo, eyi-5000). Ke, ifomula iya kuba:

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

Oku kusinika iziphumo zokuba ndilingana ne-21%, esixelela ukuba yiprojekthi enenzuzo, kwaye i-IRR ilungile, ukuba iyile nto kulindeleke ukuba ifunyanwe. Khumbula ukuba ixabiso eliphantsi, iprojekthi oyicazululayo iya kuba nenzuzo ngakumbi.

Kwaye kulapho kulindelwe khona inzuzo. Umzekelo, cinga ukuba uneprojekthi ebonakala inenzuzo kakhulu kwaye inomtsalane. Kwaye unethemba lokufumana inzuzo ubuncinci ye-10% kuyo. Emva kokwenza amanani, uyabona ukuba iprojekthi iza kukunika imbuyekezo engama-25%. Oku kungaphezulu kokulindeleyo, yiyo loo nto iyinto enomtsalane kwaye ikuxelela ukuba i-IRR ilungile.

Endaweni yoko, cinga ukuba endaweni ye-25%, into ekubonelela ngayo nge-IRR yi-5%. Ukuba ufumene amanqaku ali-10, kwaye ikunika isi-5, ulindelo lwakho luyehla kakhulu, kwaye ngaphandle kokuba ucinga ngenye indlela, loo projekthi ayinakulunga (kwaye ayinakuba ne-IRR elungileyo) esekwe kutyalo-mali lwakho.

Ngokubanzi, Ishishini elikhuselekileyo, kwaye elingabandakanyi umngcipheko, liya kunika ingxelo nge-IRR elungileyo, kodwa iphantsi. Kwelinye icala, xa ubheja kumashishini afuna umngcipheko omncinci, okoko nje usebenza ngentloko kunye nolwazi, unokulindela ukuba kuyakubakho i-IRR kunye nento kwaye, ke, kungcono. Umzekelo, ngoku iiprojekthi zetekhnoloji, okanye ezo zinxulumene namacandelo aphambili (ezolimo, imfuyo nokuloba) zinokuba yinzuzo kwaye zibe luncedo.

Ngamafutshane

I-IRR okanye ireyithi yangaphakathi yokubuya sisalathiso esithembekileyo xa kufikwa kwinzuzo yeprojekthi ethile. Xa uthelekiso lwerhafu yangaphakathi yokubuya kweentlobo ezimbini ezahlukeneyo zeeprojekthi zisenziwa, umahluko onokubakho kubukhulu bawo awuthathelwa ngqalelo.

Ngoku, emva kokwazi konke oku siyazibuza kulula ukuyiqonda? Ngaba sele sazi ukuba yintoni VAN kunye neTIR?

Kungenzeka ukuba ekuqaleni i-VAN kunye ne-IRR yimigaqo emibini ekuphambanisayo kodwa ekusebenzeni kwenkampani yakho kwaye ngaphezulu kwako konke ukuze ungalahli imali zezona zibaluleke kakhulu, kuba enkosi koku ungazi nini Iprojekthi inenzuzo yokwenene onokuyityalela kuyo okanye ukuba unokukhetha phakathi kweeprojekthi ezininzi, unokwazi ukuba yeyiphi iprojekthi enenzuzo enkulu.

Kananjalo iyakuvumela Yazi xa iprojekthi ingenanzuzo yintoni umahluko wokuba uza kuyeka ukuphumelela.

Ke ngoko, zombini I-NPV kunye ne-IRR zizixhobo ezihambelana nemali kwaye banokusinika idatha exabisekileyo malunga neenkampani okanye iiprojekthi esizimisele ukutyala imali kuzo, siqinisekisa ukuba sihlala sine-100% yenzuzo kwiiprojekthi ofuna ukuzenza.

Fumanisa ukuba yintoni i-ROE okanye i-Return on Equity:

Inqaku elidibeneyo:

Yintoni i-ROE?