Inani langaphakathi lembuyiselo - inkomba ukhiye ukusebenza nokutshalwa.

Noma isiphi isinqumo ekubekeni ngempela kuhilela ekuhloleni ukusebenza. Lokhu kuyaqondakala, ngoba kubalulekile ukuchaza nenqubo ozonikeza amandla ukukhetha amaphrojekthi enenzuzo kakhulu. Ngokuvamile, abatshalizimali ukusebenzisa uhlelo izinkomba ukuhlola ukusebenza kahle kwezomnotho capital ukutshalwa kwezimali. Cishe zonke lezi zinkomba subjective, ngoba incike izinqumo womuntu, okuyinto lucwaningo izibalo. inkomba Umgomo IRR kuphela - isilinganiso sangaphakathi senzuzo, ngoba uzimisele kuphela ukusebenza iphrojekthi, kungakhathaliseki ubudlelwane zimali. Ake sixoxe ke kabanzi.

Le nkomba ikuvumela ukuba kutholakale izinga inzuzo, okuyinto esivela okhishiwe othile, noma "Cindezela" akunakwenzeka inzuzo enkulu. Kodwa ukubaluleka esisebenzayo itholakala lokuthi ukuthi isilinganiso sangaphakathi senzuzo capital kukhawulela ngenani elikhulu, okuyinto bakhangwa iphrojekthi. Isibonelo, nge-IRR 10% ukuze athathe isikweletu ebhange-15% neze kunomvuzo, ngoba singazi akhokhe inzalo, hhayi inzuzo.

Qhathanisa isilinganiso sangaphakathi senzuzo bengayi izindleko nje dolobha, kodwa futhi nge isivuno oyifunayo noma inzuzo amaphrojekthi okunye. Amaphrojekthi amabili, inzuzo kakhulu nguye, IRR mkhulu. Futhi uma ufuna ukuthola kwiphrojekthi 10% inzuzo, ungakwazi athathe isikweletu at 10% kanye isilinganiso sangaphakathi senzuzo kunqunywa ku-20%, bese ungakwazi ngokuphepha uqhubekele ukuqaliswa.

Kudingeka sigxile ekutheni ziyenze kanjani kuchazwe isilinganiso sangaphakathi senzuzo. Ingqikithi yalo izibalo wukuthi nesilinganiso sesaphulelo liyadingeka ukuthola inetha elinezinhlanzi izindleko iphrojekthi kuyoba zero, okungukuthi, isamba nomholo ehlisiwe izovala ukutshalwa ehlisiwe. Ekusebenteni, izindlela ezahlukene ezisetshenziswa. Indlela elula ukusebenzisa isofthiwe okukhethekile kokuhlaziywa ukutshalwa noma izinhlelo zebhizinisi. MS Excel isofthiwe umkhiqizo futhi imbandakanya umsebenzi ukuthi sinquma IRR esekelwe kwemali.

izindlela ngandlela-thile ngaphezulu okhandlayo engasetshenziswa ngaphandle PC kukhona ihluzo kanye ukucinga izixazululo linenynaya yengetiwe. Indlela ingcaca liqukethe isithombe indiza Ukudidiyela ngokuvumelana NPV (inani lamanje) we rate isaphulelo. Iphuzu empambana igrafu ne-eksisi evundla kabili ukubaluleka kuyakuba izimpawu IRR.

Ukubalwa ngu yengetiwe komugqa kusho ngokwalo ekutholeni amagugu NPV ezimbili - emihle nemibi - ne ezahlukene isaphulelo amanani. Kwalandela inkosikazi engumakhelwane nayo ukuzimisela izinga ezingeni lapho NPV sifinyelela zero, esekelwe kucatshangwa uhlamvu komugqa ukwencika.

Kulezi zindlela ezingenhla, asivumela ukunquma IRR yamaphrojekthi, ezichazwe Ezivamile kwemali. I engavamile umfudlana enjalo ukuthi ukutshalwa kwezimali kwenziwa ekuqaleni iphrojekthi, bese inqubo yokwenza inzuzo. Ngokusobala, akukona konke amaphrojekthi kungenziwa igcwaliseke ngale ndlela, ezinye zazo ezidinga izimali kanye emva kuphakama inzuzo. Njengoba sekuphawuliwe kakade, yamaphrojekthi nge nonclassical kwemali IRR inkomba esetshenziswa kunzima. Mayelana nalezi kwaba ukuthuthukisa izinkomba MIRR - Ushintshe isilinganiso sangaphakathi senzuzo. Ukusetshenziswa Its evumela ukuba uhlole izici nekonventsialnyh ukusakazwa kakhulu ngomqondo ovulekile ukuhlola isilinganiso sangaphakathi senzuzo.

Ukubaluleka inkomba echazwe kunzima overestimate, ngakho ukubala yayo kufanele compulsorily kufakwe nokuhlola kwezomnotho nekusebenta ukutshalwa kwezimali. Kuye izici yephrojekthi kumele zikhethwe noma IRR, noma MIRR.