Xisaabinta IRR. IRR: Qeexidda, tusaalooyin formula iyo

Heerka gudaha soo laabtay (IRR / IRR) waa tilmaame aad u muhiim ah Maal-ka. xisaabinta IRR muujinaysaa waxa xisaabinta boqolkiiba ugu yaraan loogu dhex dari karaa xisaabinta ee waxtarka waxqabadyada, iyo qiimaha saafiga ah (NPV) ee mashruuca waa in loo siman yahay si 0.

Qiimaha saafiga ah (NPV)

Aan go'aaminta qiimaha xisaabinta NPV of IRR mashruuca maalgelinta waa wax aan macquul aheyn. Tilmaamahan waa wadarta qiimaha hadda ee mid kasta oo ka mid ah xilliyada hawlaha maalgashiga. formula The classical ah tilmaame waa sida soo socota:

TTS PP / (p 1 +) ^q _k = ^Σ, halkaas oo:

• NPV - Qiimaha net;
• PP - socodka lacagaha,
• p - xisaabinta heerka;
• in - muddo tirada.

PP _k / (1 + p) ^k - waa qiimaha hadda ka jirta muddo go'an, iyo 1 / (1 + p) ^k - discounting factor muddo cayiman. Stream of lacagaha loo xisaabinayaa farqiga u dhexeeya lacagaha iyo rasiidhada.

discounting

arrimaha sicir-dhimista ka tarjumaya qiimaha dhabta ah ee ka mid ah lacagta lacagaha mustaqbalka. Wehliyaha hoos u dhigan tahay kor u xisaabinta xiiso iyo yaraynta kharashka.

factor-dhimis ayaa loo soo bandhigi karo by laba qaaciidooyinka:

FD = 1 / (1 + p) ⁿ = (1 + p) ^-n meesha:

• XPIEIV - factor dhimis
• n - Tirada muddada;
• p - xisaabinta boqolkiiba.

qiimaha

index Tan waxaa loo xisaabin karaa by tarmo factor-dhimis ah ee farqiga u dhexeeya dakhliga iyo kharashka. Hoos waxaa ku qoran tusaale ka mid ah la xisaabinayo qiimaha joogo shanta waqti marka boqolleyda xisaabinta of 5% iyo lacag bixinta ee lacagta ah ee kasta 10 kun oo euros.

TC1 = 10.000 / 1,05 = 9523,81 euros.

TC2 = 10 000 / 1,05 / 1,05 = 9070,3 euros.

TC3 = 10 000 / 1,05 / 1,05 / 1,05 = 8638,38 euros.

TC4 = 10 000 / 1,05 / 1,05 / 1,05 / 1,05 = 82270,3 euros.

TC5 = 10 000 / 1,05 / 1,05 / 1,05 / 1,05 / 1,05 = 7835,26 euros.

Sida aad arki karto, sanad walba ka-dhimis factor kordhay, iyo lacagta hadda waa la dhimay. Taas macnaheedu waa in haddii waa shirkadda u dhexeeya laba xawaalad dooran, waa in aad doorato mid ka mid ah sida uu sheegay oo lacag si ay u akoonka bangiga ee shirkadda tegi doonaa sida ugu dhakhsaha badan.

Heerka Gudaha ee soo laabto

xisaabinta IRR waxaa la samayn karaa by codsanaya dhamaan macluumaadka kor ku xusan. Foomka qaadanin ee caanaha xisaabinta index soo socda:

0 = Σ1 / (1 + IRR) ^k, kuna waari dhexdeeda,

• IRR - heerka gudaha ee noqoshadoodu noqon,
• K - mudada soo socota.

Sida laga soo formula arkay, qiimaha net kiiskan waa loo siman yahay si 0. Si kastaba ha ahaatee, habkan of IRR xisaabinta ma aha had iyo jeer ku ool ah. Aan calculator dhaqaale si loo ogaado, ma noqon karto, haddii mashruuc maalgelin ah waxaa ka mid ah in ka badan saddex. Xaaladdan oo kale, waxa uu noqon lahaa ku haboon si ay u isticmaalaan habka soo socda:

GNI = R _m + p _Kn * (TTS _m / P _TTS) kuna waari dhexdeeda,

• IRR - Rate gudaha;
• KP _m - xisaabinta boqolkiiba ka yar;
• P _Kn - farqiga u dhexeeya dulsaarka sare iyo hoose,
• TTS _m - Qiimaha net helay xisaabinta heerar;
• P _PBX - farqiga u waadaxa ah in qiimaha la joogo.

Sida laga arki karo ka formula ee xisaabinta IRR waa in la helo qiimaha net joogo laba boqolkiiba kala duwan ee xisaabinta. Waa in la dhasha maskaxda waa in kala duwan, kuwaas oo aan noqon waaweyn. Ugu badnaan - boqolkiiba 5, laakiin waxaa lagu talinayaa in ay qaataan khamaar la farqiga u yaraan suurto gal ah (2-3%).

Intaas waxaa sii dheer, waxaa lagama maarmaan ah in ay qaataan heerka dhinacyada sida at kaas oo TTS leeyihiin lahaa in mid ka mid ah ay dhacdo qiimaha xun, iyo tan labaad - positive.

Tusaale IRR xisaabinta

Waayo, si fiican loo fahmo waxyaabaha kor ku xusan waa in lagu disassembled tusaale ahaan.

Shirkadda ayaa qorshaynaysa mashruuc maalgelin ah muddo shan sano ah. Bilowgii waxaa lagu bixin doonaa 60 kun oo euros. Dhamaadkii sanadka ugu horeeya ee shirkadda maalgelin doonaa in mashruuca dheeraad ah 5 milyan oo euros dhamaadka labaad sannadkii - 2000 euro, dhamaadka sanadka saddexaad - kun euros, iyo dheeraad ah 10 milyan oo euros hadda la maal doonaa sannadda shanaad.

Shirkadda heli doontaa dakhliga dhamaadka xili kasta. Ka dib markii sannaddii kowaad size ee dakhliga ee 17 milyan oo euros ee sannadka soo socda - 15 kun euros sannaddii saddexaad - 17 kun euros in kii afraadna wuxuu ahaa - 20 kun oo euros iyo 25 kun oo euro in shirkadda uu noqon doono sanadkii ugu dambeeyey ee mashruuca. Heerka sicir-dhimista waa 6%.

Ka hor inta aadan bilaabin xisaabinta heerka gudaha ee soo laabtay (IRR), waxaad u baahan tahay si ay u xisaabiso size ee TTS ah. Its xisaabinta waxaa soo bandhigay shaxda.

Sida aad arki karto, mashruuc faa'iido. TTS waa 904,6 euros. Taas macnaheedu waa in caasimada maal shirkadda ayaa off for 6 boqolkiiba, iyo xataa keenay 904,6 euros "xagga sare". Next aad u baahan tahay si aad u hesho qiimaha xun ee saafiga ah. Its xisaabinta lagu muujiyay in miiska soo socda.

From miiska waxaa cad in caasimada maal lagu bixin off 7 boqolkiiba. Sidaa darteed, qiimaha index bulshsada gudaha u dhaxaysa 6 iyo 7 boqolkiiba.

GNI = 6 + (7-6) * (904.6 / 904.6 - (-812,3)) = 6,53%.

Sayidka, IRR Project ahaa 6,53 boqolkiiba. Taas macnaheedu waa in haddii la saaray xisaabinta NPV ah, miraheeda noqon doontaa eber.

Primechenie: xisaabinta by gacanta loo ogol yahay qalad ka mid ah 3-5 euros.