IRR - ke eng le hore na ho ka baloa joang Excel?

lenaneo ipabole qalong ileng ba bōptjoa ho bebofatsa ho fedisa masimong tse ngata, ho akarelletsa le tsa khoebo. Sebelisa makgetheng lona, o ka potlako phetha dipalelo rarahaneng, ho akarelletsa le bolela lintho esale pele ba khutla ea merero ena. Ka mohlala, li ipabole lumella u ho habonolo haholo a bale IRR tsa morero. Tsela ea ho e etsa ka mokhoa ona, sehlooho sena se tla bolella.

ke eng IRR

khutsufatso ena bolela sekhahla ka hare tsa khutla (IRR) itseng porojeke e ne dipeeletso. pontshi ena e atisa ho sebediswa bakeng sa ka morero oa ho bapisa ditshitshinyo le dipoelo le kgolo ya litebello. Ho latela dipalo, IRR - ke sekhahla thahasellong ea ka eo reset boleng hona joale ea phallang chelete tsohle tse hlokahalang bakeng sa ho kenya tshebetsong morero ona le dipeeletso tsa (thontsweng NPV kapa NPV). The IRR ke e phahameng ho feta tsepisa ke porojeke e ne dipeeletso.

kamoo ho hlahloba

Fumana ho tsoa ho IRR tsa morero, o ka etsa qeto ya ho tsamaisa kapa ho hana eona. Ka mohlala, haeba u eang ho bula khoebo e ncha 'me ho lebeletsoe hore chelete dikadimo lona e loketseng nkiloeng banka, ka nako eo le manolotsoeng IRR ho fumana hore na tolerable holimo moedi wa sekhahla sa phaello. Ha k'hamphani e sebedisa mohloding ho feta feta a le mong sa dipeeletso, le papiso ea makgabane IRR ka theko ea bona e tla etsa hore ho be bonolo ho etsa qeto e tsebisoa ka hore na ho qala mosebetsi oo. Litsenyehelo tsa ho ba ea se nang molekane mohloding ditjhelete balwa ka seo ho thoeng ke moralo mentlele weighted bolela'ng. E ne e bitsoa "theko ea motse-moholo" kapa "Theko ea motse-moholo e tsoetseng pele" (denoted SS).

Sebelisa mokhabo ena, re na le:

ha:

• IRR> CC, moo morero o ka qala;
• IRR = CC, moo morero o ke ke tlisa phaello leha e le efe kapa ho lahleheloa ke;
• IRR

Mokhoa oa ho a bale IRR ka letsoho

Nako e telele pele qaleha ea lik'homphieutha GNI e balwa ka rarolla ho abel ke ho ena e rarahaneng (bona. Ka tlaase mona).

Ho akarelletsa ho makgabane tse latelang:

• CFt - phallo ea chelete nakong karohano sa t;
• Edy - matsete nakong ea lonthja mohato tsa morero;
• N - palo yohle ya tšoaneng.

Ntle Software khethehileng ho a bale IRR tsa morero ho khoneha, ho sebelisoa mokhoa oa ho mo e ka nnang latellanang kapa iteration. Bakeng sa e thibile e pele ho lokela ho lokela ho khethoa ho sekhahla e le ho fumana makgabane bonyane ba NPV bakeng mojulung ona e le ho phetha mo e ka nnang.

The tharollo ke approximations latellanang

Pele ho tsohle, o na le ho ea mesebetsi puo. Tabeng ena, ho IRR tla utloisisa ka lihlahisoa e r boleng oo NPV, ho ba le mosebetsi oa r bona, e ba lefela.

Ka mantsoe a mang, IRR = dagelever joalo hore ha ka go engwa legatong ka NPV poleloana e reng (f (dagelever)) e zeroed.

Hona joale re rarolla mosebetsi rerileng mokhoa oa approximations latellanang.

Ke iteration ka tloaelo utloisisa e le lebaka la kopo pheta ya tshebetso lipalo. Boleng ba mosebetsi wa balwa ka mohato fetileng, nakong e tlang ha ho e ba khang e tšoanang.

Kofuto IRR e etsoa ka mekhahlelo e '2:

• IRR manolotsoeng ya melemo feteletseng chai tloaelehile R1 le R2 joalo hore R1
• manolotsoeng tsa index ka melao ea boitšoaro e r haufi le boleng IRR fumana ka lebaka la ho bo manolotsoeng fetileng.

Ho rarolla bothata R1 le R2 ba khethoa ka tsela eo ka hore NPV = f e (e r) fetohile boleng lona ho tloha ho tloswa ho mmoho kapa sekgoeng ka hare ho fapaneng (R1, R2).

Kahoo, re na le moralo bakeng sa ho bala mokhabo IRR poleloana e reng bontšitsoeng tlaase mona.

Ho latela hore ho fumana tse hlokehang bakeng sa melao ea boitšoaro IRR precomputed bakeng sa melao ea boitšoaro e fapaneng ya NPV% go th sekhahla.

Pakeng tsa litsupa tsa NPV, Pi le SS ho na le kamano e latelang:

• NPV ha boleng ke e ntle, joale e ntan'o ba IRR> SS le Pi> 1;
• haeba NPV = 0, joale IRR = go koropa le Pi = 1;
• ha boleng ba NPV e mpe, ho IRR

mokhoa dikerafike

Hona joale hore u tseba hore na ke eng le mokhoa oa ho a bale IRR ka letsoho, ho ke ke bohlokoa ho tloaela mokhoa o mong oa ho rarolla bothata bona, eo ke e mong oa ka ho fetisisa ratoa pele ho ne ho lik'homphieutha. Re bua ka phetolelo hlakileng tlhaloso ya IRR. Charting hlokahala ho fumana boleng ba NPV, a emeng ka moralo lona bakeng sa bala melemo e fapaneng ya sekgahla theolelo.

Mokhoa oa ho a bale IRR ka ipabola

Joalokaha u ka bona, ka letsoho fumana GNI - ke ho le thata. Sena se hloka hore tsebo e itseng thuto ea lipalo le ho nako. bonolo haholo ho ithuta mokhoa oa ho a bale IRR hore li ipabole (sheba mohlala. Ka tlaase mona).

Bakeng sa morero ona, ka Microsoft seporeteshiti kopo e na le e khethehileng a haha-ka mosebetsi ho a bale hare theolelo sekhahla - IRR, eo e fana ka a lakatsa boleng IRR ho latela karolo.

hokahanngoang

IRR (ho ke ke hore na le kamoo ho ka a bale kamoo ho hlokahalang ho tseba profesionalce seng feela empa hape borrowers ba tloaelehileng) ka ipabola khethoa e le IRR (Melao ea Boitšoaro; nahana).

A re hlahlobeng ka ho qaqileng hokahanngoang:

• Tlas'a utloisisa melao ea boitšoaro tse ngata kapa ho bolela lisele na le nomoro ya ka eo ho a bale VSD, ho hlahloba seo a se hlokang ho tsohle boletsweng tsa paramethara ena.
• Khopolo ke boleng e tseba hore ho ke le haufi le lebaka IRR.

Ka Microsoft ipabola bakeng sa manolotsoeng tsa IRR ho sebelisa mokhoa hodimo ya ditoboketso. O qala ka e boleng ba "khopolo", 'me o etsa se dipalelo cyclic ho hlahisa sephetho ka nepahala ha 0,00001%. Ha a haha-ka HDR ha hlahisa sephetho ka mor'a hore boiteko ba 20, ka nako eo seporeteshiti ntshitsweng phoso boleng, khethoa e le "# Num!".

Jwalo ka e bontša liketso, maemong a mangata ho na le ke ho hlokahale hore totobatsa bohlokoa bakeng sa boholo ba ka "khopolo". Ha eba e lea ka la boleloa, ho lab nahana hore e be 0,1 (10%).

Ha a haha-ka mosebetsi IRR khutlela phoso "# Num!" Kapa haeba sephetho sa ha e le lebeletsoe, ho ka etsahala hore ba phethe dipalelo hape, empa le boleng fapaneng bakeng sa "khopolo" ea khang ea.

Le ho etsa liqeto "Eksele": khetho 1

Leka ho a bale IRR (ho ke ke hore na le kamoo ho ka a bale boleng ena ka letsoho u se u ntse tseba) ke mosebetsi a haha-ka HDR. A re nke hore re na le ya data ka lilemo tse 9 esale pele, tse kena ka e seporeteshiti ipabola.

	A	B	C	D	E
1	Nako (selemo) T	ditjeo qalong	chelete e kenang ea chelete	phallo ea chelete	phallo ea chelete
2	0	200 000 itlotsa.	- leq.	200000 leq.	200000 leq.
3	1	- leq.	50000 leq.	30000 ka leq.	20000 ka leq.
4	2	- leq.	60000 leq.	33000 leq.	27000 leq.
5	3	- leq.	45000 leq.	28000 leq.	17000 leq.
6	4	- leq.	50000 leq.	15000 ka leq.	35000 leq.
7	5	- leq.	53000 leq.	20000 ka leq.	33000 leq.
8	6	- leq.	47000 leq.	18000 ka leq.	29000 leq.
9	7	- leq.	62000 leq.	25000 leq.	37000 leq.
10	8	- leq.	70000 leq.	30 000-E leq.	40000 leq.
11	9	- leq.	64000 leq.	33000 leq.	31000 leq.
12				IRR	6%

Ka seleng le aterese E12 hlahiswa le moralo "= VSD. (E3: E2)" Ka lebaka la kopo tafole ea bona lab outputs boleng ba 6%.

Le ho etsa liqeto "Eksele": Version 2

Ho ea ka ya data fanoeng ka mohlala fetileng, ho a bale IRR bolela "batla ho fumana tharollo" superstructure.

E lumella hore o batla boleng homolog bakeng sa IRR NPV = 0. Ho etsa sena, o lokela ho a bale NPV (kapa NPV). Ho lekanang le chelete ea discounted phallo ea chelete selemo le selemo.

	A	B	C	D	E	F
1	Nako (selemo) T	ditjeo qalong	chelete e kenang ea chelete	phallo ea chelete	phallo ea chelete	Theolelo Cash Phalla
2	0	200000 leq.	- leq.	200000 leq.	200000 leq.
3	1	- leq.	50000 leq.	20 000-E leq.	20000 ka leq.	20000 ka leq.
4	2	- leq.	60000 leq.	20000 ka leq.	27000 leq.	27000 leq.
5	3	- leq.	45000 leq.	20000 ka leq.	17000 leq.	17000 leq.
6	4	- leq.	50000 leq.	20000 ka leq.	35000 leq.	35000 leq.
7	5	- leq.	53000 leq.	20000 ka leq.	33000 leq.	33 000-E leq.
8	6	- leq.	47000 leq.	20000 ka leq.	29000 leq.	29000 leq.
9	7	- leq.	62000 leq.	20000 ka leq.	37000 leq.	37000 leq.
10	8	- leq.	70000 leq.	20000 ka leq.	40000 leq.	40000 leq.
11	9	- leq.	64000 leq.	20000 ka leq.	31000 leq.	31000 leq.
12					NPV	69000 leq.
					IRR

Discounted phallo ea chelete e balwa ka tsela eo «= E5 / (1 + $ F $ 11) ^ A5».

Ka nako eo, moralo bakeng sa NPV "= chelete (F5: F13) -B7».

Ka mor'a moo, u lokela ho tseba ka lebaka la gogolo ka agregar a-ons "sekelas" ke boleng ba IRR sekhahla theolelo moo ba NPV tsa morero o lekana le lefela. u batla ho bula "Data" karolo ea menu ya ka sehloohong e le hore a finyelle pakane ea ena 'me u fumane mosebetsi "Search ho fumana tharollo."

Ka fensetere e bonahala, tlatsa mohala "Set shebiloeng seleng e", ho ba aterese NPV manolotsoeng moralo, 't. E. + $ F $ 16. ebe:

• kgethile boleng bakeng sa "0" lisele tse;
• fensetere "liphetoho seleng ea" etsa paramethara + $ F $ 17, 't. e. boleng ba sekgahla sa ka hare ea ho boela.

Ka lebaka la gogolo seporeteshiti tletseng ho e seleng ea letho le aterese F17 boleng ba sekgahla theolelo. Ka bone ho tloha tafoleng, phello e lekanang 6%, eo ketekeloang hong le manolotsoeng tsa paramethara tšoanang o ile a fumana sebedisa a haha-ka moralo ipabola.

MIRR

Maemong a mang ho hlokahala hore ho a bale fetotsoeng sekhahla ka hare ea ho boela. Ho bonahatsa IRR bonyane tsa morero ka tabeng ea pipe. The moralo bakeng sa ho bala MIRR tjena.

moo:

• MIRR - sekhahla ka hare tsa khutla sa dipeeletso le;
• COFt - outflow ea chelete nakong ea porojeke e ne nako e sa t;
• CIFt - the tšubuhlellano ea lichelete;
• dagelever - theolelo sekhahla, e leng lekanang le weighted theko karolelano ea motse-moholo invested ke WACC;
• le d -% sekhahla Star beeleditswe;
• n g - palo ya nako le nako.

Manolotsoeng MIRR ka lab tafola

Tloaelana le thepa ea IRR (ho ke ke hore na le kamoo ho ka a bale boleng lona ka ho hlaka hore o se a ntse a tseba), o ka habonolo ithuta mokhoa oa ho a bale fetotsoeng sekhahla ka hare ea khutla hore li ipabole.

Ka kopo ena seporeteshiti, e khethehileng a haha-ka mosebetsi MIRR. Nka ho le joalo, se nkoa e le mohlala tsohle. Mokhoa oa ho a bale IRR ka eona, ho e se e nkoa e le. MIRR ho tafoleng tjena.

	A	B	C	D	E
1	chelete ka kadimo e le karolo e ka		10%
2	boemo ba pipe		12%
3	Nako (selemo) T	ditjeo qalong	chelete e kenang ea chelete	phallo ea chelete	phallo ea chelete
4	0	200000 leq.	- leq.	200000 leq.	200000 leq.
5	1	- leq.	50000 leq.	30000 ka leq.	20000 ka leq.
6	2	- leq.	60000 leq.	33000 leq.	27000 leq.
7	3	- leq.	45000 leq.	28000 leq.	17000 leq.
8	4	- leq.	50000 leq.	15000 ka leq.	35000 leq.
9	5	- leq.	53000 leq.	20000 ka leq.	33000 leq.
10	6	- leq.	47000 leq.	18000 ka leq.	29000 leq.
11	7	- leq.	62000 leq.	25000 leq.	37000 leq.
12	8	- leq.	70000 leq.	30000 ka leq.	40000 leq.
13	9	- leq.	64000 leq.	33000 leq.	31000 leq.
14				MIRR	9%

Ka seleng e hlahiswa E14 moralo bakeng sa MIRR «= MIRR (E3: E13; C1; C2)».

Le melemo le mathata afe sebedisa pontshi sekhahla ka hare tsa khutla

Mokhoa oa ka go fopholetsa le tebello ea merero ke bala le IRR le bapisoa le boleng ba theko ea motse-moholo ha se phethahetse. Leha ho le joalo, ha e na le menyetla e itseng. Tsena li akarelletsa:

• bokhoni ba ho bapisa le dipeeletso tsa tse fapa-fapaneng ho latela khahlehang bona le tšebeliso e sebetsang hantle ho motse-moholo invested. Ka mohlala, ho ka etsahala hore ba phethe ka ho ipapisa le lihlahisoa tabeng ea matlotlo kotsi-ntle ho tefo.
• bokhoni ba ho bapisa diporojeke tse di fapaneng le dipeeletso tsa le fapaneng fellang dipeeletso.

Ka nako e tšoanang na le mefokolo e totobetseng ea pontshi ena. Tsena li akarelletsa:

• ho hlōleha ho index ea tekanyo hare ea khutla ho nahanisisa ka tjhelete e ya pipe ka morero;
• bothata ba bonelang pele ditefello tse chelete, e le boleng ba bona e angoa ke lintho tse ngata kotsi, sepheo sa tekolo se e thata ho feta;
• ho hlōleha ho bontša palo e feletseng ea chelete (chelete tsoela) ka boleng ba matsete.

Lefa a lebisa tlhokomelo! drawback ho qetela o ne a ka etsa qeto ea ke ho boloka pontshi MIRR, e neng e hlalosa ka ho qaqileng ka holimo.

E le le matla a ho a bale IRR e ka ba le thuso ho borrowers

Ho latela ditlhoko tsa Banka Russia Central, tsohle dibanka sebetsa naheng ea Federation ea Russia, o tla bontša ka tekanyo e atlehang le thahasello e kholo (ESR). E ka nosi bale alingoang efe kapa efe. Ho etsa sena o tla ba le ho sebelisa seporeteshiti, mohlala, Microsoft ea fetisisang, 'me khetha a haha-ka HDR. Bakeng sa diphetho ena ka seleng e tšoanang ho eketseha ke tefello nako T (haeba khoeli le khoeli, ebe T = 12 ha fluorescent, moo T = 365) ka ntle ho bokella.

Joale, haeba u tseba seo ha e le sekgahla se ka hare ea khutla, e le haeba u re, "Bakeng sa e mong le e ea merero e latelang, a bale IRR», u ke ke ua ba le bothata ba ho le teng.