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Инвестиционный анализ

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МИНИСТЕРСТВО ОБРАЗОВАНИЯ И НАУКИ РОССИЙСКОЙ ФЕДЕРАЦИИ

ФЕДЕРАЛЬНОЕ АГЕНТСТВО ПО ОБРАЗОВАНИЮ

ГОСУДАРСТВЕННОЕ ОБРАЗОВАТЕЛЬНОЕ УЧРЕЖДЕНИЕ

ВЫСШЕГО ПРОФЕССИОНАЛЬНОГО ОБРАЗОВАНИЯ

ТЮМЕНСКИЙ ГОСУДАРСТВЕННЫЙ УНИВЕРСИТЕТ

МЕЖДУНАРОДНЫЙ ИНСТИТУТ ФИНАНСОВ, УПРАВЛЕНИЯ И БИЗНЕСА

ОТДЕЛЕНИЕ ЗАОЧНОГО ОБУЧЕНИЯ

Контрольная работа

По дисциплине: Инвестиционный анализ

Выполнила:

студентка 4 курса ОЗО

гр.2560, специальность

“Бухгалтерский учет, анализ и аудит”

Турапина И.А.

Проверила: Коренкова С.И.

Тюмень – 2010

Содержание

Задание 1

Задание 2

Задание 3

Задание 4

Задание 5

Задание 1

Инвестору предложено три варианта реализации инвестиционного решения по
производству продукции А. Доходы от использования инвестиционного
проекта при реализации любого из вариантов одинаковы. Текущие затраты по
производству продукции А, а также капитальные вложения по каждому
варианту реализации проекта приведены в таблице. Норматив эффективности
капитальных вложений, заданный инвестором, Ен = 27%.

Рассчитать сумму приведенных затрат по каждому варианту реализации ИП.
Сделать вывод.

№Наименование затратВариант 1Вариант 2Вариант 31Капитальные вложения,
руб. 1700018000190002Сырье и материалы, руб. 1848240017503Э/э и топливо
на технологические нужды, руб. 5379755334Зарплата производственных
рабочих, руб. 1752351605Отчисления на социальные нужды от ФОТ
производственных рабочих, руб. 6384576Ремонт и эксплуатация ОС, руб.
4005103007Общепроизводственные расходы, руб. 348547451

Решение:
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где З – текущие затраты

Е – норматив эффективности капитальных вложений

К – полные капитальные затраты

В1 = 3371+0,27*17000 = 7961

В2 = 4751 + 0,27*18000 = 9611

В3 = 3251 + 0,27*19000 = 8381

Исходя из расчетов произведенных затрат по каждому варианту
инвестиционного проекта к реализации следует принять вариант 1, т.к
значение приведенных затрат минимально по сравнению с 2 и 3 вариантами.

Задание 2

Инвестору предложено реализовать два инвестиционных проекта с денежными
потоками, представленными в таблицах 1 и 2.

Денежные потоки по инвестиционному проекту № 1.

№Наименование показателяШаг01231Капитальные вложения (без НДС) тыс. руб.
-8000,000,000,000,002Выручка от операционной деятельности по ИП, тыс.
руб. 0,00+6600,00+6900,00+7100,003Затраты по операционной деятельности,
включая все налоги, тыс. руб. 0,00-280,00-3250,00-3250,004Суммарное
сальдо по ИП, тыс. руб. -8000,00+3800,00+3650,00+3850,005Накопленное
суммарное сальдо по ИП, тыс. руб. -8000,00-4200,00-550,00+3300,00

Денежные потоки по инвестиционному проекту № 2.

№Наименование показателяШаг01231Капитальные вложения (без НДС) тыс. руб.
-9800,000,000,000,002Выручка от операционной деятельности по ИП, тыс.
руб. 0,00+7400,00+7900,00+7900,003Затраты по операционной деятельности,
включая все налоги, тыс. руб. 0,00-2990,00-3660,00-3450,004Суммарное
сальдо по ИП, тыс. руб. -9800,00+4410,00+4240,00+8900,005Накопленное
суммарное сальдо по ИП, тыс. руб.
-9800,00-5390,00-1150,00+6600,00Оцените эффективность вложений при
ставке дисконтирования равной 12% (для этого необходимо пересчитать
значения денежных потоков по инвестиционному проекту с учетом
дисконтирования).

Решение:

Инвестиционный проект № 1.

№Наименование показателяШаг01231Капитальные вложения (без НДС) тыс. руб.
-8000,000,000,000,002Выручка от операционной деятельности по ИП, тыс.
руб. 0,00+6600,00+6900,00+7100,003Затраты по операционной деятельности,
включая все налоги, тыс. руб. 0,00-280,00-3250,00-3250,004Суммарное
сальдо по ИП, тыс. руб. -8000,00+3800,00+3650,00+3850,005Коэффициент
дисконтирования10,8920,7970,7116Дисконтированное суммарное
сальдо-8000,00+3389,60+2909,05+2737,357Накопленное дисконтированное
суммарное сальдо-8000,00-4610,40-1,701,35+1036,00

Инвестиционный проект № 2.

№Наименование показателяШаг01231Капитальные вложения (без НДС) тыс. руб.
-9800,000,000,000,002Выручка от операционной деятельности по ИП, тыс.
руб. 0,00+7400,00+7900,00+7900,003Затраты по операционной деятельности,
включая все налоги, тыс. руб. 0,00-2990,00-3660,00-3450,004Суммарное
сальдо по ИП, тыс. руб. -9800,00+4410,00+4240,00+8900,005Коэффициент
дисконтирования10,8920,7970,7116Дисконтированное суммарное
сальдо-9800,00+3933,72+3379,28+6327,907Накопленное дисконтированное
суммарное сальдо-9800,00-5866,28-2487,00+3840,90
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где К – ставка дисконтирования

picscalex1000100090000039801000003001c0000000000050000000902000000000500
0000020101000000050000000102ffffff00050000002e0118000000050000000b020000
0000050000000c024004e00e1200000026060f001a00ffffffff000010000000c0ffffff
bcffffffa00e0000fc0300000b00000026060f000c004d617468547970650000f0000800
0000fa0200001000000000000000040000002d0100000500000014020002760305000000
130200029e091c000000fb0280fe0000000000009001000000000402001054696d657320
4e657720526f6d616e0058b1f37761b1f3772040f577501d66fc040000002d0101000900
0000320a6002600c030000003839326508000000320a60020c0c010000002c3908000000
320a6002520b01000000303908000000320a9003940801000000293908000000320a9003
140702000000313208000000320a9003b406010000002e3208000000320a9003f4050100
0000303208000000320a9003ea0301000000313208000000320a90038a03010000002832
08000000320a6a012a060100000031321c000000fb0220ff000000000000900100000000
0402001054696d6573204e657720526f6d616e0058b1f37761b1f3772040f577501d66fc
040000002d01020004000000f001010008000000320ae4020a0901000000313208000000
320ac00242010100000031321c000000fb0280fe00000000000090010000000200020010
53796d626f6c000087180a82a0f1120058b1f37761b1f3772040f577501d66fc04000000
2d01010004000000f001020008000000320a6002180a010000003d3208000000320a9003
d404010000002b3208000000320a60023002010000003d321c000000fb0280fe00000000
00009001010000000402001054696d6573204e657720526f6d616e0058b1f37761b1f377
2040f577501d66fc040000002d01020004000000f001010008000000320a600246000100
00004b320a00000026060f000a00ffffffff0100000000001c000000fb02100007000000
0000bc02000000cc0102022253797374656d00fc501d66fc00000a0021008a0100000000
01000000bcf31200040000002d01010004000000f0010200030000000000
picscalex1000100090000039801000003001c0000000000050000000902000000000500
0000020101000000050000000102ffffff00050000002e0118000000050000000b020000
0000050000000c024004200f1200000026060f001a00ffffffff000010000000c0ffffff
bcffffffe00e0000fc0300000b00000026060f000c004d617468547970650000f0000800
0000fa0200001000000000000000040000002d0100000500000014020002a20305000000
13020002c4091c000000fb0280fe0000000000009001000000000402001054696d657320
4e657720526f6d616e0058b1f37761b1f3772040f5778207668b040000002d0101000900
0000320a6002910c030000003739376508000000320a6002310c010000002c3908000000
320a6002780b01000000303908000000320a9003910801000000293908000000320a9003
120702000000313208000000320a9003d606010000002c3208000000320a90031d060100
0000303208000000320a9003150401000000313208000000320a9003b603010000002832
08000000320a6a0154060100000031321c000000fb0220ff000000000000900100000000
0402001054696d6573204e657720526f6d616e0058b1f37761b1f3772040f5778207668b
040000002d01020004000000f001010008000000320ae4021f0901000000323208000000
320ac0025d010100000032321c000000fb0280fe00000000000090010000000200020010
53796d626f6c0000e31b0aeaa0f1120058b1f37761b1f3772040f5778207668b04000000
2d01010004000000f001020008000000320a60023e0a010000003d3208000000320a9003
fe04010000002b3208000000320a60025c02010000003d321c000000fb0280fe00000000
00009001010000000402001054696d6573204e657720526f6d616e0058b1f37761b1f377
2040f5778207668b040000002d01020004000000f001010008000000320a600246000100
00004b320a00000026060f000a00ffffffff0100000000001c000000fb02100007000000
0000bc02000000cc0102022253797374656d008b8207668b00000a0021008a0100000000
01000000bcf31200040000002d01010004000000f0010200030000000000

picscalex1000100090000039801000003001c0000000000050000000902000000000500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Рассчитанные данные показывают, что чистый дисконтированный доход по
инвестиционному проекту № 2 выше, чем по инвестиционному проекту №1,
поэтому лучше инвестировать денежные средства в проект №2.

Задание 3

Рассчитать NPV, PI, PP, DPP по проекту, если инвестиционные затраты по
проекту 10000 руб. Ежегодный доход 4000 руб. Весь срок инвестиционной
стадии принимается за нулевой шаг. Ставка дисконтирования, заданная
инвестором 10%; срок полезного использования инвестиционного проекта 5
лет.

Решение:
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,

где CF – чистые денежные доходы,

IC – инвестиционная сумма

CF = 4000, k = 10%, IC = 10000, t = 5
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picscalex1000100090000031302000003001c0000000000050000000902000000000500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picscalex1000100090000034701000003001c0000000000050000000902000000000500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picscalex1000100090000031b01000003001c0000000000050000000902000000000500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DPP

ГодЗатратыТекущая стоимость инвестицийПриведенная стоимость по
годам0-10000-10000-100001+4000+4000*0,8= +3200-68002+4000+4000*0,641=
+2560-42363+4000+4000*0,513= +2052-21844+4000+4000*0,41=
+1640+5445+4000+4000*0,328= +1311+768

Проект следует принять, т.к он окупил себя на 5 год, а экономически
оправданный срок реализации инвестиционного проекта – 5 лет.

4 года + 544/1311 = 0,41

Задание 4

Определите сумму депозитного вклада под 28% годовых в размере 200000
руб. через 3 года при годовом, полугодовом, поквартальном начислении
процентов.

Решение:
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picscalex1000100090000037f01000003001c0000000000050000000902000000000500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picscalex1000100090000037f01000003001c0000000000050000000902000000000500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Задание 5

Рассчитать норму прибыли на капитал по трем альтернативным ИП, денежные
потоки по которым предложены в таблицах. Сделать необходимые выводы по
эффективности проектов.

№ПоказателиШаг реализации инвестиционного проекта01234561Капитальные
вложения-395000000-3952Притоки по ИП0+325+350+375+375+375+37021703Оттоки
по ИП0-200-210-215-215-210-205-1255

Норма прибыли: 520/6/395 * 100% = 21,94

Самый эффективный проект из трех предложенных.

№ПоказателиШаг реализации инвестиционного проекта01234561Капитальные
вложения-200-40000000-6002Притоки по
ИП0+390+410+410+600+600+600+30103Оттоки по
ИП0-205-205-225-345-375-375-1730

Норма прибыли: 680/6/600 * 100% = 18,88

№ПоказателиШаг реализации инвестиционного проекта01234561Капитальные
вложения-900000000-9002Притоки по
ИП0+750+750+750+800+800+800+46503Оттоки по
ИП0-575-500-500-490-490-490-3045

Норма прибыли: 705/6/900 = 13,05

Менее эффективный проект из трех предложенных.

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