Грузинов В.П., Грибов В.Д. Экономика предприятия

Подождите немного. Документ загружается.

, , ?

www.InetLib.Ru - !

101

    () , 

 - .  

       

Q) (), :









(1)

  ,         

. 

    .  ,   

 ,      ,  

   ,        

. , 

        : 

  ();     ;

 () ; , 

;   ;   ,

; , .

 ():

• ;

• ,  (,

, );

• ;

•        

;

• .

:

• , ;

• ,  ();

•        

;

• ;

•       ,    

;

• ;

• .

:

•  (, , ),

.;

• ;

• ;

•    (    ,   

 

, , 

    ,    ,

);

• ;

• ;

• ;

• ;

•   (     , 

www.InetLib.Ru - !

102

 ,     ,  

 ,      

,      ,  ,

);

• , ;

• ;

• ;

• .

, .

   -    

.

 - 

 ,      

.

     -  , 

, .

:

• ;

•  (, .);

• ;

•      (   ,

, , ,

.).

15.4. 

        

         

, 

, , , 

 31  1994 . 7-12/47.



  () ,. 

     ,   -

, 

    -   ,   

,        

. 

.

       

:   ( );  ;  

;     ,    

.

       

  , .       

.   ,       

   , ,   . ,  

, , . 

  :     ,    , 

.

        ,

   , .      

www.InetLib.Ru - !

103

, , , .

         .

, 

.

        

,          . 

    ,    

.

,          

 (, .).

        

          

 ().

       

:

 (), . 





  ,    ,    



 R

- ,  t-;



- ,  t-;

 - ;

 - .

, 

 (), .

, ,

.      ,   

.

          

  (

),       



(1)





(3)

 t –     ( )  ,

.

   -    (   

 ),         

.

,  (3) :

 

-  k-;

t- , .



 , ,       

.

  -  ,     . 

,  ,     

www.InetLib.Ru - !

104

.

  -    t-     

       , , . 





= 



 I

(5)



-  t-;





- ;

-   ()     

    t-     

.

  ()      

:

       (  1),   

,  - .

 () 



        ,

. 



() 

         

    .       

, .

.         

, .         ? 

:











 (8)





, - ,  ();

 - , .;





- , .

          ,

       .  

,           

, .) .

        () 

  .   100 . .  

   .     -  ,

 - 20%.  100 . . 

 20%       25 . .  

 (. 11).

 11

 100 . .  20%

 ,



 20%

 







100000

20000

25000

85000



85000

17000

25000

68000

www.InetLib.Ru - !

105

3- 68000 11 600 25000 54600

4- 54600 10920 25000 40520



40520

8 104

25000

23624

6- 23624 4725 25000 3349

. 11 ,  4 . ,

 40 520 .

, 

   .      



 R



- , %;





- , .;

 -  ().



, . 

         

.

 , 

 ,         

.

   (        ) 

.

           

   .      , 

  . ,  

. : 

8%, ,  1000 ., 

:

 - , .;

r -.

 ,   8%    1000 .   925,9

., .   925,9 .    1000 .  , 

 925,9 . ,  1000

.

   ,      ,

    ,      

.

 ,       ,

   (   )  , 

.

 ,  ,    ( ,

 ,  ),       

. ,  

 (weiqhted cost of capital) , , 

.

www.InetLib.Ru - !

106

   -  ,     

.

, , 

     .      ,

, : 

  ,  ,  

 ,    .   

    ,     ,  

    .   .  

 "" : "

, , 

" (. 23).

       ,

.



      .   

:

•       ,

;

•   , ,   

, ;

•    ,

;

• , , .;

• , ;

•          

 ( , ,  

).

,  ,    -

   ,     

. :

•  ,      

www.InetLib.Ru - !

107

;

• , 

, 

  .        

   .  , ,   

      ,  ,

   ,  .   

  ,      

 .         

    ,     

      "" .  

, .

    ,     

  ,      

.



       , 

.  t-

        t- ,  

.

,

 ,         

 (.  10). 

 - ;





- ;





- .

         

*:

 



-;



max

, 

min

- 

;

 -      ( 

 0,3).

* .:        

. - ., 1994. - . 23-26.

 16.



16.1. 

www.InetLib.Ru - !

108

     .

 :   ", ,      

    "     ; 

; 

;     ;    

.

        

 .        

.



.        

.       ,  

       

     ,   

. 

.

, , :

• ,          

;

• ,       ,

. ;

• ,      ,   

          

   ,       );

      ;   , 

   ,    

;

• ,      , 

        

    ,     

   (, ,  ,  

.);

• , 

,      , 

    . , ,  

  ,  ,     

     .      

, , 

.

   , , ,   

.

, 

. 

 - "".

             

     ,     

, 

.

  -     ,     

, 

   .        

,   ,   ,     

www.InetLib.Ru - !

109

,   , ,   .).   

 10-15         ,    

,  ,   ,     

, .

       

.

       

 3-5 .   ,    ,  

         

    3-5 .   

- 

, , , .).

      .  

 1  3 . ,

, 

 - .

   ,      

,  1 . 

        .   

. , .

      , ,    9

  .       

 ,      

, , . 

.

       

, , 10 . 

, 

.

        

, , 

.

16.2.  - 

 -  ,      

 ,   ,   

, .

 ,     , 

   .    ,       

     ,     ,

  ,       .  ,

, 

     ,    

, .

         - 

,  (), . - 

, . ,

    :   (),  ,

, , , .

 ()

www.InetLib.Ru - !

110

  -  (), 

    .    

:

1.  ()?

2.  ()?

3.  () ?

 -, . 

-  ,      .     

  .      

 .        

  ,  , ,  

,    ,    

.  -  - 

        

, .

, , , . 

 (). 

 - , ,

, .



,             ,

. 

, , 

  ,      ,  

.

          (), 

 ,   -  ,   .   

, 

, , , 

.





 - . 

  ,  , ,    . -  

     .       "

"  , . 

 ,    () , ,    

, .



   ,     ,

      ,     

.

:

• 

;

•  (

, );

•           

;

•       .      