Vidinės grąžos normos metodo taikymas vertinant investicinių projektų ekonominį efektyvumą

LTStraipsnyje nagrinėjamas vienas dažniausiai taikomų investicinių projektų ekonominio efektyvumo vertinimo metodų – vidinės grąžos normos metodas. Pateiktos pagrindinės šio metodo charakteristikos, išryškinti jo privalumai ir trūkumai. Pasiūlyta vidinės grąžos normos skaičiavimo proceso schema, leidžianti atlikti objektyvų investicinio projekto įvertinimą. Ši vertinimo proceso schema apima trijų pagrindinių kintamųjų parametrų įtakos vertinimą galutiniam rezultatui: 1) grynojo pinigų srauto; 2) vertinamo laikotarpio trukmės ir analizės intervalo; 3) reinvestavimo ir ribinės pelningumo normos. [Iš leidinio]Reikšminiai žodžiai: Diskonto norma; Investicinis projektas; Investicinių projektų vertinimas; Pinigų srautai; Vidinės gražos normos metodas; Vidinės grąžos normos metodas; Cash flow; Discount rate; Discount rate, cash flow; Evaluation of investment projects; Internal rate of return; Investment project.

ENThe internal rate of return (IRR) method is the relative indicator which shows yield on the project. This is one of the most popular methods in the practice of evaluation of investment projects efficiency, which allows selecting the most acceptable option from a number of investment projects differing in the scope of investments or expected profit. The internal rate of return is calculated according to the cash flows of a project during its lifetime, assuming that each year positive cash flows are reinvested at the same rate of return on another project. Technically, the internal rate of return is determined by iteration method of solving mathematical equation for the degree of T. Graphic solution of such task includes finding this point in NPV profile, where NPV=0. In other words, it is searching point for NPV profile and x-axis interaction. The main weaknesses of internal rate of return are related to assumption that project revenues (positive cash flows) are reinvested at the same IRR. In many practical cases it is reasonably believed that this version is rare because the results are not objective. To avoid such restrictions, it is proposed to apply the modified internal rate of return (MIRR) method that allows assessment of the interim cash flows according to optional reinvestment rate.Scheme proposed by the authors takes into consideration the main parameters (the net cash flow, the length of the period under consideration and the interval of analysis, the reinvestment and the marginal yield rate) influencing IRR value and describes in detail stages of analysis, structure and evaluation steps of intermediate and final steps. Formulas or the principles of analysis are provided for specific steps. The reliability of the results mainly depends on the adequacy of available information, accuracy of the assumptions, and other more subjective reasons determining assessment of the entity position of the analyzed project. This influence mainly occurs in cash flows forecasting stage while modelling more or less favourable scenarios of the project. To reduce the influence of subjectivity, it is recommended to perform additional sensitivity or scenario analysis which partly eliminates the effect of marginal forecasts. [From the publication]