Unidad 2. Herramientas Financieras para La Selección de Proyectos

 

Pdr= Ecraehe Gspahdse _abbgce  

Pere esakheture= Oahehzes fdrpdretaves

Whacec 9. Ngrrejaghtes oahehfagres pere be sgbgffaöh cg prdygftds

Ahtrdcuffaöh Be gvebuefaöh cg prdygftds taghg pdr dimgtavd gvebuer jgcaehtg castahtes ngrrejaghtes oahehfagres sa gb obumd cg feme prdygftecd pgrjatg eb ahvgrsadhaste ditghgr be rghteiabacec cgsgece, ecgjås cg rgfupgrer be ahvgrsaöh. Gh gstg tgje cgserrdbberá bes ngrrejaghtes jås fdjuhgs pere be gvebuefaöh cg prdygftds=

5

 

Pdr= Ecraehe Gspahdse _abbgce  

Pere esakheture= Oahehzes fdrpdretaves

Pgradcd cg rgfupgrefaöh (PYA) Sagjpd qug sg rgquagrg pere Sagjpd pere qug uhe ahvgrsaöh kghg kghgrg rg obumds cg gogftavd gogftavd suoafa ghtg ghtgs s pere rgfdirer su fdstd ahafaeb. Cg efugrcd fdh Hessar (9055), gb pgradcd cg rgfupgrefaöh cg be ahvgrsaöh (PYA) gs gb tgrfgr fratgrad jås usecd pere gvebuer uh prdygftd y taghg pdr dimgtd jgcar gh fuåhtd tagjpd sg rgfupgre be ahvgrsaöh, ahfbuyghcd gb fdstd cg fepateb ahvdbufrecd. Be ajpdrtehfae cg gstg ahcafecdr gs qug fdjpbgjghte be ahodrjefaöh, jufnes vgfgs dfubte pdr gb supugstd cg qug, sa gb obumd hd ebfehze, ‒sg ecguce‚ tehtd cgb _EH fdjd cg be SAY.  

Oughtg= Ydss (9050)

Ygkbe cgb pgradcd cg rgfupgrefaöh=

efgpteibg pteibg sa s u pgradcd cg rgfupgre rgfupgrefaöh faöh febfubece gs gs j ghdr ‒Whe ahvgrsaöh gs efg qug ebkýh hýjgrd pr gg ggsteibgfacd steibgfacd cg pgradcds cg tagjpd .‚ 

Oörjube cg pgradcd cg rgfupgrefaöh cg be ahvgrsaöh

   + (∙)    Cdhcg= e: pgradcd ehtgradr ahjgcaetd e qug sg rgfupgre rgf upgre be ahvgrsaöh i: ahvgrsaöh ahafaeb f: suje cg obumds cg gogftavds ehtgradrgs c: Obumd Hgtd cg Gogftavd (OHG5) cgb eõd gh qug sg setasoefg be ahvgrsaöh

5

 Ygfugrce qug

          ∙∙    9

 

Pdr= Ecraehe Gspahdse _abbgce  

Pere esakheture= Oahehzes fdrpdretaves

Gmgjpbd 5 Pbehtgejaghtd   Be gjprgse cg trehsodrjecdrgs Fdrvgx, V.E. rgebazö uhe ahvgrsaöh ahafaeb cg 9,000,000 y sg gstajeh bds sakuaghtgs obumds cg gogftavd pere bds prajgrds ? eõds. ´Fuåb gs gb pgradcd cg rgfupgrefaöh4 ´Föjd ahtgrprgtes gb rgsubtecd sa bds effadhastes cgsgeh uhe rgfupgrefaöh cg 6 eõds4            

•

•

•

•

•

•

Eõd 5= ;00,000 Eõd 9= ?00,000 Eõd 6= 770,000 Eõd 3= 300,000 Eõd 7= 600,000 Eõd ?= 970,000

Cetds

i

e

f c

Prdfgcajaghtd

(,,∙,,)    + (∙)     +  ,    .  

Pere fåbfubds gxeftds tdjejds gb cgfajeb cgb rgsubtecd 6.6> Pere fåbfubd cg jgsgs= 0.6>*59 jgsgs:3.7 jgsgs Pere fåbfubds cg cêes: 0.7*60 cêes:57 cêes  

Ygsubtecd= PY PYA: A:6 6

Eõd s, 3 jgsgs, Eõds, j gsgs, 57 cêes. Pdr bd tehtd, sg rgfneze gbgb pr dygftd,

ye qug bds effad hastes cgsgeieh cgsgeieh uh e rgfupgrefaöh cg 6 eõds. 

6

 

Pdr= Ecraehe Gspahdse _abbgce Pere esakheture= Oahehzes fdrpdretaves

 

_ebdr prgsghtg hgtd (_PH) Caogrghfae gb vebdr c g jgrfecd cg uhe ahvgrsaöh y su fdstd. Caogrghfae ghtrg gb Cg efugrcd fdh Hessar (9055), gb vebdr eftueb hgtd gs gb játdcd jås fdhdfacd y jås efgptecd pdr bds gvebuecdrgs cg prdygftds. Jacg gb gxfgcghtg rgsubtehtg cgspuás cg ditghgr be rghteiabacec cgsgece d gxakace y cgspuás cg rgfupgrer tdce be ahvgrsaöh . Pere gbbd, febfube gb vebdr eftueb cg tdcds bds obumds outurds cg feme, prdygftecds e pertar cgb prajgr pgradcd cg dpgrefaöh, y bg rgste be ahvgrsaöh tdteb gxprgsece gh gb jdjghtd 0. Ygkbe cgb _PH ‒Vg

cgig efgpter uhe ahvgrsaöh sa gb vebdr prgsghtg hgtd gs pdsatavd y rgfnezerbe sa gs hgketavd.‚  

‒Va

p rdygftd rgpdrte gxeftejghtg be tese qug sg 0,, ahcafe qug gb prdygftd gb rgsubt ecd gs akueb e 0

qugrêe ditghgr cgspuás cg rgfupgrer gb fepateb ahvgrtacd< Va gb rgsubtecd gs hgketavd, hgketavd , jugstre gb jdhtd qug oebte pere keher be tese qug sg cgsgeie ditghgr cgspuás cg rgfupgrece be ahvgrsaöh. Va gb _EH gs gs hgketav d , gb prdygftd pugcg tghgr uhe ebte rghteiabacec, pgrd sgrå ahogradr e be gxakace. Gh ebkuhds fesds, fdjd sg gxpbaferå jås ecgbehtg, gb _EH hgketavd pugcg ahfbusd ahcafer qug, ecgjås cg qug hd sg ditaghg rghteiabacec, pertg d tdce be ahvgrsaöh hd sg rgfupgre.

Oörjube _PH



  ∙ + Cdhcg=

 

 )  (     + :

  

 

: hýjgrd cg pgradcd cg vace cgb prdygftd

: ahvgrsaöh ahafaeb

: obumd hgtd cg gogftavd cgb pgradcd t

: pgradcd d eõd

: tese cg rgfupgrefaöh

3

 

Pdr= Ecraehe Gspahdse _abbgce  

Pere esakheture= Oahehzes fdrpdretaves

Gmgjpb d 9 (Sdjecd cg Ydss , M. (9 (9050 050), ), påkahe 9?6-3) Pbehtgejaghtd   Vupdhke qug sg bg pacg cgfacar sa sg cgigrêe d hd behzer uh hugvd prdcuftd cg fdhsujd. Fdh iesg gh bes vghtes y bds fdstds prdygftecds, sg gspgre qug bds obumds cg gogftavd curehtg be fahfd eõds sgeheõd. cg 9Fdsterå 000 cöbergs gh bdscgprajgrds cds eõds, 3 000 gh bdsvace cdscg sakuaghtgs y 7cgb 000prdygftd gh gb ýbtajd ebrgcgcdr 50 000 cöbergs gjpgzer be prdcuffaöh. Vg utabaze uhe tese cg cgsfughtd cg 50% pere gvebuer prdcuftds hugvds. ´Uuá

sg cgig nefgr gh gstg fesd4  

Cetds

   

   

: 50,000 cöbergs : 9000 cöbergs

: 3000 cöbergs : 7000 cöbergs

:7

: 9000 cöbergs

: 0.50:50%

: 3000 cöbergs

Prdfgcajaghtd Cecds bds obumds cg gogftavd y be tese cg cgsfughtd gs pdsaibg febfuber gb vebdr tdteb cgb prdcuftd eb cgsfdhter gh odrje rgtrdeftave bds obumds cg gogftavd neste gb prgsghtg= 



     ∙ +  ( + )  :  Z + \    Z \    Z \    Z \    Z   ∙, + \( +. ) (+.) (+.) (+.) (+. +.))  ∙, + .+.+.+.+.   ∙, + ,. ,.  ,.  Yg Ygsubtecd subtecd g ahtgrprgtefaöh gs cg $9,659.1 Gb _PH gs $9,659.11, 1, esê qug fdh i esg gh be rgkbe cgb v ebdr p rgsghtg hgt d sg cgigrêe gjprghcgr gb gb prd ygftd.

Hdte= Disgrve fdjd be ahvgrsaöh ahafaeb (Vd) sg fdbdfe fdh sakhd hgketavd , cgiacd e qug sg rgste cg bds obumds cg gogftavd eftuebazecds.

7

 

Pdr= Ecraehe Gspahdse _abbgce  

_ebdr _e bdr prgsghtg gh ndme cg fåbfubd Gxfgb

?

Pere esakheture= Oahehzes fdrpdretaves

 

Pdr= Ecraehe Gspahdse _abbgce  

Pere esakheture= Oahehzes fdrpdretaves

Sese ahtgrhe cg rghcajaghtd (SAY) Be tese ahtgrhe cg rgtdrhd (SAY) ahvgrs aöh gs gb rghcaj aghtd (SAY) cg uhe ahvgrsaöh rgqugracd qug pr dcufg uh _P _PH H cg fgrd fuehcd s g use fdjd tese cg cgsfughtd. Be SAY gstå juy rgbefadhece fdh gb _PH, ye qug fdh be SAY sg trete cg ghfdhtrer uhe sdbe tese cg rghcajaghtd qug rgsuje bds járatds cg uh prdygftd. Ecgjås, gs cg cgsger qug sge uhe tese ‒ahtgrhe‚ gh gb sghtac d cg qug söbd cgpghce cg bds obumds cg gogftavd cg uhe ahvgrsaöh pertafuber, hd cg bes teses qug sg dorgfgh gh dtres pertgs. Ygkbe cg be SAY

Va be SA SAY Y gs gs jeydr qug gb fdst d cg fepateb sg rgfdjaghce efgpter gb prdygftd Va be SAY gs jghdr q ug gb fdst d cg fepateb sg rgfdjaghce rgfnezer gb prdygftd   prdygftd

´Föjd febfuber be SAY4

Kghgrebjghtg, gb fåbfubd cg be SAY sg rgebazeie jgcaehtg ghseyd y grrdr cgiacd e be fdjpbgmacec cg su fåbfubd. Esajasjd, ney jehgres cg febfuberbd gjpbgehcd cgspgmgs cg be ahfökhate cg be tese cg cgsfughtd fdh oörjubes fuecråtafes d atgrefadghgs. Equê cgmd uh gmgjpbd=  gmgjpbd= nttps=//www.ydutuig.fdj/wetfn4v:O]iyxVAM>>s  nttps=//www.ydutuig.fdj/wetfn4v:O]iyxVAM>>s  Cece be fdjpbgmacec cgb fåbfubd y bds dimgtavds cgb fursd, rgebazergjds bds fåbfubds jgcaehtg ndme cg fåbfubd Gxfgb.  Gxfgb. 

;

 

Pdr= Ecraehe Gspahdse _abbgce  

Pere esakheture= Oahehzes fdrpdretaves

Gmgjpb d 6 (Sdjecd cg Ydss , M. (9 (9050 050), ), påkahe 9?6-3) Pbehtgejaghtd   Wh prdygftd taghg uh fdstd tdteb cg 367.33 cöbergs. Bds obumds cg gogftavd sdh cg 500 cöbergs gb prajgr eõd, cg 900 gb sgkuhcd y cg 600 gb tgrfgrd. ´Fuåb gs be SAY4 Va sg hgfgsate uh rghcajaghtd cg 5>%, ´sg cgig efgpter ebefgpter gste ahvgrsaö h4   cg ebkuhds _PH Cgsfrêiesg gb pgroab cgb _PH y ghfuáhtrgsg SAY jgcaehtg gb fåbfubd fdh caogrghtgs teses cg cgsfughtd.

Cetds

   

 

:6

: 367.33 cöbergs

:4

: 500 cöbergs : 900 cöbergs : 600 cöbergs

Prdfgcajaghtd gjpbgehcd be oörjube cg _HE (v (vebdr ebdr eftueb)  Eb  Ebtgr tgr het av e 5=   e prugie y grrdr gh Gxfgb gjpbgehcd Gs cgfar, -ahvgrsaöh ahafaeb jås be sujetdrae cg bds vebdrg eftuebgs. e ftuebgs.

 Eb  Ebtgr tgr het av e 9= Fdh be ouhfaöh SAY:(vebdrgs, \gstajefa \gstajefaöhZ) öhZ)= nttps=//suppdrt.dooafg.fdj/gs-gs/ertafbg/tarouhfa%F6%I6h-tar-?3197gee-11>>-317i-i910-6ec0f5?6f5if   ouhfa%F6%I6h-tar-?3197gee-11>>-317i-i910-6ec0f5?6f5if * Gh be jeydrêe cg bds fesds hd hgfgsate prdpdrfadher gb erkujghtd gstajer pere gb fåbfubd cg SAY. Va djatg gb erkujghtd gstajer, sg supdhg qug gs 0,5 (50%).  Pdr gmgjpbd=

>

 

Pdr= Ecraehe Gspahdse _abbgce  

Pere esakheture= Oahehzes fdrpdretaves

Yg Ygsubtecd subtecd g ahtgrprgtefaöh Gb _PH gs fgrd e 57%, esê qug be SAY gs 57%. Va sg hgfgsate uh rghcajaghtd cg 5>%, hd sg cgig tdjer be ahvgrsaöh. Be rezöh gs qug gb _PH gs hgketavd e 5>% (gs cg ∙93.3; cöbergs). Be rgkbe cg be SAY SAY ahcafe bd jasjd gh gstg fesd. Hd sg cgig efgpter efgpter gste ahvgrsaöh pdrqu g su rghcaja ghtd cg 57% 57% gs ahogradr eb rghcaja ghtd rgqugracd cg 5>%. 5>%.

Prdibgjes cg be SAY Vg kghgreh prdibgjes fdh be SAY fuehcd bds obumds cg gogftavd hd sdh fdhvghfadhebgs d fuehcd sg trete cg fdjperer cds d jås ahvgrsadhgs pere vgr fuåb gs be jgmdr. Gh gb prajgr fesd, y cg jehgre sdrprghcghtg, be prgkuhte= ´fuåb gs gb rghcajaghtd4 gs juy caoêfab cg rgspdhcgr. Gh gb sgkuhcd fesd, be SAY pugcg sgr uheghkuêe fdhouse. Pdr gmgjpbd, be ajekgh cg be cgrgfne sg eprgfae fdjd be SAY sg akueb e fgrd fdh cds vebdrgs cg _PH. ´Föjd gs gstd pdsaibg4  Pdr bds obumds hd fdhvghfadhebgs.

1

 

Pdr= Ecraehe Gspahdse _abbgce Pere esakheture= Oahehzes fdrpdretaves

 

Êhcafg cg rghteiabacec (AY) Sejiaáh Sejiaáh fdhdf acd f djd rezöh ighgoafad/fdstd jacg gb vebdr prgsghtg cg bds ighgoafads pdr uhac ec cg ahvgrsaöh. Ygkbe cgb _PH

  Va gb AY 85 85 efgpter efgpter gb pr dygftd   Va gb AY :5 ahcaogrghtg   Va gb AY 25 rgfnezer gb prdygftd

• • •

*Va ney bajatefaöh cg fepateb fepateb sg gbakgh bds pr dygftds fdh jeydr AY.  AY. 

Oörjube _PH

     ö   Cdhcg=



: _ebdr prgsghtg cg bds obumds cg gogftavd



   (  + )  :

Hdte ajpdrtehtg= ‒Hd fdhouhcar gb vebdr prgsghtg (_P)  (_P) fdh gb vebdr prgsghtg hgtd (_PH), ástg ýbtajd fdhsacgre gb cgsfughtd cg be ahvgrsaöh‚  Cdhcg=

 

: obumd hgtd cg gogftavd cgb pgradcd t

: hýjgrd cg pgradcd cg vace cgb prdygftd

50

 

: pgradcd d eõd

: tese cg rgfupgrefaöh

 

Pdr= Ecraehe Gspahdse _abbgce  

Pere esakheture= Oahehzes fdrpdretaves

Gmgjpbd 3 Pbehtgejaghtd   Wh prdygftd fugste 6,000 cöbergs y taghg obumds sakuaghtgs= pere eõd 5 cg 9000 cöbergs y pere eõd 9 cg 3000 cöbergs (sg fdhsacgre uhe tese cg rgfupgrefaöh rgfupgre faöh cg 67%). ´Fuåb gs gb êhcafg cg rghteiabac ec4 Q qug sg rgfdjghcerêe gh g gstg stg fesd. 

Cetds

   

:Ahvgrsaöh ahafaeb: 6,000 cöbergs : 9,000 cöbergs :3,000 cöbergs

: 0.67 

Prdfgcajaghtd

  ,  +   , Z   ∕ ( + )  \(+. ) (+.)           ö     ,  , ..    .  ,. + ,. ,.   ,.   , ,

Ygsubt ecd g ahtgrprgtefaöh Ygsubt efugrcd fdh be rgkbe cgb AY, sa gs jeydr q ug uhd sg efgpte. Gb Cg efugrcd Gb r gsubtecd 5.99 ahcafe qug pdr fece cöber ahvgrtacd sg ditaghg fdjd rgsubtecd 5.99 cöbergs gh vebdr d 0.99 cöbergs gh _PH. Esê, gb êhcafg cg rghteiabacec jacg ‒gb ruacd cg be jdrrebbe‚, gs cgfar, gb vebdr frgecd pdr fece uhacec jdhgterae ahvgrtace  

55

 

Pdr= Ecraehe Gspahdse _abbgce  

Pere esakheture= Oahehzes fdrpdretaves

_ebdr prgsghtg hgtd vgrsus tese ahtgrhe cg rghcajaghtd Gh be gvebuefaöh cg prdygftds bds peråjgtrds _PH y SAY sdh ngrrejaghtes cg vebdrefaöh pere be tdje cg cgfasadhgs, sah gjierkd, ejids peråjgtrds hd sagjprg fdahfacgh. Be prajgre caogrghfae gs be odrje cg gstucaer be rghteiabacec cg uh prdygftd. Gb _PH bd nefg gh tárjahds eisdbutds hgtds, gs cgfar, gh uhacecgs jdhgteraes, hds ahcafe gb vebdr cgb prdygftd ndy< jaghtres be SAY, hds ce uhe jgcace rgbetave, gh tehtd p pdr dr faghtd. Be SAY pugcg sgr juy etreftave pgrd hd kghgrer uh obumd qug pgrjate, ghtrg dtres fdses, ghorghter gb pekd cg uhe cguce. Gh uh obumd cg ahvgrsaöh (gkrgsd ahafaeb y obumds pdsatavds e outurd), pugcgh cersg veraes satuefadhgs gh be rgbefaöh cgb _EH fdh be SAY=

Oughtg= Hessar (9055)

Iaibadkreoêe Hessar, V. (9055). Prdygftds cg ahvgrsaöh. Odrjubefaöh Odrjub efaöh y gvebuefaöh. Fnabg= Pgersdh. Caspdhaibg gh Iaibadkreoêe cg Oahehzes Fdrpdretaves \Eube vartuebZ \Ygvaser Fepêtubd Fepêtubd 1. Fåbfubd Fåbfubd y ehåbasas c g be rghteiaba cecZ

Ydss, M. (9050). Ouhcejghtds cg oahehzes fdrpdretaves. Jáxafd= JfKrew Nabb. Caspdhaibg gh Iaibadkreoêe cg Oahehzes Fdrpdretaves \Eube vartuebZ \Ygvaser \Yg vaser Fepêtubd Fepêtubd 1. _ebdr _ebdr prgsghtg hgtd hgtd y dtrds fratgrads cg ahvgrsaöhZ

59