Professional Documents
Culture Documents
Axiologhsh Ependyseon
Axiologhsh Ependyseon
1
2
3
-
4
5
6
1
1.1
,
,
. ,
.
1.2
,
.
:
1
.
(, ).
,
.
(replacement)
.
(independent) (mutually exclusive).
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(Project)
,
(-)
(-).
1
. (1999) . , .123
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1.3
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(
),
(
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2
. (1985) . , , .
31-32
3 ibid, . 36-38
. :
( )
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,
,
1.3.1
.
,
,
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1.3.2
(
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4
,
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:
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( )
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. (2000) , . , . 219-223.
1.4
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5
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(.. ).
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,
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.
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" "
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,
.
(Social Time Preference - STPR),
"
".
, .
. (2001) , , .
201-204
() 100
100 .
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,
.
() .
, .
,
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,
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.
() .
,
,
.
,
.
() .
(
),
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.
STPR
;
.
.
,
(Social Opportunity Cost - SOC).
.
,
.
.
.
, ,
. ,
.
. ,
;
.
(SOC)
(STPR)
"" . STPR
SOC
. '
.
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(. 1.1)
. :
-
-
-
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6
1.1: ..
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6
Bristow A., Nellthorp J. Transport project appraisal in the European Union Transport Policy 7
(2000) pp. 51-60
)
: Bristow A., Nellthorp J. Transport project appraisal in the European Union Transport
Policy 7 (2000) pp. 51-60
(multi-criteria
analysis) (Cost Benefit)
,
, .
.
1
. (1999) .
. (1985) .
,
. (1997) . ,
. (2000) , .
. (2001) .
2
2.1
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2.1
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1 :
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2 :
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3 :
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2.1.1
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2.1.2
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- ,
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2.1.3
.
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,
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.
2.1.4
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( ), -
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.
7
,
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,
,
( , externalities).
.
2.2 - -
, -
- .
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( )
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7
"
" " (shadow) "
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3
-
3.1 -
,
, ,
.
:
1.
2.
(Pay - Back
Period)
(Rate of Return)
,
, :
1.
2.
3.2
3.2.1 (pay-back period)
(recoupment period) (pay-back period)
, .
,
""
. ,
, ()
():
() = /
,
:
$ 5.000 $1
200
$ 6.000 $1.500
7.000 $1.700
:
= 5000/1200 = 4,2
= 6000/1500 = 4
= 7000/1700 = 4,1
.
$
4.000.000.
$1.000.000 5
$ 500.000.
:
3.1
0
1
2
3
4
5
- 4.000.000
1.000.000
1.000.000
1.000.000
1.000.000
1.500.000
- 4.000.000
- 3.000.000
- 2.000.000
- 1.000.000
0
1.500.000
3.1
2000000
1000000
0
-1000000
-2000000
-3000000
-4000000
-5000000
,
4 ( =0),
.
.
.
,
.
.
(mutually exclusive investments).
""
.
. ,
,
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.
:
.
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-.
3.2.2
(%) .
:
100
. 1 =
+
. 2= 100
100
=
2.
, $ 50.000.000.
80.000.000. ,
$ 80.000.000 - $ 50.000.000 = $ 30.000.000.
10 ,
$ 3.000.000 .
,
3.000.000/50.000.000 100% = 6%
,
,
.
. ' ,
:
1.
.
2. ,
, .
,
, ,
.
. ,
, ,
.
(discounted cash flow).
3.3 (DCF)
3.3.1
,
.
,
( )
( ).
,
"-" 0. -1 0
,
. 1 3,
,
. 4,
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-1
3.2:
3.3.2
.
.
.
0 () ,
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.
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,
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,
- . 2
.
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.
.
.
, 100.000 .,
10%,
110.000 ., :
100 + [ (10) / 100 * 100] 100 * (1 + 10 / 100).
, 121.000 , .
110 + [ (10) / 100 * 110], .
, ' , , o
n
i, n ..
( Future Value)
..= (1+i)n
. = (1+i)-n
(1+i)n (compounding
factor), (1+i)-n (discounting
factor). :
(1+n)
Ko
Kn
0
........
n-1
(1+n)
-n
3.3:
i
(1 i1, 2 i2, ... )
..= (1+i1) (1+i2) (1+in)
A :
.. = (1+ i/2 )2n
(DCF),
,
. ,
,
, .
..
(i)
..= (1+i)n
()
. = (1+i)-n
0
(n)
()
(i)
3.4:
()
3.3.4
(Annuity)
.
(Perpetuity).
0
n .
()
$1.000.000
10 ,
1
K = .. [-----------]
-n
1-(1+i)
;
1 1
.. = [ ------ - ------- ]
(Present Value of Annuity).
i i(1+i)
.
(.. ..)
:
i
.... =
....
+ + + .
(1+i)1
(1+i)2
(1+i)3
1
= ( +
1
1
+ + .)
(1+i)1
(1+i)2
(1+i)3
1
1
= K K =
1
(1+i)n
i
i
. ..
1
(1+i)n
1
1
.
(1+i)
(1+i)n
1
1
n ,
1 (1+i)n
i
K
.... =
i
i
x x<i,
K
.... =
i-x
.. n .
/ i
.. = [..(..) 1 ] - [..(..) n ] = -
i
1
1
.. = [ - ]
i
i(1+i)n
1
K = .. []
1-(1+i)-n
(1+i)n
..
(i)
1
1
[ - ]
n
i
i(1+i)
..= (1+i)n
()
..
K ..
.
3.5:
()
(i)
()
0
()
1
K = .. [-----------]
1-(1+i)
-n
1 1
.. = [ ------ - ------- ]
i i(1+i)
$10.000.000 6% 10
.
.
ETH
1
2
3
4
5
6
7
8
9
10
1 358 680
1 358 680
1 358 680
1 358 680
1 358 680
1 358 680
1 358 680
1 358 680
1 358 680
1 358 680
10 000 000
9 241 320
8 437 120
7 584 668
6 681 068
5 723 253
4 707 968
3 631 767
2 490 993
1 281 773
600 000
554 479
506 227
455 080
400 864
343 395
282 478
217 906
149 460
76 906
758 680
804 200
852 452
903 600
957 815
1 015 284
1 076 201
1 140 774
1 209 220
1 281 773
$ 10.
10 6%
(...(n,r)). :
1
1
= = 10.000.000 = 1.358.680
...(n,r).
7,360087051
To
r. 1,2,3
10.000.000 x 6% = 600.000 ( 1)
9.241.320 x 6% = 554.476 ( 2)
8 437 120 x 6% = 506 227 ( 3) ..
.
.
3.4
.
:
1. (Net Present Value - NPV)
2. (Internal Rate Of Return - IRR)
3.4.1 (..)
,
.
.
:
(-)0 (-)1 (-)2
(-)n
.. = + + + .
1
1+i
(1+i)2
(1+i)n
= ,
=
,
i =
n =
...
(Net Cash Flow) (max) ...
, ,
.
,
.
... 0
.
.
..
.
.
..
.
.
...
.
.. $100.000
$300.000,
.
.
...,
.. ,
, .
.
.. .
$ 100.000 5%, 5
( = 0). (...)
(n)
.
(1/(1+i)n
0
1
2
3
4
5
1,000
0,952
0,907
0,864
0,823
0,784
..
-100 000
100
120 000
130 000
150 000
160 000
-100 000
95
108 844
112 299
123 405
125 364
370 007
( )
.
.
$ 100.000 10%, 4 .
(...) .
(1+2+3-4)
6
7 (..)
8
(...)
1
2
3
4
5
0
100.000
-100.000
10.000
15.000
80.000
55.000
20.000
25.000
130.000
85.000
30.000
35.000
190.000
125.000
30.000
35.000
200.000
135.000
0,909
0,826
0,751
0,683
-100.000
206.362
50.000
70.244
93.913
92.205
... (206.362)
.
50.000 dwt $15.000.000,
5 $5 .
$300.000
10%
$600.000. 5
11,5 . 6
$10.000.000. 10%
.
1.
0
1
-15 000 000
2.
3.
300 000
330 000
363 000
399 300
439 230
600 000
600 000
600 000
600 000
600000
4.
2 875 000 2 875 000 2 875 000 2 875 000 2 875 000
(1-2-3+4)
6
10000000
-15 000 000 1 975 000 1 945 000 1 912 000 1 875 700 1 835 770 10 000 000
1
0,909
0,826
0,751
0,683
0,620
0,564
(10%)
-15 000 000 1 795 455 1 607 438 1 436 514 1 281 128 1 139 869 5 644 739
..
-2 094 857
.
.
$20.000
$100.000.
10%
.
.
0
1
2
3
4
5
-100000
20000
29000
35000
50000
60000
. .
1
0,909
0,826
0,751
0,683
0,629
.. .
-100000
18180
23954
26285
34150
37740
40.309
0
1
2
3
4
5
-20000
2000
3500
5000
6000
7000
.
.
1
0,909
0,826
0,751
0,683
0,629
..
.. .
-20000
1818
2891
3755
4098
4403
-3.035
0
1
2
3
4
5
-120000
25000
33000
42000
55000
70000
.
.
1
0,909
0,826
0,751
0,683
0,629
.. .
-120000
22725
27258
31542
37565
44030
43.120
..,
.. .
..,
.
..
.
, ..,
.
:
1.
2.
.
, 6
,
.
. .
$ 000(10% )
0
1
2
3
4
NPV
-1000
350
500
400
550
407,59
-2000
300
700
600
1200
121,64
-3000
600
900
1200
2000
556,86
-1000
500
600
700
476,33
-700
200
300
500
250
276,16
-1600
600
700
500
-100,38
1
0,909
0,826
0,751
0,683
.. -
.
0 $
7,7 .. . $1.838.590.
$ 5 , ;
, .. /
0.
..
- . =
0
.
:
..
407,59
121,64
556,86
476,33
276,16
-100,38
0
-1000
-2000
-3000
-1000
-700
-1600
-
0,408
0,061
0,186
0,476
0,395
-0,063
2
5
4
1
3
6
$ 5 0
. , , (100%)
$2,7. $1,3 ($5 - $2,7)
( 43,3%) . ..
..
( ) .
0
($000)
-1000
-1000
-700
-3000
-2000
A
E
%
100%
100%
100%
43,33%
0
..
476,33
407,59
276,16
241,29
$ 5 . 0 ..
$1.401.370 $1.838.590,
.
0 . '
.
.
0, 1 2. 000 $.
0
-1.000
-500
1
-600
-800
-1.000
0,8696
2
-100
1.000
-100
-1.500
0,7561
-1.500
-2.400
-1.700
3
1.500
1.000
2.000
2.000
0,6575
4
1.500
2.000
1.000
0,5718
...
246,58
217,92
1.513,4
752,65
.
500 $ 0-2.
, , , , , , .
f
Max f = 246,58 a + 217,92 b + 1.513,4 c + 752,65 d )
0-2
:
0
1
2
0a, b, c, d 1
H f Simplex
. ,
.
..,
.
..,
,
.
3.4.2 ()
(...)
(yield) ,
, .
, (r) :
(-)0 (-)1 (-)2
(-)n
0 = + + + .
1
1+r
(1+r)2
(1+r)n
r
(i), (r>i).
r
(i), (r<i).
,
r, r>i.
.
.
,
.
,
.
,
.
.
..
. ,
, .. 25% $200.000
15% $300.000;
, ,
.. ,
.
...
2 ,
.
, ...
1
(Linear Interpolation),
...
...
...
( )
... ,
K...1
...= 1 + [ x (2-1) ]
...1 - ...2
1 ,
2 ,
K...1 .. 1,
K...2 .. 2,
0
1
2
3
4
5
-10000
2000
3000
3500
4000
4500
10% 20%,
...
0
1
2
3
4
5
..
10%
-10000
2000
3000
3500
4000
4500
.
.
1
0,909
0,826
0,751
0,683
0,629
.. .
-10000
1818
2478
2628,5
2732
2830,5
2487
20%
-10000
2000
3000
3500
4000
4500
.
.
1
0,833
0,694
0,578
0,482
0,401
.. .
-10000
1666
2082
2023
1928
1804,5
-496,5
:
K...1
...= 1 + [ x (2-1) ]
...1 - ...2
2487
...= 0,1 + [ x (0,2 0,1 ] = 18,3
2487 (- 496,5)
2
,
=
, ,
...
.
Co=10.000.000 . 6
11%.
2.500.000 ., ...
:
..
(R)
0
1
2
3
4
5
6
-10x106
+2,5x106
+2,5x106
+2,5x106
+2,5x106
+2,5x106
+2,5x106
(1+r)-n
r1=11
%
1
0,901
0,812
0,731
0,659
0,593
0,535
Co
(1+r)-n
r2=12
%
1
0,893
0,797
0,712
0,635
0,567
0,507
(1+r)-n
r3=13
%
1
0,885
0,783
0,693
0,613
0,543
0,480
R(1+r1)-n
R(1+r2)-n
R(1+r3)-n
-10x106
2.252.500
2.030.000
1.827.500
1.647.500
1.482.500
1.337.500
10.577.50
0
+577.500
-10x106
2.232.500
1.992.500
1.780.000
1.587.500
1.417.500
1.267.500
10.377.500
-10x106
2.212.500
1.957.500
1.732.500
1.532.500
1.357.500
1.200.000
9.992.500
+377.500
-7.500
377500
... = 0,12 + x (0,13-0,12)= 0,1298 = 12,98%
13%
377500 (- 7500)
... (12,98%)
(r=11%) .
2
15x10 6.
10x106 15x106 0,666.
13% 1-6 ( ) 6
. ... 13%.
4
( $) .
18% ...
.
0
1
2
3
4
-3.000
2.000
1.000
1.500
500
.. r1= 29%
-3.000
1.550,4
600,9
698,7
180,5
.. r2= 30%
-3.000
1.538,4
591,7
682,8
175,1
... 30,5
r1 12 r2. :
30,5
... = 0,29 + x ( 0,30 0,29 ) =
0,2972=29,72%
30,5 (- 12)
...
.
1.
400.000
2.
300.000
3.
200.000
4.
0
20.000 30.000 40.000 50.000 50.000 50.000 50.000 50.000
5.
0
185.000 200.000 225.000 275.000 300.000 375.000 425.000 425.000
6.
0
370.000 400.000 450.000 550.000 600.000 750.000 850.000 850.000
7.A.
(20%)
0
60.000 60.000 60.000 60.000 60.000 0
0
0
7.B.
(25%)
0
50.000 50.000 50.000 50.000 0
0
0
0
8.
0
110.000 110.000 110.000 110.000 60.000 0
0
0
9.
(-4-5+6-8)
-110.000 55.000 60.000 75.000 165.000 250.000 325.000 375.000 375.000
10. (9*40%)
0
(-1-2-3-4-5+6-10)
..
75.309
9,982%
, .
,
.
, 1
, 18% 15%
, .
, 8%
6% , . '
. ,
- ,
.
.
,
...
...
3.4.3
.
(
) '
. ,
, , "
" (risk premium),
. " "
1% 4%, .
.
,
.
.
.
,
(%) .
.
, ,
.
()
.
,
.
()
.
,
q,
.
r. ,
.
,
,
.
(Social Time Preference Rate STPR),
.
(Social Opportunity Cost),
.
,
.
3.6:
,
(%)
, ,
.
,
.
.
3.5 ()
()
.
2
.
. ,
;
2 .
:
.
,
. 20,000
200,000 5%.
5,981 15%,
48,185 14%.
. .
14,981 20,000
5,981 180,000
, 5%, 9,000 .
48,185
.
( ) .
.
.
.
.
.
.
.
. :
0
-400,000
1
1,020,000
2
-630,000
2 .
5% 50%.
5%
50%
5% 50%
, .
5%
5%, 10%, .
.
.
50,000
20%.
, 5%.
,
20%.
;
0
-700,000
-1,200,000
1
343,000
552,000
2
343,000
552,000
3
343,000
552,000
10%
22%
18%
139,082
157,038
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
4%
8%
12%
-50,000
16%
20%
.
.
.
12%
.
12%
.
.
.
(-)
0
-1,200,000
-700,000
-500,000
1
552,000
343,000
209,000
2
552,000
343,000
209,000
3
552,000
343,000
209,000
.
(incremental cash flow) (-)
12% 10%.
( -)
.
.
12%
,
.
.
,
4.1
.
.
4.2
,
,
.
, .
,
, .
,
, , ,
.
,
-
.
.
.
,
,
.
.
,
:
8
1.
2.
3.
4.
,
(
),
( , ).
.
9
: .
(
).
, ,
.
:
.
.
, ,
.
:
1. :
:
C. P. Stickney, R.L.Weil (2000) Financial Accounting, An Introduction to Concepts, Methods and
Uses 9th Edition, The Dryden Press, pp 235-261
., (1996) , , .
47-220
. (1985) . , ,
.219-221
9 .. (1994) " ",
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4.5
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4.6
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Ratio)
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4.7
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..
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2.1.
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5.1:
1) z2
(
z3
(p)
p1
0
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(q1) .
1, q1 - q2
( ,
, ).
2, 3,
.
,
,
.
(shipbrokers),
, (charterer),
(shipowner),
() ().
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12
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5.2
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13
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12
.(1997) ,
13 . (2001) . , . 58-59
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5.5
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,
mill gt
2.1 (100 gt
)
30
25
20
15
10
5
0
1990
1991
1992
OIL TANKERS
1993
1994
1995
1996
ORE&BULK CARRIERS
1997
1998
OTHER
: Institute of Shipping Economics and Logistics "Shipping Statistics Yearbook 1999", . ISL
(1999)
,
()
( ).
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:
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,
.
bulk carriers
,
1980-1990,
,
1988-1989. Panamax 70,000 $ 14
. 1981 $ 31 1991. 1990
,
1996
1999.
, .
5.2
mill US $
80
60
40
20
0
1990
1991
1992
1993
1994
1995
1996
1997
Bulk Carrier
Tanker
Bulk Carrier
Tanker
1998
: (www.oecd.org)
: 150 000 dwt
, .
bulk carrier 5
Tanker 1989-1990
: Institute of Shipping Economics and Logistics "Shipping Statistics
Yearbook 1999", . ISL (1999)
,
.
(
). ,
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(tramp trade)
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. trip time chartering
.
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5.1
()
()
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:
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(*
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(leasing)
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(lessee)
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14
15
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17
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.. , , .81-82.
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back-to-back
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18
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19
.., ,.116.
P.Stokes, Ship Financing, p. 134-135.
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leasing .
leasing
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25
5.6
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5.7
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()
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-
,
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26
22
23
24
25
26
.
.
5.2 timing.
1970-74.
spot 20
, .
.. US $/dwt,
( ).
5.2:
(timing)
1970
1971
1972
1973
1974
.. (US $/dwt)
154
97
74
71
-5
(US $/dwt)
63
71
100
129
129
1968
1969
1970
1971
1972
,
.
.
.
,
.
,
.
6
6.1
'
" ",
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:
,
100%
6.2. (Expected
NPV)
..
,
.
$20.000
10%.
(, , )
. ..
..
, ..
.. . . ..
, ,
.
..
0
1
20000 9500
20000 5000
20000 3000
0,909
. . 1
1
..
11326,0
12000 17000 7
20%
2265,21
..
,
:
, ...
(risk free interest
rate).
6.3 (Risk
Adjusted Interest Rate)
H
:
i = i +
i = (adjusted)
i = (risk free)
= (risk premium)
.
..,
.
6.4
.
6.4.1.
.
.
:
x = +
x = + ( x )
= =
-
. ..
.
.. :
=
= x ( + (x)) = x - x = ( )-
= ( )- = 0
.
500
2.000.
.
30. . 1.000.
30.000.000
= = = 30.000
2.000 1.000
30.000 60%
[=(30000/500)x100].
30.000 x 500 = 15.000.000.
= 30.000 ( 2.000 1000)- 30.000.000) = 0
10% (
500(500x10%)= 550) :
= ( )- = 550(2000-1000) = 550.000.
6.4.2.
, ,
.
$300.000
10% .
0
1
1.
300.000
2.
40.000
3.
30.000
4.
180.000
40.000
40.000
40.000
45.000
60.000
75.000
(-1-2-3+4)
-300.000 110.000 115.000 150.000 195.000
-300.000 100.000 95.041 112.697 133.188
..
140.926
16%
1.
..
().
..,
110.000 115.000 150.000 195.000
.. = - + + + +
1,1
(1,1)2
(1,1)3
(1,1)4
10% $
330.000 .. $
110.926 12%.
2.
z%
.. .
.. z :
(180.000z 70.000)
(200.000z 85.000)
.. = - 300.000 + + +
1,1
(1,1)2
(250.000z 100.000)
(310.000z 115.000)
+ +
(1,1)3
(1,1)4
20% .. = 4.772
= -1%, ceteris paribus
20% ..,
.
.
3.
.. z
:
(180.000 30.000 40.000z)
(200.000 45.000 40.000z)
.. = - 300.000 + +
1,1
(1,1)2
(250.000 60.000 40.000z)
(310.000 75.000 40.000z)
+ +
(1,1)3
(1,1)4
10% ..
$114.897 14%.
.
4.
z .. .
110.000
115.000
150.000
195.000
.. = - 300.000+ + + +
1+iz
(1+iz)2
(1+iz)3
(1+iz)4
2% ( 10% 12%)
110.000 115.000 150.000 195.000
.. = -300.000+ + + +
1,2
(1,2)2
(1,2)3
(1,2)4
.. = 120.585 = 14%.
5.
4 3,
110.000 115.000 150.000
.. = - 300.000 + + +
1,1
(1,1)2
(1,1)3
.. $7.739 1%
..
1-5
.. = 0
.
.
.
.
(..=0)
z
x
6.5
,
. '
. ,
.
,
.
, , -
,
.
" ".
:
1+ i
1+r =
1+
r ,
i
.
.
14% 10%,
3,6%.
10% 8%,
100.000 4
, .
18,8%. :
1.
1*
2.
2*
3..
3*
4.
4*
.
(-1*-2*-3*+4*)
.. .
.
...
0
100.000
-100.000
10.000
10.800
15.000
16.200
80.000
86.400
59.400
20.000
21.600
25.000
27.000
130.000
140.400
91.800
30.000
32.400
35.000
37.800
190.000
205.200
135.000
30.000
32.400
35.000
37.800
200.000
216.000
145.800
-100.000
64.152
99.144
145.800
157.464
100.000
206.362
1,2,3,4 ,
1*,2*,3*,4* . ..
.
(real prices) ().
, . . ,
(nominal price)
.
,
n :
= (1+)n
... ,
(nominal & real interest rate).
, r r
, :
(1+r) =(1+ r) (1+)
/
.. :
[(-)0]
[(-)1]
[(-)2]
[(-)n]
.. = + + + . +
1
1+i
(1+i)2
(1+i)n
[(-)0]
[(-)1]
[(-)2]
[(-)n]
.. = + + + . +
1
1+i
(1+i)2
(1+i)n
[(-)0]
[(-)1]
[(-)2]
[(-)n]
..o = + + + . + = ..
1
1+i
(1+i)2
(1+i)n
..
..o = ..
( ) .
,
,
7
7.1
.
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19 .
.
(consumer surplus)
.
27
100 ,
.
,
.
, . ,
.
1930-1950
...
(alternative cost justifiable method).
,
.
1960
.
- (Cost Benefit Analysis)
. 1961
.
, 1970
(World Bank) .
,
.
1980
.
27
,
.
,
,
.
7.2
,
.
, .
.
.
, :
,
.
7.3
.
.
.
, :
1. ,
2.
,
.
1.
,
.
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(.. .)
.
28
,
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:
1. ,
, (,
)
2.
3. ,
4.
(, .)
28
270-271
,
:
= (%)
,
.
.
$20 +30%
$ 26. (= $20(1+30%)).
.
,
.
:
.
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.
(.. )
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.
n
. :
t
t=0
(1+I)t
n
t = t
i =
()
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,
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. :
:
(, ) 20%
,
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.
:
x 0,8 =
0,8 ( 80%)
20% .
,
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% . ,
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15%. ,
13%,
21% 11%.
.
.
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7.4
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7.4.1.
.
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1,30 (
.. 30%)
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,
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0,8.
, 1,30.
:
.
.
,
.
,
.
.
7.4.2
.
(externalities)
.
,
. :
,
,
,
,
,
(, )
29
29
. . . .
, 2002
7.4.3
.
:
.
. .
,
:
-
-
-
-
7.4.4
30,
.
,
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31:
-
: DM 1,320,000,
DM 60,000,
DM 5,200,
, ( ,
.), (
) ( .,
).
30Vickerman
R.
Evaluation Methodologies for transport projects in
the U.K. Transport Policy 7 (2000) 7-16
31 Rothengatter W. Evaluation
of infrastructure investments in
Germany Transport Policy 7 (2000) 17-25
(1994 euro)
1,389,000
368,000
716,000
1,214,000
562,000
789,000
132,000
945,000
1,416,000
113,000
34,000
67,000
1,643,000
1,010,000
1,777,000
: ,
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CO2 ,
( PM10
NO2) .
.
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6. 6
7.
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1,30.
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0,8 .
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0,8,
1,3.
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0,8, (
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c.i.f. .
0,8.
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1,3.
0,8.
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0,8 1,3.
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0,8 1,3 .
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7.7
.
.
, :
()
()
7.7.1
()
- .
.
=ng
,
n=
g=
:
1,5<n<2, n=2
g= 0,04
8%
32
6%.
7.7.2 (...)
....
... .
:
1.
2. ,
3. ( - )
4.
32
.... :
(-)0
(-)1
(-)2
(-)n
... = + + + .
1
1+i
(1+i)2
(1+i)n
....
.
7.7.3 ()
.... .
(r)
:
0 =
r (i),
(r>i).
r (i),
(r<i).
,
r, r>i.
7.7.4 -
-
.
:
-
=
-
=
.
=
.
= .
= .
, >1.
. =1
. ,
, .
,
0,1 ... :
0
-3000
-1500
-2500
-1200
1400
1400
-1200
-2000
-1600
-3500
-1000
-1400
...
450
600
650
550
100
-200
...
... ( , , ). (... / 0)
' , :
1.
2.
3.
4.
5.
6.
= 0,406
= 0,375
= 0,300
= 0,157
= 0,100
= -0,143
.
.
0
5000 . , 100% (, , )
5,71% . ,
0 . , 1
5500 ,
... 1 ,
,
. 1, :
1.
2.
3.
4.
= 0,46
= 0,40
= 0,26
= 0,15
,
1 6900 100%
, , 56,67% .
, 100%
, ,
, ' ...,
1
. , ,
1300 , ,
1300/1400=92,86%. ,
... -185,71 (43,33%)
195, ... 9,29.
, ,
, ... .