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раздел сайта: оценка (главная) / статьи по оценке и экономике / статьи по оценке инвестиций / The Phased Approach to Time Value of Money in Economic Analysis of Investment Projects
THE PHASED APPROACH TO TIME VALUE OF MONEY IN ECONOMIC ANALYSIS OF INVESTMENT PROJECTS
Vadim Borisovich Daskovskiy,
Full Doctor of Economics, Professor,
Scientific head,
National Institute of Economics
(NIEc, www.niec.ru)
Vladimir Borisovich Kiselyov,
Full Doctor of Economics, Professor
May 2010
Method discounting cash flow (DCF) is analyzed in the article. Article is demonstrating complete economic insolvency DCF. The fallacy of discounting method causes serious distortion of the results. It’s wide usage entails negative consequences not only for the concrete investor, but also for the economy on the whole. The new method of the phased approach to time value of money in economic analysis of investment is represented in our article.
Keywords: investment efficiency; investment project; profit; the discount rate; projection period; investment phase; operation phase; net present value (NPV); discounting cash flow (DCF); Net Profit in Time (NPT); Profitability Index in Time (PIT).
JEL Classification: G31, G32, G11, O16, O22, D61, D81, E22, M21.
