Methods of the analysis of investment projects. The analysis of risk of the project

1. Criteria of acceptance of decisions at formation of the budget of capital investments.

2. Independent (individual) risk the project. Inside firm, or corporation risk.

3. Market risk. The analysis of sensitivity.

4. The analysis of scripts.

5. A method of Monte Carlo.

6. The analysis of a tree of decisions.

1. Leverage in the appendix to financial sphere it is treated as the certain factor which little change can result to essential change of resulting parameters.

In financial management distinguish the following kinds of leverage:

1. Financial

2. Industrial (operational)

3. production-financial

Any enterprise is a source of risk. Thus the risk arises on the basis of factors of industrial and financial character. These factors form charges of the enterprise. Charges of industrial and financial character are not interchangeable; however, the size and structure of expenses of industrial and financial character can be operated. This management occurs in conditions of freedom of a choice of sources of financing and sources of formation of expenses of industrial character. As a result of use of various sources of financing there is a certain ratio between own and the extra capital, and as the extra capital is paid, and on it forms financial costs, there is a necessity of measurement of influence of these costs on an end result of activity of the enterprise. Therefore financial Leverage characterizes influence of structure of the capital on size of the profit of the enterprise, and different ways of inclusion of credit costs in the cost price influence a level of net profit and pure profitability of the own capital.

2. Financial leverage characterizes interrelation between change of net profit and change of the profit before payment of % and taxes.

Industrial leverage depends on structure of production costs and, in particular, from a parity of conditional - constant and conditional - variable expenses in structure of the cost price. Therefore industrial leverage characterizes interrelation of structure of the cost price, volume of release and sales and the profit. Industrial leverage shows change of the profit depending on change of sales volumes.

Production-financial leverage estimates cumulative influence industrial and financial leverage. Here there is an animation to risk of the enterprise.

Financial leverage nd concepts of its calculation.

In financial management there are two concepts of calculation and definition of effect financial leverage. These concepts have arisen at different schools of financial management.

1. the West-European concept:

Effect financial leverage treat as an increment to profitability of the own capital, received due to use of the extra capital. We shall consider the following example:

Conclusion: the enterprise 2 and 3 use OK more effectively; parameter Pure calculation of the own capital testifies to it, and extra capital use with the greater feedback, than the price of its attraction. Such strategy of attraction extra capital name strategy of gamble of the capital.

Date: 2016-01-03; view: 1068