Casio fx-CG50 User Manual Page 283

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7-7
(ﺭﺎﻤﺜﺘﺳﻻﺍ ﻢﻴﻴﻘﺗ) ﺪﻘﻨﻟﺍ ﻖﻓﺪﺗ .4
.ﺔﺘﺒﺜﻣ ﺓﺪﲟ ﺪﻘﻨﻟﺍ ﻖﻓﺪﺗ ﻊﻤﺠﺑ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻢﻴﻴﻘﺗ ﺀﺍﺩﻷ (DCF) ﻡﻮﺼﺍ ﺪﻘﻨﻟﺍ ﻖﻓﺪﺗ ﺔﻘﻳﺮﻃ ﺔﺒﺳﺎﳊﺍ ﻩﺬﻫ ﻡﺪﺨﺘﺴﺗ
.ﺭﺎﻤﺜﺘﺳﻻﺍ ﺕﺎﻤﻴﻴﻘﺗ ﻦﻣ ﻉﺍﻮﻧﺍ ﺔﻌﺑﺭﺍ ﺀﺍﺮﺟﺍ ﺔﺒﺳﺎﳊﺍ ﻩﺬﻫ ﺢﻴﺘﺗ
( NPV ) ﺔﻴﻓﺎﺼﻟﺍ ﺔﻴﻟﺎﳊﺍ ﺔﻤﻴﻘﻟﺍ
( NFV ) ﺔﻴﻓﺎﺼﻟﺍ ﺔﻠﺒﻘﺘﺴﳌﺍ ﺔﻤﻴﻘﻟﺍ
( IRR ) ﻲﻠﺧﺍﺪﻟﺍ ﺪﺋﺎﻌﻟﺍ ﻝﺪﻌﻣ
( PBP ) ﺩﺍﺩﺮﺘﺳﻻﺍ ﺓﺪﻣ
.ﻝﺍﻮﻣﻷﺍ ﺔﻛﺮﺣ ﺭﻮﺼﺗ ﻰﻠﻋ ﻞﻔﺳﻷﺎﺑ ﲔﺒﳌﺎﻛ ﺪﻘﻨﻟﺍ ﻖﻓﺪﺘﻟ ﻲﻧﺎﻴﺒﻟﺍ ﻢﺳﺮﻟﺍ ﻂﻄﺨﻣ ﺪﻋﺎﺴﻳ
،CF1 ـﺑ ﺓﺪﺣﺍﻭ ﺔﻨﺳ ﺪﻌﺑ ﺪﻘﻨﻟﺍ ﻖﻓﺪﺗ ﺭﺎﻬﻇﺍ ﻢﺘﻳ .CF0 ـﺑ ﻝﻭﻷﺍ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻎﻠﺒﻣ ﻞﻴﺜﲤ ﻢﺘﻳ ،ﻲﻧﺎﻴﺒﻟﺍ ﻢﺳﺮﻟﺍ ﺍﺬﻫ ﻊﻣ
.ﻪﺑﺎﺷ ﺎﻣﻭ ،CF
2 ـﺑ ﲔﺘﻨﺳ ﺪﻌﺑ
.
ﻼﺻﺃ ﺎﻬﻓﺪﻬﺘﺳﺍ ﻲﺘﻟﺍ ﺡﺎﺑﺭﻻﺍ ﻖﻘﺤﻳ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻥﺎﻛ ﺍﺫﺍ ﺎﻣ ﺢﺿﺍﻮﻟﺍ ﺪﻳﺪﺤﺘﻠﻟ ﺭﺎﻤﺜﺘﺳﻻﺍ ﻢﻴﻴﻘﺗ ﻡﺍﺪﺨﺘﺳﺍ ﻦﻜﳝ
NPV
u
254 ﻰﺘﺣ ﻲﻌﻴﺒﻄﻟﺍ ﺩﺪﻌﻟﺍ : n
NFV
u
IRR u
ﻞﻴﲤ ﺔﻘﻴﻗﺪﻟﺍ ﺭﻮﺴﻜﻟﺍ ﻢﻴﻗ ﻥﺃ ،ﻚﻟﺫ ﻊﻣ ،ﺓﺭﺎﺷﻻﺍ ﺭﺪﲡ .i × 100 ـﻟ ﻱﻭﺎﺴﺗ IRR ﺔﻤﻴﻗ ،NPV = 0 ،ﺔﻐﻴﺼﻟﺍ ﻩﺬﻫ ﻲﻓ
ﺮﻔﺼﻟﺍ ﻰﻟﺍ ﻼﻌﻓ NPV ﻞﺼﺗ ﻢﻟ ﻚﻟﺬﻟ ،ﺔﺒﺳﺎﳊﺍ ﻡﺍﺪﺨﺘﺳﺎﺑ ﺎﻴﺋﺎﻘﻠﺗ ﺔﻘﺣﻼﻟﺍ ﺔﻴﺑﺎﺴﳊﺍ ﺕﺎﻴﻠﻤﻌﻟﺍ ﺀﺍﺩﺃ ﻝﻼﺧ ﻢﻛﺍﺮﺘﻟﺍ ﻰﻟﺍ
.ﺮﻔﺼﻟﺍ ﻦﻣ ﺏﺮﺘﻘﺗ NPV ﺖﻧﺎﻛ ﺍﺫﺍ ﺏﺮﻗﺍ ﺔﻗﺩ ﺮﺜﻛﺍ IRR ﺢﺒﺼﻳ .ﻂﺒﻀﻟﺎﺑ
CF0
CF1
CF2
CF3
CF4
CF5
CF6
CF7
NPV = CF0 + + + + … +
(1+ i)
CF
1
(1+ i)
2
CF2
(1+ i)
3
CF3
(1+ i)
n
CFn
i =
100
I %
0 = CF
0
+ + + + … +
(1+ i)
CF
1
(1+ i)
2
CF
2
(1+ i)
3
CF
3
(1+ i)
n
CF
n
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