Financial position and income of the firm. Terms maximize the firm's profits.


However, under the capital as object of sale and purchase in the market, usually mean all stock of the capital blessings available in economy, and the stream of the new capital appearing during the given period on manufacture. Thus desirable change of a stock of the capital is planned investments.

As a whole in economy of firm show demand not simply, on what that material benefits (machine tools, the equipment и.т.п.), and on temporarily free money resources which can be spent for purchase of these material benefits and to return, having given a part of profit on their use in the future. Therefore demand for investments is a demand for extra means, and loan percent - the price of extra means. Therefore when it is a question of the market of the capital the market of the monetary capital means. Tools of this market can be both directly credit resources, and securities and any sort derivative contracts.

The size of demand for the monetary capital decreases with growth of the rate of percent. As all is equal to owners of the monetary capital where to put means (adjusted for risk), the market provides alignment of profitableness of capital investments in the uniform rate of percent. Thus the principle of alternative costs dictates necessity to provide profitableness not below the given rate of percent.

The decision of a problem of comparison of expenses and incomes in the future is in the present by discounting - operation of reduction of the future incomes and charges by the uniform (initial) moment of time. The rate of discount (r) - percent which can be received in the market for the capital given on credit, possible rate of return on the invested capital or a discount rate of percent (the rate on which the Central bank gives out loans to commercial banks). The choice of the rate of discount depends on what alternative ways of use of the capital are accessible to the given agent, therefore r it is possible to consider as rate of return which can be received from best of all alternative ways of capital investment. Thus, today's value (m0) the monetary income (mt) which will be received through t years will make:

  m0 = mt
(1 + r)t

For an estimation of perspectivity of various directions of capital investments use following parameters:

Where t - Current, from the beginning of realization of the project, year;

Т - Full term of realization of the investment project, years;

Bt - The income received by firm from realization of the project in year t, tenge;

Сt - Charges of firm on realization of the investment project in a year t, tenge;

r - The rate of discounting in that to year.

Investments will be justified if NPV > 0.








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