Valoración de inversiones en proyectos no convencionales -tasa interna de retorno versus tasa interna de retorno modificada
Being the manufacturing industry one of the sectors that has had greater economic growth in Ecuador it is considered necessary to understand the business dynamics, using techniques and tools that facilitate the process in making organizational decisions. Through the elaboration of cash flows, it is...
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| Định dạng: | article |
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2018
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| Truy cập trực tuyến: | https://doi.org/10.33890/innova.v3.n9.2018.797 https://repositorio.uide.edu.ec/handle/37000/3312 |
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Thêm thẻ | Tóm tắt: | Being the manufacturing industry one of the sectors that has had greater economic growth in Ecuador it is considered necessary to understand the business dynamics, using techniques and tools that facilitate the process in making organizational decisions. Through the elaboration of cash flows, it is intended to quantitatively determine the final balance of income and expenses, complementing it with obtaining profitability indices such as: the net present value (NPV), internal rate of return (IRR). , the recovery period and the profitability index, the economic viability of an investment can be determined, however, there is another measure of profitability that is of great importance and that is applied in unconventional projects that require another type of evaluation, such as the case of the Internal Rate of Modified Return (TIRM). In the present investigation a method of evaluation of investment projects different from the traditional ones is developed. It is focused on the calculation, analysis and comparison of the internal rate of return versus the internal rate of return modified from the construction of the projected cash flow, considering that the modified internal rate of return was designed to overcome the inconsistencies of the classic IRR. For this analysis, two projects from a company in the country's manufacturing sector with evaluation periods between 2015 and 2016 were taken as reference; to later elaborate the projection of the flow of funds with a different time horizon for each one, of 10 and 5 years. Usually when a cash flow of a project is made, and when calculating the IRR it is assumed that all the values of the flow are positive. However, the results of the flow are not positive in all the projects, that is, the values can be positive and negative and as a consequence, several IRRs can arise or none at all. |
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