VOUME 2, 2 NFUENCE OF DEBT FNANCNG ON THE EFFECTVENE OF THE NVETMENT PROJECT WTHN THE MODGANMER THEORY Pr Brusov, Taaa Flaova, Naal Orhova, Pavl Brusov, Nasa Brusova Fac Uvrsy ur h Govrm of h Russa Frao, Moscow, Russa W suy h problm of h fluc of b facg o h ffcvss of h vsm projc wh h hory of Mogla Mllr a oba quaav rsuls for h frs m Th ffcvss of h vsm projc s cosr from wo prspcvs: h owrs of quy a b a quy holrs oly was show, ha praccally always crass wh lvrag cas of a cosa valu of quy, a h maxmum lvrag lvl, a whch h projc s sll ffcv (>, was fou cas of a cosa valu of h oal vs capal s possbl a cras of wh lvrag as wll as s cras, pg o h rlao bw h paramrs of h projc < G3 < E22 < G < C2 < Effcvss of h vsm Projc <MoglaMllr Thory< Db Facg Ur h capal srucur h cox of vsms o ursas h rlao bw h magu of b a quy fus vs h projc, a bcaus, as a rul, projcs ar vs by ow a borrow fus, h problm of h ffc of h b facg o h ffcvss of h vsm projc s xrmly urg Hop o rm h opmal capal srucur, whch o or mor paramrs of ffcvss (, RR, c ar maxmz, las vsgaors o gag hs ssu urg log m hs papr for h frs m urg may yars of rsarch of h problm of h fluc of b facg o h ffcvss of h vsm projc agbl rsuls hav b oba wh h hory of MoglaMllr Thr s a alrav: o clu or o clu cr flows h valuao of h projc by Th rcommao os o a o accou h flow of cr s val h absc of raco bw vsm a cr csos a h followg argums (Kuzsova a vshs (995: g a cr ca b cosr as a spara v bcaus of s pc from h projc; 2 cash flows shoul b scou a a ra commsura wh hr gr of rs ( h x of ucray, so cr flows ar scou a h rs ra (lrs valua hr loa, ag o accou h gr of rs a hav h sam cash flow wh h oppos sg a wh h sam gr of ucray 3 cr flows h absc of raco wh h projc ar a cr, rs a rpaym of a prcpal Thr scou valu a scoug ra s qual o zro a ral facal mar cr ca o b cosr as a spara v a of a cr s o zro, a hrfor, wh valuag h ffcvss of projc cr flows mus b cosr Thr ar svral mhos of ag hm o accou wh assssg h, a hy ar all assoca wh h choc of o or mor ffcv scou ras A smlar choc s coc wh h calculao of RR, whch may hav a fw mofcaos Mhos of h fg ca b group wo rcos (Kuzsova a vshs (995 rmao by h vsor a accura scoug * ra,, arssg h ffcs of b facg, whch woul allow hm o o v flows o h facal a oprag plus vsm Th P F å ( * ( 2 para facal flows from oprag a vsm os a scou ach compo a s ow scou ra: oprag, vsm flows ar scou a a ra a cr flows a h ra Th h cso s gg by h valu P F å å (2 ( ( No, ha h frs mho of fg h, sms o b rasoably o us as a scoug ra h wgh avrag cos of capal, Mogla a Mllr (958 hav cra a hory of for prpuv compas For compas wh a f lfm Brusov a Flaova (2 hav vlop a coss hory of h wgh avrag cos of capal, Tabl chm of arss of h problm of h fluc of h b facg o h ffcvss of h vsm projc from h vwpo of h owrs of quy a b ourc: Auhors Tabl 2 chm of arss of h problm of h fluc of h gr of b facg o h ffcvss of h vsm projc from h vwpo of h quy holrs ourc: Auhors wwwrsarchjouralscou
wwwrsarchjouralscou fluc of b facg o h ffcvss of h vsm projc wh h MoglaMllr hory hs papr h ral quaav rsuls wr oba wh h Mogla Mllr hory for h frs m Th ffcvss of h vsm projc s cosr from wo prspcvs: h owrs of quy a b as wll as h quy holrs oly For ach of hs cass, s calcula wo ways: wh h vso of cr a vsm flows (a hus scoug h payms a wo ffr ras a whou such a vso ( hs cas, boh flows ar scou a h sam ra as whch, obvously, ca b chos For ach of h four suaos wo cass ar cosr: a cosa valu of quy ; 2 a cosa valu of h oal vs capal D (D valu of borrow fus As was sa abov, h ffcvss of h vsm projc s cosr from wo prspcvs: h owrs of quy a b as wll as quy holrs oly h frs cas, h rs a uy pa by owrs of quy (gav flows, rur o h projc bcaus hy ar xacly qual o h flow (posv, oba by owrs of b capal Th oly ffc of lvrag hs cas h ffc of h ax shl gra from h ax rlf: rs o h loa ar rly clu o h cos a, hus, ruc h ax bas Afr ax flow of capal for ach pro hs cas s (, (3 a valu of vsm a h al m mom s qual o D Hr N Oprag com (bfor axs h sco cas, vsms a h al m mom ar qual o, a h flow of capal for h pro ( ao o h ax shls clus a paym of rs o a loa D ( D ( (4 Hr, for smplcy, w suppos ha rs o h loa wll b pa qual shars urg all pros No, ha prcpal rpaym s ma a h of las pro om vary of rpaym of logrm loas wll b cosr by us subsqu arcls W wll cosr wo ffr ways of scoug T Oprag a facal flows ar o spara a boh ar scou a h gral ra (as whch, obvously, ca b slc h wgh avrag cos of capal, Th MoglaMllr formula (Мogla a Мllr (963 for for prpuv projcs wll b us 2 Oprag a facal flows ar spara a ar scou a ffr ras: h oprag flow a h ra qual o h cos of quy, pg o lvrag,, a cr flow a h ra qual o h cos of b,, whch ul farly larg valus of lvrag rmas cosa a sars o grow oly a hgh valus of lvrag, wh hr s a agr of barupcy å ( å ( æ æ ç ç è è ( (5 2 prpuv lm ( hav Tag o accou (MoglaMllr lm w, o gs For h cos of quy,, a h wgh avrag cos of capal,, h hory of Mogla a Mllr (Мogla a Мllr (963 w hav rspcvly ubsug (8 o (7, w g ( D æ ç è ( æ ç ( è ( ( Thus, for lmg cass a o rspcvly (, ( ( ( ( D (2 crass or crass wh lvrag pg o h rlao bw h paramrs a A > crass wh ( lvrag from up o (curv a fg A < crass wh lvrag from up o (curv a fg ( > qualy ca b wr c w cosr h prpual Mogla Mllr lm, h las formula s a of aalogu of h formula for prpual auy prs valu qualy > ca b wr as > c w cosr h prpual Mogla Mllr lm, h las formula s a of aalogu of h formula for prpual auy prs valu A >, whr h valu of h al vsm plays h rol of h ral prs valu of r, oprag com (bfor axs srvs as h ral paym (DC a h rol play by s h rs ra ( ( ( ( w ( /( ( R (6 (7 (8 (9
fluc of b facg o h ffcvss of h vsm projc wh h MoglaMllr hory crass wh lvrag, f h rs ra >, f h ra s grar ha h rao of oprag com (bfor axs o h al vsm, a crass wh lvrag, f s lss ha hs rao Cosr a xampl uppos ha vsm s $2 com ax ra 5%, $ 45, % F h pc of o lvrag,,5 Hr (,,5, a h shar of oprag 45 com,225, hrfor crass wh 2 lvrag, bcaus ra > s asy o s, ha a > $2 crass wh lvrag Fg Th pc of h of h projc o h lvrag h cas of a cosa valu of vsm ( cos Accoug D, (, o gs æ æ ç ç è è æ ( æ ç ú ç ë è û è ( (3 prpual lm ( (MoglaMllr lm o ( ( (4 ( Thus, for lmg cass a o rspcvly (, ( (5 ( crass wh lvrag from up o (Fg 2, bcomg zro a Fg2 Th pc of h of h projc o h lvrag h cas of a cosa valu of quy ( cos h maxmum lvrag valu, a whch h projc s sll ffcv (> hs cas formula (4 s subsu by a ( ( ( ( (6 s rm from h quarac quao ( ( ( (7 ( Dcras of wh lvrag hs cas s u o h fac ha h cras borrowg (gav flow s o offs by cras (posv flow, whch grows jus ( ( from up o ( ( æ ç (8 è prpuv lm ( (MoglaMllr lm o (9 æ ç (2 ç ( ç æ æ ç ç ç è è è Thus, for lmg cass a o rspcvly å ( (, ( ( ( ( ( (2 D ( > (22 Ths mas, ha grows wh lvrag from ( ( up o (curv a ( Fg ( æ ç è ( No, ha cas cos, s o logr a cosa a s grally proporoal o h magu of vsms ( wwwrsarchjouralscou 3 æ ç ( ú ë è û (23 ( æ ç ( è prpual lm ( (MoglaMllr lm o ( ë ú û (24
fluc of b facg o h ffcvss of h vsm projc wh h MoglaMllr hory ú ú æ ú æ ç ç ë è úû è (25 Thus, for lmg cass a o rspcvly ( ì, í î,, ( > <, f crass wh lvrag, bcoms zro a ( (26 (27 No, ha s h maxmum lvrag valu, a whch h projc s sll ffcv (> ( ( å å ( æ D ( æ ç ç è è ( (28 prpuv lm ( (MoglaMllr lm o ( D ( (29 Tag o accou D (,, w g æ ç è æ ç è (3 (3 Thus, for lmg cass a o rspcvly (, ( ( (32 ( D (33 As smaos show, crass wh lvrag (curv a Fg D( ( ( ( ( ( ( ( ú ë û ( ( ( ( ( (34 prpuv lm ( (MoglaMllr lm o (, ( ( o, crass wh lvrag from h absc of b facg up o (Fg2, bcomg zro a, rmg from h quarac quao ( å ( ( D( ( (35 D æ ç (36 è ( prpuv lm ( (MoglaMllr lm o D (37 Tag o accou D,, w g ë (38 Thus, for lmg cass a o rspcvly (39 ( (4 ú ë û ( D ú ë û As smaos show, crass wh lvrag (curv a Fg ( ( ú û ( ( Accoug D, prpual lm ( (MoglaMllr lm o D ( (4 wwwrsarchjouralscou 4
fluc of b facg o h ffcvss of h vsm projc wh h MoglaMllr hory ubsug D, w g (42 Thus, for lmg cass a o rspcvly Thus, a ( ( ë ú û ë ( ( ïì í ïî, ( ú û, ( ( ( ( < ( ( > ( ( >, (43 (44 crass wh Pr Brusov, Taaa Flaova, Naal Orhova, Nasa Brusova, Wgh avrag cos of capal h hory of Mogla Mllr, mof for a f lf m compay, Appl Facal Ecoomcs, v2(, pp 85 824, 2 Flaova TV,Orhova NP, Brusova AP Wgh avrag cos of capal h hory of MoglaMllr, mof for a f lfm compay // Nwslr of FA 4, 28 P68 77 Brusov PN, Flaova TV Facal maagm // M: Korus, 2, V Kuzsova OA, vshs VN (995 Capal srucur Aalyss of h mhos of s accoug h valuao of vsm projcs Ecoomcs a Mahmacal Mhos, 3(4, 2546 Мogla F, Мllr M (958 Th Cos of Capal, Corpora Fac, a h Thory of vsm Amrca Ecoomc Rvw, 48, 26297 Мogla F, Мllr M (963 Corpora com Taxs a h Cos of Capal: A Corrco Amrca Ecoomc Rvw, 53, 4775 lvrag from up o, bcomg zro a, rmg from h quao ( ( ( ( ( ( ( ( > ( (45 hs papr for h frs m urg may yars of rsarch of h problm of h fluc of b facg o h ffcvss of h vsm projc agbl rsuls hav b oba wh h hory of MoglaMllr Th ffcvss of h vsm projc s cosr from wo prspcvs: h owrs of quy a b a quy holrs oly was show, ha wh h hory of MoglaMllr praccally always crass wh lvrag (D/ cas of a cosa valu of quy (cos For ach of four cass (a cos h maxmum lvrag lvl, a whch h projc s sll ffcv (>, was fou cas of a cosa valu of h oal vs capal (cos s possbl a cras of wh lvrag (ulm as wll as h saurao rgm, asympocally rachs a maxmum valu a f lvrag, as wll as cras of : ps o h rlao bw h paramrs of h projc (,,,, Th coos for crasg of wh lvrag ar formula All h oba pcs of ( ar moooc, whch mas h absc of opmal lvrag h hory of MoglaMllr Ths hory s basc h ss ha ca asly b aap o ffr rals of h vsm projc, for xampl, ffr schms of paym of rs o h loa, ffr schms of prcpal rpaym a ohr coos Brusov PN, Flaova TV From MoglaMllr o gral cos of capal a capal srucur hory //Fac a crs, 2 (3 P 8 wwwrsarchjouralscou 5