The Payoff Period and the Rate of Profit
Опубликовано на портале: 11-11-2004
Journal of Business.
1955.
Vol. 28.
No. 4.
P. 253-260.
Тематический раздел:
The major conclusions reached by the analysis may be summarized as follows: First,
the reciprocal of the payoff period is in fact an estimate of a proposal's rate of
profit. Second, when a proposal's life is greater than its postlax payoff period
, the reciprocal of the payoff period provides the best short-cut estimate
of its rate of profit; and, when a proposal's life is less than its postlax payoff
period , the average investment formula provides the better short-cut estimate
of its rate of profit. The error in the two formulas is found by comparing them with
present-value formula, which provides a proposal's true rate of profit. The third
conclusion is that the Terborgh formula provides an index of the profitability of
an investment proposal that has serious limitations in the purpose for which it is
intended.
Материалы статьи используются в книге "Принципы корпоративных финансов"(Брейли, Майерс)
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