Payment series

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Cashflow is mainly in the capital budgeting expected in a given time series of withdrawals and deposits at a investment .

General

The payments and payments are collectively called payment flows . In finance , it is not only the present value of a single payment that plays a major role, but more often the sum of the present values ​​of several successive payments, which are called series of payments. The present value of several payments is called the net present value . If a certain financing can be assigned to an investment project , the dynamic investment calculation can be refined by linking the payment series of the investment with the payment series of the financing. All cash flows associated with the investment are to be recorded. This series of payments is the basis of dynamic investment planning . Such series of payments can be used outside of the investment calculation in finance , for example in a repayment plan or the determination of the earnings value of an apartment building .

Investment calculation

The payment series of an investment object (for example a machine ) includes the purchase payment ( investment expenditure ) of the investment ( ), the surplus payments of the sales revenue generated by the investment ( ) over the course of the useful life ( ) and the payment surplus from the sale (scrapping) at the end of the useful life ( ):

example

The capital expenditure is assumed to be € 800,000 with an expected useful life of three years. During its useful life, the investment generates sales; at the end of its useful life, there is a scrapping profit of € 20,000.

Business transaction
Capital expenditure € 800,000 0 €
Sales 0 € € 200,000
Sales 0 € € 400,000
Sales 0 € € 420,000
Scrapping profit 0 € € 20,000
to hum 800,000 € 1,040,000

The investment calculation results in expenses of 800,000 euros, which are offset by income of 1,040,000 euros, so that the investment was worth it with an income surplus of 240,000 euros. Depreciation does not appear in the series of payments because it is not cash effective.

identification number

In the example, the return on investment is 30% ( ), so that the marginal efficiency of capital (800,000 euros) exceeds the current market interest rate if this is below 30%.

An internal rate of return of the investment, the capital released by the investment and the investor's income from the investment at the various points in time of the investment can be calculated from the series of payments . Furthermore, the final assets and the actual return achieved can be determined if the funds released are reinvested at a certain interest rate .

Individual evidence

  1. ^ Martin Bösch, Finanzwirtschaft: Investment, Financing, Financial Markets and Control , 1990, p. 54
  2. Klaus W. ter Horst, Investment , 2009, p. 153
  3. Konrad Liessmann, Gabler Lexicon Controlling and Cost Accounting , 1997, p. 741
  4. Rüdiger von Nitzsch, Decision Making , 2006, p. 250