Logical and Mathematical Concept of the Time Value of Money and Discounting

Proceedings of the 2nd International Conference on Education Science and Social Development (ESSD 2019) Pub Date : 2019-07-01 DOI:10.2991/ESSD-19.2019.98

N. Shevkunov, А.V. Zhigunova, I. Ovsyannikova, I. Logvinova

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Abstract

In the conditions of non-stationary economy during the investment analysis there is a need to take into account the factors of changes in the value of money in time, uncertainty and risk. This requires a comprehensive and systematic analysis based on the logical and mathematical concept of the time value of money and discounting in the formation of the evaluation apparatus of investment projects. The authors propose the principle of logical-mathematical concept, which consists in the fact that you can only discount the increased amount, not capital gains. It is argued that it is mathematically incorrect to compensate for the impact of inflation, risk and alternative cost of capital on the cash flows of a real investment project by discounting cash inflows. The principal point in assessing the effectiveness of investment projects is the organization of a clear algorithm of cash flows. The authors have compiled such an algorithm. Keywords-investment project, the time value of money, uncertainty, risk, methods of assessing the effectiveness of investment projects

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货币的时间价值与贴现的数理逻辑概念

在非平稳经济条件下进行投资分析时，需要考虑货币价值随时间的变化、不确定性和风险等因素。这就需要在形成投资项目的评估工具时，根据货币的时间价值和贴现的逻辑和数学概念进行全面、系统的分析。作者提出了逻辑数学概念原则，即你只能贴现增加的金额，而不能贴现资本收益。有人认为，通过贴现现金流入来补偿通货膨胀、风险和替代资本成本对实际投资项目现金流的影响，在数学上是不正确的。评估投资项目有效性的要点是组织一个明确的现金流量算法。作者编写了这样一个算法。关键词:投资项目，资金时间价值，不确定性，风险，投资项目有效性评估方法

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Proceedings of the 2nd International Conference on Education Science and Social Development (ESSD 2019)

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