EVALUACIN

ECONMICA FINANCIERA
DE
PROYECTOS DE INVERSIN
 Ejemplo:
Concepto Alternativa A Alternativa B
Inversin inicial (So) $50,000 $35,000
Horizonte de planeacin (N) 5 aos 5 aos
Costo del dinero (i) 15% 15%
Ao 1 (St 1) -$5,000 $20,000
Ao 2 (St 2) $40,000 -$2,000
Ao 3 (St 3) $45,000 $30,000
Ao 4 (St 4) -$4,000 -$4,000
Ao 5 (St 5) $30,000 $23,500
VPN $18,114.44 $10,001.14

FLUJO DE CAJA ALTERNATIVA A

$40,000.00 $45,000.00 $30,000.00

0 1 2 3 4 5N=5

i = 15 %

$50,000.00 $5,000.00 $4,000.00

FLUJO DE CAJA A
$40,000.00 $45,000.00 $30,000.00

0 1 2 3 4 5N=5

i = 15 %

$50,000.00 $5,000.00 $4,000.00

VPN A = - 50,000 - 5,000 / (1 + 0.15)1 + 40,000/(1 + 0.15)2 + 45,000/(1+0.15)3

- 4,000 / (1 + 0.15)4 + 30,000 /(1 + 0.15)5

VPN A = - 50,000 4,347.83 + 30,245.75 + 29,588.23 2,287.01 + 14,915.30

VPN A = $18,114.44
FLUJO DE CAJA ALTERNATIVA B
$20,000.00 $30,000.00 $23,500.00

0 1 2 3 4 5N=5

i = 15 %

$35,000.00 $2,000.00 $4,000.00

VPN B = - 35,000 + 20,000 / (1 + 0.15)1 - 2,000/(1 + 0.15)2 + 30,000/(1+0.15)3

- 4,000 / (1 + 0.15)4 + 23,500 /(1 + 0.15)5

VPN B = - 35,000 + 17,391.30 - 1,512.29 + 19,725.49 2,287.01 + 11,683.65

VPN B = $10,001.14
FLUJO DE CAJA ALTERNATIVA B
$20,000.00 $30,000.00 $23,500.00

0 1 2 3 4 5N=5

i = 15 %

$35,000.00 $2,000.00 $4,000.00

VPN A = $18,114.44 VPN B = $10,001.14

CONCLUSIN:
DESPUES DE HABER REALIZADO EL
ESTUDIO ECONMICO DE LAS
ALTERNATIVAS SE CONCLUYE QUE LA
MEJOR ALTERNATIVA A ESCOGER ES LA A
PUESTO QUE POSEE EL MEJOR VALOR
PRESENTE NETO
TASA INTERNA
DE
RETORNO

TIR
TIR
GRFICA VPN vs TIR
VPN($)

VPN A = $18,114.44

35%
10 15% 20 30 40 50 TIR (%)

VPN A = - $7,979.80
Para TIR = 20%

VPN A = - 50,000 - 5,000 / (1 + 0.20)1 + 40,000/(1 + 0.20)2 + 45,000/(1+0.20)3

- 4,000 / (1 + 0.20)4 + 30,000 /(1 + 0.20)5

VPN A = - 50,000 4,166.67 + 27,777.78 + 26,041.67 1,929.01 + 12,056.33

VPN A = $9,780.09
Para TIR = 25%

VPN A = - 50,000 - 5,000 / (1 + 0.25)1 + 40,000/(1 + 0.25)2 + 45,000/(1+0.25)3

- 4,000 / (1 + 0.25)4 + 30,000 /(1 + 0.25)5

VPN A = - 50,000 4,000.00 + 25,600.00 + 23,040.00 1,638.40 + 9,830.40

VPN A = $2,832.00
Para TIR = 30%

VPN A = - 50,000 - 5,000 / (1 + 0.30)1 + 40,000/(1 + 0.30)2 + 45,000/(1+0.30)3

- 4,000 / (1 + 0.30)4 + 30,000 /(1 + 0.30)5

VPN A = - 50,000 3,846.15 + 23,668.64 + 20,482.48 1,400.51 + 8,079.87

VPN A = - $3,015.68
Para TIR = 28%

VPN A = - 50,000 - 5,000 / (1 + 0.28)1 + 40,000/(1 + 0.28)2 + 45,000/(1+0.28)3

- 4,000 / (1 + 0.28)4 + 30,000 /(1 + 0.28)5

VPN A = - 50,000 3,906.25 + 24,414.06 + 21,457.67 1,490.12 + 8,731.15

VPN A = - $ 793.48
Para TIR = 27%

VPN A = - 50,000 - 5,000 / (1 + 0.30)1 + 40,000/(1 + 0.30)2 + 45,000/(1+0.30)3

- 4,000 / (1 + 0.30)4 + 30,000 /(1 + 0.30)5

VPN A = - 50,000 3,846.15 + 23,668.64 + 20,482.48 1,400.51 + 8,079.87

VPN A = $374.33
TIR VPN
0.28 -
TIR 793.48
0.27 374.33
0.2742 - 0.29
0.2732 - 3.64
0.27319 -0.2.47
0.27317 - 0.12
0.273165 0.47
0.273167 0.23
INTERPOLACIN LINEAL
VAN %
374.33 0.27 374.33 0 = 0.27 Tir
0 TIR 374.33 (-793.48) = 0.27 0.28
- 0.28
793.48

374.33 = 0.27 Tir - 0.01 (374.33) = 0.27 Tir

1167.81 = 0.01 1167.81
- 0.003207626392 = 0.27 Tir - 0.03207626392 0.27 = Tir

- 0.2732076264 = Tir Tir = 0.2732076264

Tir = 27.32076264%
 VPN B = $10,001.14
SI VPN > 0
SUPERA EL PORCENTAJE MNIMO SOLICITADO

VPN = - So + St / (1 + i)t
VPN = - So + St / (1 + TIR)t

0 = - So + St / (1 + TIR)t
Nota:
Cuando el valor presente neto es igual a
cero entonces hemos encontrado el valor
de la tasa interna de retorno de esta
Para TIR = 20%

VPN B = - 35,000 + 20,000 / (1 + 0.20)1 - 2,000/(1 + 0.20)2 + 30,000/(1+0.20)3

- 4,000 / (1 + 0.20)4 + 23,500 /(1 + 0.20)5

VPN B = - 35,000 + 16,666.67 - 1,388.89 + 17,361.11 1,929.01 + 9,444.12

VPN B = $5,154.00
Para TIR = 25%

VPN B = - 35,000 + 20,000 / (1 + 0.25)1 - 2,000/(1 + 0.25)2 + 30,000/(1+0.25)3

- 4,000 / (1 + 0.25)4 + 23,500 /(1 + 0.25)5

VPN B = - 35,000 + 16,000.00 - 1,280.00 + 15,360.00 1,638.40 + 7,700.48

VPN B = $1,142.08
Para TIR = 27%

VPN B = - 35,000 + 20,000 / (1 + 0.27)1 - 2,000/(1 + 0.27)2 + 30,000/(1+0.27)3

- 4,000 / (1 + 0.27)4 + 23,500 /(1 + 0.27)5

VPN B = - 35,000 + 15,748.03 - 1,240.00 + 14,645.70 1,537.61 + 7,112.94

VPN B = - $270.94

TIR VPN
0.27 -
TIR 270.94
0.25 1,142.0
8 La tasa interna de
0.265 73.07 retorno para la
0.266 3.79 alternativa B es del
0.2661 -3.13 26.61650932%
TASA BENEFICIO - COSTO
 Opcin A Ao
Concepto 0 1 2 3 4 5
Total de Q Q Q Q Q Q
Inversin 100,000.00 55,000.00 10,000.00 15,000.00 24,000.00 10,000.00
Total de Q Q Q Q Q Q
Beneficios 50,000.00 50,000.00 50,000.00 60,000.00 20,000.00 40,000.00
Flujo de Q Q Q Q Q Q
TASA BENEFICIO COSTO = VANB / VANI
efectivo (50,000.00) (5,000.00) 40,000.00 45,000.00 (4,000.00) 30,000.00

VPN = So + St / (1 + i)t i = 15%; n = 5

VANI : VALOR ACTUAL NETO DE LA INVERSIN.
VANI = 100,000/(1+0.15)^0 + 55,000/(1+0.15)^1 + 10,000.00/
(1+0.15)^2 + 15,000.00/(1+0.15)^3
+ 24,000.00/(1+0.15)^4+ 10,000.00/(1+0,15)^5
VANI = 100,000 + 47826.09 + 7,561.43 + 9,862.74 +
13,722.08 + 4,971.77
VANI = Q 183,944.11
VANB : VALOR ACTUAL NETO DE LOS BENEFICIOS.
VANB = 50,000.00/(1+0.15)^0 + 50,000/(1+0.15)^1 + 50,000.00/
(1+0.15)^2 +
60,000.00/(1+0.15)^3 + 20,000.00/(1+0.15)^4 +
VANB = 50,000 + 43,478.26 +37,807.18 + 39,450.97 +
40,000.00/(1+0.15)^5
11,435.06 + 19,887.07
VANB = Q 202,058.54
OPCIN A

TASA BENEFICIO COSTO = VANB / VANI

VANB = Q 202,058.54
TASA BENEFICIO COSTO =
VANI = Q 183,944.11

1.098477902
TASA BENEFICIO COSTO =
 Opcin B Ao
Concepto 0 1 2 3 4 5
Total de Q Q Q Q Q Q
Inversin 35,000.00 10,000.00 10,000.00 15,000.00 14,000.00 16,500.00
Total de Q Q Q Q Q Q
Beneficios - 30,000.00 8,000.00 45,000.00 10,000.00 40,000.00
Flujo de Q Q Q Q Q Q
TASA BENEFICIO COSTO = VANB / VANI
efectivo (35,000.00) 20,000.00 (2,000.00) 30,000.00 (4,000.00) 23,500.00

VPN = So + St / (1 + i)t i = 15%; n = 5

VANI : VALOR ACTUAL NETO DE LA INVERSIN.
VANI = 35,000/(1+0.15)^0 + 10,000/(1+0.15)^1 + 10,000.00/(1+0.15)^2
+ 15,000.00/(1+0.15)^3
+ 14,000.00/(1+0.15)^4+ 16,500.00/(1+0,15)^5
VANI = 35,000 + 8,695.65 + 7,561.44 + 9,862.74 +
8,004.55 + 8,203.42
VANI = Q 77,327.80
VANB : VALOR ACTUAL NETO DE LOS BENEFICIOS.
VANB = 0/(1+0.15)^0 + 30,000/(1+0.15)^1 + 8,000.00/(1+0.15)^2
+45,000.00/(1+0.15)^3 +
10,000.00/(1+0.15)^4 + 40,000.00/(1+0.15)^5
VANB = 0 + 26,086.96.30 +6,049.15 + 29,588.23 +
5,717.53 + 19,887.07
VANB = Q 87,328.94
 OPCIN B
TASA BENEFICIO COSTO = VANB / VANI
VANB = Q 87,328.94
TASA BENEFICIO COSTO =
VANI = Q 77,327.79

1.129334486
TASA BENEFICIO COSTO =

ANLISIS DE LA TASA BENEFICIO - COSTO

1.098477902
OPCIN A TASA BENEFICIO COSTO =
OPCIN B TASA BENEFICIO COSTO =
1.129334486

La opcin B posee la mejor tasa Beneficio - Costo

 PERODO
DE
RECUPERACIN
Opcin A
AO 0 1 2 3 4 5
OPCIN A -50,000 -5,000 40,000 45,000 -4,000 30,000
ACUMULAD
O -50,000 -55,000 -15,000 30,000 26,000 56,000

1 ao 1 ao 1 ao

3 aos PR = 15,000 / 45,000 = 1/3 * 12 meses

PR = 4.0 meses.
15,00 30,00
0 0
1/3 2/3

Perodo de Recuperacin de la
Inversin
Aos 3
Meses 4
Das 0
Horas 0
Opcin B
AO 0 1 2 3 4 5
OPCIN A -35,000 20,000 -2,000 30,000 -4,000 23,500
ACUMULAD
O -35,000 -15,000 -17,000 13,000 9,000 32,500

1 ao 1 ao 1 ao

PR = 17,000 / 30,000 = 17/30 = 0.56667 * 12 meses

3 aos
PR = 6.8 meses;
PR = 0.8 * 30 das = 24 das
17,00 13,00
0 0
17/30 13/30
Perodo de Recuperacin de la
Inversin
Aos 3
Meses 6
Das 24
Horas
Minutos
 RESUMEN DE INDICES ECONMICOS

VPN A = $18,114.44 VPN B = $10,001.14

La tasa interna de retorno La tasa interna de retorno
para la alternativa A es para la alternativa B es del
del 27.32076264% 26.61650932%
OPCIN A TASA BENEFICIO COSTOOPCIN
= B TASA BENEFICIO COSTO =

1.098477902 1.129334486
Perodo de Recuperacin de la Perodo de Recuperacin de la
Inversin Inversin
Aos 3 Aos 3
Meses 4 Meses 6
Das 0 Das 24
Horas 0
Minutos 0 Horas
CONCLUSIN: Minutos
LA MEJOR OPCIN PARA INVERTIR EN BASE A LOS INDICES
ECONMICOS REALIZADOS PODEMOS ESCOGER CON
CERTEZA LA OPCIN A PARA INVERTIR.