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B aouai a ey poooo nooy.

 

˳

 

.. . ., , 1997.

 

. . ,

, 1997.

 

ͳ ., .. Գ. , , 1993.

 

. . , , 1997.

 

., . . , , 1994.

 

Lumvy St. Investment Appraisal and Financial Decisions. Londin,

Chapman & Hall, 1994.

 

.. . , , 1997.

 

1.

 

o "poo oi" (cash flow) po o ao o ioex

epe. o cash y aoy ay a i e oaa "oia".

poi oy a oioy, a i eoioy opy, io

epexo oi op iy. Cash flow e oa epeac

"pyx oi", ae y ac e po aa pooi axoe a

pa po-o ooo.

 

Pyx poox oi ip eepep poeco. i-acooy

eeei ypai poo ooo o aaix aa.

poeoy aaii eo aaiy a pooya poox ooi

opcoyc p o-pyyai eeoci poey a popaxyax

aeee poey oa, o epao poeo.

 

Icy eia ixoi o ae poooo ooy a-eo i

eoi oo popaxyy.

 

Tpauiu poou noi e cya coo oxoy a apaxoao

aopai.

 

ucmu nomi e aai i y aax poox oi ip a

e epio.

 

Onepaiu poou nomi e ai axoe ao pa

poox oi y peyai ooo (oepai-o) ioci ip.

 

iacou nomi e axoe a pa poox oi, o'ai

i ia acoo a oooo oocpoo-oo aiay.

 

aau poou nomi e ai ci pooi o, o axo

y ipy paac e poo eoo epioy.

 

Bci i ixo oy y opcai y poeoy aa-ii, ae

aoo oe ae aaoo poooo ooy. o

poooo ooy aaoo pyxy oi poo eoo epioy,

oo y peaiai poey, a-i pe y poeoy

aaii. aa poo oi popaxoyc a oooo oaa

e-o.

 

poou nomi e pi i poo axo-e a paa.

 

poeoy aaii ao po oiy cae x po ox ooi,

i yy pi p popaxyax pepi a oai eeoci

poey. Tai pooi oo a ac peea.

 

Peeami pooi nomou e aei pooi oo i

poac y poeoy aaii oioci iec a oi x

eeoci.

 

o poe poayc a ai icyoo ip ca, oo ipa

a icoai a ey ay ocoi . oopoi aco i aaac

oc eo e, oco ipo oi y poey a

iaco ca, peya a aeeeic oa eoxio

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