zmodel #006 – インフレ [Inflation]

Click here to download: zmodel-006-inflation

zmodel #006では、インフレ係数の計算と活用の方法をモデル化している。

多くの財務モデルは名目ベースで計算されている。つまり、インフレ率が考慮された(after inflation)の数字が計算結果に表示されている場合が多い。一方で、インプットは実質ベースで入力する場合が多い。例えば、2017年に始まるプロジェクトにおいて、インプットとなる将来コスト予測は2017年の実質ベースが基準になっており、インフレ率(名目コスト)を別で計算あるいは取得する必要がある。




In zmodel #006, we show how to apply calculate and apply inflation indexation.

Most commonly financial models are prepared on a nominal basis. In other words, the numbers shown in the calculations and output sheets of the financial model are after inflation has already been applied. On the other hand, input numbers may often be provided on a real basis. For example, for a project starting in 2017, costs may have been estimated on a real basis as of 2017. For the future projections, these real estimates will need to be increased to take into account of inflation.

Whilst inflation has been around zero in Japan since the mid 1990s, for financial models relating to projects or companies overseas, inflation is a key consideration for creating business projections.

As a general rule, we would recommend indicating which numbers are real and which are nominal throughout your financial model.


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