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Abstract.
We investigate the problem of the rational use of equipment items in time. We are looking for a solution to this problem, relying on the theory of real assets valuation. According to this theory, the market value of an asset is determined by the flow of benefits it brings with its highest and best use (HABU principle). This is consistent with the fact that managers of companies, when making decisions on production management, should be guided by the extent to which these decisions increase the market value of the company. In some cases, the owner of the equipment can manage its use over time. We find out how the change in the equipment utilization rate over time affects certain types of operating costs. This allows us to build a mathematical model to find the optimal (providing the greatest total discounted benefits) dynamics of the specified coefficients. It turns out that they decrease with age, and their dynamics depends on the structure of operating costs. At the same time, the dependence of the market value of equipment item on age turns out to be nonlinear. Therefore, assessing the depreciation of equipment item as the ratio of its age to its useful life can lead to errors.
Keywords:
machine use, operating time, age, effective age, operating costs, market value, anticipation of benefits principle, DCF method.
PP. 31-43.
DOI: 10.14357/20790279210404 References
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