绶ㄨ集鎺ㄨ枽锛�2019骞存敞鍐婃渻瑷堝斧銆婅病鍕欐垚鏈鐞嗐€嬫ā鎿│椤屽尟绺�

涓€銆佸柈闋呴伕鎿囬(鏈鍨嬪叡14灏忛锛屾瘡灏忛1.5鍒嗭紝鍏�21鍒�銆傛瘡灏忛鍙湁涓€鍊嬫纰虹瓟妗�锛岃珛寰炴瘡灏忛鐨勫倷閬哥瓟妗堜腑閬稿嚭涓€鍊嬩綘瑾嶇偤鏈€姝ｇ⒑鐨勭瓟妗�锛岀敤榧犳榛炴搳鐩告噳鐨勯伕闋�銆�)

1銆佺敳鍏徃鎵撶畻璩艰卜A鍏徃鍓涚櫦(f膩)琛岀殑5骞存湡鍏徃鍌靛埜锛屾瘡寮靛偟鍒搁潰鍊肩偤1000鍏�锛岀エ闈㈠埄鐜囩偤8%銆傚亣瀹氳┎鍌靛埜姣忓勾浠樻伅涓€娆�锛屽埌鏈熸寜闈㈠€煎劅閭�锛屾姇璩囪€呰姹傜殑蹇呰鍫遍叕鐜囩偤10%銆傛牴鎿�(j霉)涓婅堪璩囨枡瑷堢畻鐣舵瘡寮靛偟鍒稿児鏍兼渶楂樼偤(銆€銆€)鍏冩檪锛岀敳鍏徃鎵嶅彲浠ヨ€冩叜璩艰卜銆�

A.1200

B.924.16

C.856.32

D.1080.69

銆愮瓟妗堛€態

銆愯В鏋愩€戠櫦(f膩)琛岃€匒鍏徃寰炵従(xi脿n)鍦ㄨ嚦鍌靛埜鍒版湡鏃ユ墍鏀粯绲︾敳鍏徃鐨勬闋呭寘鎷�5骞翠腑姣忓勾涓€娆＄殑鍒╂伅鍜屽埌鏈熺殑闈㈠€硷紝瀹冨€戠殑鐝�(xi脿n)鍊煎氨鏄偟鍒稿児鍊�锛屾墍浠ュ偟鍒稿児鍊�=1000×8%×(P/A,10%锛�5)+1000×(P/F锛�10%锛�5)=80×3.7908+1000×0.6209=924.16(鍏�)銆傚嵆鐣舵瘡寮靛偟鍒哥殑鍍规牸浣庝簬924.16鍏冩檪锛岀敳鍏徃璩艰卜A鍏徃鍌靛埜鎵嶈兘鐛插埄銆�

2銆佸皪浜庡钩鎭偟鍒镐笅鍒楄〃杩颁笉姝ｇ⒑鐨勬槸(銆€銆€)銆�

A.鐣剁エ闈㈠埄鐜囪垏甯傚牬鍒╃巼涓嶄竴鑷存檪锛屾湡闄愯秺闀�锛屽偟鍒稿児鍊艰秺鍋忛洟鍌靛埜闈㈠€�

B.鐣剁エ闈㈠埄鐜囪垏甯傚牬鍒╃巼涓€鑷存檪锛屾湡闄愮殑闀风煭灏嶅偟鍒稿児鍊兼矑鏈夊奖闊�

C.灏嶄簬娴侀€氬偟鍒�锛屽嵆浣跨エ闈㈠埄鐜囦綆浜庡競鍫村埄鐜�锛屽叾鍌靛埜鍍瑰€间篃鏈夊彲鑳芥渻楂樹簬闈㈠€�

D.鍔犲揩浠樻伅闋荤巼锛屾渻浣垮競鍫村埄鐜囬珮浜庣エ闈㈠埄鐜囩殑鍌靛埜鍍瑰€兼彁楂�

銆愮瓟妗堛€慏

銆愯В鏋愩€戠暥甯傚牬鍒╃巼楂樹簬绁ㄩ潰鍒╃巼鏅�锛屽姞蹇粯鎭牷鐜囨渻浣垮緱鍌靛埜鐨勫児鍊间笅闄�銆�

3銆佺敳鍏徃浠�970鍏冪殑鍍规牸璩煎叆闈㈠€肩偤1000鍏�銆佺エ闈㈠埄鐜囩偤10%銆佹瘡鍗婂勾鏀粯涓€娆″埄鎭�銆�5骞村悗鍒版湡鐨勫偟鍒�銆傝┎鍏徃鎸佹湁瑭插偟鍒哥殑骞村埌鏈熸敹鐩婄巼鐐�(銆€銆€)銆�

A.10.48%

B.10.82%

C.11.11%

D.11.52%

銆愮瓟妗堛€態

銆愯В鏋愩€戝亣瑷崐骞村埌鏈熸敹鐩婄巼鐐簉d锛屽墖鏈�970=1000×10%/2×(P/A锛宺d锛�10)+1000×(P/F锛宺d锛�10)

鐣秗d=5%鏅�锛�1000×10%/2×(P/A锛�5%锛�10)+1000×(P/F锛�5%锛�10)=1000

鐣秗d=6%鏅�锛�1000×10%/2×(P/A锛�6%锛�10)+1000×(P/F锛�6%锛�10)=926.41

(rd-5%)/(6%-5%)=(970-1000)/(926.41-1000)

瑙ｅ緱锛歳d=5.41%

骞村埌鏈熸敹鐩婄巼=5.41%×2=10.82%銆�

4銆佸湪鍏朵粬鍥犵礌涓嶈畩鐨勬儏娉佷笅锛屼笅鍒楀悇闋呬腑璺熷偟鍒稿埌鏈熸敹鐩婄巼鍙嶅悜璁婂嫊鐨勬槸(銆€銆€)銆�

A.绁ㄩ潰鍒╃巼

B.闈㈠€�

C.绛夐ⅷ闅姇璩囩殑甯傚牬鍒╃巼

D.鍌靛埜鍍规牸

銆愮瓟妗堛€慏

銆愯В鏋愩€戠エ闈㈠埄鐜囧拰闈㈠€艰窡鍒版湡鏀剁泭鍚屽悜璁婂嫊;绛夐ⅷ闅姇璩囩殑甯傚牬鍒╃巼涓嶅奖闊垮埌鏈熸敹鐩婄巼銆�

5銆佹煇鎶曡硣浜烘簴鍌欐姇璩嘇鍏徃鐨勮偂绁紝宸茬煡瑭插叕鍙搁爯瑷堟湭渚嗕笉澧炵櫦(f膩)鑲＄エ涓斾繚鎸佺稉鐕熸晥鐜�銆佽病鍕欐斂绛栦笉璁�锛岀暥鍓嶅凡缍撶櫦(f膩)鏀剧殑姣忚偂鑲″埄鐐�3鍏冿紝鏈勾鍒╂饯鐣欏瓨鐐�8钀厓锛屽勾鏈偂鏉辨瑠鐩婄偤108钀厓锛屾姇璩囧繀瑕佸牨閰巼鐐�10%锛屽墖瑭茶偂绁ㄧ殑鍍瑰€肩偤(銆€銆€)鍏�銆�

A.115.71

B.124.29

C.150

D.162

銆愮瓟妗堛€慏

銆愯В鏋愩€戣偂鍒╁闀风巼=鍙寔绾�(x霉)澧為暦鐜�=鑲℃澅娆婄泭澧為暦鐜�=8/(108-8)=8%鑲＄エ鍍瑰€�=3×(1+8%)/(10%-8%)=162(鍏�)銆�

6銆佹煇鑲＄エ鐐哄浐瀹氬闀疯偂绁紝骞村闀风巼鐐�4%锛屽墰鍓涙敮浠樼殑姣忚偂鑲″埄鐐�1.5鍏�銆傜洰鍓嶇劇棰ㄩ毆鍒╃巼鐐�5%锛屽钩鍧囬ⅷ闅偂绁ㄧ殑棰ㄩ毆婧㈠児鐜囩偤7.5%锛岃┎鑲＄エ鐨�β绯绘暩(sh霉)鐐�1.2锛屽墖瑭茶偂绁ㄧ殑姣忚偂鍍瑰€肩偤(銆€銆€)鍏�銆�

A.15.0

B.15.6

C.37.5

D.39

銆愮瓟妗堛€態

銆愯В鏋愩€戝繀瑕佸牨閰巼=5%+7.5%×1.2=14%锛岃偂绁ㄧ殑姣忚偂鍍瑰€�=1.5×(1+4%)/(14%-4%)=15.6(鍏�)銆�

7銆佹煇涓婂競鍏徃鍓涘墰鏀粯鐨勬瘡鑲¤偂鍒╃偤1.5鍏�銆傞爯瑷堣┎鍏徃鏈締3骞寸殑鑲″埄澧為暦鐜囧垎鍒ョ偤8%銆�10%銆�12%锛岀3骞翠互鍚庡皣淇濇寔6%鐨勫闀风巼銆傚亣瑷姇璩囪€呰姹傜殑鍫遍叕鐜囩偤15%銆傛牴鎿�(j霉)涓婅堪璩囨枡瑷堢畻鐨勮┎鑲＄エ鐨勫児鍊肩偤(銆€銆€)鍏�銆�

A.51.7

B.44.93

C.19.48

D.55.93

銆愮瓟妗堛€慍

銆愯В鏋愩€戠洰鍓嶆瘡鑲¤偂鍒�1.5鍏冿紝閭ｄ箞鏈締绗�1骞寸殑姣忚偂鑲″埄=1.5×(1+8%)=1.62(鍏�)銆佺2骞寸殑姣忚偂鑲″埄=1.62×(1+10%)=1.78(鍏�)銆佺3骞寸殑姣忚偂鑲″埄=1.78×(1+12%)=1.99(鍏�)锛岀3骞翠互鍚庤偂鍒╁浐瀹氬闀�锛屾墍浠ヨ偂绁ㄧ殑鍍瑰€�=D1×(P/F锛�15%锛�1)+D2×(P/F锛�15%锛�2)+D3×(P/F锛�15%锛�3)+D4/(rs-g)×(P/F锛�15%锛�3)=1.62×0.8696+1.78×0.7561+1.99×0.6575+1.99×(1+6%)/(15%-6%)×0.6575=1.41+1.35+1.31+15.41=19.48(鍏�)

8銆佹煇鍏徃鍋囪ō鏈締涓嶆墦绠楀鐧�(f膩)鏂拌偂鍜屽洖璩艰偂绁紝涓旀湭渚嗕繚鎸佺稉鐕熸晥鐜囧拰璨″嫏鏀跨瓥涓嶈畩锛屽彲鎸佺簩(x霉)澧為暦鐜囩偤5%锛岄爯瑷堢涓€骞村皣鏀粯鐨勬瘡鑲¤偂鍒╃偤0.8鍏冿紝鐩墠姣忚偂甯傚児鐐�10鍏�锛屽墖瑭茶偂绁ㄧ殑鏈熸湜鍫遍叕鐜囨槸(銆€銆€)銆�

A.8%

B.8.4%

C.13%

D.13.4%

銆愮瓟妗堛€慍

銆愯В鏋愩€戝洜鐐哄叕鍙歌檿浜庡彲鎸佺簩(x霉)澧為暦鐙€鎱�(t脿i)锛屾墍浠ユ湭渚嗚偂鍒╁闀风巼绛変簬鍙寔绾�(x霉)澧為暦鐜�5%锛岃偂绁ㄦ湡鏈涘牨閰巼=0.8/10+5%=13%銆�

9銆佹寜鏈夌劇鐗瑰畾鐨勮病鐢㈡摂淇�锛屽彲灏囧偟鍒稿垎鐐�(銆€銆€)銆�

A.瑷樺悕鍌靛埜鍜岀劇瑷樺悕鍌靛埜

B.鍙綁鎻涘偟鍒稿拰涓嶅彲杞夋彌鍌靛埜

C.鎶垫娂鍌靛埜鍜屼俊鐢ㄥ偟鍒�

D.鍒版湡涓€娆″偟鍒稿拰鍒嗘湡鍌靛埜

銆愮瓟妗堛€慍

銆愯В鏋愩€戦伕闋匒鏄寜鐓у偟鍒镐笂鏄惁瑷樻湁鎸佸姷浜虹殑濮撳悕鎴栧悕绋遍€茶鍒嗛鐨�;閬搁爡B鏄寜鐓ц兘鍚﹁綁鎻涚偤鍏徃鑲＄エ閫茶鍒嗛鐨�;閬搁爡D鏄寜鐓у劅閭勬柟寮忛€茶鍒嗛鐨勩€�

10銆佸偟鍒哥敳鍜屽偟鍒镐箼鏄叐鍙湪鍚屼竴璩囨湰甯傚牬涓婂墰鐧�(f膩)琛岀殑骞虫伅鍌靛埜銆傚畠鍊戠殑闈㈠€�銆佺エ闈㈠埄鐜囧拰浠樻伅闋荤巼鍧囩浉鍚�锛屽彧鏄湡闄愪笉鍚�锛屽亣瑷叐鍙偟鍒哥殑棰ㄩ毆鐩稿悓锛屽苟涓旂瓑棰ㄩ毆鎶曡硣鐨勫繀瑕佸牨閰巼楂樹簬绁ㄩ潰鍒╃巼锛屽墖(銆€銆€)銆�

A.鏈熼檺闀风殑鍌靛埜鍍瑰€奸珮

B.鏈熼檺鐭殑鍌靛埜鍍瑰€奸珮

C.鍏╁彧鍌靛埜鐨勫児鍊肩浉鍚�

D.鍏╁彧鍌靛埜鐨勫児鍊间笉鍚�锛屼絾涓嶈兘鍒ゆ柗鍏堕珮浣�

銆愮瓟妗堛€態

銆愯В鏋愩€戠瓑棰ㄩ毆鎶曡硣鐨勫繀瑕佸牨閰巼楂樹簬绁ㄩ潰鍒╃巼锛岃鏄庡叐鑰呭潎鏄姌鍍圭櫦(f膩)琛屽偟鍒�锛屾姌鍍圭櫦(f膩)琛屽偟鍒革紝鏈熼檺瓒婇暦锛屽偟鍒稿児鍊艰秺浣�锛屾墍浠ラ伕闋匓姝ｇ⒑銆�

11銆丼鍏徃婧栧倷鐧�(f膩)琛�5骞存湡鍌靛埜锛岄潰鍊肩偤1000鍏�锛岀エ闈㈠埄鐜�10%锛屽埌鏈熶竴娆￠倓鏈粯鎭�銆傜瓑棰ㄩ毆鐨勫競鍫村埄鐜囩偤8%(鍠埄鎶樼従(xi脿n))锛屽墖瑭插偟鍒哥殑鍍瑰€肩偤(銆€銆€)鍏�銆�

A.1071.43

B.1020.9

C.1000

D.930.23

銆愮瓟妗堛€慉

銆愯В鏋愩€戝偟鍒稿児鍊�=1000×(1+10%×5)/(1+8%×5)=1071.43(鍏�)銆�

12銆佷笝鍏徃2013骞�1鏈�1鏃ョ櫦(f膩)琛屽偟鍒�锛岄潰鍊�1000鍏�锛屾湡闄�5骞�锛岀エ闈㈠勾鍒╃巼鐐�10%锛屾瘡瀛ｅ害浠樻伅涓€娆�锛屼粯鎭棩鐐�3鏈堟湯锛�6鏈堟湯锛�9鏈堟湯浠ュ強12鏈堟湯锛岀瓑棰ㄩ毆鍌靛埜鐨勫競鍫村埄鐜囩偤12%锛屽墖涓欏叕鍙�2017骞�12鏈�1鏃ョ殑鍌靛埜鍍瑰€肩偤(銆€銆€)鍏�銆�

A.995.15

B.1014.85

C.1014.95

D.1015.37

銆愮瓟妗堛€慍

銆愯В鏋愩€戣┎鍌靛埜鍦�2017骞�12鏈�1鏃ユ檪榛炶窛闆㈠埌鏈熼倓鏈�1鍊嬫湀锛屼篃灏辨槸1/3鍊嬭▓鎭湡锛屾墍浠ラ鍏堣▓绠楀埌鏈熸棩鍌靛埜鍍瑰€�锛岀劧鍚庢姌绠楀埌瑭叉檪榛�锛屽嵆(1000+1000×10%/4)/(1+12%/4)1/3=1014.95(鍏�)銆�

13銆佸皪浜庡垎鏈熶粯鎭偟鍒�锛岀暥棰ㄩ毆鎶曡硣鐨勫競鍫村埄鐜囦綆浜庣エ闈㈠埄鐜囨檪锛岄毃钁楀偟鍒稿埌鏈熸棩鐨勫欢闀�锛屽湪涓嶈€冩叜浠樻伅鏈熻畩鍖栫殑鎯呮硜涓嬶紝鍌靛埜鍍瑰€煎皣鐩告噳(銆€銆€)銆�

A.澧炲姞

B.娓涘皯

C.涓嶈畩

D.鐒℃硶纰哄畾

銆愮瓟妗堛€慉

銆愯В鏋愩€戠暥棰ㄩ毆鎶曡硣鐨勫競鍫村埄鐜囦綆浜庣エ闈㈠埄鐜囨檪锛岃┎鍌靛埜鏄孩鍍圭櫦(f膩)琛岀殑锛岄毃钁楀偟鍒稿埌鏈熸棩鐨勫欢闀�锛屽偟鍒稿児鍊煎皣鐩告噳澧炲姞锛屾墍浠ラ伕闋匒姝ｇ⒑銆�

14銆佸偟鍒窤鍜屽偟鍒窧鏄叐鍙湪鍚屼竴璩囨湰甯傚牬涓婂墰鐧�(f膩)琛岀殑骞虫伅鍌靛埜銆傚畠鍊戠殑闈㈠€煎拰绁ㄩ潰鍒╃巼鑸囧埌鏈熸檪闁撳潎鐩稿悓锛屽彧鏄▓鎭湡涓嶅悓銆傚亣瑷叐鍙偟鍒哥殑棰ㄩ毆鐩稿悓锛屽苟涓旂瓑棰ㄩ毆鎶曡硣鐨勫競鍫村埄鐜囦綆浜庣エ闈㈠埄鐜�锛屽墖(銆€銆€)銆�

A.瑷堟伅鏈熼暦鐨勫偟鍒稿児鍊间綆

B.瑷堟伅鏈熼暦鐨勫偟鍒稿児鍊奸珮

C.鍏╁彧鍌靛埜鐨勫児鍊肩浉鍚�

D.鍏╁彧鍌靛埜鐨勫児鍊间笉鍚岋紝浣嗕笉鑳藉垽鏂峰叾楂樹綆

銆愮瓟妗堛€慉

銆愯В鏋愩€戝偟鍒哥瓑棰ㄩ毆鎶曡硣鐨勫競鍫村埄鐜囦綆浜庣エ闈㈠埄鐜�锛岃鏄庡偟鍒告槸婧㈠児鐧�(f膩)琛岀殑锛岃▓鎭湡瓒婇暦鍓囪鏄庝粯鎭牷鐜囪秺鎱�銆傚湪鍌靛埜婧㈠児鐧�(f膩)琛岀殑鎯呮硜涓嬶紝瑷堟伅鏈熻秺鐭�(浠樻伅闋荤巼瓒婂揩)鍌靛埜鍍瑰€艰秺楂�锛岃▓鎭湡瓒婇暦(浠樻伅闋荤巼瓒婃參)鍌靛埜鍍瑰€艰秺浣庯紝鎵€浠ラ伕闋匒姝ｇ⒑銆�

2019骞存敞鍐婃渻瑷堝斧鑰冭│鑷ㄨ繎锛屼笉瑕佸繕瑷樿€冨墠鎵撳嵃婧栬€冭瓑鍝�锛岀偤浜嗛伩鍏嶈€冪敓閷亷婧栬€冭瓑鎵撳嵃鏅傞枔锛岀挵(hu谩n)鐞冪恫鏍℃彁渚� 鍏嶈不闋愮磩鐭俊鎻愰啋鏈嶅嫏锛屾墦鍗板墠鎴戝€戞渻浠ョ煭淇″舰寮忓厤璨绘彁閱掓偍瑭叉墦鍗�2019骞存敞鍐婃渻瑷堝斧婧栬€冭瓑锛岃珛鍙婃檪闋愮磩銆�

浠ヤ笂鍏у鏄�2019骞存敞鍐婃渻瑷堝斧銆婅病鍕欐垚鏈鐞嗐€嬫ā鎿│椤屼竴锛屾兂鐛插彇鏇村2019骞存敞鍐婃渻瑷堝斧銆婅病鍕欐垚鏈鐞嗐€嬫ā鎿│椤�銆佹骞寸湡椤岋紝璜嬮粸鎿�“鍏嶈不涓嬭級”鎸夐垥鍚庡嵆鍙牁鍙�锛�

浜屻€佸闋呴伕鎿囬(鏈鍨嬪叡12灏忛锛屾瘡灏忛2鍒�锛屽叡24鍒嗐€傛瘡灏忛鍧囨湁澶氬€嬫纰虹瓟妗�锛岃珛寰炴瘡灏忛鐨勫倷閬哥瓟妗堜腑閬稿嚭浣犺獚鐐烘纰虹殑绛旀锛岀敤榧犳榛炴搳鐩告噳鐨勯伕闋�銆傛瘡灏忛鎵€鏈夌瓟妗堥伕鎿囨纰虹殑寰楀垎锛屼笉绛斻€侀尟绛�銆佹紡绛斿潎涓嶅緱鍒嗐€�)

1銆佷笅鍒楀悇闋呬腑鑸囪偂绁ㄥ収鍦ㄥ児鍊煎憟鍚屾柟鍚戣畩鍖栫殑鏈�(銆€銆€)銆�

A.鑲″埄骞村闀风巼

B.姣忚偂鑲″埄

C.鐒￠ⅷ闅埄鐜�

D.鎶曡硣瑕佹眰鐨勫繀瑕佸牨閰巼

銆愮瓟妗堛€慉B

銆愯В鏋愩€戞牴鎿�(j霉)鑲＄エ鍍瑰€肩殑瑷堢畻妯″瀷锛孷s=D1/(rs-g)锛岀敱鍏紡鐪嬪嚭锛岃偂鍒╁闀风巼g锛屾瘡鑲¤偂鍒〥1锛岃垏鑲＄エ鍍瑰€煎憟鍚屾柟鍚戣畩鍖�锛岃€屾姇璩囪姹傜殑蹇呰鍫遍叕鐜噐s鑸囪偂绁ㄥ児鍊煎憟鍙嶅悜璁婂寲锛岃€岀劇棰ㄩ毆鍒╃巼鑸囨姇璩囪姹傜殑蹇呰鍫遍叕鐜囧憟鍚屾柟鍚戣畩鍖�锛屽洜姝ょ劇棰ㄩ毆鍒╃巼鑸囪偂绁ㄥ児鍊煎憟鍙嶆柟鍚戣畩鍖�銆�

2銆佸湪鍏朵粬鍥犵礌涓嶈畩鐨勬儏娉佷笅锛屼笅鍒楀悇闋呬腑璺熻偂绁ㄦ湡鏈涘牨閰巼鍚屽悜璁婂嫊鐨勬湁(銆€銆€)銆�

A.姣忚偂鑲″埄

B.姣忚偂甯傚児

C.鑲″埄澧為暦鐜�

D.蹇呰鍫遍叕鐜�

銆愮瓟妗堛€慉C

銆愯В鏋愩€戞湡鏈涘牨閰巼=D1/P0+g锛屾瘡鑲¤偂鍒┿€佽偂鍒╁闀风巼鑸囪偂绁ㄦ湡鏈涘牨閰巼鍚屽悜璁婂嫊锛屾瘡鑲″競鍍硅垏鑲＄エ鏈熸湜鍫遍叕鐜囧弽鍚戣畩鍕�锛屽繀瑕佸牨閰巼涓嶅奖闊挎湡鏈涘牨閰巼銆�

3銆丄鍏徃鍘诲勾鏀粯姣忚偂0.25鍏冪従(xi脿n)閲戣偂鍒�锛屽浐瀹氬闀风巼2%锛岀従(xi脿n)琛屽湅搴埜鍫遍叕鐜囩偤4%锛屽競鍫村钩鍧囬ⅷ闅浠朵笅鑲＄エ鐨勫牨閰巼鐐�6%锛岃偂绁ㄨ矟濉旂郴鏁�(sh霉)绛変簬1.2锛屽墖(銆€銆€)銆�

A.鑲＄エ鍍瑰€�5.80鍏�

B.鑲＄エ鍍瑰€�4.78鍏�

C.鑲＄エ蹇呰鍫遍叕鐜囩偤5.3%

D.鑲＄エ蹇呰鍫遍叕鐜囩偤6.4%

銆愮瓟妗堛€慉D

銆愯В鏋愩€憆s=4%+1.2×(6%-4%)=6.4%锛孭=0.25×(1+2%)/(6.4%-2%)=5.80(鍏�)銆�

4銆佷笅鍒楀悇闋呬腑锛屽劒(y艒u)鍏堣偂鑲℃澅鍏锋湁琛ㄦ焙娆婄殑鏈�(銆€銆€)銆�

A.涓€娆℃垨绱▓娓涘皯鍏徃娉ㄥ唺璩囨湰8%

B.淇敼鍏徃绔犵▼涓垏鍎�(y艒u)鍏堣偂鐩搁棞鐨勫収瀹�

C.鐧�(f膩)琛屽劒(y艒u)鍏堣偂

D.鍏徃鐧�(f膩)鏀捐偂绁ㄨ偂鍒�

銆愮瓟妗堛€態C

銆愯В鏋愩€戝劒(y艒u)鍏堣偂鍏锋湁鐨勮〃姹烘瑠鏈夛細(1)淇敼鍏徃绔犵▼涓垏鍎�(y艒u)鍏堣偂鐩搁棞鐨勫収瀹�;(2)涓€娆℃垨绱▓娓涘皯鍏徃娉ㄥ唺璩囨湰瓒呴亷10%;(3)鍏徃鍚堝苟銆佸垎绔�銆佽В鏁ｆ垨璁婃洿鍏徃褰㈠紡;(4)鐧�(f膩)琛屽劒(y艒u)鍏堣偂;(5)鍏徃绔犵▼瑕�(gu墨)瀹氱殑鍏朵粬鎯呭舰銆�

5銆佺浉灏嶄簬鏅€氳偂锛屽叕鍙告噳鐣跺湪鍏徃绔犵▼涓槑纰洪棞浜庡劒(y艒u)鍏堣偂鐨勪簨闋呮湁(銆€銆€)銆�

A.鍏徃鍦ㄦ湁鍙垎閰嶇▍鍚庡埄娼ょ殑鎯呮硜涓嬫槸鍚﹀繀闋堝垎閰嶅埄娼�

B.鍎�(y艒u)鍏堣偂鍒╂饯鍒嗛厤娑夊強鐨勫叾浠栦簨闋�

C.鍎�(y艒u)鍏堣偂鑲℃澅鎸夌収绱勫畾鐨勮偂鎭巼鍒嗛厤鑲℃伅鍚�锛屾槸鍚︽湁娆婂悓鏅€氳偂鑲℃澅涓€璧峰弮鍔犲墿浣欏埄娼ゅ垎閰�

D.鍎�(y艒u)鍏堣偂鑲℃伅鐜囨槸閲囩敤鍥哄畾鑲℃伅鐜囬倓鏄诞鍕曡偂鎭巼锛屽苟鐩告噳鏄庣⒑鍥哄畾鑲℃伅鐜囨按骞虫垨娴嫊鑲℃伅鐜囪▓绠楁柟娉�

銆愮瓟妗堛€慉BCD

銆愯В鏋愩€戝叕鍙告噳鐣跺湪鍏徃绔犵▼涓槑纰轰互涓嬩簨闋咃細(1)鍎�(y艒u)鍏堣偂鑲℃伅鐜囨槸閲囩敤鍥哄畾鑲℃伅鐜囬倓鏄诞鍕曡偂鎭巼锛屽苟鐩告噳鏄庣⒑鍥哄畾鑲℃伅鐜囨按骞虫垨娴嫊鑲℃伅鐜囪▓绠楁柟娉曘€�(2)鍏徃鍦ㄦ湁鍙垎閰嶇▍鍚庡埄娼ょ殑鎯呮硜涓嬫槸鍚﹀繀闋堝垎閰嶅埄娼�銆�(3)濡傛灉鍏徃鍥犳湰鏈冭▓骞村害鍙垎閰嶅埄娼や笉瓒宠€屾湭鍚戝劒(y艒u)鍏堣偂鑲℃澅瓒抽娲剧櫦(f膩)鑲℃伅锛屽樊椤嶉儴鍒嗘槸鍚︾疮绌嶅埌涓嬩竴鏈冭▓骞村害銆�(4)鍎�(y艒u)鍏堣偂鑲℃澅鎸夌収绱勫畾鐨勮偂鎭巼鍒嗛厤鑲℃伅鍚�锛屾槸鍚︽湁娆婂悓鏅€氳偂鑲℃澅涓€璧峰弮鍔犲墿浣欏埄娼ゅ垎閰�銆�(5)鍎�(y艒u)鍏堣偂鍒╂饯鍒嗛厤娑夊強鐨勫叾浠栦簨闋�銆�

6銆佸亣瑷叾浠栧洜绱犱笉璁�锛屼笅鍒楀悇闋呬腑锛屾渻灏庤嚧鎶樺児鐧�(f膩)琛岀殑骞虫伅鍌靛埜鍍瑰€间笂鍗囩殑鏈�(銆€銆€)銆�

A.鎻愰珮绁ㄩ潰鍒╃巼

B.绺煭浠樻伅鏈熼枔

C.绛夐ⅷ闅偟鍒哥殑甯傚牬鍒╃巼涓婂崌

D.绺煭鍒版湡鏅傞枔

銆愮瓟妗堛€慉D

銆愯В鏋愩€戠府鐭粯鎭湡闁�锛屾渻鎻愰珮浠樻伅闋荤巼锛屽皫鑷存姌鍍圭櫦(f膩)琛岀殑鍌靛埜鍍瑰€间笅闄嶏紝鎵€浠ラ伕闋匓閷;绛夐ⅷ闅偟鍒哥殑甯傚牬鍒╃巼鑸囧偟鍒稿児鍊煎弽鍚戣畩鍕�锛屾墍浠ラ伕闋匔鏈冨皫鑷村偟鍒稿児鍊间笅闄嶃€�

7銆佷笅鍒楁湁闂滅瓑棰ㄩ毆鍌靛埜鐨勫競鍫村埄鐜囪垏鍌靛埜鍍瑰€肩殑瑾硶涓�锛岄尟瑾ょ殑鏈�(銆€銆€)銆�

A.鎶樺児鐧�(f膩)琛岀殑鍌靛埜锛屾彁楂樼瓑棰ㄩ毆鍌靛埜鐨勫競鍫村埄鐜�锛屽偟鍒稿児鍊间笅闄�

B.婧㈠児鐧�(f膩)琛岀殑鍌靛埜锛屾彁楂樼瓑棰ㄩ毆鍌靛埜鐨勫競鍫村埄鐜�锛屽偟鍒稿児鍊间笂鍗�

C.骞冲児鐧�(f膩)琛岀殑鍌靛埜锛屾彁楂樼瓑棰ㄩ毆鍌靛埜鐨勫競鍫村埄鐜�锛屽偟鍒稿児鍊间笅闄�

D.鎶樺児鐧�(f膩)琛岀殑鍌靛埜锛屾彁楂樼瓑棰ㄩ毆鍌靛埜鐨勫競鍫村埄鐜�锛屽偟鍒稿児鍊间笂鍗�

銆愮瓟妗堛€態D

銆愯В鏋愩€戠瓑棰ㄩ毆鍌靛埜鐨勫競鍫村埄鐜囪垏鍌靛埜鍍瑰€煎弽鍚戣畩鍕�锛屾墍浠ユ彁楂樼瓑棰ㄩ毆鍌靛埜鐨勫競鍫村埄鐜囷紝鍌靛埜鍍瑰€间笅闄�锛屾墍浠ラ伕闋匓銆丏閷銆�

8銆佷笅鍒楁湁闂滃偟鍒镐粯鎭牷鐜囪垏鍏跺児鍊肩殑瑾硶涓�锛屾纰虹殑鏈�(銆€銆€)銆�

A.鎶樺児鐧�(f膩)琛岀殑鍌靛埜锛屽姞蹇粯鎭牷鐜�锛屽児鍊间笅闄�

B.婧㈠児鐧�(f膩)琛岀殑鍌靛埜锛屽姞蹇粯鎭牷鐜�锛屽児鍊间笂鍗�

C.骞冲児鐧�(f膩)琛岀殑鍌靛埜锛屽姞蹇粯鎭牷鐜�锛屽児鍊间笉璁�

D.鎶樺児鐧�(f膩)琛岀殑鍌靛埜锛屽姞蹇粯鎭牷鐜�锛屽児鍊间笂鍗�

銆愮瓟妗堛€慉BC

銆愯В鏋愩€戞姌鍍圭櫦(f膩)琛岀殑鍌靛埜锛屽姞蹇粯鎭牷鐜�锛屽児鍊间笅闄�;婧㈠児鐧�(f膩)琛岀殑鍌靛埜锛屽姞蹇粯鎭牷鐜�锛屽児鍊间笂鍗�;骞冲児鐧�(f膩)琛岀殑鍌靛埜锛屽姞蹇粯鎭牷鐜�锛屽児鍊间笉璁�銆�

9銆佸亣瑷叾浠栧洜绱犱笉璁�锛屼笅鍒椾簨闋呬腑锛屾渻灏庤嚧鎶樺児鐧�(f膩)琛岀殑骞虫伅鍌靛埜鍍瑰€间笅闄嶇殑鏈�(銆€銆€)銆�

A.鎻愰珮浠樻伅闋荤巼

B.寤堕暦鍒版湡鏅傞枔

C.鎻愰珮绁ㄩ潰鍒╃巼

D.绛夐ⅷ闅偟鍒哥殑甯傚牬鍒╃巼涓婂崌

銆愮瓟妗堛€慉BD

銆愯В鏋愩€戝皪浜庢姌鍍圭櫦(f膩)琛岀殑鍌靛埜鍔犲揩浠樻伅闋荤巼鏈冧娇鍌靛埜鍍瑰€间笅闄�锛屾墍浠ラ伕闋匒姝ｇ⒑;灏嶄簬鎶樺児鐧�(f膩)琛岀殑鍌靛埜锛屽埌鏈熸檪闁撹秺闀�锛岃〃鏄庢湭渚嗙嵅寰楃殑浣庝簬甯傚牬鍒╃巼鐨勫埄鎭儏娉佽秺澶�锛屽墖鍌靛埜鐨勫児鍊艰秺浣�锛岄伕闋匓姝ｇ⒑;鎻愰珮绁ㄩ潰鍒╃巼鏈冧娇鍌靛埜鍍瑰€兼彁楂橈紝閬搁爡C閷;绛夐ⅷ闅偟鍒哥殑甯傚牬鍒╃巼涓婂崌锛屽偟鍒稿児鍊间笅闄嶏紝閬搁爡D姝ｇ⒑銆�

10銆佸偟鍒哥殑鍍瑰€兼渻闅ㄨ憲甯傚牬鍒╃巼鐨勮畩鍖栬€岃畩鍖�锛屼笅鍒楄〃杩颁腑姝ｇ⒑鐨勬湁(銆€銆€)銆�

A.鑻ュ埌鏈熸檪闁撲笉璁�锛岀暥甯傚牬鍒╃巼涓婂崌鏅�锛屽偟鍒稿児鍊间笅闄�

B.鐣跺偟鍒哥エ闈㈠埄鐜囧ぇ浜庡競鍫村埄鐜囨檪锛屽偟鍒哥櫦(f膩)琛屾檪鐨勫児鏍间綆浜庡偟鍒哥殑闈㈠€�

C.鑻ュ埌鏈熸檪闁撶府鐭�锛屽競鍫村埄鐜囧皪鍌靛埜鍍瑰€肩殑褰遍熆绋嬪害鏈冮檷浣�

D.鑻ュ埌鏈熸檪闁撳欢闀凤紝甯傚牬鍒╃巼灏嶅偟鍒稿児鍊肩殑褰遍熆绋嬪害鏈冮檷浣�

銆愮瓟妗堛€慉C

銆愯В鏋愩€戝偟鍒稿児鍊肩殑瑷堢畻鍏紡鐐猴細鍌靛埜鍍瑰€�=绁ㄩ潰閲戦/(1+甯傚牬鍒╃巼)n+(绁ㄩ潰閲戦×绁ㄩ潰鍒╃巼)/(1+甯傚牬鍒╃巼)t寰炲叕寮忎腑鍙湅鍑�锛屽競鍫村埄鐜囪檿浜庡垎姣嶄綅缃紝绁ㄩ潰鍒╃巼铏曚簬鍒嗗瓙涓�锛屾墍浠ョエ闈㈠埄鐜囪垏鍌靛埜鍍瑰€煎悓鍚戣畩鍕�锛屽競鍫村埄鐜囪垏鍌靛埜鍍瑰€兼槸鍙嶅悜璁婂嫊锛屼絾鎶樼従(xi脿n)鐜囧皪鍌靛埜鍍瑰€肩殑褰遍熆闅ㄨ憲鍒版湡鏅傞枔鐨勭府鐭渻璁婂緱瓒婁締瓒婁笉鏁忔劅銆�

11銆佺敳銆佷箼鍏╃ó鍌靛埜锛屽潎鎸�1000鍏冮潰鍊肩櫦(f膩)琛�锛屽埄鎭巼鐩稿悓锛屼絾鏄敳鍌靛埜鐨勬湡闄愭槸4骞存湡锛屼箼鍌靛埜鐨勬湡闄愭槸6骞存湡锛屽湪鍏朵粬姊濅欢鐩稿悓鐨勬儏褰笅锛屼笅鍒楄娉曟纰虹殑鏈�(銆€銆€)銆�

A.甯傚牬鍒╃巼涓婂崌锛屽叐绋偟鍒搁兘璨跺€�锛屼箼璨跺€肩殑鏇村

B.甯傚牬鍒╃巼涓婂崌锛屽叐绋偟鍒搁兘鍗囧€�锛岀敳鍗囧€肩殑鏇村

C.甯傚牬鍒╃巼涓嬮檷锛屽叐绋偟鍒搁兘璨跺€�锛岀敳璨跺€肩殑鏇村

D.甯傚牬鍒╃巼涓嬮檷锛屽叐绋偟鍒搁兘鍗囧€�锛屼箼鍗囧€肩殑鏇村

銆愮瓟妗堛€慉D

銆愯В鏋愩€戝競鍫村埄鐜囪垏鍌靛埜鍍瑰€兼槸鍙嶅悜璁婂嫊闂滅郴锛岃€屼笖鏈熼檺瓒婇暦锛屽偟鍒稿児鍊煎彈甯傚牬鍒╃巼娉㈠嫊鐨勫奖闊胯秺鏁忔劅锛屾墍浠ラ伕闋匒銆丏姝ｇ⒑銆�

12銆佸湪鍏朵粬鍥犵礌涓嶈畩鐨勬儏娉佷笅锛屼笅鍒楀悇闋呬腑璺熷偟鍒稿埌鏈熸敹鐩婄巼鍚屽悜璁婂嫊鐨勬湁(銆€銆€)銆�

A.绁ㄩ潰鍒╃巼

B.闈㈠€�

C.绛夐ⅷ闅姇璩囩殑甯傚牬鍒╃巼

D.鍒版湡鏈熼檺

銆愮瓟妗堛€慉B

銆愯В鏋愩€戠瓑棰ㄩ毆鎶曡硣鐨勫競鍫村埄鐜囦笉褰遍熆鍒版湡鏀剁泭鐜�;鍒版湡鏈熼檺灏嶅埌鏈熸敹鐩婄巼鐨勫奖闊挎槸涓嶇⒑瀹氱殑锛屽鏋滄槸骞冲児鍌靛埜锛屽埌鏈熸湡闄愪笉褰遍熆鍒版湡鏀剁泭鐜囷紝濡傛灉鏄姌鍍瑰偟鍒�锛屽埌鏈熸湡闄愯秺闀凤紝鍒版湡鏀剁泭鐜囪秺浣�锛屽鏋滄槸婧㈠児鍌靛埜锛屽埌鏈熸湡闄愯秺闀�锛屽埌鏈熸敹鐩婄巼瓒婇珮銆�

2019骞存敞鍐婃渻瑷堝斧鑰冭│鑷ㄨ繎锛屼笉瑕佸繕瑷樿€冨墠鎵撳嵃婧栬€冭瓑鍝︼紝鐐轰簡閬垮厤鑰冪敓閷亷婧栬€冭瓑鎵撳嵃鏅傞枔锛岀挵(hu谩n)鐞冪恫鏍℃彁渚� 鍏嶈不闋愮磩鐭俊鎻愰啋鏈嶅嫏锛屾墦鍗板墠鎴戝€戞渻浠ョ煭淇″舰寮忓厤璨绘彁閱掓偍瑭叉墦鍗�2019骞存敞鍐婃渻瑷堝斧婧栬€冭瓑锛岃珛鍙婃檪闋愮磩銆�

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涓�銆佽▓绠楀垎鏋愰(娑夊強瑷堢畻鐨�锛岃姹傚垪鍑鸿▓绠楁椹�锛屽惁鍓囦笉寰楀垎锛岄櫎闈為鐩壒鍒ヨ鏄庝笉闇€瑕佸垪鍑鸿▓绠楅亷绋�銆�)

1銆佺敳鍏徃鏈変竴绛嗛枒缃硣閲戯紝鍙互閫茶鐐烘湡涓€骞寸殑鍌靛埜鎶曡硣锛岃▓鍔冧竴骞村悗鍑哄敭璩煎叆鍌靛埜锛屽競鍫翠笂鏈夊叐绋偟鍒稿彲渚涢伕鎿�锛岀浉闂滆硣鏂欏涓嬶細

(1)鍏╃ó鍌靛埜鐨勯潰鍊煎潎鐐�1000鍏�锛屽埌鏈熸檪闁撳潎鐐�3骞村悗銆�

(2)A绋偟鍒哥殑绁ㄩ潰鍒╃巼鐐�10%锛屾瘡骞存湯浠樻伅涓€娆�锛屽埌鏈熸敮浠�1000鍏冿紝鍒版湡鏀剁泭鐜囩偤8%锛屽苟淇濇寔涓嶈畩銆�

(3)B绋偟鍒哥殑绁ㄩ潰鍒╃巼鐐�9%锛屾瘡骞存湯浠樻伅涓€娆★紝鍒版湡鏀粯1000鍏�锛岀洰鍓嶇殑璩艰卜鍍规牸鐐�1026鍏�锛屼竴骞村悗鐨勫嚭鍞児鏍肩偤1010鍏�銆�

(4)鐢插叕鍙稿埄鎭敹鐩婇仼鐢ㄧ殑鎵€寰楃▍绋呯巼鐐�25%锛岃硣鏈埄寰楅仼鐢ㄧ殑鎵€寰楃▍绋呯巼鐐�20%锛岀櫦(f膩)鐢熸姇璩囨悕澶卞彲浠ユ寜鐓�20%鎶电▍锛屼笉鎶垫秷鍒╂伅鏀跺叆銆�

瑕佹眰锛�

(1)瑷堢畻A绋偟鍒哥殑鐩墠鐨勫児鏍间互鍙婁竴骞翠互鍚庣殑鍍规牸;

(2)瑷堢畻B绋偟鍒哥殑鐩墠鐨勫埌鏈熸敹鐩婄巼;

(3)瑷堢畻鎶曡硣浜嶢绋偟鍒哥殑绋呭悗鎶曡硣鏀剁泭鐜�;

(4)瑷堢畻鎶曡硣浜嶣绋偟鍒哥殑绋呭悗鎶曡硣鏀剁泭鐜�銆�

銆愮瓟妗堛€�

(1)A绋偟鍒哥洰鍓嶇殑鍍规牸=1000×10%×(P/A锛�8%锛�3)+1000×(P/F锛�8%锛�3)=100×2.5771+1000×0.7938=1051.51(鍏�)

A绋偟鍒镐竴骞翠互鍚庣殑鍍规牸=1000×10%×(P/A锛�8%锛�2)+1000×(P/F锛�8%锛�2)=100×1.7833+1000×0.8573=1035.63(鍏�)

(2)瑷瑽绋偟鍒哥殑鍒版湡鏀剁泭鐜囩偤rd锛�

1000×9%×(P/A锛宺d锛�3)+1000×(P/F锛宺d锛�3)=1026

浠d=8%锛屽墖1000×9%×(P/A锛�8%锛�3)+1000×(P/F锛�8%锛�3)=90×2.5771+1000×0.7938=1025.74≈1026

鎵€浠鍌靛埜鐨勫埌鏈熸敹鐩婄巼鐐�8%

(3)鎶曡硣浜嶢绋偟鍒哥殑绋呭悗鎶曡硣鏀剁泭鐜�=[1000×10%×(1-25%)+(1035.63-1051.51)×(1-20%)]/1051.51=5.92%

(4)鎶曡硣浜嶣绋偟鍒哥殑绋呭悗鎶曡硣鏀剁泭鐜�=[1000×9%×(1-25%)+(1010-1026)×(1-20%)]/1026=5.33%銆�

2019骞存敞鍐婃渻瑷堝斧鑰冭│鑷ㄨ繎锛屼笉瑕佸繕瑷樿€冨墠鎵撳嵃婧栬€冭瓑鍝�锛岀偤浜嗛伩鍏嶈€冪敓閷亷婧栬€冭瓑鎵撳嵃鏅傞枔锛岀挵(hu谩n)鐞冪恫鏍℃彁渚� 鍏嶈不闋愮磩鐭俊鎻愰啋鏈嶅嫏锛屾墦鍗板墠鎴戝€戞渻浠ョ煭淇″舰寮忓厤璨绘彁閱掓偍瑭叉墦鍗�2019骞存敞鍐婃渻瑷堝斧婧栬€冭瓑锛岃珛鍙婃檪闋愮磩銆�

浠ヤ笂鍏у鏄�2019骞存敞鍐婃渻瑷堝斧銆婅病鍕欐垚鏈鐞嗐€嬫ā鎿│椤屼竴锛屾兂鐛插彇鏇村2019骞存敞鍐婃渻瑷堝斧銆婅病鍕欐垚鏈鐞嗐€嬫ā鎿│椤�銆佹骞寸湡椤�锛岃珛榛炴搳“鍏嶈不涓嬭級”鎸夐垥鍚庡嵆鍙牁??锛�