銆€銆€鍥�銆佽▓(j矛)绠楅

銆€銆€1.銆€銆€銆愭纰虹瓟妗堛€� (1)A鍌靛埜鐨勫児(ji脿)鍊�=[40+40×(P/A锛�3%锛�2)+1000×(P/S锛�3%锛�2)]×(P/S锛�3%锛�1/2)=1059.14×0.9853 =1043.57(鍏�)

銆€銆€鐢变簬A鍌靛埜鐩墠甯傚児(ji脿)(1100鍏�)楂樹簬鍏跺児(ji脿)鍊�(1043.57鍏�)锛屾墍浠�锛屼笉鎳�(y墨ng)瑭茶臣璨�銆�

銆€銆€(2)B鍌靛埜鐨勫児(ji脿)鍊�=60×20/(1+6%×21/12)=1085.97(鍏�)

銆€銆€鐢变簬B鍌靛埜鐩墠甯傚児(ji脿)(1100鍏�)楂樹簬鍏跺児(ji脿)鍊�(1085.97鍏�)锛屾墍浠�锛屼笉鎳�(y墨ng)瑭茶臣璨�銆�

銆€銆€(3)1000×(P/S锛宺锛�2)=850

銆€銆€(P/S锛宺锛�2)=0.85

銆€銆€(1+r)2=1/0.85=1.1765

銆€銆€瑙ｅ緱锛欳鍌靛埜鎶曡硣鏀剁泭鐜�=8.47% 鐢变簬C鍌靛埜鎶曡硣鏀剁泭鐜�(8.47%)楂樹簬鎶曡硣浜鸿姹傜殑蹇呰鏀剁泭鐜�(6%)锛屽洜姝わ紝鎳�(y墨ng)瑭茶卜C鍌靛埜銆�

銆€銆€銆愮瓟鐤戠法铏�97729銆�

銆€銆€2.銆€銆€銆愭纰虹瓟妗堛€� (1)绗竴鏈熼爡(xi脿ng)鐩湪2008骞村垵鐨勫噲鐝�(xi脿n)鍊�

銆€銆€=300×(P/A锛�10%锛�5)-1200=-62.76(钀厓)

銆€銆€绗簩鏈熼爡(xi脿ng)鐩▍鍚庣稉(j墨ng)鐕熺従(xi脿n)閲戞祦閲忓湪2012骞村垵鐨勭従(xi脿n)鍊煎悎瑷�(j矛)

銆€銆€=700×(P/A锛�10%锛�5)=2653.56(钀厓)

銆€銆€绗簩鏈熼爡(xi脿ng)鐩▍鍚庣稉(j墨ng)鐕熺従(xi脿n)閲戞祦閲忓湪2008骞村垵鐨勭従(xi脿n)鍊煎悎瑷�(j矛)

銆€銆€=2653.56×(P/S锛�10%锛�4)=1812.38(钀厓)

銆€銆€绗簩鏈熼爡(xi脿ng)鐩姇璩囬2500钀厓鍦�2008骞村垵鐨勭従(xi脿n)鍊�

銆€銆€=2500×(P/S锛�5%锛�4)=2056.75(钀厓)

銆€銆€绗簩鏈熼爡(xi脿ng)鐩湪2008骞村垵鐨勫噲鐝�(xi脿n)鍊�

銆€銆€=1812.38-2056.75=-244.37(钀厓)

銆€銆€鐢变簬鍏╁€�(g猫)闋�(xi脿ng)鐩殑鍑堢従(xi脿n)鍊煎潎灏忎簬闆�锛屾墍浠�锛屽潎涓嶅彲琛�銆�

銆€銆€(2)

銆€銆€d2=-0.1162-0.4=-0.5162

銆€銆€N(d1)=N(-0.1162)

銆€銆€=1-N(0.1162)

銆€銆€=1-[0.5438+(0.1162-0.11)/(0.12-0.11)×(0.5478-0.5438)]

銆€銆€=0.4537

銆€銆€N(d2)=N(-0.5162)

銆€銆€=1-N(0.5162)

銆€銆€=1-[0.6950+(0.5162-0.51)/(0.52-0.51)×(0.6985-0.6950)]

銆€銆€=0.3028

銆€銆€C=S0×N(d1)-PV(X)×N(d2)

銆€銆€=1812.38×0.4537-2056.75×0.3028

銆€銆€=199.49(钀厓)

銆€銆€鑰冩叜鏈熸瑠(qu谩n)鐨勭涓€鏈熷噲鐝�(xi脿n)鍊�

銆€銆€=199.49-62.76=136.73(钀厓)

銆€銆€鐢变簬136.73澶т簬0锛屽洜姝�锛屾姇璩囩涓€鏈熼爡(xi脿ng)鐩槸鏈夊埄鐨�銆�

銆€銆€鐠�(hu谩n)鐞冪恫(w菐ng)鏍�2010骞存敞鍐婃渻瑷�(j矛)甯€冭│缍�(w菐ng)涓婅紨灏�(d菐o)鎷涚敓绨＄珷   杞�(zhu菐n)鑷挵(hu谩n)鐞冪恫(w菐ng)鏍du24ol.com