銆€銆€鍥涖€佽▓绠楅

銆€銆€1.銆€銆€銆愭纰虹瓟妗堛€� (1)A鍌靛埜鐨勫児鍊�=[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(1100鍏�)楂樹簬鍏跺児鍊�(1043.57鍏�)锛屾墍浠�锛屼笉鎳夎┎璩艰卜銆�

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

銆€銆€鐢变簬B鍌靛埜鐩墠甯傚児(1100鍏�)楂樹簬鍏跺児鍊�(1085.97鍏�)锛屾墍浠�锛屼笉鎳夎┎璩艰卜銆�

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%)锛屽洜姝わ紝鎳夎┎璨稢鍌靛埜銆�

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竴鏈熼爡鐩湪2008骞村垵鐨勫噲鐝惧€�

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

銆€銆€绗簩鏈熼爡鐩▍鍚庣稉鐕熺従閲戞祦閲忓湪2012骞村垵鐨勭従鍊煎悎瑷�

銆€銆€=700×(P/A锛�10%锛�5)=2653.56(钀厓)

銆€銆€绗簩鏈熼爡鐩▍鍚庣稉鐕熺従閲戞祦閲忓湪2008骞村垵鐨勭従鍊煎悎瑷�

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

銆€銆€绗簩鏈熼爡鐩姇璩囬2500钀厓鍦�2008骞村垵鐨勭従鍊�

銆€銆€=2500×(P/S锛�5%锛�4)=2056.75(钀厓)

銆€銆€绗簩鏈熼爡鐩湪2008骞村垵鐨勫噲鐝惧€�

銆€銆€=1812.38-2056.75=-244.37(钀厓)

銆€銆€鐢变簬鍏╁€嬮爡鐩殑鍑堢従鍊煎潎灏忎簬闆�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€鑰冩叜鏈熸瑠鐨勭涓€鏈熷噲鐝惧€�

銆€銆€=199.49-62.76=136.73(钀厓)

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