鍜ㄨ(x煤n)宸ョ▼甯従(xi脿n)浠ｅ挩瑭�(x煤n)鏂规硶鑸囧(sh铆)鍕�(w霉)妗堜緥(涓�)
鐎忚
鏀惰棌
銆€銆€妗堜緥3
銆€銆€妗堜緥8-1
銆€銆€鍏╁€�(g猫)浜掓枼鏂规锛屽＝鍛界浉鍚�锛岃硣鏂欏琛�8-1锛屽熀鎶樼従(xi脿n)鐜囩偤15%锛岃│鐢ㄥ噲鐝�(xi脿n)鍊兼硶鍜屽樊椤嶆姇璩囧収(n猫i)閮ㄦ敹鐩婄巼娉曟瘮杓冮伕鎿囨渶鍎�(y艒u)鍙鏂规銆�
銆€銆€琛�8-1 璩囨枡鏁�(sh霉)鎿�(j霉)
銆€銆€
|
鎶曡硣 |
骞存敹鍏� |
骞存敮鍑� |
鍑堝€� |
浣跨敤澹藉懡 |
|
ab |
50006000 |
16002000 |
400600 |
20001010 |
銆€銆€npva=-5000+(1600-400)(p/a,15%,10)+200(p/f,15%,10)=1072(钀�(w脿n)鍏�)
銆€銆€npvb=-6000+(2000-600)(p/a,15%,10)=1027(钀�(w脿n)鍏�)
銆€銆€鎵€浠pva> npvb>0锛岃〃鏄庢柟妗坅锛宐鍧囧彲琛�锛屼笖鏂规a鍎�(y艒u)浜庢柟妗坆銆�
銆€銆€2) 瑷�(j矛)绠楀樊椤嶆姇璩囧収(n猫i)閮ㄦ敹鐜囧苟姣旈伕鏂规銆�
銆€銆€瑷�(sh猫)i1=12%,i2=14%
銆€銆€鈻硁pu(i1)=[-6000+(2000-600)(p/a,12%,10)]-[-5000+(1600-400)(p/a,12%,10)+200
銆€銆€(p/f,12%,10)]=66 (钀�(w脿n)鍏�)
銆€銆€鈻硁pu(i2)=[-6000+(2000-600)(p/a,14%,10)]-[-5000+(1600-400)(p/a,14%,10)+200
銆€銆€(p/f,14%,10)]=-10(钀�(w脿n)鍏�)
銆€銆€鍥�?y脿n)妞ら饱rr=13.7%
銆€銆€鎵€浠ユ姇璩囧皬鐨勬柟妗坅鐐哄劒(y艒u)銆�
銆€銆€妗堜緥8-2
銆€銆€鏌愪紒妤�(y猫)鎶€琛�(sh霉)鏀归€犳湁鍏╁€�(g猫)鏂规鍙緵閬告搰锛屽悇鏂规鐨勬湁闂�(gu膩n)鏁�(sh霉)鎿�(j霉)瑕�(ji脿n)琛�8-2锛岃ō(sh猫)鍩烘簴(zh菙n)鏀剁泭鐜囩偤12%銆�
銆€銆€琛�8-2 a銆乥鏂规鐨勬暩(sh霉)鎿�(j霉)
銆€銆€
|
鏂规 |
鎶曡硣椤�(钀�(w脿n)鍏�) |
骞村噲鏀剁泭(钀�(w脿n)鍏�) |
澹藉懡鏈� |
|
ab |
8001200 |
360480 |
68 |
銆€銆€2)灏�(du矛)浜庢湇鍕�(w霉)骞撮檺涓嶅悓鐨勬姇璩囨柟妗堬紝濡備綍纰哄畾鐮旂┒鏈�銆�
銆€銆€3)閬告搰涓婅堪宸茬煡姊濅欢涓嬬殑鏈€鍎�(y艒u)鏂规銆�
銆€銆€瑙� 锛�
銆€銆€1)鏂规涔嬮枔鐨勫彲姣旀€ф噳(y墨ng)娉ㄦ剰锛氣憼鏈嶅嫏(w霉)骞撮檺鐨勫彲姣�锛屾墍姣旇純鏂规鏈嶅嫏(w霉)骞撮檺鎳�(y墨ng)鐩稿悓;鈶¤▓(j矛)绠楀熀绀�(ch菙)璩囨枡鐨勫彲姣旀€�;鈶㈣ō(sh猫)瑷�(j矛)娣卞害鎳�(y墨ng)鐩稿悓锛岃ō(sh猫)瑷�(j矛)璀版瑭崇窗(x矛)绋嬪害鐩稿悓锛屾晥鐩婅垏鐢ㄧ殑瑷�(j矛)绠楄寖鍦嶆噳(y墨ng)涓€鑷�;鈶ｇ稉(j墨ng)婵�(j矛)瑷�(j矛)绠楁柟娉曟噳(y墨ng)鐩稿悓銆�
銆€銆€2)纰哄畾鐮旂┒鏈熸湁鍏╃ó鏂规硶锛氣憼涓嶈€冩叜鏈嶅嫏(w霉)骞撮檺鐭殑鏂规鍦ㄥ＝鍛界祩浜嗙殑鏈締(l谩i)浜嬩欢鍙婂叾缍�(j墨ng)婵�(j矛)鏁堟灉锛岀爺绌舵湡闁撳嵆鐐哄＝鍛借純鐭柟妗堢殑鏈嶅嫏(w霉)骞撮檺;鈶＄爺绌舵湡鐐哄叐鏂规澹藉懡鏈熺殑鏈€灏忓叕鍊嶆暩(sh霉)銆�
銆€銆€3)鐢变簬鏂规鐨勫＝鍛芥湡涓嶅悓锛屽厛姹傚嚭浠栧€戝＝鍛界殑鏈€灏忓叕鍊嶆暩(sh霉)鐐�24骞�銆傚叐鍊�(g猫)鏂规閲嶅京(f霉)鍚庣殑鐝�(xi脿n)閲戞祦閲忓鍦�8-1锛屽叾涓柟妗坅閲嶅京(f霉)4娆�,鏂规b閲嶅京(f霉)3娆�銆�
銆€銆€鍦�8-1 鐝�(xi脿n)閲戞祦閲忓湒
銆€銆€npva=-800-800(p/f,12%,6)-800(p/f,12%,12)-800(p/f,12%,18)+360(p/a,12%,24)
銆€銆€npvb=-1200-1200(p/f,12%,8)-1200(p/f,12%,16)+480(p/f,12%,24)=1856.1(钀�(w脿n)鍏�)
銆€銆€鐢变簬npva< npvb锛屾晠鏂规b鍎�(y艒u)浜庢柟妗坅銆�
銆€銆€妗堜緥8-3
銆€銆€4绋叿鏈夊悓妯ｅ姛鑳界殑瑷�(sh猫)鍌�锛屼娇鐢ㄥ＝鍛藉潎鐐�10骞达紝娈樺€煎潎鍕�?y脿n)?锛屽垵濮嬫姇璩囧拰骞寸稉(j墨ng)鐕�(y铆ng)璨�(f猫i)鐢ㄥ琛�8-3锛� ic =10%, 鍟�(w猫n)锛氶伕鎿囧摢绋ō(sh猫)鍌欏湪缍�(j墨ng)婵�(j矛)涓婃洿鐐烘湁鍒�銆�
銆€銆€琛�8-3
銆€銆€
|
瑷�(sh猫)鍌� |
a |
b |
c |
d |
|
鍒濆鎶曡硣骞寸稉(j墨ng)鐕�(y铆ng)璨�(f猫i) |
30001800 |
38001770 |
45001470 |
50001320 |
銆€銆€pca(10%)=3000+1800(p/a,10%,10)=14060(鍏�)
銆€銆€pcb(10%)=3800+1770(p/a,10%,10)=14676(鍏�)
銆€銆€pcc(10%)=4500+1470(p/a,10%,10)=13533(鍏�)
銆€銆€pcd(10%)=5000+1320(p/a,10%,10)=13111(鍏�)
銆€銆€鍏朵腑瑷�(sh猫)鍌檇鐨勮不(f猫i)鐢ㄧ従(xi脿n)鍊兼渶灏�锛屾晠閬告搰瑷�(sh猫)鍌檇杓冪偤鏈夊埄銆�
銆€銆€2)鐢ㄥ勾璨�(f猫i)鐢ㄦ瘮閬告硶
銆€銆€aca(10%)=3000(a/p,10%,10)+1800=2288(鍏�)
銆€銆€acb(10%)=3800(a/p,10%,10)+1770=2388(鍏�)
銆€銆€acc(10%)=4500(a/p,10%,10)+1470=2202(鍏�)
銆€銆€acd(10%)=5000(a/p,10%,10)+1320=2134(鍏�)
銆€銆€鍏朵腑瑷�(sh猫)鍌檇鐨勫勾璨�(f猫i)鐢ㄦ渶灏�锛屾晠閬告搰瑷�(sh猫)鍌檇杓冪偤鏈夊埄銆�
