銆€銆€鍠爡(xi脿ng)閬告搰椤�

銆€銆€1銆佸亣瑷�(sh猫)璩囨湰甯傚牬(ch菐ng)鏈夋晥锛屽湪鑲″埄绌�(w臎n)瀹氬闀�(zh菐ng)鐨勬儏娉佷笅锛岃偂绁ㄧ殑璩囨湰鍒╁緱鏀剁泭鐜囩瓑浜庤┎鑲＄エ( )銆�

銆€銆€A.鑲″埄澧為暦(zh菐ng)鐜�(鐠�(hu谩n)鐞冪恫(w菐ng)鏍℃彁渚涙櫘閫氳偂鐨勬湡鏈涘牨(b脿o)閰巼)

銆€銆€B.鏈熸湜鏀剁泭鐜�

銆€銆€C.棰�(f膿ng)闅�(xi菐n)鏀剁泭鐜�

銆€銆€D.鑲″埄鏀剁泭鐜�

銆€銆€銆愮瓟妗堛€慉

銆€銆€銆愯В鏋愩€戞牴鎿�(j霉)鍥哄畾澧為暦(zh菐ng)鑲＄エ妯″瀷锛孭0=D1/(rs-g)锛孭1=D1(1+g)/(rs-g)锛屽亣瑷�(sh猫)璩囨湰甯傚牬(ch菐ng)鏈夋晥锛屽湪鑲″埄绌�(w臎n)瀹氬闀�(zh菐ng)鐨勬儏娉佷笅锛岃偂绁ㄧ殑璩囨湰鍒╁緱鏀剁泭鐜�=(P1-P0)/P0=g銆�

銆€銆€2銆佸湪鍏朵粬姊濅欢涓嶈畩鐨勬儏娉佷笅锛屼笅鍒椾簨闋�(xi脿ng)涓兘澶犲紩璧疯偂绁ㄦ湡鏈涙敹鐩婄巼涓婂崌鐨勬槸( )銆�

銆€銆€A.鐣�(d膩ng)鍓嶈偂绁ㄥ児(ji脿)鏍间笂鍗�

銆€銆€B.璩囨湰鍒╁緱鏀剁泭鐜囦笂鍗�

銆€銆€C.闋�(y霉)鏈熺従(xi脿n)閲戣偂鍒╀笅闄�

銆€銆€D.闋�(y霉)鏈熸寔鏈夎┎鑲＄エ鐨勬檪(sh铆)闁撳欢闀�(zh菐ng)

銆€銆€銆愮瓟妗堛€態

銆€銆€銆愯В鏋愩€戣偂绁ㄧ殑鏈熸湜鏀剁泭鐜�=D1/P0+g锛岀涓€閮ㄥ垎D1/P0鍙仛鑲″埄鏀剁泭鐜�锛岀浜岄儴鍒唃锛屽彨鑲″埄澧為暦(zh菐ng)鐜�銆傜敱浜庤偂鍒╃殑澧為暦(zh菐ng)閫熷害涔熷氨鏄偂绁ㄥ児(ji脿)鍊肩殑澧為暦(zh菐ng)閫熷害锛屽洜姝鍙互瑙ｉ噵鐐鸿偂鍍�(ji脿)澧為暦(zh菐ng)鐜囨垨璩囨湰鍒╁緱鏀剁泭鐜囥€�

銆€銆€澶氶爡(xi脿ng)閬告搰椤�

銆€銆€1銆佸皪(du矛)浜庡钩鎭偟鍒革紝涓嬪垪闂�(gu膩n)浜庡偟鍒稿児(ji脿)鍊肩殑瑾�(shu艒)娉曚腑锛屾纰虹殑鏈�(銆€銆€)銆�

銆€銆€A.鐣�(d膩ng)甯傚牬(ch菐ng)鍒╃巼楂樹簬绁ㄩ潰鍒╃巼鏅�(sh铆)锛屽偟鍒稿児(ji脿)鍊奸珮浜庡偟鍒搁潰鍊�

銆€銆€B.鐣�(d膩ng)甯傚牬(ch菐ng)鍒╃巼涓嶈畩鏅�(sh铆)锛岄毃钁楀偟鍒稿埌鏈熸檪(sh铆)闁撶殑绺煭锛屾孩鍍�(ji脿)鐧�(f膩)琛屽偟鍒哥殑鍍�(ji脿)鍊奸€愭几涓嬮檷锛屾渶绲傜瓑浜庡偟鍒搁潰鍊�

銆€銆€C.鐣�(d膩ng)甯傚牬(ch菐ng)鍒╃巼鐧�(f膩)鐢熻畩鍖栨檪(sh铆)锛岄毃钁楀偟鍒稿埌鏈熸檪(sh铆)闁撶殑绺煭锛屽競鍫�(ch菐ng)鍒╃巼璁婂寲灏�(du矛)鍌靛埜鍍�(ji脿)鍊肩殑褰遍熆瓒婁締(l谩i)瓒婂皬

銆€銆€D.鐣�(d膩ng)甯傚牬(ch菐ng)鍒╃巼涓嶈畩鏅�(sh铆)锛屾姌鍍�(ji脿)鍑哄敭鍌靛埜鐨勬湡闄愯秺鐭�锛屽偟鍒稿児(ji脿)鍊艰秺澶�

銆€銆€銆愮瓟妗堛€態CD

銆€銆€銆愯В鏋愩€戠暥(d膩ng)甯傚牬(ch菐ng)鍒╃巼楂樹簬绁ㄩ潰鍒╃巼鏅�(sh铆)锛屽偟鍒稿児(ji脿)鍊间綆浜庡偟鍒搁潰鍊硷紝A閷�(cu貌)瑾�銆�

銆€銆€2銆佸偟鍒窤鍜屽偟鍒窧鏄叐鍙墰鐧�(f膩)琛岀殑骞虫伅鍌靛埜锛屽偟鍒哥殑闈㈠€煎拰绁ㄩ潰鍒╃巼鐩稿悓锛岀エ闈㈠埄鐜囧潎楂樹簬蹇呰鍫�(b脿o)閰巼锛屼互涓嬭(shu艒)娉曚腑锛屾纰虹殑鏈�(銆€銆€)銆�

銆€銆€A.濡傛灉鍏╁偟鍒哥殑蹇呰鍫�(b脿o)閰巼鍜屽埄鎭敮浠橀牷鐜囩浉鍚�锛屽劅閭勬湡闄愰暦(zh菐ng)鐨勫偟鍒稿児(ji脿)鍊间綆

銆€銆€B.濡傛灉鍏╁偟鍒哥殑蹇呰鍫�(b脿o)閰巼鍜屽埄鎭敮浠橀牷鐜囩浉鍚�锛屽劅閭勬湡闄愰暦(zh菐ng)鐨勫偟鍒稿児(ji脿)鍊奸珮

銆€銆€C.濡傛灉鍏╁偟鍒哥殑鍎熼倓鏈熼檺鍜屽繀瑕佸牨(b脿o)閰巼鐩稿悓锛屽埄鎭敮浠橀牷鐜囬珮鐨勫偟鍒稿児(ji脿)鍊间綆

銆€銆€D.濡傛灉鍏╁偟鍒哥殑鍎熼倓鏈熼檺鍜屽埄鎭敮浠橀牷鐜囩浉鍚岋紝蹇呰鍫�(b脿o)閰巼鑸囩エ闈㈠埄鐜囧樊椤嶅ぇ鐨勫偟鍒稿児(ji脿)鍊奸珮

銆€銆€銆愮瓟妗堛€態D

銆€銆€銆愯В鏋愩€戝洜?y脿n)闁姽顕嬁瀣峰矝鎺ㄦ车鑳嵂姘忓棨?锛岃嫢鍚屾檪(sh铆)婊胯冻鍏╁偟鍒哥殑蹇呰鍫�(b脿o)閰巼鍜屽埄鎭敮浠橀牷鐜囩浉鍚�锛屽皪(du矛)浜庡钩鎭孩鍍�(ji脿)鐧�(f膩)琛屽偟鍒�(鍗冲垎鏈熶粯鎭偟鍒�)锛屽劅閭勬湡闄愯秺闀�(zh菐ng)锛岃〃鏄庢湭渚�(l谩i)鐛插緱鐨勯珮浜庡繀瑕佸牨(b脿o)閰巼鐨勫埄鎭(j墨)鏈�(hu矛)澶�锛屽墖鍌靛埜鍍�(ji脿)鍊艰秺楂橈紝鎵€浠ラ伕闋�(xi脿ng)A閷�(cu貌)瑾�锛岄伕闋�(xi脿ng)B姝ｇ⒑;灏�(du矛)浜庢孩鍍�(ji脿)鐧�(f膩)琛岀殑鍌靛埜锛屽姞蹇粯鎭牷鐜囷紝鍌靛埜鍍�(ji脿)鍊兼渻(hu矛)涓婂崌锛屾墍浠ラ伕闋�(xi脿ng)C閷�(cu貌)瑾�;灏�(du矛)浜庢孩鍍�(ji脿)鐧�(f膩)琛屽偟鍒�锛岀エ闈㈠埄鐜囬珮浜庡繀瑕佸牨(b脿o)閰巼锛屾墍浠ョ暥(d膩ng)蹇呰鍫�(b脿o)閰巼鑸囩エ闈㈠埄鐜囧樊椤嶈秺澶�锛�(鍥犲偟鍒哥殑绁ㄩ潰鍒╃巼鐩稿悓)鍗宠〃鏄庡繀瑕佸牨(b脿o)閰巼瓒婁綆锛屽墖鍌靛埜鍍�(ji脿)鍊兼噳(y墨ng)瓒婂ぇ銆傜暥(d膩ng)鍏朵粬鍥犵礌涓嶈畩鏅�(sh铆)锛屽繀瑕佸牨(b脿o)閰巼鑸囧偟鍒稿児(ji脿)鍊兼槸鍛堝弽鍚戣畩鍕�(d貌ng)鐨�锛屾墍浠ラ伕闋�(xi脿ng)D姝ｇ⒑銆�

鐠�(hu谩n)鐞冪恫(w菐ng)鏍″皬绶ㄦ帹钖︼細

2017骞存敞鍐�(c猫)鏈�(hu矛)瑷�(j矛)甯€婅病(c谩i)鍕�(w霉)鎴愭湰绠＄悊銆嬭€冮粸(di菐n)绶寸繏(x铆)椤岋細璩囨湰绲�(ji茅)妲�(g貌u)
2017骞存敞鍐�(c猫)鏈�(hu矛)瑷�(j矛)甯€婅病(c谩i)鍕�(w霉)鎴愭湰绠＄悊銆嬭€冮粸(di菐n)绶寸繏(x铆)椤岋細浼佹キ(y猫)鍍�(ji脿)鍊艰⿻(p铆ng)浼�
2017骞存敞鍐�(c猫)鏈�(hu矛)瑷�(j矛)甯€婅病(c谩i)鍕�(w霉)鎴愭湰绠＄悊銆嬭€冮粸(di菐n)绶寸繏(x铆)椤岋細缍�(j墨ng)鐕�(y铆ng)鏉犳】绯绘暩(sh霉)
銆€銆€鐠�(hu谩n)鐞冪恫(w菐ng)鏍″弸鎯呮彁绀猴細濡傛灉鎮ㄥ湪娉ㄥ唺(c猫)鏈�(hu矛)瑷�(j矛)甯€冭│閬�(gu貌)绋嬩腑閬囧埌浠讳綍鐤戝晱(w猫n)锛岃珛(q菒ng)鐧婚寗鐠�(hu谩n)鐞冪恫(w菐ng)鏍�娉ㄥ唺(c猫)鏈�(hu矛)瑷�(j矛)甯�鑰冭│闋婚亾鎴栫櫥闄�娉ㄥ唺(c猫)鏈�(hu矛)瑷�(j矛)甯珫澹�锛岄毃鏅�(sh铆)鑸囧唬澶ц€冪敓鏈嬪弸鍊戜竴璧蜂氦娴�!浠ヤ笂鏂囩珷鏄挵(hu谩n)鐞冪恫(w菐ng)鏍＄偤鑰冪敓鎻愪緵“2017骞存敞鍐�(c猫)鏈�(hu矛)瑷�(j矛)甯€婅病(c谩i)鍕�(w霉)鎴愭湰绠＄悊銆嬭€冮粸(di菐n)绶寸繏(x铆)椤岋細鏅€氳偂鐨勬湡鏈涘牨(b脿o)閰巼”锛屼緵绶寸繏(x铆)銆�

銆€銆€瑷�(j矛)绠楅

銆€銆€1銆佹煇涓婂競鍏徃鏈勾搴︾殑鍑堟敹鐩婄偤20000鍏冿紝姣忚偂鏀粯鑲″埄2鍏�銆傞爯(y霉)瑷�(j矛)瑭插叕鍙告湭渚�(l谩i)涓夊勾閫�(j矛n)鍏ユ垚闀�(zh菐ng)鏈�锛屽噲鏀剁泭绗�1骞村闀�(zh菐ng)14%锛岀2骞村闀�(zh菐ng)14%锛岀3骞村闀�(zh菐ng)8%銆傜4骞村強浠ュ悗灏囦繚鎸佸叾鍑堟敹鐩婃按骞�銆�

銆€銆€瑭插叕鍙镐竴鐩撮噰鐢ㄥ浐瀹氳偂鍒╂敮浠樼巼鐨勬斂绛栵紝骞舵墦绠椾粖鍚庣辜绾�(x霉)瀵�(sh铆)琛岃┎鏀跨瓥銆傝┎鍏徃娌�(m茅i)鏈夊鐧�(f膩)鏅€氳偂鍜岀櫦(f膩)琛屽劒(y艒u)鍏堣偂鐨勮▓(j矛)鍔冦€�

銆€銆€瑕佹眰锛�

銆€銆€(1)鍋囪ō(sh猫)鎶曡硣浜鸿姹傜殑鍫�(b脿o)閰巼鐐�10%锛岃▓(j矛)绠楄偂绁ㄧ殑鍍�(ji脿)鍊�(绮剧⒑鍒�0.01鍏�);

銆€銆€(2)濡傛灉鑲＄エ鐨勫児(ji脿)鏍肩偤24.89鍏冿紝瑷�(j矛)绠楄偂绁ㄧ殑鏈熸湜鍫�(b脿o)閰巼(绮剧⒑鍒�1%)銆�

銆€銆€銆愮瓟妗堛€�

銆€銆€(1)闋�(y霉)瑷�(j矛)绗�1骞寸殑鑲″埄=2×(1+14%)=2.28(鍏�)

銆€銆€闋�(y霉)瑷�(j矛)绗�2骞寸殑鑲″埄=2.28×(1+14%)=2.60(鍏�)

銆€銆€闋�(y霉)瑷�(j矛)绗�3骞村強浠ュ悗鐨勮偂鍒�=2.60×(1+8%)=2.81(鍏�)

銆€銆€鑲＄エ鐨勫児(ji脿)鍊�=2.28×(P/F锛�10%锛�1)+2.60×(P/F锛�10%锛�2)+2.81/10%×(P/F锛�10%锛�2)=27.44(鍏�)

銆€銆€(2)24.89=2.28×(P/F锛宨锛�1)+2.60×(P/F锛宨锛�2)+2.81/i×(P/F锛宨锛�2)

銆€銆€鐢变簬鎸�10%鐨勬湡鏈涘牨(b脿o)閰巼瑷�(j矛)绠�锛屽叾鑲＄エ鍍�(ji脿)鍊肩偤27.44鍏�锛屽競鍍�(ji脿)鐐�24.89鍏冩檪(sh铆)鐨勬湡鏈涘牨(b脿o)閰巼鎳�(y墨ng)楂樹簬10%锛屾晠鐢�11%闁�(k膩i)濮嬫脯(c猫)瑭︼細

銆€銆€鐣�(d膩ng)i=11%鏅�(sh铆)锛�2.28×(P/F锛�11%锛�1)+2.60×(P/F锛�11%锛�2)+2.81/11%×(P/F锛�11%锛�2)=24.89(鍏�)

銆€銆€鎵€浠�锛岃偂绁ㄧ殑鏈熸湜鍫�(b脿o)閰巼=11%銆�

鐠�(hu谩n)鐞冪恫(w菐ng)鏍″皬绶ㄦ帹钖︼細

2017骞存敞鍐�(c猫)鏈�(hu矛)瑷�(j矛)甯€婅病(c谩i)鍕�(w霉)鎴愭湰绠＄悊銆嬭€冮粸(di菐n)绶寸繏(x铆)椤岋細璩囨湰绲�(ji茅)妲�(g貌u)
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