2018骞存敞鍐婃渻瑷堝斧銆婅病鍕�(w霉)鎴愭湰绠$悊銆嬬珷绡€(ji茅)绶寸繏椤岋細绗洓绔犺硣鏈垚鏈�


1銆丄 B C鍏徃鎸夊钩鍧囧競鍫村児鍊艰▓閲忕殑鐩璩囨湰绲�(ji茅)妲�(g貌u)鏄細4 0 % 鐨勯暦鏈熷偟鍕�(w霉)銆�1 0% 鐨勫劒(y艒u)鍏堣偂銆�5 0 % 鐨勬櫘閫氳偂銆傞暦鏈熷偟鍕�(w霉)鐨勭▍鍚庢垚鏈槸3.9 0 % , 鍎�(y艒u)鍏堣偂鐨勬垚鏈槸8.16% ,
鏅€氳偂鐨勬垚鏈槸11.80% 銆�
WACC =40% x3.9% +10% x8.16% +50% x l l.8 0 %
=8.276%
2銆丄BC鍏徃鐝�(xi脿n)鏈夎硣鐢�(ch菐n)1000钀厓锛屾矑鏈夎矤鍌�锛屽叏閮ㄧ偤娆�(qu谩n)鐩婅硣鏈�銆傚叾璩囩敘(ch菐n)鍑堝埄鐜囩偤15%锛屾瘡骞村噲鏀剁泭150钀厓锛屽叏閮ㄧ敤浜庣櫦(f膩)鏀捐偂鍒╋紝鍏徃鐨勫闀风巼鐐洪浂銆傚叕鍙哥櫦(f膩)琛屽湪澶栫殑鏅€氳偂100钀偂锛屾瘡鑲℃伅鍓嶇▍鍚庡埄娼�1.5鍏�(150钀厓/100钀偂)銆傝偂绁ㄧ殑鍍规牸鐐烘瘡鑲�10鍏�銆傚叕鍙哥偤浜嗘摯澶ц(gu墨)妯¤臣缃柊鐨勮硣鐢�(ch菐n)(瑭茶硣鐢�(ch菐n)鐨勬湡鏈涘牨閰垏鐝�(xi脿n)鏈夎硣鐢�(ch菐n)鐩稿悓)锛屾摤浠ユ瘡鑲�10鍏冪殑鍍规牸澧炵櫦(f膩)鏅€氳偂100钀偂锛岀櫦(f膩)琛岃不鐢ㄧ巼鐐�10%銆傝┎澧炶硣鏂规鏄惁鍙?
瑭插叕鍙告湭缍�(j墨ng)鐧�(f膩)琛岃不鐢ㄨ(di脿o)鏁寸殑鑲℃瑠(qu谩n)鎴愭湰锛�
鐢变簬璩囩敘(ch菐n)鍫遍叕鐜囧彧鏈�15%锛屽洜姝ゅ璩囨柟妗堜笉鍙銆�
3銆丄鍏徃鐨勭暥鍓嶈偂鍒╃偤2鍏�/鑲★紝鑲$エ鐨勫闅涘児鏍肩偤23鍏�銆傝瓑鍒稿垎鏋愬斧闋�(y霉)娓紝鏈締5骞寸殑澧為暦鐜囬€愬勾閬炴笡锛岀5骞村強鍏朵互鍚庡勾搴︾偤5%銆�
(1)瑷堢畻骞句綍骞冲潎澧為暦鐜�
闋�(y霉)瑷堟湭渚�30骞寸殑鑲″埄锛岃琛ㄦ墍绀�銆�
灏岮鍏徃鐨勮偂鍒╅爯(y霉)娓�
銆€ |
0 |
1 |
2 |
3 |
4 |
5 |
30 |
澧為暦鐜� |
銆€ |
9% |
8% |
7% |
6% |
5% |
5% |
鑲″埄锛堝厓/鑲★級 |
2 |
2.1800 |
2.3544 |
2.5192 |
2.6704 |
2.8039 |
9.4950 |
銆愮瓟妗堛€�
瑷�(sh猫)骞冲潎澧為暦鐜囩偤g锛�
2×(1+g)30=9.4950
g=5.3293%
K=2×(1+5.3293%)/23+5.3293%=14.49%
(2)鏍规摎(j霉)涓嶅潎鍕荤殑澧為暦鐜囩洿鎺ヨ▓绠楄偂娆�(qu谩n)鎴愭湰
鏍规摎(j霉)鍥哄畾澧為暦鑲″埄浼板児妯″瀷锛岃ō(sh猫)娆�(qu谩n)鐩婃垚鏈偤K s锛屽墖绗�4骞存湯鐨勮偂鍒╃従(xi脿n)鍊肩偤锛�
P4=2.8039/(Ks-5%)
鐣跺墠鐨勮偂鍍圭瓑浜庡墠4骞寸殑鑲″埄鐝�(xi脿n)鍊艰垏绗�4骞存湯鑲″児涔嬪拰锛�
鏈€鍚庯紝姹傝В涓婅堪鏂圭▼寮忥細
Ks=14.91%
4銆佸競鍫寸劇棰ㄩ毆鍫遍叕鐜囩偤10%锛屽钩鍧囬ⅷ闅偂绁ㄥ牨閰巼14%锛屾煇鍏徃鏅€氳偂β鍊肩偤1.2銆�
鏅€氳偂鐨勬垚鏈偤锛欿S=10%+1.2×(14%-10%)=14.8%
鏈€鏂拌硣瑷�
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