銆€銆€1.鍫�(b脿o)閰巼

銆€銆€?鍫�(b脿o)閰巼=鐒￠ⅷ(f膿ng)闅�(xi菐n)鍫�(b脿o)閰巼+鎶曡硣棰�(f膿ng)闅�(xi菐n)瑁�(b菙)鍎�+绠＄悊璨�(f霉)鎿�(d膩n)瑁�(b菙)鍎�+缂轰箯娴佸嫊(d貌ng)鎬ц(b菙)鍎� 鈥� 鎶曡硣甯朵締鐨勫劒(y艒u)鎯�

銆€銆€2.鐩存帴璩囨湰鍖栨硶

銆€銆€?璩囨湰鍖栫巼=骞存敹鐩�/鍍�(ji脿)鏍�

銆€銆€?V=NOI/R 涓婂紡涓細V鈥曟埧鍦扮敘(ch菐n)鍍�(ji脿)鍊�;NOI鈥曟埧鍦扮敘(ch菐n)鏈締绗竴骞寸殑鍑堟敹鐩�;R鈥曡硣鏈寲鐜�;

銆€銆€?鏀剁泭涔樻暩(sh霉)鏄埧鍦扮敘(ch菐n)鐨勫児(ji脿)鏍奸櫎浠ュ叾鏌愮ó骞存敹鐩婃墍寰楃殑鍊嶆暩(sh霉)锛屽嵆锛� 鏀剁泭涔樻暩(sh霉)=鍍�(ji脿)鏍�/骞存敹鐩�

銆€銆€?鍒╃敤鏀剁泭涔樻暩(sh霉)灏囧勾鏀剁泭杞�(zhu菐n)鎻涚偤鍍�(ji脿)鍊肩殑鐩存帴璩囨湰鍖栨硶鍏紡鐐猴細 鎴垮湴鐢�(ch菐n)鍍�(ji脿)鍊�=骞存敹鐩娒楁敹鐩婁箻鏁�(sh霉)

銆€銆€?鎴垮湴鐢�(ch菐n)鍍�(ji脿)鍊�=姣涚閲懨楁瘺绉熼噾涔樻暩(sh霉)

銆€銆€?姣涚閲戜箻鏁�(sh霉)鏄競鍫翠笂鎴垮湴鐢�(ch菐n)鐨勫児(ji脿)鏍奸櫎浠ュ叾姣涚閲戞墍寰楃殑鍊嶆暩(sh霉)锛屽嵆:姣涚閲戜箻鏁�(sh霉)=鍍�(ji脿)鏍�/姣涚閲�(姣涚閲戜箻鏁�(sh霉)涔熸槸缍�(j墨ng)甯告墍璎涚殑鈥滅鍞瘮鍍�(ji脿)鈥�)

銆€銆€?V=PGI脳PGIM娼涘湪姣涙敹鍏ヤ箻鏁�(sh霉)鏄競鍫翠笂鎴垮湴鐢�(ch菐n)鐨勫児(ji脿)鏍奸櫎浠ュ叾骞存經鍦ㄦ瘺鏀跺叆鎵€寰楃殑鍊嶆暩(sh霉)锛屽嵆:PGIM=V/PGI

銆€銆€?V=EGI脳EGIM鏈夋晥姣涙敹鍏ヤ箻鏁�(sh霉)鏄埧鍦扮敘(ch菐n)鐨勫児(ji脿)鏍奸櫎浠ュ叾骞存湁鏁堟瘺鏀跺叆鎵€寰楃殑鍊嶆暩(sh霉)锛屽嵆:EGIM=V/EGI

銆€銆€?V=NOI脳NIM鍑堟敹鐩婁箻鏁�(sh霉)鏄埧鍦扮敘(ch菐n)鐨勫児(ji脿)鏍奸櫎浠ュ叾骞村噲鏀剁泭鎵€寰楃殑鍊嶆暩(sh霉)锛屽嵆:NIM=V/NOI

銆€銆€鐢变簬鍑堟敹鐩婁箻鏁�(sh霉)鑸囪硣鏈寲鐜囨槸浜掔偤鍊掓暩(sh霉)鐨勯棞(gu膩n)绯�锛岄€氬父寰堝皯鐩存帴閲囩敤鍑堟敹鐩婁箻鏁�(sh霉)娉曞舰寮�锛岃€岄噰鐢ㄨ硣鏈寲鐜囧皣鍑堟敹鐩婅綁(zhu菐n)鎻涚偤鍍�(ji脿)鍊肩殑褰㈠紡锛屽嵆:V=NOI/R

銆€銆€?鍑堟敹鐩婄巼鑸囨湁鏁堟瘺鏀跺叆涔樻暩(sh霉)涔嬫瘮姹傚彇缍滃悎璩囨湰鍖栫巼鐨勫叕寮忕偤锛歊o=NIR/EGIM

銆€銆€鍥�?y脿n)闀笽R=1鈥昈ER鎵€浠� Ro=(1鈥昈ER)/EGIM 涓婅堪鍏紡鐨勪締婧愭槸锛�

銆€銆€鍥�?y脿n)?Ro=NOI/V鎵€浠�锛屽皣涓婅堪绛夊紡鍙抽倞鐨勫垎瀛愬拰鍒嗘瘝鍚屾檪(sh铆)闄や互鏈夋晥姣涙敹鍏�(EGl)寰�:Ro=NIR/EGIM

銆€銆€涓婂紡涓細Ro鈥曠稖鍚堣硣鏈寲鐜�;OER鈥曢亱(y霉n)鐕熻不(f猫i)鐢�;V鈥曟埧鐢�(ch菐n)鍍�(ji脿)鏍�;NIR鈥曞噲鏀剁泭鐜�;EGIM鈥曟湁鏁堟瘺鏀跺叆涔樻暩(sh霉);

銆€銆€NOI鈥曟煇涓€骞寸殑鍑堟敹鐩�;

銆€銆€?鍦ㄥ噲鏀剁泭姣忓勾涓嶈畩涓旀寔绾�(x霉)鐒￠檺骞寸殑鎯呮硜涓�锛屽牨(b脿o)閰硣鏈寲娉曠殑鍏紡鐐猴細V=A/Y

銆€銆€?鍦ㄥ噲鏀剁泭姣忓勾涓嶈畩浣嗘敹鐩婂勾闄愮偤鏈夐檺骞寸殑鎯呮硜涓嬶紝鍫�(b脿o)閰硣鏈寲娉曠殑鍏紡鐐猴細

銆€銆€V=A/Y [1鈥�1/(1+Y)n] R=Y/[1鈥�1/(1+Y)n]

銆€銆€?鍦ㄥ噲鏀剁泭鎸変竴瀹氭瘮鐜噂閬炲骞舵敹鐩婃湡闄愮偤鐒￠檺骞寸殑鎯呮硜涓�锛屽牨(b脿o)閰硣鏈寲娉曠殑鍏紡鐐猴細V=A/Y鈥昰

銆€銆€?鍦ㄩ爯(y霉)鐭ユ湭渚嗚嫢骞插勾鍚庣殑鍍�(ji脿)鏍肩浉灏�(du矛)璁婂嫊(d貌ng)鐨勬儏娉佷笅锛屽牨(b脿o)閰硣鏈寲娉曠殑鍏紡鐐猴細V=A/Y鈥曗柍脳Y/(1+Y)t鈥�1鎴�

銆€銆€R= Y鈥曗柍脳Y/(1+Y)t鈥�1

銆€銆€3.鎶曡硣绲勫悎鍜屽墿浣欐妧琛�(sh霉)

銆€銆€寮忎腑锛歊o鈥曠稖鍚堣硣鏈寲鐜�;RL鈥曞湡鍦拌硣鏈寲鐜�;RB鈥曞缓绛戠墿璩囨湰鍖栫巼;VL鈥曞湡鍦板児(ji脿)鍊�;VB鈥曞缓绛戠墿鍍�(ji脿)鍊�;

銆€銆€V鈥曞湡鍦板児(ji脿)鍊煎崰鎴垮湴鍍�(ji脿)鍊肩殑姣旂巼;B鈥曞缓绛戠墿鍍�(ji脿)鍊煎崰鎴垮湴鍍�(ji脿)鍊肩殑姣旂巼锛孡+B=100%;

銆€銆€?Ro=VL脳RL+VB脳RB/ VL+VB ?RL=(VL+VB)RO鈥昖B脳RB/VL ?RB=( VL+VB)RO鈥� VL脳RL/VB

銆€銆€?Ro=L脳RL+B脳RB ?Ro=L脳RL+(1鈥昄)RB ?Ro=(1鈥旴) RL+B脳RB

銆€銆€?鎶垫娂璨告甯告暩(sh霉)鐨勮▓(j矛)绠楀叕寮忕偤锛歊o=M脳RM+(1鈥昅)脳RE

銆€銆€?鍦ㄥ垎鏈熺瓑椤嶆湰鎭劅閭勮哺娆剧殑鎯呮硜涓�,鎶垫娂璨告甯告暩(sh霉)鐨勮▓(j矛)绠楀叕寮忕偤锛歊M=YM脳(1+YM)n/(1+YM)n鈥�1

銆€銆€= YM+YM/(1+YM)n鈥�1

銆€銆€寮忎腑锛歊M鈥曟姷鎶艰哺娆惧父鏁�(sh霉);YM鈥曟姷鎶艰哺娆惧牨(b脿o)閰巼锛屽嵆鎶垫娂璨告鍒╃巼(i);n鈥曟姷鎶艰哺娆炬湡闄�;

銆€銆€?鎴垮湴鐢�(ch菐n)鐨勫児(ji脿)鏍�=鎶垫娂璨告閲戦+鑷湁璩囬噾椤� ?鎴垮湴鐢�(ch菐n)鍑堟敹鐩�=鎶垫娂璨告鏀剁泭+鑷湁璩囬噾鏀剁泭

銆€銆€?鐩存帴璩囨湰鍖栨硶鐨勫湡鍦板墿浣欐妧琛�(sh霉)鍏紡 鐐�: VL= AO鈥昖B脳RB/ RL

銆€銆€?鐩存帴璩囨湰鍖栨硶鐨勫缓绛戠墿鍓╀綑鎶€琛�(sh霉)鍏紡鐐�: VB= AO鈥昖L脳RL/ RB

銆€銆€涓婂紡涓細VL鈥曞湡鍦板児(ji脿)鍊�;AO鈥曞湡鍦拌垏鍦颁笂寤虹瓚鐗╁叡鍚岀敘(ch菐n)鐢熺殑鍑堟敹鐩�;VB鈥曞缓绛戠墿鍍�(ji脿)鍊�;RB鈥曞缓绛戠墿璩囨湰鍖栫巼;

銆€銆€RL鈥曞湡鍦拌硣鏈寲鐜�;

銆€銆€?鐩存帴璩囨湰鍖栨硶鐨勮嚜鐢辫硣閲戝墿浣欐妧琛�(sh霉)鍏紡鐐�: VE= AO鈥昖M脳RM/ RE

銆€銆€?鐩存帴璩囨湰鍖栨硶鐨勬姷鎶艰哺娆惧墿浣欐妧琛�(sh霉)鍏紡鐐�: VM= AO鈥昖E脳RE/ RM

銆€銆€涓婂紡涓細VE鈥曡嚜鏈夎硣閲戞瑠(qu谩n)鐩婂児(ji脿)鍊�;AO鈥曟埧鍦扮敘(ch菐n)鍑堟敹鐩�;VM鈥曟姷鎶艰哺娆鹃噾椤�;RM鈥曟姷鎶艰哺娆惧父鏁�(sh霉);

銆€銆€RE鈥曡嚜鏈夎硣閲戣硣鏈寲鐜�;