銆€銆€绗洓绡€(ji茅)闋呯洰鎶曡硣姹虹瓥瑭曞児鎸囨(bi膩o)鐨勯亱鐢�$lesson$

銆€銆€鏈瘈(ji茅)澶х侗瑕佹眰锛�

銆€銆€1.鎺屾彙瀹屽叏鍏峰倷銆佸熀鏈叿鍌�銆佸畬鍏ㄤ笉鍏峰倷鎴栧熀鏈笉鍏峰倷璨″嫏(w霉)鍙鎬х殑鍒ゆ柗妯�(bi膩o)婧�(zh菙n)鍜屾噳(y墨ng)鐢ㄦ妧宸�

銆€銆€2.鎺屾彙鍑堢従(xi脿n)鍊兼硶銆佸噲鐝�(xi脿n)鍊肩巼娉�銆佸樊椤嶆姇璩囧収(n猫i)閮ㄦ敹鐩婄巼娉曘€佸勾绛夐鍑堝洖鏀堕娉曞拰瑷堢畻鏈熺当(t菕ng)涓€娉曞湪澶氭柟妗堟瘮杓冩焙绛栦腑鐨勬噳(y墨ng)鐢ㄦ妧宸у拰閬╃敤鑼冨湇銆�

銆€銆€3.浜嗚В浜掓枼鏂规姹虹瓥鑸囪病鍕�(w霉)鍙鎬ц⿻鍍圭殑闂�(gu膩n)绯�;

銆€銆€4.浜嗚В澶氭柟妗堢祫鍚堟帓闅婃姇璩囨焙绛�

銆€銆€鏈瘈(ji茅)鍏烽珨鍏�(n猫i)瀹癸細

銆€銆€涓€銆佺崹绔嬫柟妗堣病鍕�(w霉)鍙鎬ц⿻鍍瑰強鎶曡硣姹虹瓥

銆€銆€瑭曞児鐛ㄧ珛鏂规璨″嫏(w霉)鍙鎬х殑瑕侀粸鍖呮嫭锛�

銆€銆€1.鍒ゆ柗鏂规鏄惁瀹屽叏鍏峰倷璨″嫏(w霉)鍙鎬х殑姊濅欢

銆€銆€濡傛灉鏌愪竴鎶曡硣鏂规鐨勬墍鏈夎⿻鍍规寚妯�(bi膩o)鍧囪檿浜庡彲琛屽崁(q奴)闁�锛屽嵆鍚屾檪婊胯冻浠ヤ笅姊濅欢鏅�锛屽墖鍙互鏂峰畾瑭叉姇璩囨柟妗堢劇璜栧緸鍝€嬫柟闈㈢湅閮藉叿鍌欒病鍕�(w霉)鍙鎬�锛屾垨瀹屽叏鍏峰倷鍙鎬с€傞€欎簺姊濅欢鏄細

銆€銆€(1)鍑堢従(xi脿n)鍊糔PV鈮�0;

銆€銆€(2)鍑堢従(xi脿n)鍊肩巼NPVR鈮�0;

銆€銆€(3)鐛插埄鎸囨暩(sh霉)PI鈮�1;

銆€銆€(4)鍏�(n猫i)閮ㄦ敹鐩婄巼IRR鈮ヨ妤�(y猫)鍩烘簴(zh菙n)鎶樼従(xi脿n)鐜噄c;

銆€銆€(5)鍖呮嫭寤鸿ō(sh猫)鏈熺殑闈滄厠(t脿i)鎶曡硣鍥炴敹鏈烶P鈮/2 (鍗抽爡鐩▓绠楁湡鐨勪竴鍗�);

銆€銆€(6)涓嶅寘鎷缓瑷�(sh猫)鏈熺殑闈滄厠(t脿i)鎶曡硣鍥炴敹鏈� PP鈥欌墹 P/2(鍗抽亱鐕熸湡鐨勪竴鍗�);

銆€銆€(7)鎶曡硣鍒╂饯鐜嘡OI鈮ュ熀婧�(zh菙n)鎶曡硣鍒╂饯鐜噄 (浜嬪厛绲﹀畾)銆�

銆€銆€2.鍒ゆ柗鏂规鏄惁瀹屽叏涓嶅叿鍌欒病鍕�(w霉)鍙鎬х殑姊濅欢

銆€銆€濡傛灉鏌愪竴鎶曡硣闋呯洰鐨勮⿻鍍规寚妯�(bi膩o)鍧囪檿浜庝笉鍙鍗€(q奴)闁�锛屽嵆鍚屾檪婊胯冻浠ヤ笅姊濅欢鏅�锛屽墖鍙互鏂峰畾瑭叉姇璩囬爡鐩劇璜栧緸鍝€嬫柟闈㈢湅閮戒笉鍏峰倷璨″嫏(w霉)鍙鎬э紝鎴栧畬鍏ㄤ笉鍏峰倷鍙鎬�锛屾噳(y墨ng)鐣�(d膩ng)寰瑰簳鏀炬鎶曡硣鏂规銆傞€欎簺姊濅欢鏄細

銆€銆€(1)NPV<0;(2)NPVR<0;(3)PI<1;(4)IRR n/2 ;(6)PP鈥� > P/2 ;(7)ROI

銆€銆€3.鍒ゆ柗鏂规鏄惁鍩烘湰鍏峰倷璨″嫏(w霉)鍙鎬х殑姊濅欢

銆€銆€濡傛灉鍦ㄨ⿻鍍归亷绋嬩腑鐧�(f膩)鐝�(xi脿n)鏌愰爡鐩殑涓昏鎸囨(bi膩o)铏曚簬鍙鍗€(q奴)闁�(濡侼PV鈮�0锛孨PVR鈮�0锛孭I鈮�1锛孖RR鈮c)浣嗘瑕佹垨杓斿姪鎸囩ず铏曚簬涓嶅彲琛屽崁(q奴)闁�(濡侾P> n/2 锛孭P鈥� > P/2鎴朢OI

銆€銆€4.鍒ゆ柗鏂规鏄惁鍩烘湰涓嶅叿鍌欒病鍕�(w霉)鍙鎬х殑姊濅欢

銆€銆€濡傛灉鍦ㄨ⿻鍍归亷绋嬩腑鐧�(f膩)鐝�(xi脿n)鏌愰爡鐩嚭鐝�(xi脿n)NPV<0锛孨PVR<0锛孭I<1锛孖RR

銆€銆€灏嶇崹绔嬫柟妗堥€茶璨″嫏(w霉)鍙鎬ц⿻鍍规檪鎳�(y墨ng)娉ㄦ剰锛�

銆€銆€(1)涓昏瑭曞児鎸囨(bi膩o)鍦ㄨ⿻鍍硅病鍕�(w霉)鍙鎬х殑閬庣▼涓捣涓诲皫(d菐o)浣滅敤;

銆€銆€(2)鍒╃敤鍕曟厠(t脿i)鎸囨(bi膩o)灏嶅悓涓€鍊嬫姇璩囬爡鐩€茶瑭曞児鍜屾焙绛�锛屽彲鑳藉緱鍑哄畬鍏ㄧ浉鍚岀殑绲�(ji茅)璜�銆�

銆€銆€鏁欐潗銆愪緥4-30銆戞煇鍥哄畾璩囩敘(ch菐n)鎶曡硣闋呯洰鍙湁涓€鍊嬫柟妗堬紝鍏跺師濮嬫姇璩囩偤1000钀厓锛岄爡鐩▓绠楁湡鐐�11骞�(鍏朵腑鐢熺敘(ch菐n)缍�(j墨ng)鐕熸湡鐐�10骞�)锛屽熀婧�(zh菙n)鎶曡硣鏀剁泭鐜囩偤9.5%锛岃妤�(y猫)鍩烘簴(zh菙n)鎶樼従(xi脿n)鐜囩偤10%銆�

銆€銆€鏈夐棞(gu膩n)鎶曡硣姹虹瓥瑭曞児鎸囨(bi膩o)濡備笅锛�

銆€銆€ROI=10%,PP=6骞�锛孭P鈥�=5骞�锛孨PV=162.65钀厓锛孨PVR=17.04%锛孖RR=12.73%.

銆€銆€瑕佹眰锛氳⿻鍍硅┎闋呯洰鐨勮病鍕�(w霉)鍙鎬�

銆€銆€鐢变簬NPV=162.65>0锛孨PVR>0锛孖RR=12.73%>10%

銆€銆€ROI=10%>9.5%, PP鈥�=5骞�=10/2, PP=6骞�>11/2,

銆€銆€鎵€浠ワ細瑭查爡鐩熀鏈叿鍌欒病鍕�(w霉)鍙鎬�

銆€銆€銆�05骞村柈閬搞€戝鏋滄煇鎶曡硣闋呯洰鐨勭浉闂�(gu膩n)瑭曞児鎸囨(bi膩o)婊胯冻浠ヤ笅闂�(gu膩n)绯伙細NPV>0锛孨PVR>0锛孭I>1锛孖RR>ic锛孭P>n/2锛屽墖鍙互寰楀嚭鐨勭祼(ji茅)璜栨槸(銆€)銆�

銆€銆€A.瑭查爡鐩熀鏈叿鍌欒病鍕�(w霉)鍙鎬�

銆€銆€B.瑭查爡鐩畬鍏ㄥ叿鍌欒病鍕�(w霉)鍙鎬�

銆€銆€C.瑭查爡鐩熀鏈笉鍏峰倷璨″嫏(w霉)鍙鎬�

銆€銆€D.瑭查爡鐩畬鍏ㄤ笉鍏峰倷璨″嫏(w霉)鍙鎬�

銆€銆€绛旀锛欰

銆€銆€銆�2008骞村閬搞€戝鏋滄煇鎶曡硣闋呯洰瀹屽叏鍏峰倷璨″嫏(w霉)鍙鎬э紝涓斿叾鍑堢従(xi脿n)鍊兼寚妯�(bi膩o)澶т簬闆�锛屽墖鍙互鏂峰畾瑭查爡鐩殑鐩搁棞(gu膩n)瑭曞児鎸囨(bi膩o)鍚屾檪婊胯冻浠ヤ笅闂�(gu膩n)绯伙細(銆€)銆�

銆€銆€A.鐛插埄鎸囨暩(sh霉)澶т簬1

銆€銆€B.鍑堢従(xi脿n)鍊肩巼澶т簬绛変簬闆�

銆€銆€C.鍏�(n猫i)閮ㄦ敹鐩婄巼澶т簬鍩烘簴(zh菙n)鎶樼従(xi脿n)鐜�

銆€銆€D.鍖呮嫭寤鸿ō(sh猫)鏈熺殑闈滄厠(t脿i)鎶曡硣鍥炴敹鏈熷ぇ浜庨爡鐩▓绠楁湡鐨勪竴鍗�

銆€銆€绛旀锛欰C

    2012骞存渻瑷堣伔绋辫紨灏�(d菐o)鎷涚敓绨＄珷

    鐝�(xi脿n)鍫卞悕杓斿皫(d菐o)濂楅鍙韩鍏姌鍎�(y艒u)鎯�

    2012骞存渻瑷堣伔绋辫€冭│鍫卞悕闋�(y霉)浼�

    2011骞存渻瑷堣伔绋辫€冭│鐪熼鍖附