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发表于 2014-09-19 22:10
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某建设项目有A、B两个投资方案,基准收益率ic=10%,其现金流量(投资与效益)见下表vLªr¢-EZbbs.3c3t.comMi6Hl¡Â现金流量表vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â年vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
末vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 折现系数vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
(P/F,10%,n)vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 方案AvLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 方案BvLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 投资与vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
利益vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 净现值vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 累计净现vLªr¢-EZbbs.3c3t.comMi6Hl¡Â 值vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 投资与利vLªr¢-EZbbs.3c3t.comMi6Hl¡Â 益vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 净现值vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 累计净现vLªr¢-EZbbs.3c3t.comMi6Hl¡Â 值vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 1vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 0.9091vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | -1 200vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| -2 500vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 2vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 0.8264vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | -1 500vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| -2 300vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 3vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 0.7513vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 850vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 1 500vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 4vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 0.6830vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 850vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 1 500vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 5vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 0.6209vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 850vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 1 500vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 6vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 0.5645vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 850vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 1 500vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 7vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 0.5132vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 850vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 1 500vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 8vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 0.4665vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 850vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 1 500vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 9vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 0.4241vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | 850vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| 1 500vLªr¢-EZbbs.3c3t.comMi6Hl¡Â | vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
| vLªr¢-EZbbs.3c3t.comMi6Hl¡Â参考系数:vLªr¢-EZbbs.3c3t.comMi6Hl¡Â[P/A,20%,2]=1.5278vLªr¢-EZbbs.3c3t.comMi6Hl¡Â [P/A,25%,2]=1.4400vLªr¢-EZbbs.3c3t.comMi6Hl¡Â [P/A,20%,1]=0.8333vLªr¢-EZbbs.3c3t.comMi6Hl¡Â[P/A,30%,2]=1.3609vLªr¢-EZbbs.3c3t.comMi6Hl¡Â [P/A,25%,2]=1.2894vLªr¢-EZbbs.3c3t.comMi6Hl¡Â [P/A,25%,1]=0.8000vLªr¢-EZbbs.3c3t.comMi6Hl¡Â[P/A,20%,7]=3.6046vLªr¢-EZbbs.3c3t.comMi6Hl¡Â [P/A,20%,2]=3.1611vLªr¢-EZbbs.3c3t.comMi6Hl¡Â [P/A,10%,7]=4.8683vLªr¢-EZbbs.3c3t.comMi6Hl¡Â[P/A,30%,7]=2.8021vLªr¢-EZbbs.3c3t.comMi6Hl¡Â [P/A,20%,2]=2.5075vLªr¢-EZbbs.3c3t.comMi6Hl¡Â[P/A,20%,2]=0.6944vLªr¢-EZbbs.3c3t.comMi6Hl¡Â [P/A,20%,2]=0.6400vLªr¢-EZbbs.3c3t.comMi6Hl¡Â[P/A,30%,2]=0.5917vLªr¢-EZbbs.3c3t.comMi6Hl¡Â [P/A,20%,2]=0.5487vLªr¢-EZbbs.3c3t.comMi6Hl¡Â[问题]vLªr¢-EZbbs.3c3t.comMi6Hl¡Â试分别应用如下两种方法,对A、B两方案进行评价和优选。vLªr¢-EZbbs.3c3t.comMi6Hl¡Â1、净现值法;2、内部收益率法。vLªr¢-EZbbs.3c3t.comMi6Hl¡Â[参考答案]vLªr¢-EZbbs.3c3t.comMi6Hl¡Â1、净现值法:vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂNPVA=-1200[P/F,10%,1]-1500[P/F,10%,2]+850[P/A,10%,7][P/F,10%,2]vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂvLªr¢-EZbbs.3c3t.comMi6Hl¡Â =-1200×0.9091-1500×0.8264+850×4.8683×0.8264vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂvLªr¢-EZbbs.3c3t.comMi6Hl¡Â =1089.17(万元)vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂNPVB=-2500[P/F,10%,1]-2300[P/F,10%,2]+1500[P/A,10%,7][P/F,10%,2]vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂvLªr¢-EZbbs.3c3t.comMi6Hl¡Â =-2500×0.9091-2300×0.8264+1500×4.8683×0.8264vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂvLªr¢-EZbbs.3c3t.comMi6Hl¡Â =1861.27(万元)vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â两方案的净现值均大于0,作为单方案在经济上都是可行的。vLªr¢-EZbbs.3c3t.comMi6Hl¡Â但A、B方案相比, NPVB > NPVA,表明B方案的经济效果更好,因此应采用B 方案。vLªr¢-EZbbs.3c3t.comMi6Hl¡Â2、内部收益率法:vLªr¢-EZbbs.3c3t.comMi6Hl¡Â根据内部收益率的定义,令NPV=0,求IRR。vLªr¢-EZbbs.3c3t.comMi6Hl¡Â⑴.求A方案的IRR:vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂNPVA=-1200[P/F,IRRA,1]-1500[P/F,IRRA,2]+850[P/A,IRRA,7][P/F,IRRA,2] vLªr¢-EZbbs.3c3t.comMi6Hl¡Â①用试算法计算vLªr¢-EZbbs.3c3t.comMi6Hl¡Â假设IRRA=20%:vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂNPVA=-1200[P/F,20%,1]-1500[P/F,20%,2]+850[P/A,20%,7][P/F,20%,2]vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂvLªr¢-EZbbs.3c3t.comMi6Hl¡Â =86.027(万元)vLªr¢-EZbbs.3c3t.comMi6Hl¡Â假设IRRA=25%:vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂNPVA=-1200[P/F,25%,1]-1500[P/F,25%,2]+850[P/A,25%,7][P/F,25%,2]vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂvLªr¢-EZbbs.3c3t.comMi6Hl¡Â =-200.36(万元)vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â②用插值法求IRRAvLªr¢-EZbbs.3c3t.comMi6Hl¡ÂvLªr¢-EZbbs.3c3t.comMi6Hl¡Â IRRA=20%+86.02/(86.02+200.36)×(25%-20%)=21.5%vLªr¢-EZbbs.3c3t.comMi6Hl¡Â vLªr¢-EZbbs.3c3t.comMi6Hl¡Â⑵.求B方案的IRR:vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂNPVB=-2500[P/F,IRRB,1]-2300[P/F,IRRB,2]+1500[P/A,IRRB,7][P/F,IRRB,2]vLªr¢-EZbbs.3c3t.comMi6Hl¡Â①用试算法计算vLªr¢-EZbbs.3c3t.comMi6Hl¡Â假设IRRB=20%vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂNPVB=-2500[P/F,20%,1]-2300[P/F,20%,2]+1500[P/A,20%,7][P/F,20%,2]vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂvLªr¢-EZbbs.3c3t.comMi6Hl¡Â =74.18(万元)vLªr¢-EZbbs.3c3t.comMi6Hl¡Â假设IRRB=25%vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂNPVB=-2500[P/F,25%,1]-2300[P/F,25%,2]+1500[P/A,25%,7][P/F,25%,2]vLªr¢-EZbbs.3c3t.comMi6Hl¡ÂvLªr¢-EZbbs.3c3t.comMi6Hl¡Â =-437.34(万元) vLªr¢-EZbbs.3c3t.comMi6Hl¡Â②用插值法求IRRBvLªr¢-EZbbs.3c3t.comMi6Hl¡ÂvLªr¢-EZbbs.3c3t.comMi6Hl¡Â IRRB=20%+74.18/(74.18+437.34)×(25%-20%)=20.7%vLªr¢-EZbbs.3c3t.comMi6Hl¡Â因为A、B两方案内部收益率均大于基准收益率ic=10%,说明两个方案作为单方案在经济上是可行的。但两方案相比IRRA > IRRB ,故采用A方案优。 vLªr¢-EZbbs.3c3t.comMi6Hl¡Â
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