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3c3t
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- 2006-01-01
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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£íôi"q¬çbbs.3c3t.com² ¦¯m现金流量表£íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m年£íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
末£íôi"q¬çbbs.3c3t.com² ¦¯m | 折现系数£íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
(P/F,10%,n）£íôi"q¬çbbs.3c3t.com² ¦¯m | 方案A£íôi"q¬çbbs.3c3t.com² ¦¯m | 方案B£íôi"q¬çbbs.3c3t.com² ¦¯m | 投资与£íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
利益£íôi"q¬çbbs.3c3t.com² ¦¯m | 净现值£íôi"q¬çbbs.3c3t.com² ¦¯m | 累计净现£íôi"q¬çbbs.3c3t.com² ¦¯m
值£íôi"q¬çbbs.3c3t.com² ¦¯m | 投资与利£íôi"q¬çbbs.3c3t.com² ¦¯m
益£íôi"q¬çbbs.3c3t.com² ¦¯m | 净现值£íôi"q¬çbbs.3c3t.com² ¦¯m | 累计净现£íôi"q¬çbbs.3c3t.com² ¦¯m
值£íôi"q¬çbbs.3c3t.com² ¦¯m | 1£íôi"q¬çbbs.3c3t.com² ¦¯m | 0.9091£íôi"q¬çbbs.3c3t.com² ¦¯m | -1 200£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| -2 500£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 2£íôi"q¬çbbs.3c3t.com² ¦¯m | 0.8264£íôi"q¬çbbs.3c3t.com² ¦¯m | -1 500£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| -2 300£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 3£íôi"q¬çbbs.3c3t.com² ¦¯m | 0.7513£íôi"q¬çbbs.3c3t.com² ¦¯m | 850£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 1 500£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 4£íôi"q¬çbbs.3c3t.com² ¦¯m | 0.6830£íôi"q¬çbbs.3c3t.com² ¦¯m | 850£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 1 500£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 5£íôi"q¬çbbs.3c3t.com² ¦¯m | 0.6209£íôi"q¬çbbs.3c3t.com² ¦¯m | 850£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 1 500£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 6£íôi"q¬çbbs.3c3t.com² ¦¯m | 0.5645£íôi"q¬çbbs.3c3t.com² ¦¯m | 850£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 1 500£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 7£íôi"q¬çbbs.3c3t.com² ¦¯m | 0.5132£íôi"q¬çbbs.3c3t.com² ¦¯m | 850£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 1 500£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 8£íôi"q¬çbbs.3c3t.com² ¦¯m | 0.4665£íôi"q¬çbbs.3c3t.com² ¦¯m | 850£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 1 500£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 9£íôi"q¬çbbs.3c3t.com² ¦¯m | 0.4241£íôi"q¬çbbs.3c3t.com² ¦¯m | 850£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| 1 500£íôi"q¬çbbs.3c3t.com² ¦¯m | £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
| £íôi"q¬çbbs.3c3t.com² ¦¯m £íôi"q¬çbbs.3c3t.com² ¦¯m
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£íôi"q¬çbbs.3c3t.com² ¦¯m参考系数：£íôi"q¬çbbs.3c3t.com² ¦¯m[P/A,20%,2]=1.5278£íôi"q¬çbbs.3c3t.com² ¦¯m
[P/A,25%,2]=1.4400£íôi"q¬çbbs.3c3t.com² ¦¯m
[P/A,20%,1]=0.8333£íôi"q¬çbbs.3c3t.com² ¦¯m[P/A,30%,2]=1.3609£íôi"q¬çbbs.3c3t.com² ¦¯m
[P/A,25%,2]=1.2894£íôi"q¬çbbs.3c3t.com² ¦¯m
[P/A,25%,1]=0.8000£íôi"q¬çbbs.3c3t.com² ¦¯m[P/A,20%,7]=3.6046£íôi"q¬çbbs.3c3t.com² ¦¯m
[P/A,20%,2]=3.1611£íôi"q¬çbbs.3c3t.com² ¦¯m
[P/A,10%,7]=4.8683£íôi"q¬çbbs.3c3t.com² ¦¯m[P/A,30%,7]=2.8021£íôi"q¬çbbs.3c3t.com² ¦¯m
[P/A,20%,2]=2.5075£íôi"q¬çbbs.3c3t.com² ¦¯m[P/A,20%,2]=0.6944£íôi"q¬çbbs.3c3t.com² ¦¯m
[P/A,20%,2]=0.6400£íôi"q¬çbbs.3c3t.com² ¦¯m[P/A,30%,2]=0.5917£íôi"q¬çbbs.3c3t.com² ¦¯m
[P/A,20%,2]=0.5487£íôi"q¬çbbs.3c3t.com² ¦¯m[问题]£íôi"q¬çbbs.3c3t.com² ¦¯m试分别应用如下两种方法，对A、B两方案进行评价和优选。£íôi"q¬çbbs.3c3t.com² ¦¯m1、净现值法；2、内部收益率法。£íôi"q¬çbbs.3c3t.com² ¦¯m[参考答案]£íôi"q¬çbbs.3c3t.com² ¦¯m1、净现值法：£íôi"q¬çbbs.3c3t.com² ¦¯mNPVA＝-1200[P/F,10%,1]-1500[P/F,10%,2]+850[P/A,10%,7][P/F,10%,2]£íôi"q¬çbbs.3c3t.com² ¦¯m£íôi"q¬çbbs.3c3t.com² ¦¯m
＝-1200×0.9091-1500×0.8264＋850×4.8683×0.8264£íôi"q¬çbbs.3c3t.com² ¦¯m£íôi"q¬çbbs.3c3t.com² ¦¯m
＝1089.17(万元)£íôi"q¬çbbs.3c3t.com² ¦¯m
£íôi"q¬çbbs.3c3t.com² ¦¯mNPVB＝-2500[P/F,10%,1]-2300[P/F,10%,2]+1500[P/A,10%,7][P/F,10%,2]£íôi"q¬çbbs.3c3t.com² ¦¯m£íôi"q¬çbbs.3c3t.com² ¦¯m
＝-2500×0.9091-2300×0.8264＋1500×4.8683×0.8264£íôi"q¬çbbs.3c3t.com² ¦¯m£íôi"q¬çbbs.3c3t.com² ¦¯m
＝1861.27(万元)£íôi"q¬çbbs.3c3t.com² ¦¯m
£íôi"q¬çbbs.3c3t.com² ¦¯m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。£íôi"q¬çbbs.3c3t.com² ¦¯m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。£íôi"q¬çbbs.3c3t.com² ¦¯m2、内部收益率法：£íôi"q¬çbbs.3c3t.com² ¦¯m根据内部收益率的定义，令NPV=0，求IRR。£íôi"q¬çbbs.3c3t.com² ¦¯m⑴．求A方案的IRR:£íôi"q¬çbbs.3c3t.com² ¦¯mNPVA＝-1200[P/F,IRRA,1]-1500[P/F,IRRA,2]+850[P/A,IRRA,7][P/F,IRRA,2] £íôi"q¬çbbs.3c3t.com² ¦¯m①用试算法计算£íôi"q¬çbbs.3c3t.com² ¦¯m假设IRRA＝20％:£íôi"q¬çbbs.3c3t.com² ¦¯mNPVA＝-1200[P/F,20％,1]-1500[P/F,20％,2]+850[P/A,20％,7][P/F,20％,2]£íôi"q¬çbbs.3c3t.com² ¦¯m£íôi"q¬çbbs.3c3t.com² ¦¯m
＝86.027（万元）£íôi"q¬çbbs.3c3t.com² ¦¯m假设IRRA＝25％:£íôi"q¬çbbs.3c3t.com² ¦¯mNPVA＝-1200[P/F,25％,1]-1500[P/F,25％,2]+850[P/A,25％,7][P/F,25％,2]£íôi"q¬çbbs.3c3t.com² ¦¯m£íôi"q¬çbbs.3c3t.com² ¦¯m
＝-200.36（万元）£íôi"q¬çbbs.3c3t.com² ¦¯m
£íôi"q¬çbbs.3c3t.com² ¦¯m②用插值法求IRRA£íôi"q¬çbbs.3c3t.com² ¦¯m£íôi"q¬çbbs.3c3t.com² ¦¯m
IRRA＝20％＋86.02/(86.02+200.36)×（25％-20％）＝21.5％£íôi"q¬çbbs.3c3t.com² ¦¯m
£íôi"q¬çbbs.3c3t.com² ¦¯m⑵．求B方案的IRR:£íôi"q¬çbbs.3c3t.com² ¦¯mNPVB＝-2500[P/F,IRRB,1]-2300[P/F,IRRB,2]+1500[P/A,IRRB,7][P/F,IRRB,2]£íôi"q¬çbbs.3c3t.com² ¦¯m①用试算法计算£íôi"q¬çbbs.3c3t.com² ¦¯m假设IRRB＝20％£íôi"q¬çbbs.3c3t.com² ¦¯mNPVB＝-2500[P/F,20％,1]-2300[P/F,20％,2]+1500[P/A,20％,7][P/F,20％,2]£íôi"q¬çbbs.3c3t.com² ¦¯m£íôi"q¬çbbs.3c3t.com² ¦¯m
＝74.18（万元）£íôi"q¬çbbs.3c3t.com² ¦¯m假设IRRB＝25％£íôi"q¬çbbs.3c3t.com² ¦¯mNPVB＝-2500[P/F,25％,1]-2300[P/F,25％,2]+1500[P/A,25％,7][P/F,25％,2]£íôi"q¬çbbs.3c3t.com² ¦¯m£íôi"q¬çbbs.3c3t.com² ¦¯m
＝-437.34（万元） £íôi"q¬çbbs.3c3t.com² ¦¯m②用插值法求IRRB£íôi"q¬çbbs.3c3t.com² ¦¯m£íôi"q¬çbbs.3c3t.com² ¦¯m
IRRB＝20％＋74.18/(74.18+437.34)×（25％-20％）＝20.7％£íôi"q¬çbbs.3c3t.com² ¦¯m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。 £íôi"q¬çbbs.3c3t.com² ¦¯m
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