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3c3t
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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×s_Abbs.3c3t.com#J-í%>¥Ý现金流量表×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý年×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
末×s_Abbs.3c3t.com#J-í%>¥Ý | 折现系数×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
(P/F,10%,n)×s_Abbs.3c3t.com#J-í%>¥Ý | 方案A×s_Abbs.3c3t.com#J-í%>¥Ý | 方案B×s_Abbs.3c3t.com#J-í%>¥Ý | 投资与×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
利益×s_Abbs.3c3t.com#J-í%>¥Ý | 净现值×s_Abbs.3c3t.com#J-í%>¥Ý | 累计净现×s_Abbs.3c3t.com#J-í%>¥Ý 值×s_Abbs.3c3t.com#J-í%>¥Ý | 投资与利×s_Abbs.3c3t.com#J-í%>¥Ý 益×s_Abbs.3c3t.com#J-í%>¥Ý | 净现值×s_Abbs.3c3t.com#J-í%>¥Ý | 累计净现×s_Abbs.3c3t.com#J-í%>¥Ý 值×s_Abbs.3c3t.com#J-í%>¥Ý | 1×s_Abbs.3c3t.com#J-í%>¥Ý | 0.9091×s_Abbs.3c3t.com#J-í%>¥Ý | -1 200×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| -2 500×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 2×s_Abbs.3c3t.com#J-í%>¥Ý | 0.8264×s_Abbs.3c3t.com#J-í%>¥Ý | -1 500×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| -2 300×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 3×s_Abbs.3c3t.com#J-í%>¥Ý | 0.7513×s_Abbs.3c3t.com#J-í%>¥Ý | 850×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 1 500×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 4×s_Abbs.3c3t.com#J-í%>¥Ý | 0.6830×s_Abbs.3c3t.com#J-í%>¥Ý | 850×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 1 500×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 5×s_Abbs.3c3t.com#J-í%>¥Ý | 0.6209×s_Abbs.3c3t.com#J-í%>¥Ý | 850×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 1 500×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 6×s_Abbs.3c3t.com#J-í%>¥Ý | 0.5645×s_Abbs.3c3t.com#J-í%>¥Ý | 850×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 1 500×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 7×s_Abbs.3c3t.com#J-í%>¥Ý | 0.5132×s_Abbs.3c3t.com#J-í%>¥Ý | 850×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 1 500×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 8×s_Abbs.3c3t.com#J-í%>¥Ý | 0.4665×s_Abbs.3c3t.com#J-í%>¥Ý | 850×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 1 500×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 9×s_Abbs.3c3t.com#J-í%>¥Ý | 0.4241×s_Abbs.3c3t.com#J-í%>¥Ý | 850×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| 1 500×s_Abbs.3c3t.com#J-í%>¥Ý | ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý
| ×s_Abbs.3c3t.com#J-í%>¥Ý参考系数:×s_Abbs.3c3t.com#J-í%>¥Ý[P/A,20%,2]=1.5278×s_Abbs.3c3t.com#J-í%>¥Ý [P/A,25%,2]=1.4400×s_Abbs.3c3t.com#J-í%>¥Ý [P/A,20%,1]=0.8333×s_Abbs.3c3t.com#J-í%>¥Ý[P/A,30%,2]=1.3609×s_Abbs.3c3t.com#J-í%>¥Ý [P/A,25%,2]=1.2894×s_Abbs.3c3t.com#J-í%>¥Ý [P/A,25%,1]=0.8000×s_Abbs.3c3t.com#J-í%>¥Ý[P/A,20%,7]=3.6046×s_Abbs.3c3t.com#J-í%>¥Ý [P/A,20%,2]=3.1611×s_Abbs.3c3t.com#J-í%>¥Ý [P/A,10%,7]=4.8683×s_Abbs.3c3t.com#J-í%>¥Ý[P/A,30%,7]=2.8021×s_Abbs.3c3t.com#J-í%>¥Ý [P/A,20%,2]=2.5075×s_Abbs.3c3t.com#J-í%>¥Ý[P/A,20%,2]=0.6944×s_Abbs.3c3t.com#J-í%>¥Ý [P/A,20%,2]=0.6400×s_Abbs.3c3t.com#J-í%>¥Ý[P/A,30%,2]=0.5917×s_Abbs.3c3t.com#J-í%>¥Ý [P/A,20%,2]=0.5487×s_Abbs.3c3t.com#J-í%>¥Ý[问题]×s_Abbs.3c3t.com#J-í%>¥Ý试分别应用如下两种方法,对A、B两方案进行评价和优选。×s_Abbs.3c3t.com#J-í%>¥Ý1、净现值法;2、内部收益率法。×s_Abbs.3c3t.com#J-í%>¥Ý[参考答案]×s_Abbs.3c3t.com#J-í%>¥Ý1、净现值法:×s_Abbs.3c3t.com#J-í%>¥ÝNPVA=-1200[P/F,10%,1]-1500[P/F,10%,2]+850[P/A,10%,7][P/F,10%,2]×s_Abbs.3c3t.com#J-í%>¥Ý×s_Abbs.3c3t.com#J-í%>¥Ý =-1200×0.9091-1500×0.8264+850×4.8683×0.8264×s_Abbs.3c3t.com#J-í%>¥Ý×s_Abbs.3c3t.com#J-í%>¥Ý =1089.17(万元)×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥ÝNPVB=-2500[P/F,10%,1]-2300[P/F,10%,2]+1500[P/A,10%,7][P/F,10%,2]×s_Abbs.3c3t.com#J-í%>¥Ý×s_Abbs.3c3t.com#J-í%>¥Ý =-2500×0.9091-2300×0.8264+1500×4.8683×0.8264×s_Abbs.3c3t.com#J-í%>¥Ý×s_Abbs.3c3t.com#J-í%>¥Ý =1861.27(万元)×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý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。×s_Abbs.3c3t.com#J-í%>¥Ý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。×s_Abbs.3c3t.com#J-í%>¥Ý2、内部收益率法:×s_Abbs.3c3t.com#J-í%>¥Ý根据内部收益率的定义,令NPV=0,求IRR。×s_Abbs.3c3t.com#J-í%>¥Ý⑴.求A方案的IRR:×s_Abbs.3c3t.com#J-í%>¥ÝNPVA=-1200[P/F,IRRA,1]-1500[P/F,IRRA,2]+850[P/A,IRRA,7][P/F,IRRA,2] ×s_Abbs.3c3t.com#J-í%>¥Ý①用试算法计算×s_Abbs.3c3t.com#J-í%>¥Ý假设IRRA=20%:×s_Abbs.3c3t.com#J-í%>¥ÝNPVA=-1200[P/F,20%,1]-1500[P/F,20%,2]+850[P/A,20%,7][P/F,20%,2]×s_Abbs.3c3t.com#J-í%>¥Ý×s_Abbs.3c3t.com#J-í%>¥Ý =86.027(万元)×s_Abbs.3c3t.com#J-í%>¥Ý假设IRRA=25%:×s_Abbs.3c3t.com#J-í%>¥ÝNPVA=-1200[P/F,25%,1]-1500[P/F,25%,2]+850[P/A,25%,7][P/F,25%,2]×s_Abbs.3c3t.com#J-í%>¥Ý×s_Abbs.3c3t.com#J-í%>¥Ý =-200.36(万元)×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý②用插值法求IRRA×s_Abbs.3c3t.com#J-í%>¥Ý×s_Abbs.3c3t.com#J-í%>¥Ý IRRA=20%+86.02/(86.02+200.36)×(25%-20%)=21.5%×s_Abbs.3c3t.com#J-í%>¥Ý ×s_Abbs.3c3t.com#J-í%>¥Ý⑵.求B方案的IRR:×s_Abbs.3c3t.com#J-í%>¥ÝNPVB=-2500[P/F,IRRB,1]-2300[P/F,IRRB,2]+1500[P/A,IRRB,7][P/F,IRRB,2]×s_Abbs.3c3t.com#J-í%>¥Ý①用试算法计算×s_Abbs.3c3t.com#J-í%>¥Ý假设IRRB=20%×s_Abbs.3c3t.com#J-í%>¥ÝNPVB=-2500[P/F,20%,1]-2300[P/F,20%,2]+1500[P/A,20%,7][P/F,20%,2]×s_Abbs.3c3t.com#J-í%>¥Ý×s_Abbs.3c3t.com#J-í%>¥Ý =74.18(万元)×s_Abbs.3c3t.com#J-í%>¥Ý假设IRRB=25%×s_Abbs.3c3t.com#J-í%>¥ÝNPVB=-2500[P/F,25%,1]-2300[P/F,25%,2]+1500[P/A,25%,7][P/F,25%,2]×s_Abbs.3c3t.com#J-í%>¥Ý×s_Abbs.3c3t.com#J-í%>¥Ý =-437.34(万元) ×s_Abbs.3c3t.com#J-í%>¥Ý②用插值法求IRRB×s_Abbs.3c3t.com#J-í%>¥Ý×s_Abbs.3c3t.com#J-í%>¥Ý IRRB=20%+74.18/(74.18+437.34)×(25%-20%)=20.7%×s_Abbs.3c3t.com#J-í%>¥Ý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。 ×s_Abbs.3c3t.com#J-í%>¥Ý
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