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公路监理师工程经济投资方案比选（净现值）计算 [复制链接]

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发表于 2014-09-19 22:10 |只看楼主
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âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

现金流量表âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

年âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

末âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

折现系数âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

(P/F,10%,n）âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

方案AâæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

方案BâæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

投资与âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

利益âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

净现值âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

累计净现âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
值âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

投资与利âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
益âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

净现值âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

累计净现âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
值âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

1âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

0.9091âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

-1 200âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

-2 500âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

2âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

0.8264âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

-1 500âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

-2 300âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

3âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

0.7513âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

850âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

1 500âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

4âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

0.6830âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

850âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

1 500âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

5âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

0.6209âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

850âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

1 500âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

6âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

0.5645âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

850âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

1 500âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

7âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

0.5132âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

850âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

1 500âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

8âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

0.4665âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

850âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

1 500âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

9âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

0.4241âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

850âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

1 500âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b

参考系数：âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,20%,2]=1.5278âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,25%,2]=1.4400âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,20%,1]=0.8333âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,30%,2]=1.3609âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,25%,2]=1.2894âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,25%,1]=0.8000âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,20%,7]=3.6046âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,20%,2]=3.1611âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,10%,7]=4.8683âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,30%,7]=2.8021âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,20%,2]=2.5075âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,20%,2]=0.6944âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,20%,2]=0.6400âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,30%,2]=0.5917âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[P/A,20%,2]=0.5487âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[问题]âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
试分别应用如下两种方法，对A、B两方案进行评价和优选。âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
1、净现值法；2、内部收益率法。âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
[参考答案]âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
1、净现值法：âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
NPVA＝-1200[P/F,10%,1]-1500[P/F,10%,2]+850[P/A,10%,7][P/F,10%,2]âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
＝-1200×0.9091-1500×0.8264＋850×4.8683×0.8264âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
＝1089.17(万元)âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
NPVB＝-2500[P/F,10%,1]-2300[P/F,10%,2]+1500[P/A,10%,7][P/F,10%,2]âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
＝-2500×0.9091-2300×0.8264＋1500×4.8683×0.8264âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
＝1861.27(万元)âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
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。âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
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。âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
2、内部收益率法：âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
根据内部收益率的定义，令NPV=0，求IRR。âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
⑴．求A方案的IRR:âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
NPVA＝-1200[P/F,IRRA,1]-1500[P/F,IRRA,2]+850[P/A,IRRA,7][P/F,IRRA,2] âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
①用试算法计算âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
假设IRRA＝20％:âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
NPVA＝-1200[P/F,20％,1]-1500[P/F,20％,2]+850[P/A,20％,7][P/F,20％,2]âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
＝86.027（万元）âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
假设IRRA＝25％:âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
NPVA＝-1200[P/F,25％,1]-1500[P/F,25％,2]+850[P/A,25％,7][P/F,25％,2]âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
＝-200.36（万元）âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
②用插值法求IRRAâæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
IRRA＝20％＋86.02/(86.02+200.36)×（25％-20％）＝21.5％âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
⑵．求B方案的IRR:âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
NPVB＝-2500[P/F,IRRB,1]-2300[P/F,IRRB,2]+1500[P/A,IRRB,7][P/F,IRRB,2]âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
①用试算法计算âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
假设IRRB＝20％âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
NPVB＝-2500[P/F,20％,1]-2300[P/F,20％,2]+1500[P/A,20％,7][P/F,20％,2]âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
＝74.18（万元）âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
假设IRRB＝25％âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
NPVB＝-2500[P/F,25％,1]-2300[P/F,25％,2]+1500[P/A,25％,7][P/F,25％,2]âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
＝-437.34（万元） âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
②用插值法求IRRBâæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
IRRB＝20％＋74.18/(74.18+437.34)×（25％-20％）＝20.7％âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
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。 âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
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xhblue
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值得学习啊âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
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赶紧来看看学习了âæŽõŽ9n," bbs.3c3t.comE†¶†}G¾b
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