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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:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 现金流量表:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 年:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
末:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 折现系数:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
(P/F,10%,n）:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 方案A:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 方案B:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 投资与:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
利益:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 净现值:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 累计净现:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
值:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 投资与利:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
益:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 净现值:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 累计净现:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
值:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 1:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 0.9091:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | -1 200:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| -2 500:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 2:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 0.8264:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | -1 500:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| -2 300:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 3:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 0.7513:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 850:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 1 500:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 4:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 0.6830:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 850:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 1 500:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 5:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 0.6209:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 850:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 1 500:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 6:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 0.5645:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 850:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 1 500:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 7:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 0.5132:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 850:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 1 500:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 8:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 0.4665:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 850:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 1 500:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 9:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 0.4241:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | 850:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| 1 500:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ | :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
| :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
|
:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 参考系数：:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ [P/A,20%,2]=1.5278:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
[P/A,25%,2]=1.4400:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
[P/A,20%,1]=0.8333:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ [P/A,30%,2]=1.3609:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
[P/A,25%,2]=1.2894:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
[P/A,25%,1]=0.8000:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ [P/A,20%,7]=3.6046:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
[P/A,20%,2]=3.1611:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
[P/A,10%,7]=4.8683:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ [P/A,30%,7]=2.8021:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
[P/A,20%,2]=2.5075:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ [P/A,20%,2]=0.6944:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
[P/A,20%,2]=0.6400:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ [P/A,30%,2]=0.5917:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
[P/A,20%,2]=0.5487:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ [问题]:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 试分别应用如下两种方法，对A、B两方案进行评价和优选。:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 1、净现值法；2、内部收益率法。:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ [参考答案]:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 1、净现值法：:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ NPVA＝-1200[P/F,10%,1]-1500[P/F,10%,2]+850[P/A,10%,7][P/F,10%,2]:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
＝-1200×0.9091-1500×0.8264＋850×4.8683×0.8264:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
＝1089.17(万元):¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ NPVB＝-2500[P/F,10%,1]-2300[P/F,10%,2]+1500[P/A,10%,7][P/F,10%,2]:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
＝-2500×0.9091-2300×0.8264＋1500×4.8683×0.8264:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
＝1861.27(万元):¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 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。:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 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。:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 2、内部收益率法：:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 根据内部收益率的定义，令NPV=0，求IRR。:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ ⑴．求A方案的IRR::¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ NPVA＝-1200[P/F,IRRA,1]-1500[P/F,IRRA,2]+850[P/A,IRRA,7][P/F,IRRA,2] :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ ①用试算法计算:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 假设IRRA＝20％::¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ NPVA＝-1200[P/F,20％,1]-1500[P/F,20％,2]+850[P/A,20％,7][P/F,20％,2]:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
＝86.027（万元）:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 假设IRRA＝25％::¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ NPVA＝-1200[P/F,25％,1]-1500[P/F,25％,2]+850[P/A,25％,7][P/F,25％,2]:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
＝-200.36（万元）:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ ②用插值法求IRRA:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
IRRA＝20％＋86.02/(86.02+200.36)×（25％-20％）＝21.5％:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ ⑵．求B方案的IRR::¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ NPVB＝-2500[P/F,IRRB,1]-2300[P/F,IRRB,2]+1500[P/A,IRRB,7][P/F,IRRB,2]:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ ①用试算法计算:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 假设IRRB＝20％:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ NPVB＝-2500[P/F,20％,1]-2300[P/F,20％,2]+1500[P/A,20％,7][P/F,20％,2]:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
＝74.18（万元）:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 假设IRRB＝25％:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ NPVB＝-2500[P/F,25％,1]-2300[P/F,25％,2]+1500[P/A,25％,7][P/F,25％,2]:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
＝-437.34（万元） :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ ②用插值法求IRRB:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
IRRB＝20％＋74.18/(74.18+437.34)×（25％-20％）＝20.7％:¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³ 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。 :¶¯äU÷Ëbbs.3c3t.comñ!uUÍJ³
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