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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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监理工程师勋章检测工程师勋章副管理员网校学员论坛元老
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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Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

现金流量表Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

年Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

末Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

折现系数Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

(P/F,10%,n）Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

方案AÞ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

方案BÞ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

投资与Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

利益Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

净现值Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

累计净现Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
值Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

投资与利Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
益Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

净现值Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

累计净现Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
值Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

1Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

0.9091Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

-1 200Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

-2 500Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

2Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

0.8264Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

-1 500Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

-2 300Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

3Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

0.7513Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

850Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

1 500Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

4Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

0.6830Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

850Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

1 500Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

5Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

0.6209Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

850Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

1 500Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

6Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

0.5645Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

850Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

1 500Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

7Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

0.5132Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

850Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

1 500Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

8Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

0.4665Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

850Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

1 500Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

9Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

0.4241Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

850Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

1 500Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´

参考系数：Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,20%,2]=1.5278Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,25%,2]=1.4400Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,20%,1]=0.8333Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,30%,2]=1.3609Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,25%,2]=1.2894Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,25%,1]=0.8000Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,20%,7]=3.6046Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,20%,2]=3.1611Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,10%,7]=4.8683Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,30%,7]=2.8021Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,20%,2]=2.5075Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,20%,2]=0.6944Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,20%,2]=0.6400Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,30%,2]=0.5917Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[P/A,20%,2]=0.5487Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[问题]Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
试分别应用如下两种方法，对A、B两方案进行评价和优选。Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
1、净现值法；2、内部收益率法。Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
[参考答案]Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
1、净现值法：Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
NPVA＝-1200[P/F,10%,1]-1500[P/F,10%,2]+850[P/A,10%,7][P/F,10%,2]Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
＝-1200×0.9091-1500×0.8264＋850×4.8683×0.8264Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
＝1089.17(万元)Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
NPVB＝-2500[P/F,10%,1]-2300[P/F,10%,2]+1500[P/A,10%,7][P/F,10%,2]Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
＝-2500×0.9091-2300×0.8264＋1500×4.8683×0.8264Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
＝1861.27(万元)Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
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。Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
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。Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
2、内部收益率法：Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
根据内部收益率的定义，令NPV=0，求IRR。Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
⑴．求A方案的IRR:Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
NPVA＝-1200[P/F,IRRA,1]-1500[P/F,IRRA,2]+850[P/A,IRRA,7][P/F,IRRA,2] Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
①用试算法计算Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
假设IRRA＝20％:Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
NPVA＝-1200[P/F,20％,1]-1500[P/F,20％,2]+850[P/A,20％,7][P/F,20％,2]Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
＝86.027（万元）Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
假设IRRA＝25％:Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
NPVA＝-1200[P/F,25％,1]-1500[P/F,25％,2]+850[P/A,25％,7][P/F,25％,2]Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
＝-200.36（万元）Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
②用插值法求IRRAÞ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
IRRA＝20％＋86.02/(86.02+200.36)×（25％-20％）＝21.5％Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
⑵．求B方案的IRR:Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
NPVB＝-2500[P/F,IRRB,1]-2300[P/F,IRRB,2]+1500[P/A,IRRB,7][P/F,IRRB,2]Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
①用试算法计算Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
假设IRRB＝20％Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
NPVB＝-2500[P/F,20％,1]-2300[P/F,20％,2]+1500[P/A,20％,7][P/F,20％,2]Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
＝74.18（万元）Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
假设IRRB＝25％Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
NPVB＝-2500[P/F,25％,1]-2300[P/F,25％,2]+1500[P/A,25％,7][P/F,25％,2]Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
＝-437.34（万元） Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
②用插值法求IRRBÞ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
IRRB＝20％＋74.18/(74.18+437.34)×（25％-20％）＝20.7％Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
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。 Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
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xhblue
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t T
发表于 2014-11-12 21:18 |只看该用户

值得学习啊Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
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84362020gwh
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t T
发表于 2014-11-14 12:38 |只看该用户

赶紧来看看学习了Þ¤U–P‘‡|ˆ=bbs.3c3t.comOÕaX㶈Ló´
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