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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±U$q6Ïbbs.3c3t.comyXcî:k'ð¡现金流量表^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡年^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
末^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 折现系数^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
(P/F,10%,n)^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 方案A^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 方案B^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 投资与^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
利益^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 净现值^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 累计净现^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ 值^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 投资与利^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ 益^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 净现值^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 累计净现^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ 值^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 1^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 0.9091^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | -1 200^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| -2 500^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 2^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 0.8264^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | -1 500^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| -2 300^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 3^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 0.7513^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 850^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 1 500^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 4^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 0.6830^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 850^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 1 500^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 5^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 0.6209^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 850^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 1 500^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 6^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 0.5645^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 850^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 1 500^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 7^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 0.5132^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 850^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 1 500^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 8^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 0.4665^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 850^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 1 500^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 9^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 0.4241^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | 850^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| 1 500^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ | ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
| ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡参考系数:^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡[P/A,20%,2]=1.5278^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ [P/A,25%,2]=1.4400^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ [P/A,20%,1]=0.8333^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡[P/A,30%,2]=1.3609^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ [P/A,25%,2]=1.2894^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ [P/A,25%,1]=0.8000^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡[P/A,20%,7]=3.6046^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ [P/A,20%,2]=3.1611^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ [P/A,10%,7]=4.8683^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡[P/A,30%,7]=2.8021^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ [P/A,20%,2]=2.5075^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡[P/A,20%,2]=0.6944^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ [P/A,20%,2]=0.6400^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡[P/A,30%,2]=0.5917^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ [P/A,20%,2]=0.5487^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡[问题]^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡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±U$q6Ïbbs.3c3t.comyXcî:k'ð¡1、净现值法;2、内部收益率法。^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡[参考答案]^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡1、净现值法:^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡NPVA=-1200[P/F,10%,1]-1500[P/F,10%,2]+850[P/A,10%,7][P/F,10%,2]^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ =-1200×0.9091-1500×0.8264+850×4.8683×0.8264^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ =1089.17(万元)^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡NPVB=-2500[P/F,10%,1]-2300[P/F,10%,2]+1500[P/A,10%,7][P/F,10%,2]^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ =-2500×0.9091-2300×0.8264+1500×4.8683×0.8264^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ =1861.27(万元)^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡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±U$q6Ïbbs.3c3t.comyXcî:k'ð¡但A、B方案相比, NPVB > NPVA,表明B方案的经济效果更好,因此应采用B 方案。^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡2、内部收益率法:^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡根据内部收益率的定义,令NPV=0,求IRR。^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡⑴.求A方案的IRR:^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡NPVA=-1200[P/F,IRRA,1]-1500[P/F,IRRA,2]+850[P/A,IRRA,7][P/F,IRRA,2] ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡①用试算法计算^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡假设IRRA=20%:^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡NPVA=-1200[P/F,20%,1]-1500[P/F,20%,2]+850[P/A,20%,7][P/F,20%,2]^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ =86.027(万元)^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡假设IRRA=25%:^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡NPVA=-1200[P/F,25%,1]-1500[P/F,25%,2]+850[P/A,25%,7][P/F,25%,2]^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ =-200.36(万元)^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡②用插值法求IRRA^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ IRRA=20%+86.02/(86.02+200.36)×(25%-20%)=21.5%^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡⑵.求B方案的IRR:^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡NPVB=-2500[P/F,IRRB,1]-2300[P/F,IRRB,2]+1500[P/A,IRRB,7][P/F,IRRB,2]^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡①用试算法计算^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡假设IRRB=20%^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡NPVB=-2500[P/F,20%,1]-2300[P/F,20%,2]+1500[P/A,20%,7][P/F,20%,2]^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ =74.18(万元)^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡假设IRRB=25%^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡NPVB=-2500[P/F,25%,1]-2300[P/F,25%,2]+1500[P/A,25%,7][P/F,25%,2]^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ =-437.34(万元) ^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡②用插值法求IRRB^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡ IRRB=20%+74.18/(74.18+437.34)×(25%-20%)=20.7%^S±U$q6Ïbbs.3c3t.comyXcî:k'ð¡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±U$q6Ïbbs.3c3t.comyXcî:k'ð¡
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