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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¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ现金流量表¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ ¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ年¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ ¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
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(P/F,10%,n）¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ | 方案A¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ | 方案B¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ | 投资与¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ ¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
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¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ参考系数：¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ[P/A,20%,2]=1.5278¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
[P/A,25%,2]=1.4400¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
[P/A,20%,1]=0.8333¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ[P/A,30%,2]=1.3609¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
[P/A,25%,2]=1.2894¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
[P/A,25%,1]=0.8000¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ[P/A,20%,7]=3.6046¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
[P/A,20%,2]=3.1611¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
[P/A,10%,7]=4.8683¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ[P/A,30%,7]=2.8021¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
[P/A,20%,2]=2.5075¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ[P/A,20%,2]=0.6944¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
[P/A,20%,2]=0.6400¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ[P/A,30%,2]=0.5917¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
[P/A,20%,2]=0.5487¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ[问题]¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ试分别应用如下两种方法，对A、B两方案进行评价和优选。¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ1、净现值法；2、内部收益率法。¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ[参考答案]¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ1、净现值法：¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊNPVA＝-1200[P/F,10%,1]-1500[P/F,10%,2]+850[P/A,10%,7][P/F,10%,2]¦L±´D¶?bbs.3c3t.com>aV¡ÂòôʦL±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
＝-1200×0.9091-1500×0.8264＋850×4.8683×0.8264¦L±´D¶?bbs.3c3t.com>aV¡ÂòôʦL±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
＝1089.17(万元)¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊNPVB＝-2500[P/F,10%,1]-2300[P/F,10%,2]+1500[P/A,10%,7][P/F,10%,2]¦L±´D¶?bbs.3c3t.com>aV¡ÂòôʦL±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
＝-2500×0.9091-2300×0.8264＋1500×4.8683×0.8264¦L±´D¶?bbs.3c3t.com>aV¡ÂòôʦL±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
＝1861.27(万元)¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ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。¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ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。¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ2、内部收益率法：¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ根据内部收益率的定义，令NPV=0，求IRR。¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ⑴．求A方案的IRR:¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊNPVA＝-1200[P/F,IRRA,1]-1500[P/F,IRRA,2]+850[P/A,IRRA,7][P/F,IRRA,2] ¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ①用试算法计算¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ假设IRRA＝20％:¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊNPVA＝-1200[P/F,20％,1]-1500[P/F,20％,2]+850[P/A,20％,7][P/F,20％,2]¦L±´D¶?bbs.3c3t.com>aV¡ÂòôʦL±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
＝86.027（万元）¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ假设IRRA＝25％:¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊNPVA＝-1200[P/F,25％,1]-1500[P/F,25％,2]+850[P/A,25％,7][P/F,25％,2]¦L±´D¶?bbs.3c3t.com>aV¡ÂòôʦL±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
＝-200.36（万元）¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ②用插值法求IRRA¦L±´D¶?bbs.3c3t.com>aV¡ÂòôʦL±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
IRRA＝20％＋86.02/(86.02+200.36)×（25％-20％）＝21.5％¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ⑵．求B方案的IRR:¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊNPVB＝-2500[P/F,IRRB,1]-2300[P/F,IRRB,2]+1500[P/A,IRRB,7][P/F,IRRB,2]¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ①用试算法计算¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ假设IRRB＝20％¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊNPVB＝-2500[P/F,20％,1]-2300[P/F,20％,2]+1500[P/A,20％,7][P/F,20％,2]¦L±´D¶?bbs.3c3t.com>aV¡ÂòôʦL±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
＝74.18（万元）¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ假设IRRB＝25％¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊNPVB＝-2500[P/F,25％,1]-2300[P/F,25％,2]+1500[P/A,25％,7][P/F,25％,2]¦L±´D¶?bbs.3c3t.com>aV¡ÂòôʦL±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
＝-437.34（万元） ¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ②用插值法求IRRB¦L±´D¶?bbs.3c3t.com>aV¡ÂòôʦL±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
IRRB＝20％＋74.18/(74.18+437.34)×（25％-20％）＝20.7％¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ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。 ¦L±´D¶?bbs.3c3t.com>aV¡ÂòôÊ
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