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