2012мְƿԡԤϰ

Ľ ĿͶʾָ
ڴҪ
1.ȫ߱߱ȫ߱߱Եжϱ׼Ӧü
2.վֵֵʷͶڲʷȶնͼͳһڶ෽ȽϾеӦüɺ÷Χ
3.˽⻥ⷽ۵Ĺϵ;
4.˽෽ŶͶʾ
ھݣ
һۼͶʾ
۶ԵҪ
1.жϷǷȫ߱Ե
ijһͶʷָڿ䣬ͬʱʱԶ϶Ͷʷ۴ĸ濴߱ԣȫ߱ԡЩǣ
(1)ֵNPV0;
(2)ֵNPVR0;
(3)ָPI1;
(4)ڲIRRҵ׼ic;
(5)ڵľ̬ͶʻPPn/2 (Ŀڵһ);
(6)ڵľ̬Ͷʻ PP P/2(Ӫڵһ);
(7)ͶROIݻ׼Ͷi (ȸ)
2.жϷǷȫ߱Ե
ijһͶĿָڲ䣬ͬʱʱԶ϶ͶĿ۴ĸ濴߱ԣȫ߱ԣӦ׷ͶʷЩǣ
(1)NPV<0;(2)NPVR<0;(3)PI<1;(4)IRR n/2 ;(6)PP > P/2 ;(7)ROI
3.жϷǷ߱Ե
۹зijĿҪָ괦ڿ(NPV0NPVR0PI1IRRic)Ҫָʾڲ(PP> n/2 PP > P/2ROI
4.жϷǷ߱Ե
۹зijĿNPV<0NPVR<0PI<1IRR
ԶвʱӦע⣺
(1)Ҫָ۲ԵĹ;
(2)ñָͬһͶĿۺ;ߣܵóȫͬĽۡ
̲ġ4-30ij̶ʲͶĿֻһԭʼͶΪ1000ԪĿΪ11(ӪΪ10)׼ͶΪ9.5%ҵ׼Ϊ10%
йͶʾָ£
ROI=10%,PP=6꣬PP=5꣬NPV=162.65ԪNPVR=17.04%IRR=12.73%.
Ҫ۸ĿIJ
NPV=162.65>0NPVR>0IRR=12.73%>10%
ROI=10%>9.5%, PP=5=10/2, PP=6>11/2,
ԣĿ߱
05굥ѡijͶĿָ¹ϵNPV>0NPVR>0PI>1IRR>icPP>n/2ԵóĽ()
A.Ŀ߱
B.Ŀȫ߱
C.Ŀ߱
D.Ŀȫ߱
𰸣A
2008ѡijͶĿȫ߱ԣ侻ֵָ㣬Զ϶Ŀָͬʱ¹ϵ()
A.ָ1
B.ֵʴڵ
C.ڲʴڻ׼
D.ڵľ̬ͶʻڴĿڵһ
𰸣AC
ⷽıȽ
(һ)ֵ
νֵָͨȽͶʷľֵָĴСѡŷķ
÷ԭʼͶͬĿȵĶ෽ȽϾߡ
ڴ˷£ֵķΪš
̲ġ4-31ij̶ʲͶĿҪԭʼͶ100ԪABCDĸųıѡɹѡ񣬸ľֱֵָΪ228.914Ԫ117.194Ԫ206.020Ԫ162.648ԪABCDĸĿͬ
Ҫ
(1)ÿһIJ;
(2)ֵбȽϾߡ

(1)۷IJ
ABCDÿѡNPV
ԣЩв
(2)ֵбȽϾ
Ϊ228.914>206.020>162.648>117.194
ԣAţCٴΪDΪB
()ֵʷ
νֵʷָͨȽѾ߱ͶʷľֵָĴСѡŷķڴ˷£ֵķΪš
ͶʶͬĻⷽȽϾУþֵʷ뾻ֵõȫͬĽۣͶʶͬʱַľ߽ۿܻ໥ìܡ
()Ͷڲʷ
νͶڲʷָڼԭʼͶʶͬIJֽ(NCF)Ļϣڲ(IRR)ҵ׼ʽбȽϣжϷӵķ
÷ԭʼͶʲͬĵĿͬĶ෽ȽϾߡ
ڲʴڻڻ׼ʻ趨ʱԭʼͶʴķ;
֮ԭʼͶٵķΪš
÷ڸ¸ĿͶʾ֣ĿIJڲָڻڻ׼ʻ趨ʱӦи¸;֮ͲӦд¸졣
̲⣺ijҵһпʹ5ľ豸һ豸滻ȡ豸ͶʶΪ180000Ԫ豸ֵΪ90151Ԫ۾Ϊ80000Ԫ5ĩ豸ʹþ豸ʱԤƾֵȣ¾豸滻ٵ(豸ĽΪ)ʹ豸ʹҵڵ1Ӫҵ50000ԪӾӪɱ25000Ԫ;2-5ÿӪҵ60000ԪӾӪɱ30000Ԫ豸ֱ߷۾ɡҵ˰˰Ϊ33%账豸漰Ӫҵ˰ȫʽԴΪʽ
Ҫ
(1)üӷø豸ĿĿڸIJֽ
(2)ĿIJڲ(λС)
(3)ֱֲΪҵǷ豸ľߣ˵
ٸҵҵ׼Ϊ8%
ڸҵҵ׼Ϊ12%

(1)ϼйָ£
豸ȼʹþ豸ӵͶʶ=180000-80000 =100000Ԫ
Ӫڵ1DD5ӵ۾ɶ=100000÷5=20000
Ӫڵ1ܳɱı䶯=25000+20000=45000
Ӫڵ2-5ܳɱı䶯=30000+20000=50000
Ӫڵ1꾻ı䶯=(50000-45000)×(1-33%)=3350
Ӫڵ2-5꾻ı䶯=(60000-50000)×(1-33%)=6700
ɹ̶ʲǰϷľʧּ˰=(90151-80000)×33%=3350
NCF0=-100000Ԫ
NCF1=3350+20000+3350=26700Ԫ
NCF2-5=6700+20000=26700Ԫ
(2)㦤IRR
26700×(P/A,IRR,5)=100000
(P/A,IRR,5)=100000/26700=3.7453
10%
(P/A,10%,5)=3.7908>3.7453,
12%
(P/A,12%,5)=3.6048<3.7453
ڲ巨
10% 3.7908
IRR-10% 3.7453-3.7908
IRR 12%-10% 3.7453 3.6048-3.7908
12% 3.6048
(IRR-10%)÷(12%-10%)=(3.7453-3.7908)÷(3.6048-3.7908)
ԣIRR=10.49%
(3)ȽϾ
IRR=10.49%>8%,Ӧ豸
IRR=10.49%<12%,Ӧ豸
() ȶն
νȶնָͨȽͶʷȶն(NA)ָĴСѡŷľ߷
ijȶն=÷ֵ×ʱϵ
=÷ֵ×ֵͨϵ
÷ԭʼͶʲͬرĿڲͬĶ෽ȽϾߡ
ڴ˷£ȶնķΪš
04굥ѡ.ijͶĿĿΪ5ֵ꣬Ϊ10000Ԫҵ׼10%5ڡΪ10%ֵϵΪ3.791ĿȶնԼΪ()Ԫ
A.2000 B.2638
C.37910D.50000
𰸣B
10000÷3.791=2638Ԫ
06ѡ.Ŀڲͬ£ܹӦڶͶʷȽϾߵķ()
A.ͶڲʷB.ȶն
C.̼ڷD.ظ
𰸣BCD
̲⣺ijҵͶʽһߡɹѡAԭʼͶΪ1250ԪĿΪ11ֵ꣬Ϊ958.7Ԫ;BԭʼͶΪ1100ԪĿΪ10ֵ꣬Ϊ920Ԫ;CľֵΪ-12.5Ԫҵ׼Ϊ10%
Ҫ
(1)жÿIJ;
(2)ȶնյͶʾ(λС)

(1)жϷIJ
ΪABľֵ
в
ΪCľֵС
Ը÷в
(2)ȽϾ
Aȶն=958.7/(P/A10%11)=147.6(Ԫ)
Bȶն=920/(P/A10%10)=149.7(Ԫ)
Ϊ149.7>147.6
BA
()ͳһ
ͳһָͨԼڲȵĶⷽѡһͬļڣʱɱԵҪ󣬽ݵָѡŷķ
÷ظ̼ڷ־崦
1.ظҲƼСǽڵСΪȽϷļڣйָ꣬ݴ˽ж෽ȽϾߵһַӦô˷ַʽ
˼·
(1)ľֵ
(2)ȷСӶȷظ
(3)ľֵ
(4)ȽϵľֵѡֵķΪŷ
⣺

Ҫüͬһеķظ(ڶַʽ)յ

AĿΪ10꣬BĿΪ15꣬СΪ30
ڴڼ䣬AظΣBظһ
A

2.̼ڷ
̼ڷֳڷָڽзľֵԭΪȶնĻϣ̵ٰļӦֵݵľֵָж෽ȽϾߵһַ
˼·
(1) ľֵ
(2) Ƚϸļڣȷ̵ļ
(3) ̼ڷ֮ȶն
(4) ̼ڽȶնΪֵ
(5) ȽϵľֵѡֵķΪŷ
⣺

Ҫ̼ڷյ

A BĿΪ10꣬
NPVa=756.48
NPVb=795.54×(A/P,12%,15)×(P/A,12%,10)
=718.07
NPVa> NPVb,AB
෽ŶͶʾ
һ鷽Ȳ໥ֲ໥ų⣬ǿʵϻŶӣЩϻŶӷְȾͲȫⷽʽַУҪзIJԣ̭߱Եķ⣬ҪͬµйָĴСӶվߡ
߷
(1)ʽƵ£ɰÿһĿľֵNPVСŶӣȷȿǵĿ˳
(2)ʽܵʱ谴ֵNPVRָPIĴСϾֵNPVиŶӣѡʹۼƾֵϡ
֮෽ȽϾߵҪݾܷþܶľֵ
̲⣺ABCDEͶĿΪǻⷽйԭʼͶʶֵֵʺڲ±ʾ

Ҫ󣺷ֱ²෽Ͼߡ
(1)Ͷܶ;
(2)ͶܶܵƣֱΪ200300400450500600700800900Ԫ

(1)Ͷܶƻ޶ڻ900ԪʱͶϷΪA+C+B+E+D
(2)ͶܶܵʱȰոֵʵĴС򣬲ۼԭʼͶʺۼƾֵݡ±ʾ

Ϣ
2012мְƿԡ
2012мְƿԡ

2012ְƿѾ뵽׶Σ뿼ǸУγ(2012ְVIP˷ѰߣͣԽ̲+̸)ĽȣͶ뵽ϰ״̬Уڱκʣӭ¼Уɰ̳ʱ븨רҡһ