2024骞撮珮绱氭渻瑷�(j矛)甯倷鑰冧腑锛岀偤骞姪澶у蹇€熶簡瑙ｅ悇绔犵瘈(ji茅)楂橀牷鑰冮粸(di菐n)锛岄珮鏁堢巼鍌欒€�锛屾湰绔欑法杓仛浜嗙浉闂�(gu膩n)鏁寸悊锛屾湰鏂囧垎浜簡绗洓绔犱紒妤�(y猫)鎶曡硣銆佽瀺璩囨焙绛栬垏闆嗗湗(tu谩n)璩囬噾绠＄悊鐨勯珮闋昏€冮粸(di菐n)绮捐瑳锛屼緵澶у鍏嶈不(f猫i)涓嬭級锛�

绗竴绡€(ji茅) 闋�(xi脿ng)鐩姇璩囨焙绛�

銆愮煡璀橀粸(di菐n)1銆戞姇璩囨焙绛栨柟娉� 鈽�

(涓€)鍥炴敹鏈熸硶

1.闈炴姌鐝�(xi脿n)鍥炴敹鏈熸硶

闋�(xi脿ng)鐩姇鐢�(ch菐n)鍚庡付渚嗙殑鐝�(xi脿n)閲戝噲娴侀噺绱▓(j矛)鑷宠垏鍘熷鎶曡硣椤嶇浉绛夋檪(sh铆)鎵€闇€瑕佺殑鏅�(sh铆)闁�銆傝┎鎸囨(bi膩o)鏁�(sh霉)鍊艰秺灏�锛岃〃鏄庡洖鏀跺勾闄愯秺鐭�锛屾柟妗堣秺鏈夊埄銆�

2.鎶樼従(xi脿n)鍥炴敹鏈熸硶

閫氶亷瑷�(j矛)绠楁瘡鏈熺従(xi脿n)閲戞祦閲忕殑鎶樼従(xi脿n)鍊间締纰哄畾鎶曡硣鍥炲牨(b脿o)鏈�銆�

3.鍥炴敹鏈熸硶鐨勫劒(y艒u)榛�(di菐n)

閫氶亷瑷�(j矛)绠楄硣閲戝崰鐢ㄥ湪鏌愰爡(xi脿ng)鐩腑鎵€闇€鐨勬檪(sh铆)闁�锛屽彲鍦ㄤ竴瀹氱▼搴︿笂鍙嶆槧鍑洪爡(xi脿ng)鐩殑娴佸嫊鎬у拰棰�(f膿ng)闅�(xi菐n)銆傚湪鍏朵粬姊濅欢鐩稿悓鐨勬儏娉佷笅锛屽洖鏀舵湡瓒婄煭锛岄爡(xi脿ng)鐩殑娴佸嫊鎬ц秺濂�锛屾柟妗堣秺鍎�(y艒u)銆備竴鑸締瑾�锛岄暦鏈熸€х殑闋�(y霉)鏈熺従(xi脿n)閲戞祦閲忔瘮鐭湡鎬х殑闋�(y霉)鏈熺従(xi脿n)閲戞祦閲忔洿鍏烽ⅷ(f膿ng)闅�(xi菐n)銆�

4.鍥炴敹鏈熸硶鐨勭己榛�(di菐n)

鏈€冩叜鍥炴敹鏈熷悗鐨勭従(xi脿n)閲戞祦閲�锛屼笖鍌崇当(t菕ng)鐨勫洖鏀舵湡娉曢倓鏈€冩叜璩囨湰鎴愭湰锛屽嵆鍦ㄨ▓(j矛)绠楀洖鏀舵湡鏅�(sh铆)鏈娇鐢ㄥ偟鍕�(w霉)鎴栨瑠(qu谩n)鐩婅硣閲戠殑鎴愭湰閫�(j矛n)琛屾姌鐝�(xi脿n)瑷�(j矛)绠椼€�

(浜�)鍑堢従(xi脿n)鍊兼硶NPV

1.鍑堢従(xi脿n)鍊肩殑瑷�(j矛)绠�

鍑堢従(xi脿n)鍊�=鏈締鐝�(xi脿n)閲戝噲娴侀噺鐝�(xi脿n)鍊�-鍘熷鎶曡硣椤嶇従(xi脿n)鍊�

鑻ュ噲鐝�(xi脿n)鍊煎ぇ浜庨浂锛岄爡(xi脿ng)鐩彲浠ユ帴鍙�;鑻ュ噲鐝�(xi脿n)鍊煎皬浜庨浂锛岄爡(xi脿ng)鐩噳(y墨ng)鏀炬;鑻ュ噲鐝�(xi脿n)鍊肩瓑浜庨浂锛岃〃鏄庨爡(xi脿ng)鐩矑鏈夊墿浣欐敹鐩婏紝娌掓湁蹇呰閲囩磵銆�

2.鍑堢従(xi脿n)鍊肩殑鍎�(y艒u)缂洪粸(di菐n)

(1)鍑堢従(xi脿n)鍊兼硶浣跨敤鐝�(xi脿n)閲戞祦閲忚€岄潪鍒╂饯锛屼富瑕佸洜?y脿n)妤滷(xi脿n)閲戞祦閲忕浉灏嶅瑙€銆�

(2)鍑堢従(xi脿n)鍊兼硶鑰冩叜鐨勬槸鎶曡硣闋�(xi脿ng)鐩暣楂旓紝鍦ㄩ€欎竴鏂归潰鍎�(y艒u)浜庡洖鏀舵湡娉�锛屽洖鏀舵湡娉曞拷鐣ヤ簡鍥炴敹鏈熶箣鍚庣殑鐝�(xi脿n)閲戞祦閲�銆�

(3)鍑堢従(xi脿n)鍊兼硶鑰冩叜浜嗚波骞ｇ殑鏅�(sh铆)闁撳児(ji脿)鍊硷紝鐩＄鎶樼従(xi脿n)鍥炴敹鏈熸硶涔熷彲浠ヨ鐢ㄤ簬瑭曚及闋�(xi脿ng)鐩�锛屼絾瑭叉柟娉曡垏闈炴姌鐝�(xi脿n)鍥炴敹鏈熸硶涓€妯ｅ拷鐣ヤ簡鍥炴敹鏈熶箣鍚庣殑鐝�(xi脿n)閲戞祦閲�銆�

(4)鍑堢従(xi脿n)鍊兼硶鑸囪病(c谩i)鍕�(w霉)绠＄悊鐨勬渶楂樼洰妯�(bi膩o)——鑲℃澅璨�(c谩i)瀵屾渶澶у寲绶婂瘑鑱�(li谩n)绲�(ji茅)銆傛姇璩囬爡(xi脿ng)鐩殑鍑堢従(xi脿n)鍊间唬琛ㄧ殑鏄姇璩囬爡(xi脿ng)鐩鎺ュ彈鍚庡叕鍙稿児(ji脿)鍊肩殑璁婂寲锛岃€屽叾浠栨姇璩囧垎鏋愭柟娉曡垏璨�(c谩i)鍕�(w霉)绠＄悊鐨勬渶楂樼洰妯�(bi膩o)娌掓湁鐩存帴鐨勮伅(li谩n)绯汇€�

(5)鍑堢従(xi脿n)鍊兼硶鍏佽ū鎶樼従(xi脿n)鐜囩殑璁婂寲锛岃€屽叾浠栨柟娉曟矑鏈夎€冩叜瑭插晱椤�銆�

(6)鍑堢従(xi脿n)鍊兼槸绲曞皪閲忔寚妯�(bi膩o)锛屼笉渚夸簬鎶曡硣瑕�(gu墨)妯′笉鍚岀殑闋�(xi脿ng)鐩洿鎺ユ瘮杓冦€�

(涓�)鍏�(n猫i)鍚牨(b脿o)閰巼娉旾RR

1.鍌崇当(t菕ng)鐨勫収(n猫i)鍚牨(b脿o)閰巼娉�

鍏�(n猫i)鍚牨(b脿o)閰巼鎸囦娇闋�(xi脿ng)鐩湭渚嗙従(xi脿n)閲戝噲娴侀噺鐝�(xi脿n)鍊肩瓑浜庡師濮嬫姇璩囬鐝�(xi脿n)鍊兼檪(sh铆)鐨勬姌鐝�(xi脿n)鐜�銆傚叾瑷�(j矛)绠楀叕寮忕偤NPV=0

IRR鏄竴鍊�(g猫)闋�(xi脿ng)鐩殑闋�(y霉)鏈熸敹鐩婄巼锛屽鏋滆┎鏀剁泭鐜囪秴閬庝簡璩囨湰鎴愭湰锛岀敱姝ゅ鍔犱簡浼佹キ(y猫)鑲℃澅鐨勮病(c谩i)瀵岋紝鍚﹀墖鏈冩笡灏戣偂鏉辩殑璨�(c谩i)瀵�銆傛墍浠�锛岀暥(d膩ng)闋�(xi脿ng)鐩殑IRR瓒呴亷璩囨湰鎴愭湰锛岄爡(xi脿ng)鐩彲浠ユ帴鍙�;鍙嶄箣锛屽墖涓嶈兘鎺ュ彈銆�

2.淇鐨勫収(n猫i)鍚牨(b脿o)閰巼娉昅IRR

淇鐨勫収(n猫i)鍚牨(b脿o)閰巼娉曞厠鏈嶄簡鍏�(n猫i)鍚牨(b脿o)閰巼鍐嶆姇璩囩殑鍋囪ō(sh猫)浠ュ強娌掓湁鑰冩叜鏁村€�(g猫)闋�(xi脿ng)鐩懆鏈熶腑璩囨湰鎴愭湰鐜囪畩鍕曠殑鍟忛銆侻IRR瑾�(r猫n)鐐洪爡(xi脿ng)鐩敹鐩婅鍐嶆姇璩囨檪(sh铆)涓嶆槸鎸夌収鍏�(n猫i)鍚牨(b脿o)閰巼渚嗘姌鐝�(xi脿n)鐨�锛屽啀鎶曡硣鐜囨噳(y墨ng)鐐哄(sh铆)闅涚殑璩囨湰鎴愭湰銆傛噳(y墨ng)瑭茬敤瀵�(sh铆)闅涚殑璩囨湰鎴愭湰瑷�(j矛)绠楀嚭鍚勬湡鐝�(xi脿n)閲戞祦閲忕殑绲傚€硷紝鍐嶆眰鍑篒RR锛屼互閫欑ó鏂瑰紡瑷�(j矛)绠楀嚭鐨処RR锛岀ū鐐篗IRR銆�

鍊煎緱瑾槑鐨勬槸锛岄爡(xi脿ng)鐩焙绛栨渶鍩烘湰鐨勬柟娉曟槸NPV娉曘€傜暥(d膩ng)鍌崇当(t菕ng)鐨処RR娉曡垏NPV娉曠櫦(f膩)鐢熸矕绐佹檪(sh铆)锛岄€氬父浠PV鐐烘簴(zh菙n)銆傚師鍥犲湪浜庡偝绲�(t菕ng)鐨処RR娉曟湁鍏╁€�(g猫)涓昏缂洪櫡锛氫竴鏄湁澶氬€�(g猫)鏍�;浜屾槸鍋囪ō(sh猫)鍐嶆姇璩囩巼鐐篒RR銆�

3.鍏�(n猫i)鍚牨(b脿o)閰巼娉曠殑鍎�(y艒u)缂洪粸(di菐n)

鍎�(y艒u)榛�(di菐n)锛氬収(n猫i)鍚牨(b脿o)閰巼浣滅偤涓€绋姌鐝�(xi脿n)鐝�(xi脿n)閲戞祦閲忔硶锛屽湪鑰冩叜浜嗚波骞ｆ檪(sh铆)闁撳児(ji脿)鍊肩殑鍚屾檪(sh铆)涔熻€冩叜浜嗘暣鍊�(g猫)闋�(xi脿ng)鐩懆鏈熺殑鐝�(xi脿n)閲戞祦閲忋€傛澶�锛屽収(n猫i)鍚牨(b脿o)閰巼娉曚綔鐐轰竴绋浉灏嶆暩(sh霉)鎸囨(bi膩o)锛岄櫎浜嗗彲浠ュ拰璩囨湰鎴愭湰鐜囨瘮杓冧箣澶�锛岄倓鍙互鑸囬€氳波鑶ㄨ劰鐜囦互鍙婂埄鐜囩瓑涓€绯诲垪缍�(j墨ng)婵�(j矛)鎸囨(bi膩o)閫�(j矛n)琛屾瘮杓�銆�

缂洪粸(di菐n)锛氬収(n猫i)鍚牨(b脿o)閰巼鏄⿻浼版姇璩囨焙绛栫殑鐩稿皪鏁�(sh霉)鎸囨(bi膩o)锛岀劇娉曡　閲忓嚭鍏徃鍍�(ji脿)鍊肩殑绲曞皪澧為暦銆傚湪琛￠噺闈炲父瑕�(gu墨)闋�(xi脿ng)鐩檪(sh铆)(鍗抽爡(xi脿ng)鐩従(xi脿n)閲戞祦閲忓湪闋�(xi脿ng)鐩懆鏈熶腑鐧�(f膩)鐢熸璨�(f霉)璁婂嫊鏅�(sh铆))锛屽収(n猫i)鍚牨(b脿o)閰巼娉曞彲鑳界敘(ch菐n)鐢熷鍊�(g猫)IRR锛岄€犳垚闋�(xi脿ng)鐩⿻浼扮殑鍥伴洠銆傛澶�锛屽湪琛￠噺浜掓枼闋�(xi脿ng)鐩檪(sh铆)锛屽偝绲�(t菕ng)鐨勫収(n猫i)鍚牨(b脿o)閰巼娉曞拰鍑堢従(xi脿n)鍊兼硶鍙兘鏈冪郸鍑虹煕鐩剧殑鎰忚锛屽湪閫欑ó鎯呮硜涓�锛屽噲鐝�(xi脿n)鍊兼硶寰€寰€鏈冪郸鍑烘纰虹殑姹虹瓥鍒ゆ柗銆�

(鍥�)鐝�(xi脿n)鍊兼寚鏁�(sh霉)娉昉I

鐝�(xi脿n)鍊兼寚鏁�(sh霉)鏄爡(xi脿ng)鐩姇鐢�(ch菐n)鍚庢湭渚嗙従(xi脿n)閲戝噲娴侀噺鐝�(xi脿n)鍊艰垏鍘熷鎶曡硣椤嶇従(xi脿n)鍊间箣姣�锛岃〃绀�1鍏冨垵濮嬫姇璩囧彇寰楃殑鐝�(xi脿n)鍊兼瘺鏀剁泭銆�

瑷�(j矛)绠楀叕寮忥細鐝�(xi脿n)鍊兼寚鏁�(sh霉)=鏈締鐝�(xi脿n)閲戝噲娴侀噺鐝�(xi脿n)鍊�/鍘熷鎶曡硣椤嶇従(xi脿n)鍊�

濡傛灉瑭叉寚妯�(bi膩o)鏁�(sh霉)鍊煎ぇ浜�1锛屽墖闋�(xi脿ng)鐩彲鎺ュ彈锛孭I鍊艰秺澶ц秺濂�;濡傛灉瑭叉寚妯�(bi膩o)鏁�(sh霉)鍊煎皬浜�1锛屽墖鎳�(y墨ng)鏀炬銆�

(浜�)鏈冭▓(j矛)鏀剁泭鐜囨硶AAR

鏈冭▓(j矛)鏀剁泭鐜囨槸闋�(xi脿ng)鐩＝鍛芥湡鐨勯爯(y霉)瑷�(j矛)骞村潎鏀剁泭椤嶈垏闋�(xi脿ng)鐩師濮嬫姇璩囬鐨勭櫨鍒嗘瘮銆�

瑷�(j矛)绠楀叕寮忥細鏈冭▓(j矛)鏀剁泭鐜�=骞村潎鏀剁泭椤�/鍘熷鎶曡硣椤�

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