銆€銆€渚�3锛氭煇鍥哄畾璩囩敘(ch菐n)鎶曡硣闋呯洰鍦ㄥ缓瑷�(sh猫)璧烽粸涓€娆℃姇鍏�1000钀厓锛屽缓瑷�(sh猫)鏈熺偤涓€骞�銆傝┎闋呯洰澹藉懡鐐�10骞�锛屾湡婊跨劇娈樺€硷紝鎸夌洿绶氭硶瑷堟彁鎶樿垔銆傛姇鐢�(ch菐n)鍚庢瘡骞寸嵅鍒╂饯100钀厓銆傝ō(sh猫)瀹氭姌绶氱巼鐐烘矑10%銆�

銆€銆€瑕佹眰锛�(1)瑷堢畻姣忓勾鎶樿垔;(2)瑷堢畻寤鸿ō(sh猫)鏈熷噲鐝�(xi脿n)閲戞祦閲�;(3)瑷堢畻缍�(j墨ng)鐕熸湡鍑堢従(xi脿n)閲戞祦閲�;(4)瑷堢畻闈滄厠(t脿i)鎶曡硣鍥炴敹鏈�;(5)瑷堢畻鍑堢従(xi脿n)鍊�;(6)瑭曞児瑭查爡鐩殑璨″嫏(w霉)鍙鎬�銆�(10骞�锛�10%鐨勫勾閲戠従(xi脿n)鍊肩郴鏁�(sh霉))=6.14457锛�(11骞�锛�10%鐨勫勾閲戠従(xi脿n)鍊肩郴鏁�(sh霉))=6.49506锛�(1骞达紝10%鐨勫勾閲戠従(xi脿n)鍊肩郴鏁�(sh霉))=0.90909锛�(1骞�锛�10%鐨勫京鍒╃従(xi脿n)鍊肩郴鏁�(sh霉))=0.90909

銆€銆€瑙ｏ細骞存姌鑸�=1000/10=100

銆€銆€寤鸿ō(sh猫)鏈熷噲鐝�(xi脿n)閲戞祦閲�

銆€銆€NCF0 = -1000钀厓 NCF1 =0 NCF2鈥�11 =100+100=200钀厓

銆€銆€涓嶅寘鎷缓瑷�(sh猫)鏈熺殑鎶曡硣鍥炴敹鏈�=1000/200=5骞�

銆€銆€鍖呮嫭寤鸿ō(sh猫)鏈熺殑鎶曡硣鍥炴敹鏈�=5+1=6骞�

銆€銆€鍑堢従(xi脿n)鍊糔PV= -1000+0+200*(6.49506鈥�0.90909)=117.194钀厓

銆€銆€鍥犵偤锛氫笉鍖呮嫭寤鸿ō(sh猫)鏈熸姇璩囧洖鏀舵湡=5=10/2

銆€銆€NPV=117.194 澶т簬0锛�

銆€銆€鎵€浠�锛岃┎闋呯洰鍦ㄨ病鍕�(w霉)涓婂熀鏈彲琛�銆�

銆€銆€渚�4锛氬凡鐭ユ煇鎶曡硣闋呯洰閲囩敤閫愭娓畻娉曡▓绠楀収(n猫i)閮ㄦ敹鐩婄巼锛岀稉(j墨ng)閬庢脯瑭﹀緱鍒颁互涓嬫暩(sh霉)鎿�(j霉)锛�

銆€銆€瑷�(sh猫)瀹氭姌鐝�(xi脿n)鐜嘡 鍑堢従(xi脿n)鍊糔PV(鎸塕瑷堢畻)

銆€銆€26% --10钀厓

銆€銆€20% +250钀厓

銆€銆€24% +90钀厓

銆€銆€30% --200钀厓

銆€銆€瑕佹眰锛�(1)鐢ㄥ収(n猫i)鎻掓硶瑷堢畻瑭查爡鐩殑鍏�(n猫i)閮ㄦ敹鐩婄巼IRR銆�

銆€銆€(2)鑻ヨ┎闋呯洰鐨勮妤�(y猫)鍩烘簴鏀剁泭鐜嘔鐐�14%锛岃⿻鍍硅┎闋呯洰鐨勮病鍕�(w霉)鍙鎬�銆�

銆€銆€IRR = 24% + 90/(90--(-10))*(26%-24%)=25.8%

銆€銆€IRR=25.8%澶т簬14%锛屾墍浠ヨ┎闋呯洰鍏锋湁璨″嫏(w霉)鍙鎬�銆�

銆€銆€渚�5锛氭煇浼佹キ(y猫)鎬ラ渶涓€鑷轰笉闇€瀹夎鐨勮ō(sh猫)鍌欙紝瑭茶ō(sh猫)鍌欐姇鍏ヤ娇鐢ㄥ悗锛屾瘡骞村彲澧炲姞閵峰敭鏀跺叆71000鍏�锛岀稉(j墨ng)鐕熸垚鏈�50000鍏�銆傝嫢璩艰卜锛屽叾甯傚牬鍍规牸鐐�100000鍏�锛岀稉(j墨ng)婵熷＝鍛界偤10骞�锛屽牨寤㈢劇娈樺€�;鑻ュ緸绉熻硟鍏徃绉熺敤鍚屾ǎ瑷�(sh猫)鍌�锛屽彧闇€瑕佹矑骞存湯鏀粯15000鍏冪閲�锛屽彲閫ｇ簩(x霉)绉熺敤10骞淬€傚凡鐭ヨ┎浼佹キ(y猫)鐨勮嚜鏈夎硣閲戠殑璩囬噾鎴愭湰鐐�12%銆傞仼鐢ㄧ殑鎵€寰楃▍鐜囩偤33%銆�

銆€銆€瑕佹眰锛�(1)鐢ㄥ噲鐝�(xi脿n)鍊兼硶鍜屽収(n猫i)閮ㄦ敹鐩婄巼娉曡⿻鍍逛紒妤�(y猫)鏄惁鎳夌暥璩肩疆瑭查爡瑷�(sh猫)鍌�

銆€銆€(2)鐢ㄥ噲鐝�(xi脿n)鍊兼硶灏嶆槸鍚︽噳绉熻硟瑷�(sh猫)鍌欐柟妗堜綔鍑烘焙绛�

銆€銆€瑙ｏ細(1)骞存姌鑸�=100000/10=10000鍏�

銆€銆€骞村噲鍒╂饯 = (71000鈥�50000鈥�10000)*(1鈥�33%)= 7370鍏�

銆€銆€NCF0 = -10000 鍏� NCF1鈥�10 = 10000+7370 = 17370鍏�

銆€銆€NPV = -100000 + 17370*5.65022 = -1855.68鍏冨皬浜�0

銆€銆€(PVIFA IRR 10)= 100000/17370 = 5.757

銆€銆€IRR = 10%+6.14457鈥�5.75705/66.14457-5.65022 * (12%--10)= 11.57

銆€銆€鍑堢従(xi脿n)鍊煎皬浜�0锛屽収(n猫i)閮ㄦ敹鐩婄巼灏忎簬璩囬噾鎴愭湰锛屾晠璩艰卜瑷�(sh猫)鍌欐柟妗堜笉鍙銆�

銆€銆€(2)NCF0 = 0 NCF1鈥�10 = (710000鈥�50000-15000)*(1鈥�33)= 4020鍏�

銆€銆€NPV = 0+ 4020*5.65022 = 22713.88鍏冨ぇ浜�0

銆€銆€鎵€浠ョ璩冩柟妗堟槸鍙鐨�銆�

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