銆€銆€鏀剁泭閭勫師娉�

銆€銆€寰�(f霉)缈�(x铆)瑕侀粸(di菐n)锛�

銆€銆€1銆佹帉鎻℃敹鐩婇倓鍘熸硶鐨勫師鐞嗐€佺壒榛�(di菐n)鍜岄仼鐢ㄨ寖鍦�

銆€銆€2銆侀噸榛�(di菐n)鏄啛绶撮亱(y霉n)鐢ㄦ敹鐩婇倓鍘熸硶鐨勫熀鏈叕寮忓拰瑷�(j矛)绠楁椹�

銆€銆€涓€銆佹敹鐩婇倓鍘熸硶姒傝堪

銆€銆€1銆佹敹鐩婇倓鍘熸硶鐨勫畾缇╁拰鍘熺悊

銆€銆€鏄湪浼扮畻鍦熷湴鍦ㄦ湭渚嗘瘡骞撮爯(y霉)鏈熺磾鏀剁泭鐨勫熀绀�(ch菙)涓�锛屼互涓€瀹氱殑閭勫師鐜�锛屽皣瑭曚及灏嶈薄鍦ㄦ湭渚嗘瘡骞寸殑绱旀敹鐩婃姌绠楃偤瑭曚及鏅�(sh铆)鏃ユ敹鐩婄附鍜岀殑涓€绋柟娉�銆�

銆€銆€渚嗚嚜鍦熷湴鐨勬敹鐩婄浉灏嶄簬鍦熷湴浣跨敤鑰呰€岃█锛岀ū鐐哄湡鍦版敹鐩�;鑰岀浉灏嶄簬鍦熷湴鎵€鏈夎€呰€岃█锛岀ū鐐哄湴绉�銆�

銆€銆€2銆佹敹鐩婇倓鍘熸硶鐨勫熀鏈叕寮�

銆€銆€(1)鍦熷湴骞寸磾鏀剁泭涓嶈畩锛屼娇鐢ㄥ勾鏈熺劇闄愮殑鍦熷湴鍍�(ji脿)鏍艰▓(j矛)绠楀叕寮忥細

銆€銆€P=a/r P-鍦熷湴鍍�(ji脿)鏍� a-鍦熷湴绱旀敹鐩� r-鍦熷湴閭勫師鐜� a = P?r

銆€銆€(2)鍦熷湴骞寸磾鏀剁泭涓嶈畩锛屼娇鐢ㄥ勾鏈熸湁闄愮殑鍦熷湴鍍�(ji脿)鏍艰▓(j矛)绠楀叕寮忥細

銆€銆€P= a/ r?[1-1/(1+ r)n] n- 浣跨敤鍦熷湴鐨勫勾闄愭垨鍦熷湴鏀剁泭鐨勫勾闄�

銆€銆€(3)鍦熷湴绱旀敹鐩婂湪鑻ュ共骞村収(n猫i)鏈夎畩鍖栫殑鍦熷湴鍍�(ji脿)鏍艰▓(j矛)绠楀叕寮�

銆€銆€(4)鏈締鑻ュ共骞村悗鐨勫湡鍦板児(ji脿)鏍煎凡鐭ョ殑姊濅欢涓嬬殑瑷�(j矛)绠楀叕寮�

銆€銆€(5)绱旀敹鐩婃寜绛夊樊绱�(j铆)鏁�(sh霉)閬炲鎴栭仦娓涚殑鍦熷湴鍍�(ji脿)鏍艰▓(j矛)绠楀叕寮�

銆€銆€(6)绱旀敹鐩婃寜涓€瀹氭瘮鐜囬仦澧炴垨閬炴笡鏅�(sh铆)鐨勫湡鍦板児(ji脿)鏍艰▓(j矛)绠楀叕寮�

銆€銆€(7)绱旀敹鐩�銆侀倓鍘熺巼鏈夎畩鍖栫殑鍦熷湴鍍�(ji脿)鏍艰▓(j矛)绠楀叕寮忥細

銆€銆€P= a1 /(1+ r1)+a 2/(1+ r1)(1+ r2)+鈥�+ a3 /(1+ r1)(1+ r2)鈥�(1+ r n)

銆€銆€鏈叕寮忓(sh铆)闅涗笂鏄敹鐩婇倓鍘熸硶鍩烘湰鍘熺悊鐨勫叕寮忓寲锛屼篃灏辨槸鏀剁泭閭勫師娉曞叕寮忕殑鏈€涓€鑸舰寮�锛屽墠闈㈠叚椤炲叕寮忛兘鏄畠鐨勭壒渚�銆�

銆€銆€3銆佹敹鐩婇倓鍘熸硶鐨勭壒榛�(di菐n)鑸囬仼鐢ㄨ寖鍦�

銆€銆€(1)鏀剁泭閭勫師娉曠殑鐗归粸(di菐n)

銆€銆€A.鏀剁泭閭勫師娉曚互鍦扮鐞嗚珫鍜岀敓鐢�(ch菐n)瑕佺礌鍒嗛厤鐞嗚珫鐐虹悊璜栦緷鎿�(j霉)

銆€銆€B.鏀剁泭閭勫師娉曚互鏀剁泭閫斿緫瑭曚及鍍�(ji脿)鏍�锛屾眰寰楃殑鍍�(ji脿)鏍肩ū鐐衡€滄敹鐩婂児(ji脿)鏍尖€�

銆€銆€C.鏀剁泭閭勫師娉曡⿻浼扮祼(ji茅)鏋滅殑婧�(zh菙n)纰哄害鍙栨焙浜庡湡鍦扮殑绱旀敹鐩婂強閭勫師鐜囩殑婧�(zh菙n)纰虹▼搴�

銆€銆€(2)鏀剁泭閭勫師娉曠殑閬╃敤鑼冨湇

銆€銆€鍙仼鐢ㄤ簬鏈夋敹鐩婃垨娼涘湪鏀剁泭鐨勫湡鍦板拰寤虹瓚鐗�锛屾垨鎴垮湴鐢�(ch菐n)鐨勪及鍍�(ji脿)銆備絾灏嶄簬娌掓湁鏀剁泭鐨勪笉鍕�(d貌ng)鐢�(ch菐n)鐨勪及鍍�(ji脿)鍓囧ぇ澶氫笉閬╃敤銆�

銆€銆€鏀剁泭閭勫師娉曟槸鍏锋湁鐞嗚珫渚濇摎(j霉)鑰屾噳(y墨ng)鐢ㄩ潰寰堝唬鐨勪竴绋及鍍�(ji脿)鏂规硶锛屼絾瀹冧篃鏈変竴鍊�(g猫)缂洪粸(di菐n)锛屽氨鏄┅(w臎n)瀹氱磾鏀剁泭鍜岄仼鐣�(d膩ng)閭勫師鐜囩殑姹傚彇姣旇純鍥伴洠銆�

銆€銆€浜�銆佹敹鐩婇倓鍘熸硶浼板児(ji脿)鐨勭▼搴忓拰鏂规硶

銆€銆€(涓€)浼板児(ji脿)绋嬪簭

銆€銆€1銆佽▓(j矛)绠楃附鏀剁泭

銆€銆€2銆佽▓(j矛)绠楃附璨�(f猫i)鐢ㄥ拰鎶樿垔璨�(f猫i)銆佹埧灞嬫敹鐩婃垨鍏朵粬璩囩敘(ch菐n)鐨勬敹鐩婄瓑

鏇村鍦熷湴浼板児(ji脿)甯俊鎭珛闂�(gu膩n)娉�: 鍦熷湴浼板児(ji脿)甯牷閬�   鍦熷湴浼板児(ji脿)甯珫澹�

?2009骞村湡鍦颁及鍍�(ji脿)甯€冭│鏅�(sh铆)闁擄細9鏈�19銆�20鏃�
?鐠�(hu谩n)鐞冪恫(w菐ng)鏍�2009鏂扮増鍦熷湴浼板児(ji脿)甯恫(w菐ng)绲�(lu貌)杓斿皫(d菐o)鎷涚敓绨＄珷
?鐝�(xi脿n)鍦ㄥ牨(b脿o)鍚�09骞村湡鍦颁及鍍�(ji脿)甯€佸斧杓斿皫(d菐o)锛屽彲鐛茶磮(z猫ng)08,07骞磋绋�锛�
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?09骞磋绋嬬敱鑰佸斧榛戞暚绁�銆佷换娴╂槑銆佸嫉瀹堥嫆鑱�(li谩n)鍚堜富璎�.

銆€銆€3銆佽▓(j矛)绠楀湡鍦扮磾鏀剁泭

銆€銆€4銆佺⒑瀹氬悎閬╃殑閭勫師鐜�

銆€銆€5銆侀伕鎿囧叕寮忔眰鍙栧湴鍍�(ji脿)

銆€銆€(浜�)瑷�(j矛)绠楁柟娉�

銆€銆€1銆佺附鏀剁泭瑷�(j矛)绠楁柟娉�

銆€銆€閲囩敤瀹㈣鏀剁泭锛岀⒑瀹氬瑙€鏀剁泭涓€鑸鑰冩叜涓夊€�(g猫)姊濅欢銆�

銆€銆€绺芥敹鐩婄敘(ch菐n)鐢熺殑褰㈠紡鍖呮嫭鍦熷湴绉熼噾銆佹埧鍦板嚭绉熺殑绉熼噾浠ュ強浼佹キ(y猫)缍�(j墨ng)鐕熸敹鐩�銆傝▓(j矛)绠楃附鏀剁泭鏅�(sh铆)锛岄倓鎳�(y墨ng)婧�(zh菙n)纰哄垎鏋愭脯绠楃敱瑭曚及灏嶈薄鎵€寮曡捣鐨勫叾浠栬鐢熸敹鐩�锛岀⒑瀹氱殑鍘熷墖鏄彧瑕佺敱瑭曚及灏嶈薄鎵€鐢�(ch菐n)鐢熺殑骞剁偤鍏剁敘(ch菐n)娆�(qu谩n)涓婚珨鎵€鍙栧緱鐨勬敹鐩婇兘鎳�(y墨ng)瑷�(j矛)鍏ョ附鏀剁泭涔嬩腑銆傚彟澶�锛岄倓鎳�(y墨ng)鍏呭垎鑰冩叜鍙楃泭鐨勬悕澶便€�

銆€銆€2銆佺附璨�(f猫i)鐢ㄨ▓(j矛)绠楁柟娉�

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銆€銆€(2)鎴垮湴鍑虹涓附璨�(f猫i)鐢ㄧ殑瑷�(j矛)绠�

銆€銆€鍖呮嫭绠＄悊璨�(f猫i)銆佺董淇不(f猫i)銆佷繚闅�(xi菐n)璨�(f猫i)銆佺▍閲戝拰鎴垮眿鎶樿垔璨�(f猫i)锛岄兘浠ュ勾鐐烘湡瑷�(j矛)绠�銆�

銆€銆€鎴垮眿骞存姌鑸婅不(f猫i)閲囩敤骞冲潎鎶樿垔娉曡▓(j矛)绠楋紝鍒嗗叐绋儏娉侊細

銆€銆€A.鎴垮眿鑰愮敤骞撮檺娌掓湁瓒呴亷鍦熷湴浣跨敤娆�(qu谩n)鍑鸿畵骞撮檺锛岃▓(j矛)绠楀叕寮忕偤

銆€銆€鎴垮眿閲嶇疆鍍�(ji脿)?娈樺€� 鎴垮眿閲嶇疆鍍�(ji脿)脳(1- 娈樺€肩巼)

銆€銆€骞存姌鑸婅不(f猫i) = 鈥曗€曗€曗€曗€曗€曗€曗€� = 鈥曗€曗€曗€曗€曗€曗€曗€曗€曗€曗€曗€�

銆€銆€鑰愮敤骞撮檺 鑰愮敤骞撮檺

銆€銆€B. 鎴垮眿鑰愮敤骞撮檺瓒呴亷浜嗗湡鍦颁娇鐢ㄦ瑠(qu谩n)鍑鸿畵骞撮檺锛岄渶鎸夊湡鍦颁娇鐢ㄦ瑠(qu谩n)鍑鸿畵瑾�(di脿o)鏁存埧灞嬪彲浣跨敤骞撮檺锛屽苟涓旇▓(j矛)绠楁檪(sh铆)涓嶈€冩叜娈樺€�锛岀浉鎳�(y墨ng)瑷�(j矛)绠楀叕寮忕偤

銆€銆€鎴垮眿閲嶇疆鍍�(ji脿)

銆€銆€骞存姌鑸婅不(f猫i) = 鈥曗€曗€曗€曗€曗€曗€曗€�

銆€銆€鎴垮眿鍙娇鐢ㄥ勾闄�

銆€銆€(3)鍦熷湴绱旀敹鐩婅▓(j矛)绠楁柟娉�

銆€銆€鎴垮湴鍑虹涓殑鍦熷湴绱旀敹鐩婃眰?銆�?/P>

銆€銆€鍦熷湴绱旀敹鐩� =鎴垮湴绱旀敹鐩�?鎴垮眿绱旀敹鐩�=绺芥敹鐩�-绺借不(f猫i)鐢�-鎴垮眿绱旀敹鐩�

銆€銆€鎴垮眿绱旀敹鐩� = 鎴垮眿鐝�(xi脿n)鍊� 脳 寤虹瓚鐗╅倓鍘熺巼

銆€銆€鎴垮眿鐝�(xi脿n)鍊� = 鎴垮眿閲嶇疆鍍�(ji脿) 脳 鎴垮眿鎴愭柊搴� = 鎴垮眿閲嶇疆鍍�(ji脿) - 鎴垮眿绺芥姌鑸�

銆€銆€鎴垮眿绺芥姌鑸婇 = 鎴垮眿骞存姌鑸婇 脳 鎴垮眿宸蹭娇鐢ㄥ勾闄�

銆€銆€(4)閭勫師鐜囩殑纰哄畾

銆€銆€鎸夌収瑭曚及灏嶈薄鐨勪笉鍚�锛屽彲浠ュ皣閭勫師鐜囧垎鐐虹稖鍚堥倓鍘熺巼銆佸缓绛戠墿閭勫師鐜囧拰鍦熷湴閭勫師鐜囦笁椤�銆備笁鑰呮棦鏈夊毚(y谩n)鏍煎崁(q奴)鍒ワ紝鍙堜簰鐩歌伅(li谩n)绯�銆�

銆€銆€寰炵磾鐞嗚珫涓婅瑳锛岄倓鍘熺巼鎳�(y墨ng)绛変簬鑸囩嵅鍙栫磾鏀剁泭鍏锋湁鍚岀瓑棰�(f膿ng)闅�(xi菐n)鍜岃硣鏈殑鐛插埄鐜�銆傚叾纰哄畾鏂规硶鍙噰鐢ㄧ磾鏀剁泭鑸囧児(ji脿)鏍兼瘮鐜囨硶銆佸畨鍏ㄥ埄鐜囧姞棰�(f膿ng)闅�(xi菐n)瑾�(di脿o)鏁村€兼硶銆佹姇璩囬ⅷ(f膿ng)闅�(xi菐n)鑸囨姇璩囨敹鐩婄巼缍滃悎鎺掑簭鎻掑叆娉�銆�

銆€銆€(6)鍦熷湴鍍�(ji脿)鏍肩⒑瀹�

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銆€銆€鏈€甯哥敤鐨勫叕寮忔槸鍦熷湴浣跨敤骞撮檺鏈夐檺涓斿湡鍦板勾绱旀敹鐩婁笉璁婃儏娉佷笅鐨勫湡鍦板児(ji脿)鏍艰▓(j矛)绠楀叕寮忥細

銆€銆€a 1

銆€銆€P = 鈥昜 1- 鈥曗€� ]

銆€銆€r (1+r)n

銆€銆€P鈥曗€曞湡鍦板児(ji脿)鏍� a鈥曗€曞湡鍦扮磾鏀剁泭 r鈥曗€曞湡鍦伴倓鍘熺巼 n鈥曗€曞湡鍦版敹鐩婂勾闄�

銆€銆€瑭插叕寮忎篃鍙敤浠ヨ▓(j矛)绠楁埧鐢�(ch菐n)鍍�(ji脿)鏍�锛屾垨鑰呭湪宸茬煡鍦熷湴鍍�(ji脿)鏍兼檪(sh铆)瑷�(j矛)绠楀湡鍦板勾绱旀敹鐩�