銆€銆€1.鏈楁牸绯绘暩(sh霉)鏄寚(銆€)銆�

銆€銆€A.瑷倷璨荤敤鑸囩附寤鸿ō璨荤敤涔嬫瘮

銆€銆€B.绺藉缓瑷不鐢ㄨ垏寤虹瓚瀹夎璨荤敤涔嬫瘮

銆€銆€C.绺藉缓瑷不鐢ㄨ垏瑷倷璨荤敤涔嬫瘮

銆€銆€D.寤虹瓚瀹夎璨荤敤鑸囩附寤鸿ō璨荤敤涔嬫瘮

銆€銆€绛旀锛欳

銆€銆€瑙ｉ瑕侀粸锛氭湕鏍肩郴鏁�(sh霉)娉曠殑瑷堢畻浠ヨō鍌欒不鐐哄熀绀�锛屾湕鏍肩郴鏁�(sh霉)KL=(1鍗�∑Ki)·Kc锛屽叾涓璌i鏄绶�銆佸剙琛�銆佸缓绛戠墿绛夐爡璨荤敤鐨勪及绠楃郴鏁�(sh霉)锛孠c鏄鐞嗚不銆佸悎鍚岃不銆佹噳鎬ヨ不绛夐枔鎺ヨ不鍦ㄥ収(n猫i)鐨勭附浼扮畻绯绘暩(sh霉)銆�

銆€銆€2.鐢ㄨ│绠楁彃鍊兼硶瑷堢畻璨″嫏鍏�(n猫i)閮ㄦ敹鐩婄巼锛屽凡鐭1=20%锛孎(xi脿n)NPV1=336锛宨2=25%锛孎(xi脿n)NPV2=-917銆�

銆€銆€鍓囪┎闋呯洰鐨勮病鍕欏収(n猫i)閮ㄦ敹鐩婄巼FIRR=(銆€)銆�

銆€銆€A.46.8%

銆€銆€B.21.3%

銆€銆€C.21.8%

銆€銆€D.26.3%

銆€銆€绛旀锛欱

銆€銆€[瑙ｉ瑕侀粸]鐣跺缓瑷爡鐩垵鏈熶竴娆℃姇璩囷紝闋呯洰鍚勫勾鍑堢従(xi脿n)閲戞祦閲忕浉绛夋檪锛岀敤鎻掑€兼硶瑷堢畻FIRR鍏紡鐐猴細

銆€銆€FIRR-i1/i2-i1=K/P-(P/A锛宨1锛宯)/P/A锛宨2锛宯)-(P/A锛宨锛宯)

銆€銆€鑻ュ缓瑷爡鐩従(xi脿n)閲戞祦閲忕偤涓€鑸父瑕�(gu墨)鐝�(xi脿n)閲戞祦閲忥紝鍓嘑IRR瑷堢畻鍏紡鐐篎IRR-i1/=i2-i1=NPV1/NPV1-NPV2鏈鏍规摎(j霉)宸茬煡姊濅欢锛孎(xi脿n)IRR=20%+5%×336/(336+917)=21.3%

銆€銆€3.鏌愭柊寤虹敓鐢�(ch菐n)鍨嬮爡鐩紝閲囩敤涓昏杌婇枔绯绘暩(sh霉)娉曢€茶鍥哄畾璩囩敘(ch菐n)鎶曡硣浼扮畻锛岀稉(j墨ng)浼扮畻涓昏鐢熺敘(ch菐n)杌婇枔鐨勬姇璩囩偤2600钀厓锛岃紨鍔╁強鍏敤绯荤当(t菕ng)鎶曡硣绯绘暩(sh霉)鐐�0.65锛岃鏀垮強鐢熸椿绂忓埄瑷柦鎶曡硣绯绘暩(sh霉)鐐�0.28锛屽叾浠栨姇璩囩郴鏁�(sh霉)鐐�0.32锛屽墖瑭查爡鐩殑鎶曡硣椤嶇偤(銆€)钀厓銆�

銆€銆€A.7621.88

銆€銆€B.8066.10

銆€銆€C.5850.00

銆€銆€D.7418.88

銆€銆€绛旀锛欳

銆€銆€瑙ｉ瑕侀粸锛氶爡鐩殑鎶曡硣椤�=2600(1+0.65+0.28+0.32)=5850.0

銆€銆€4.绺藉钩闈㈣ō瑷堟槸鎸囩附鍦栭亱杓歌ō瑷堝拰绺藉钩闈㈤厤缃�锛屽湪绺藉钩闈㈣ō瑷堜腑褰遍熆宸ョ▼閫犲児鐨勪富瑕佸洜绱犲寘鎷�(銆€)銆�

銆€銆€A.鍗犲湴闈㈢⿳銆佸姛鑳藉垎鍗€(q奴)銆侀亱杓告柟寮�

銆€銆€B.鍗犲湴闈㈢⿳銆佸姛鑳藉垎鍗€(q奴)銆佸伐钘濇祦绋�

銆€銆€C.鍗犲湴闈㈢⿳銆侀亱杓告柟寮�銆佸伐钘濇祦绋�

銆€銆€D.閬嬭几鏂瑰紡銆佸姛鑳藉垎鍗€(q奴)銆佸伐钘濇祦绋�

銆€銆€绛旀锛欰

銆€銆€瑙ｉ瑕侀粸锛氭湰椤岀偤2004骞村叏鍦嬫敞鍐婇€犲児宸ョ▼甯煼(zh铆)妤�(y猫)璩囨牸鑰冭│瑭﹂銆傛湰椤岃姹傝€冪敓姝ｇ⒑鐞嗚В绺藉钩闈㈣ō瑷堝拰宸ヨ棟瑷▓鐨勬蹇靛拰鍏�(n猫i)瀹�銆傚伐钘濇祦绋嬪爆浜庡伐钘濊ō瑷堢殑鍏�(n猫i)瀹�锛屼笉鏄附骞抽潰瑷▓鐨勫収(n猫i)瀹广€傛墍浠ユ湰椤岀殑姝ｇ⒑绛旀鐐篈銆�

銆€銆€5.鍦ㄨ▓绠楁煇寤鸿ō闋呯洰鍏�(n猫i)閮ㄦ敹鐩婄巼鏅傦紝鐣秈=12%锛屽噲鐝�(xi脿n)鍊肩偤800钀厓;鐣秈=16%锛屽噲鐝�(xi脿n)鍊肩偤-200钀厓锛屽墖瑭查爡鐩収(n猫i)閮ㄦ敹鐩婄巼鐐�(銆€)銆�

銆€銆€A.17.2%

銆€銆€B.16.6%

銆€銆€C.18.2%

銆€銆€D.15.2%

銆€銆€绛旀锛欴

銆€銆€瑙ｉ瑕侀粸锛氬埄鐢ㄧ窔鎬ф彃鍊煎叕寮忚繎浼艰▓绠楄病鍕欏収(n猫i)閮ㄦ敹鐩婄巼FIRR銆傚叾瑷堢畻鍏紡鐐猴細

銆€銆€(FIRR-i1)/(i2-i1)=NPVl/(NPV1-NPV2)

銆€銆€(FIRR-12%)/(16%-12%)=800/[800-(-200)]鏁匜IRR=15.2%

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