鐝�(xi脿n)閲戞祦閲忓垎鏋愭寚妯�(bi膩o)鍙婃噳(y墨ng)鐢�

1.鎸囨(bi膩o)鍒嗛

2.鐝�(xi脿n)閲戞祦閲忓垎鏋愭寚妯�(bi膩o)瑷�(j矛)绠�

1)闈滄厠(t脿i)鎶曡硣鍥炴敹鏈�(Pt)

涓嶈€冩叜璩囬噾鏅�(sh铆)闁撳児(ji脿)鍊兼浠朵笅浠ュ噲鏀剁泭鎶靛劅鎶曡硣鎵€闇€瑕佺殑鏅�(sh铆)闁�锛岄€氬父寰炲缓瑷�(sh猫)闁嬪骞村勾鍒濈畻璧�(t 寰�0 闁嬪)(鍗虫姇璩囧洖鏀舵湡鍖呮嫭寤鸿ō(sh猫)鏈�)

3.鍑堢従(xi脿n)鍊�(NPV)

(1)鍚京鑸囧垽鎿�(j霉)

1)鍚京

灏囬爡(xi脿ng)鐩暣鍊�(g猫)瑷�(j矛)绠楁湡鍏�(n猫i)鍚勫勾鐨勫噲鐝�(xi脿n)閲戞祦閲�锛屾寜鏌愬€�(g猫)绲﹀畾鐨勬姌鐝�(xi脿n)鐜�锛屾姌绠楀埌瑷�(j矛)绠楁湡鏈熷垵(0榛�(di菐n)锛屼篃鍗�1骞村垵)鐨勭従(xi脿n)鍊间唬鏁�(sh霉)鍜屻€傝▓(j矛)绠楀叕寮忕偤锛�

寮忎腑锛�

n——瑷�(j矛)绠楁湡鏈熸暩(sh霉);

i——瑷�(sh猫)瀹氭姌鐝�(xi脿n)鐜�銆�

2)鍒ゆ摎(j霉)

鈶犺嫢 NPV≥0锛岃┎闋�(xi脿ng)鐩湪缍�(j墨ng)婵�(j矛)涓婂彲浠ユ帴鍙�;

鈶¤嫢 NPV<0锛屽湪缍�(j墨ng)婵�(j矛)涓婂彲浠ユ嫆绲曡┎闋�(xi脿ng)鐩�銆�

鈶㈠湪姣旈伕浜掓枼鏂规鏅�(sh铆)锛孨PV 瓒婂ぇ瓒婂ソ銆�

3)鍎�(y艒u)缂洪粸(di菐n)鍙婃姌鐝�(xi脿n)鐜囩殑閬稿彇

鍎�(y艒u)榛�(di菐n)锛氳€冩叜浜嗚硣閲戠殑鏅�(sh铆)闁撳児(ji脿)鍊�;

鑰冨療浜嗛爡(xi脿ng)鐩湪鏁村€�(g猫)澹藉懡鏈熷収(n猫i)鐨勭稉(j墨ng)婵�(j矛)鐙€娉�;

鐩存帴浠ヨ波骞ｉ琛ㄧず闋�(xi脿ng)鐩姇璩囩殑鏀剁泭鎬уぇ灏�锛屽厠鏈嶄簡鎶曡硣鍥炴敹鏈熺殑缂洪粸(di菐n)锛屽湪鐞嗚珫涓婃瘮鎶曡硣鍥炴敹鏈熸洿瀹屽杽锛屽湪瀵�(sh铆)韪愪腑琚唬娉涢噰鐢�銆�

4.鍑堝勾鍊�(NAV)

鎶婇爡(xi脿ng)鐩＝鍛芥湡鍏�(n猫i)鐨勫噲鐝�(xi脿n)閲戞祦閲忔寜瑷�(sh猫)瀹氱殑鎶樼従(xi脿n)鐜囨姌绠楁垚鑸囧叾绛夊€肩殑鍚勫勾骞存湯鐨勭瓑椤嶅噲鐝�(xi脿n)閲戞祦閲忓€�銆�

瑷�(j矛)绠楀叕寮忕偤锛�

鐢ㄥ噲鐝�(xi脿n)鍊煎拰鍑堝勾閲戣⿻(p铆ng)鍍�(ji脿)鍚屼竴闋�(xi脿ng)鐩�锛屾墍寰楃祼(ji茅)璜栨槸涓€鑷寸殑銆�

5.鍏�(n猫i)閮ㄦ敹鐩婄巼(IRR)

1)鎸囦娇闋�(xi脿ng)鐩噲鐝�(xi脿n)鍊肩偤闆舵檪(sh铆)鐨勬姌鐝�(xi脿n)鐜囥€�

缍�(j墨ng)婵�(j矛)鍚京锛氶爡(xi脿ng)鐩皪(du矛)鍗犵敤璩囬噾鐨勬仮寰�(f霉)鑳藉姏锛屽嵆闋�(xi脿ng)鐩皪(du矛)鍒濆鎶曡硣鐨勫劅閭勮兘鍔涙垨?q奴)顬岼娆惧埄鐜囩殑鏈€澶ф壙鍙楄兘鍔涖€�

2)鍒ゆ摎(j霉)

鈶犺嫢IRR ≥Ic锛屽墖瑭查爡(xi脿ng)鍦ㄧ稉(j墨ng)婵�(j矛)涓婂彲浠ユ帴鍙�;

鈶¤嫢IRR

鍏朵腑锛�

Ic ——瑷�(sh猫)瀹氱殑鍩烘簴(zh菙n)鎶樼従(xi脿n)鐜�;

涓嶇敤鍏�(n猫i)閮ㄦ敹鐩婄巼鐩存帴閫�(j矛n)琛屾柟妗堟瘮杓冦€�

3)瑷�(j矛)绠�

浜哄伐瑭︾畻娉曪細閬告搰鍏╁€�(g猫)鏁�(sh霉)鍊肩浉杩戠殑鎶樼従(xi脿n)鐜� 鍜宺1锛屽拰r2婊胯冻锛�

鈶� r1-r2≤5% ;

鈶� NPV1 >0;NPV2 <0 銆�

鐢ㄧ窔鎬у収(n猫i)鎻掓硶杩戜技姹傚嚭鍏�(n猫i)閮ㄦ敹鐩婄巼 r锛�

4)鍎�(y艒u)缂洪粸(di菐n)

鍎�(y艒u)榛�(di菐n)锛�

鈶犺€冩叜璩囬噾鏅�(sh铆)闁撳児(ji脿)鍊�锛岃€冨療浜嗛爡(xi脿ng)鐩湪鏁村€�(g猫)澹藉懡鏈熷収(n猫i)鐨勫叏閮ㄦ儏娉併€�

鈶＄劇闇€浜嬪厛瑷�(sh猫)瀹氬熀婧�(zh菙n)鎶樼従(xi脿n)鐜�锛屾搷浣滃洶闆ｅ皬銆�

缂洪粸(di菐n)锛�

鈶犺▓(j矛)绠楃箒鐟�锛岄潪甯歌(gu墨)闋�(xi脿ng)鐩湁澶氳В鐝�(xi脿n)璞�;

鈶′笉鐩存帴鐢ㄤ簬浜掓枼鏂规鐨勬瘮杓�;

鈶笉閬╃敤浜庡彧鏈夌従(xi脿n)閲戞祦鍏ユ垨鐝�(xi脿n)閲戞祦鍑虹殑闋�(xi脿ng)鐩�銆�

6.鍑堢従(xi脿n)鍊肩巼

鎸夎ō(sh猫)瀹氭姌鐝�(xi脿n)鐜囨眰寰楃殑闋�(xi脿ng)鐩▓(j矛)绠楁湡鐨勫噲鐝�(xi脿n)鍊艰垏鍏跺叏閮ㄦ姇璩囩従(xi脿n)鍊肩殑姣旂巼銆�

鍒ゅ垾

鈶犺嫢 NPVR ≥ 0锛屾柟妗堝彲琛岋紝鍙互鑰冩叜鎺ュ彈;

鈶¤嫢 NPVR<0锛屾柟妗堜笉鍙锛屾噳(y墨ng)浜堟嫆绲曘€�

7.鍩烘簴(zh菙n)鏀剁泭鐜囩殑娓畻鍜岄伕鍙�

(1)姒傚康

鍩烘簴(zh菙n)鏀剁泭鐜囦篃绋卞熀婧�(zh菙n)鎶樼従(xi脿n)鐜�锛屾槸浼佹キ(y猫)鎴栬妤�(y猫)鎶曡硣鑰呬互鍕�(d貌ng)鎱�(t脿i)鐨勮榛�(di菐n)鎵€纰哄畾鐨勩€佸彲鎺ュ彈鐨勯爡(xi脿ng)鐩�(鏂规)鏈€浣庢(bi膩o)婧�(zh菙n)鐨勬敹鐩婃按骞�銆�

鍩烘簴(zh菙n)鏀剁泭鐜囩⒑瀹氬緱鍚堢悊鑸囧惁锛屽皪(du矛)闋�(xi脿ng)鐩�(鏂规)缍�(j墨ng)婵�(j矛)鏁堟灉鐨勮⿻(p铆ng)鍍�(ji脿)绲�(ji茅)璜栨湁鐩存帴鐨勫奖闊�锛屽畾寰楅亷楂樻垨閬庝綆閮芥渻(hu矛)灏�(d菐o)鑷存姇璩囨焙绛栫殑澶辫銆�

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