2019骞翠竴绱�(j铆)閫犲児(ji脿)宸ョ▼甯€冭│閫�(j矛n)鍏ュ€掕▓(j矛)鏅�(sh铆)闅庢锛屽ぇ閮ㄥ垎鍚勭渷浠芥簴(zh菙n)鑰冭瓑鎵撳嵃鍏ュ彛宸查枊(k膩i)閫�锛岃珛(q菒ng)鑰冪敓鍦ㄨ(gu墨)瀹氭檪(sh铆)闁撳収(n猫i)鎵撳嵃婧�(zh菙n)鑰冭瓑锛岄粸(di菐n)鎿婃煡鐪�>>>婧�(zh菙n)鑰冭瓑鎵撳嵃鏅�(sh铆)闁�(鍖附)銆傜偤閬垮厤閷�(cu貌)閬�(gu貌)鑰冭│鏅�(sh铆)闁�銆佽€冨悗鎴愮妇(j墨)鏌ヨ(x煤n)鏅�(sh铆)闁�锛屼綘鍙互 鍏嶈不(f猫i)闋�(y霉)绱勭煭淇℃彁閱�銆�

1.鎿缓闋�(xi脿ng)鐩富寤犳埧鎶曡硣=宸ヨ棟瑷�(sh猫)鍌欐姇璩�×(1+∑Ki)

2.鎿缓闋�(xi脿ng)鐩伐绋嬭不(f猫i)鑸囧伐绋嬪缓瑷�(sh猫)鍏朵粬璨�(f猫i)=鎿缓闋�(xi脿ng)鐩富寤犳埧鎶曡硣×(1+∑Ki)

3.闋�(y霉)鍌欒不(f猫i)=鍩烘湰闋�(y霉)鍌欒不(f猫i)+婕插児(ji脿)闋�(y霉)鍌欒不(f猫i)锛屽叾涓細

鍩烘湰闋�(y霉)鍌欒不(f猫i)=宸ョ▼璨�(f猫i)鑸囧伐绋嬪缓瑷�(sh猫)鍏朵粬璨�(f猫i)*鍩烘湰闋�(y霉)鍌欒不(f猫i)鐜�

婕插児(ji脿)闋�(y霉)鍌欒不(f猫i)P=∑It[(1+f)t涓€1] (鍏朵腑锛欼t=闈滄厠(t脿i)鎶曡硣 f=涓婃疾鐜�)

4.闈滄厠(t脿i)鎶曡硣=宸ョ▼璨�(f猫i)鑸囧伐绋嬪缓瑷�(sh猫)鍏朵粬璨�(f猫i)+鍩烘湰闋�(y霉)鍌欒不(f猫i)

5.鎶曡硣鏂瑰悜瑾�(di脿o)绡€(ji茅)绋�=(闈滄厠(t脿i)鎶曡硣+婕插児(ji脿)闋�(y霉)鍌欒不(f猫i))*鎶曡硣鏂瑰悜瑾�(di脿o)绡€(ji茅)绋呯巼

6.寤鸿ō(sh猫)鏈熻哺娆惧埄鎭�=∑(骞村垵绱▓(j矛)鍊熸+鏈勾鏂板鍊熸/2)*璨告鍒╃巼

7.鍥哄畾璩囩敘(ch菐n)绺芥姇璩�=寤鸿ō(sh猫)鎶曡硣+闋�(y霉)鍌欒不(f猫i)+鎶曡硣鏂瑰悜瑾�(di脿o)绡€(ji茅)绋�+璨告鍒╂伅

8.鎿缓闋�(xi脿ng)鐩附鎶曡硣=鍥哄畾璩囩敘(ch菐n)鎶曡硣+娴佸嫊(d貌ng)璩囩敘(ch菐n)鎶曡硣

9.鐢ㄦ摯(ku貌)澶ф寚妯�(bi膩o)浼扮畻娉曚及绠楁祦鍕�(d貌ng)璩囬噾锛�

娴佸嫊(d貌ng)璩囬噾=鎿缓闋�(xi脿ng)鐩浐瀹氳硣鐢�(ch菐n)鎶曡硣*鍥哄畾璩囩敘(ch菐n)鎶曡硣璩囬噾鐜�

10.瀵�(sh铆)闅涘埄鐜�=(1+鍚嶇京鍒╃巼/骞磋▓(j矛)鎭鏁�(sh霉))*骞磋▓(j矛)鎭鏁�(sh霉)-1

11.鐢ㄥ垎闋�(xi脿ng)瑭崇窗(x矛)浼扮畻娉曚及绠楁祦鍕�(d貌ng)璩囬噾锛�

娴佸嫊(d貌ng)璩囬噾=娴佸嫊(d貌ng)璩囩敘(ch菐n)-娴佸嫊(d貌ng)璨�(f霉)鍌�锛屽叾涓細

娴佸嫊(d貌ng)璩囩敘(ch菐n)=鎳�(y墨ng)鏀�(闋�(y霉)浠�)甯虫+鐝�(xi脿n)閲�+瀛樿波

鎳�(y墨ng)鏀跺赋娆�=鐢�(ch菐n)鎴愬搧+骞寸稉(j墨ng)鐕�(y铆ng)鎴愭湰/骞村懆杞�(zhu菐n)娆℃暩(sh霉)

鐝�(xi脿n)閲�=(骞村伐璩囩鍒�+骞村叾浠栬不(f猫i))/骞村懆杞�(zhu菐n)娆℃暩(sh霉)

瀛樿波=澶栬臣(g貌u)鍘熸潗鏂欑噧鏂欏嫊(d貌ng)鍔�+鍦ㄧ敘(ch菐n)鍝�+鐢�(ch菐n)鎴愬搧 娴佸嫊(d貌ng)璨�(f霉)鍌�=鎳�(y墨ng)浠樺赋娆�+澶栬臣(g貌u)鍘熸潗鏂欑噧鏂�+澶栬臣(g貌u)鍘熸潗鏂�+鐕冩枡鍕�(d貌ng)鍔涜不(f猫i)/骞村懆杞�(zhu菐n)娆℃暩(sh霉)

鍦ㄧ敘(ch菐n)鍝�=(骞村伐璩囩鍒╄不(f猫i)+骞村叾瀹冨埗閫犺不(f猫i)+骞村璩�(g貌u)鍘熸潗鏂欑噧鏂欒不(f猫i)+骞翠慨鐞嗚不(f猫i))/骞村懆杞�(zhu菐n)娆℃暩(sh霉)

12.閵�(xi膩o)鍞▍閲戝強闄勫姞=閵�(xi膩o)鍞敹鍏�*閵�(xi膩o)鍞▍閲戝強闄勫姞绋呯巼

13.鎵€寰楃▍锛�(閵�(xi膩o)鍞敹鍏�-閵�(xi膩o)鍞▍閲戝強闄勫姞-绺芥垚鏈�)*鎵€寰楃▍鐜�

14.骞存姌鑸婅不(f猫i)=(鍥哄畾璩囩敘(ch菐n)鍘熷€�-娈樺€�)÷鎶樿垔骞撮檺=(鍥哄畾璩囩敘(ch菐n)绺介-鐒�(w煤)褰㈣硣鐢�(ch菐n))(1-娈樺€肩巼)÷浣跨敤骞撮檺 (鍥哄畾璩囩敘(ch菐n)绺介鎳�(y墨ng)鍖呮嫭鍒╂伅)

15.鍥哄畾璩囩敘(ch菐n)浣欏€�=骞存姌鑸婅不(f猫i)*(鍥哄畾璩囩敘(ch菐n)浣跨敤骞撮檺-鐕�(y铆ng)閬�(y霉n)鏈�)+娈樺€�

16.鍕�(d貌ng)鎱�(t脿i)鎶曡硣鍥炴敹鏈�=(绱▓(j矛)鎶樼従(xi脿n)鍑堢従(xi脿n)閲戞祦閲忓嚭鐝�(xi脿n)姝ｅ€肩殑骞翠唤-1)+(鍑虹従(xi脿n)姝ｅ€煎勾浠界疮瑷�(j矛)鎶樼従(xi脿n)鍑堢従(xi脿n)閲戞祦閲忕禃灏�(du矛)鍊�/鍑虹従(xi脿n)姝ｅ€煎勾浠界暥(d膩ng)骞存姌鐝�(xi脿n)鍑堢従(xi脿n)閲戞祦閲�)

17.FIRR=i1+(i2-i1)×[FNPV1÷(FNPV1+|FVPN2|)]

18.绺芥垚鏈不(f猫i)鐢�=缍�(j墨ng)鐕�(y铆ng)鎴愭湰+鍥哄畾璩囩敘(ch菐n)鎶樿垔璨�(f猫i)+缍啊(ji菐n)璨�(f猫i)+鏀ら姺(xi膩o)璨�(f猫i)+鍒╂伅

19.绛夐鏈噾鍎熼倓锛�

绋呭悗鍒╂饯(r霉n)+鎶樿垔璨�(f猫i)+鏀ら姺(xi膩o)璨�(f猫i)≤瑭插勾鎳�(y墨ng)閭勬湰閲� 鏈垎閰嶅埄娼�(r霉n)=鍏ㄩ儴绋呭悗鍒╂饯(r霉n) (涓嶈▓(j矛)鐩堜綑鍏⿳閲戝拰鎳�(y墨ng)浠樺埄娼�(r霉n)) 绋呭悗鍒╂饯(r霉n)+鎶樿垔璨�(f猫i)+鏀ら姺(xi膩o)璨�(f猫i)>瑭插勾鎳�(y墨ng)閭勬湰閲� 鏈垎閰嶅埄娼�(r霉n)=(瑭插勾鎳�(y墨ng)閭勬湰閲�+涓婂勾铏ф悕)-鎶樿垔璨�(f猫i)-鏀ら姺(xi膩o)璨�(f猫i)璨�(f猫i)

鐩堜綑鍏⿳閲�=(绋呭悗鍒╂饯(r霉n)-涓婂勾铏ф悕)*10%

绋呭悗鍒╂饯(r霉n)=瑭插勾鍒╂饯(r霉n)绺介-(瑭插勾鍒╂饯(r霉n)绺介-涓婂勾搴﹁櫑鎼�)鎵€寰楃▍鐜�

鎳�(y墨ng)浠樺埄娼�(r霉n)=绋呭悗鍒╂饯(r霉n)-鐩堜綑鍏⿳閲�-鏈垎閰嶅埄娼�(r霉n)

20.鏀ら姺(xi膩o)璨�(f猫i)=鐒�(w煤)褰㈣硣鐢�(ch菐n)/鏀ら姺(xi膩o)骞撮檺

21.骞村钩鍧囧埄娼�(r霉n)绺介=鍚勫勾鍒╂饯(r霉n)绺藉拰÷骞存暩(sh霉)

骞村钩鍧囧埄绋呯附椤�=骞村钩鍧囧埄娼�(r霉n)绺介+∑鍚勫勾閵�(xi膩o)鍞▍閲�÷n骞�

22.鎶曡硣鍒╂饯(r霉n)(鍒╃▍)鐜�=骞村钩鍧囧埄娼�(r霉n)(鍒╃▍)绺介/闋�(xi脿ng)鐩附鎶曡硣(鍖呮嫭鑷湁璩囬噾)

23.璩囨湰閲戝埄娼�(r霉n)鐜�=骞村钩鍧囧埄娼�(r霉n)绺介÷闋�(xi脿ng)鐩硣鏈噾(鍖呮嫭鍏ㄩ儴鑷湁璩囬噾)

24.鍚勫勾鍒╂饯(r霉n)绺介=骞撮姺(xi膩o)鍞敹鍏�-骞寸附鎴愭湰-骞撮姺(xi膩o)鍞▍閲戝強闄勫姞

25.鍚勫勾鍒╃▍绺介=骞撮姺(xi膩o)鍞敹鍏�-骞寸附鎴愭湰璨�(f猫i)鐢�

26.鐢�(ch菐n)閲忕泩铏у钩琛￠粸(di菐n)=骞村浐瀹氭垚鏈�÷[鐢�(ch菐n)鍝佸柈鍍�(ji脿)(1-閵�(xi膩o)鍞▍閲戝強闄勫姞绋呯巼)-鍠綅鐢�(ch菐n)鍝佸彲璁婃垚鏈琞

27.鍠児(ji脿)鐩堣櫑骞宠　榛�(di菐n)=(鍥哄畾鎴愭湰+瑷�(sh猫)瑷�(j矛)鐢熺敘(ch菐n)鑳藉姏*鍙畩鎴愭湰)÷瑷�(sh猫)瑷�(j矛)鐢熺敘(ch菐n)鑳藉姏(1-閵�(xi膩o)鍞▍閲戝強闄勫姞绋呯巼)

28.鏈€澶у彲鑳界泩鍒╅R=姝ｅ父骞翠唤绺芥敹鐩�-姝ｅ父骞翠唤绺芥垚鏈�=瑷�(sh猫)瑷�(j矛)鑳藉姏*鍠児(ji脿)(1-閵�(xi膩o)鍞強闄勫姞绋呯巼)-(鍥哄畾鎴愭湰+瑷�(sh猫)瑷�(j矛)鑳藉姏*鍠綅鍙畩鎴愭湰)

29.淇濊瓑鍒╂饯(r霉n)鏈€灏忕敘(ch菐n)閲�=(鍒╂饯(r霉n)+鍥哄畾鎴愭湰)/[鐢�(ch菐n)鍝佸柈鍍�(ji脿)(1-閵�(xi膩o)鍞姵閲戝強闄勫姞)-鍠綅鐢�(ch菐n)鍝佸彲璁婃垚鏈琞

30.姣忓勾鎸夋渶澶у劅閭勮兘鍔涘劅閭勶細

閭勬竻璨告鍓嶏細

绋呭悗鍒╂饯(r霉n)=鏈垎閰嶅埄娼�(r霉n)

鎳�(y墨ng)浠樺埄娼�(r霉n)=0

鐩堜綑鍏⿳閲�=0

閭勬竻璨告鐨勭暥(d膩ng)骞达細

鏈垎閰嶅埄娼�(r霉n)=瑭插勾灏氶渶閭勬鏁�(sh霉)-鎶樿垔璨�(f猫i)-鏀ら姺(xi膩o)璨�(f猫i)

鎳�(y墨ng)浠樺埄娼�(r霉n)=绋呭悗鍒╂饯(r霉n)-鏈垎閰嶅埄娼�(r霉n)-鐩堜綑鍏⿳閲�

閭勬竻璨告鍚庯細

鎳�(y墨ng)浠樺埄娼�(r霉n)=绋呭悗鍒╂饯(r霉n)-鐩堜綑鍏⿳閲�(鏈垎閰嶅埄娼�(r霉n)=0)

31.鐩堜綑璩囬噾=璩囬噾渚�(l谩i)婧�-璩囬噾閬�(y霉n)鐢�

32.鍊熸鍎熼倓鏈�=(鍑虹従(xi脿n)鐩堜綑骞翠唤-闁�(k膩i)濮嬪€熸骞翠唤)+鍑虹従(xi脿n)鐩堜綑骞翠唤鎳�(y墨ng)閭勬椤�/鍑虹従(xi脿n)鐩堜綑骞翠唤鍙敤浜庨倓娆鹃

33.璩囩敘(ch菐n)璨�(f霉)鍌电巼=璨�(f霉)鍌电附椤�/璩囩敘(ch菐n)绺介x100%

34.娴佸嫊(d貌ng)姣旂巼=娴佸嫊(d貌ng)璩囩敘(ch菐n)绺介/娴佸嫊(d貌ng)璨�(f霉)鍌电附椤�×100%

35.璩囬噾渚�(l谩i)婧愯垏閬�(y霉n)鐢ㄨ〃锛�

璩囬噾渚�(l谩i)婧愶細

璨告锛氬缓瑷�(sh猫)鏈熷垎骞村寘鎷湰鎭�

鑷湁璩囬噾锛氬寘鎷缓瑷�(sh猫)鏈熻嚜鏈夎硣閲戯紝鎶曠敘(ch菐n)鏈熸祦鍕�(d貌ng)璩囬噾鍒嗗勾鎸夐仈(d谩)鐢�(ch菐n)姣斾緥鍒嗛厤

鍥炴敹娴佸嫊(d貌ng)璩囬噾锛氭祦鍕�(d貌ng)璩囬噾瑷�(j矛)鏈€鍚庝竴骞�

鍥哄畾璩囩敘(ch菐n)鎶曡硣锛氬缓瑷�(sh猫)鏈熷垎骞磋哺娆炬湰鎭�

娴佸嫊(d貌ng)璩囬噾鎶曡硣锛氭姇鐢�(ch菐n)鏈熷垎骞存寜閬�(d谩)鐢�(ch菐n)鏈熸瘮渚嬪垎閰�

鐩堜綑璩囬噾=璩囬噾渚�(l谩i)婧�-璩囬噾閬�(y霉n)鐢�(鎸夋祦鍕�(d貌ng)璩囬噾閬�(d谩)鐢�(ch菐n)姣斾緥鍒嗛厤瑷�(j矛)绠�)

36.璩囩敘(ch菐n)璨�(f霉)鍌佃〃璩囩敘(ch菐n):

娴佸嫊(d貌ng)璩囩敘(ch菐n)绺介=娴佸嫊(d貌ng)璩囩敘(ch菐n)(鑳屾櫙鏉愭枡)+绱▓(j矛)鐩堜綑璩囬噾(璩囬噾渚�(l谩i)婧愯垏閬�(y霉n)鐢ㄨ〃)

绱▓(j矛)鐩堜綑璩囬噾锛氳硣閲戜締(l谩i)婧愯垏閬�(y霉n)鐢ㄨ〃鏈€鍚庝竴骞寸殑绱▓(j矛)鐩堜綑锛岀疮瑷�(j矛)鐩堜綑(璩囬噾渚�(l谩i)婧愯垏閬�(y霉n)鐢ㄦ渶鍚庝竴骞�)-鍥哄畾璩囩敘(ch菐n)浣欏€�-鍥炴敹娴佸嫊(d貌ng)璩囬噾

鍦ㄥ缓宸ョ▼锛氬缓瑷�(sh猫)鏈熺涓€骞达細绗竴骞磋嚜鏈夎硣閲戝拰璨告鏈伅銆傚缓瑷�(sh猫)鏈熺浜屽勾锛氬寘鎷涓€骞磋嚜鏈夎硣閲戝拰璨告绱▓(j矛)

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