投融资成本与收益分析070915(7)
发布时间:2021-06-06
发布时间:2021-06-06
工程量快速计算方法
画骞撮噾涓庡勾閲?
姘哥画骞撮噾锛圥erpetuity锛?涓€绯诲垪姘镐笉鍋滄鐨勫潎绛夌従閲戞祦閲忋€?骞撮噾(Annuity) 鍦ㄦ湁闄愮殑鏈熼棿鍏э紝鐩哥瓑闂撮殧鐨勫潎绛夌従閲?娴侀噺銆?
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4.1姘哥画骞撮噾
姘哥画骞撮噾鐨勭従鍊煎叕寮?
PV =
C r
C = 鐝鹃噾鏀粯 鍒╃巼锛堟姇璧勮€呰姹傜殑鎶曡祫鍥炴姤鐜囷級 r = 鍒╃巼锛堟姇璧勮€呰姹傜殑鎶曡祫鍥炴姤鐜囷級
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4.1.1 姘哥画骞撮噾妗堜緥
濡傛灉鍒╃巼鏄?0%锛堣€屼笖姘歌繙涓嶅彉锛夛紝涓?浜嗕互鍚庢瘡骞磋兘鑾峰緱鏀粯 $100,000 鏀?鍏ワ紝鍒欎綘浠婂ぉ蹇呴』瀛樺灏戦挶锛?
PV =
100,000 0.10
= $1,000,000
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4.2 鍏徃浠峰€艰瘎浼颁妇渚?
涓€瀹跺叕鍙搁璁℃湭鏉?骞存瘡骞寸殑鍑€鐜伴噾娴佸叆涓猴細 10 20 30 40 50 鑰岀6骞村紑濮嬫瘡骞寸殑鐜伴噾娴佸叆淇濇寔鍦?0锛屽鏋?鎵€瑕佹眰鐨勬姇璧勫洖鎶ョ巼涓?0锛岃鍏徃鐨勪环鍊间负浣曪紵 浠婂ぉ 鏉ュ勾 骞翠唤0 1 2 3 4 5 6鈥?10 20 30 40 50 60鈥?
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4.2.1 鍏徃浠峰€艰瘎浼颁妇渚?
瑙o細1銆佷互姘哥画骞撮噾鐨勬柟寮忚绠楃5骞翠互鍚?鎵€鏈夌幇閲戞祦鍦ㄨ骞寸殑鐜板€硷紙鍗充互绗?骞翠綔 涓烘姇璧勬湡鐨勮捣鐐癸級锛?0/0.1=600 2銆佽绠楀叕鍙哥幇閲戞祦鐨勭幇鍊硷細 骞翠唤0 1 2 3 4 5 0 10 20 30 40 50+600 娉ㄦ剰锛氳緭鍏ョ幇閲戞祦1=0 NPV=479.08 (鍗宠鍏徃鐩墠鐨勪环鍊?
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4.3 骞撮噾
骞撮噾鐜?骞撮噾鐜板€煎叕寮?
PV = C 1 r
1 r (1+ r )t
姣忔湡鏀粯鎴栨敹鍙栫殑鐜伴噾 C = 姣忔湡鏀粯鎴栨敹鍙栫殑鐜伴噾 r = 鍒╃巼 t = 鏀粯鎴栨敹鍙栫幇閲戞祦閲忕殑骞存暟 鏀粯鎴栨敹鍙栫幇閲戞祦閲忕殑骞存暟 鏀跺彇鐜伴噾娴侀噺鐨勫勾
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4.3.1 骞撮噾鐝惧€煎洜瀛?
骞撮噾鐝惧€煎洜瀛?PRESENT VALUE ANNUITY FECTOR, PVAF) 鈥?涓烘湡t 姣忓勾$1 $1鐨?骞达紝姣忓勾$1鐨勭幇鍊笺€?
PVAF =
[
1 r
1 r ( 1+ r ) t
]
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4.3.2 骞撮噾璁$畻涓句緥
姣忓勾鏀粯鐨勭粓鍊?浣犺鍒掓瘡骞村偍钃?$4,000锛屼负鏈?20 骞达紝 鐒跺悗閫€浼戙€傚鏋滃埄鐜囨槸 10%锛屽墖浣犵殑閫€ 浼戝笎鎴朵腑鐨勭粓鍊兼槸澶氬皯锛?
FV = 4 ,000
FV = $229,100
[
1 .10
1 .10 ( 1 + .10 ) 20
]
脳 (1+ .10 ) 20
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4.3.2.1骞撮噾璁$畻涓句緥
涓婁緥 鎸夐敭锛?鎸夐敭锛欳MPD 杈撳叆锛歂=20 EXE 杈撳叆锛?I%=10
EXE PMT=(姣忔湡鏀粯閲戦 姣忔湡鏀粯閲戦) PMT=-40
00 EXE (姣忔湡鏀粯閲戦) PV=0 EXE FVFV-SOLVE FV=229099.998
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4.4 璁$畻鏀粯鏈熸暟涓句緥
浣犲€熶簡2000鍏冿紝鍒╃巼涓?%銆備綘鍑