投融资成本与收益分析070915(8)

工程量快速计算方法

嗗姣忓勾 杩樻734.43鍏冦€備綘灏嗛渶瑕佸闀挎椂闂存墠鑳芥崲 鎺夎繖绗旀瑺娆撅紵

2000 = 734.42(1 鈥?1/1.05t) / .05 .136161869 = 1 鈥?1/1.05t 1/1.05t = .863838131 1.157624287 = 1.05t t = ln(1.157624287) / ln(1.05) = 3 years

62

4.4.1 璁＄畻鏀粯鏈熸暟涓句緥

涓婁緥 鎸夐敭锛?鎸夐敭锛欳MPD 杈撳叆锛?杈撳叆锛欼%=5 EXE PMT=(姣忔湡鏀粯閲戦 姣忔湡鏀粯閲戦) PMT=-734.42 EXE (姣忔湡鏀粯閲戦) PV=2000 EXE FV=0 EXE P/Y=1 C/Y=1 N-SOLVE N=3

63

4.5 璁＄畻骞撮噾鍒╃巼

鍋囪浣犲€熶簡10000鍏冿紝鍑嗗鍒?0涓湀鍋胯繕 鍊哄姟锛屾瘡鏈堣繕207.58鍏冦€傝椤硅捶娆剧殑鏈堝埄 鐜囦负澶氬皯锛?

64

4.5.1 璁＄畻骞撮噾鍒╃巼涓句緥

涓婁緥 鎸夐敭锛?鎸夐敭锛欳MPD 杈撳叆锛?杈撳叆锛歂=60 EXE PMT=(姣忔湡鏀粯閲戦 姣忔湡鏀粯閲戦) PMT=-207.58 EXE (姣忔湡鏀粯閲戦) PV=10000 EXE FV=0 EXE P/Y=12 C/Y=12 I-SOLVE (骞村埄 骞村埄) I=8.9993 (骞村埄) 鏈堝埄鐜?8.9993/12=0.7499% 鏈堝埄鐜?8.9993/12=0.7499%

65

4.6 鍊哄埜浼板€艰绠?

1 1 (1 + r) t Bond Value = C r

C=姣忔湡鏀粯鐨勫埜鎭?r=鍒版湡鏀剁泭鐜?t=鏈熸暟 F=鍊哄埜鐨勯潰鍊?

66

F + t (1 + r)

4.6.1 鍊哄埜浠峰€艰绠?

闆跺埜鎭€哄埜锛圸ERO-COUPON BOND锛? 涓嶆敮浠樺埜鎭殑鍊哄埜锛?鎶樻墸鍊哄埜锛圖ISCOUNT BOND锛?甯備环浣?浜庨潰鍊肩殑鍊哄埜锛?婧 环鍊哄埜锛圥REMIUM BOND锛?甯備环楂?浜庨潰鍊肩殑鍊哄埜銆?

67

4.6.2 闆舵伅鍊哄埜鍙婂叾璁＄畻

閫氬父鏄煭鏈熺殑鍊哄埜锛岃绠楁柟寮忎笌鍗曢」鐜?閲戞祦鐨勭幇鍊艰绠椾竴鑷淬€?涓句緥锛氭煇涓€骞存湡鍊哄埜锛屼笉鏀粯鍒告伅锛岄潰 鍊?00鍏冿紝鍋囪鎶曡祫鑰呰姹傜殑鍥炴姤鐜囦负 8%锛岃鍊哄埜鐨勪环鍊间负浣曪紵 BV=100/(1+0.08)=92.5926 N = 1; I/Y = 8; PMT = 0; FV = 100 CPT PV = -92.5926

68

4.6.3 璁＄畻鎶樻墸鍊哄埜鐨勪环鍊?

鏌愬€哄埜鍒告伅鐜?0%锛屽埜鎭瘡骞存敮浠樹竴娆★紝闈㈠€?1000鍏冿紝杩樻湁5骞村埌鏈燂紝鍒版湡鏀剁泭鐜嘫TM涓?11%銆傝璁＄畻鍊哄埜鐨勪环鍊硷紙BV锛? 鍏紡璁＄畻: : BV =骞撮噾鐨勭幇鍊?+ 鍗曠瑪鏀粯棰濈殑鐜板€? BV= 100[1 鈥?1/(1.11)5] / .11 + 1000 / (1.11)5 BV = 369.59 + 593.45 = 963.04 璁＄畻鍣? N = 5; I/Y = 11; PMT = 100; FV = 1000 CPT PV = -963.04

69

4.6.4 璁＄畻婧 环鍊哄埜鐨勪环鍊?

鏌愬€哄埜鐨勫埜鎭巼涓?0%锛屾瘡骞存淳鎭竴娆★紝闈㈠€?10
00鍏冦€傝繕鏈?0骞村埌鏈燂紝鍒版湡鏀剁泭鐜?%銆傝鍊?鍒哥殑浠峰€间负浣曪紵 浣跨敤鍏紡璁＄畻: : BV = PV of annuity + PV of lump sum BV = 100[1 鈥?1/(1.08)20] / .08 + 1000 / (1.08)20 B