2006мԴ٣£

ĿڵĹɺʽ𹹳
һĿڵĹ
ĿָͶĿͶʽ迪ʼ̵ȫʱ䣬ںӪڡнڵĵһΪ㣬ڵһĩΪͶգĿڵһĩΪս㣬Ͷյս֮ʱΪӪڡ
ԭʼͶʺͶܶ
ĿͶʵĽǶȿԭʼͶʵҵΪʹĿȫﵽչӪͶȫʵʽ𣬰Ͷʣ̶ʲͶʡʲͶʺͿͶʣʽͶݡ
ʽͶʿɰʽ㣺
Ӫijʽö=ʲö-ծö
ʽӶ=ʽö-ĩʽռö
ͶܶǷӳĿͶģļֵָ꣬ԭʼͶ뽨ʱϢ֮͡

ġĿͶʽͶ뷽ʽ
ԭʼͶʵͶ뷽ʽһͶͷִͶʽ

ڶڣֽ

һֽĺ
ĿͶʾУָֽͶĿڸֽֽͳƣʼֽӪҵֽսֽ
ȷֽļٶǰĿͼٶԷٶȫͶʼٶͶȫʽٶӪ۾һ¼ٶʱָȷԼٶȡ

ֽ
һ̶ʲͶĿֽ
̶ʲͶĿָֻ漰̶ʲͶʶ漰ͶʺʽͶʵĿֽͶӪҵͻչ̶ʲֵݡ̶ֽʲͶʡӪɱӵĸ˰ݡ
ҵͶĿֽ
ҵͶĿ½ĿҵΪͶĿ
1.ֽӪҵ롢չ̶ʲֵʽֽʽͻչ̶ʲֵͳΪնٶ½ĿĻնս㡣
2.ֽͶʡʽͶʡӪɱ˰ֽ
̶ʲ¸ͶĿֽ
̶ʲ¸ͶĿɷΪԻ̶ָʲЧΪĿĵĸĿԸҵӪΪĿĵĸĿ͡
1.ֽʹ¹̶ʲӵӪҵ롢þɹ̶ʲı־¾ɹ̶ʲչ̶ʲֵIJȡ
2.ֽ¹̶ʲͶʡʹ¹̶ʲӵľӪɱʹ¹̶ʲӵʽͶʺӵĸ˰ݡУǰϾɹ̶ʲʧĵּ˰øֵʾ

ֽĹ
һֽĹ
ӪҵӦĿھӪйزƷĸԤƵۺԤй㡣սһλյʽڸ֧ʽͶʶĺϼ
ֽĹ
1.ͶʵĹ
̶ʲͶֳƹ̶ʲԭʼͶʣҪӦĿģͶʼƻȷĸ̷á豸óɱװ̷ú㡣
ʲͶʺͿͶʣӦҪͿܣйصʲͼƼ۱׼й㡣
ڹ㹹ɹ̶ʲԭֵʱϢʱɸݽڳڽ𡢽ںͽϢʰ㡣
2.ʽͶʵĹ
ӦĿйصľӪÿʲö͸ծöIJȷʽöȻñʽöȥĩʽռöǰѾͶʽۼȷʽӶΪ򻯷ݽͶȫʽ裬¼ٶڽĩѽȫʽͶʳ뵽λͶ½Ŀ
3.ӪɱĹ
Ŀصij꾭Ӫɱڵܳɱãڼã۳۾ɶʲͿѵ̯ԼеϢ֧ĿIJ㹫ʽΪ
ij꾭Ӫɱ=ܳɱãڼã
-۾ɶʲͿѵ̯
-õϢ֧
ֽʱӦע
ֽʱӦעУ
1뿼ֽ
2еĻݣ
3ܿdzûɱأ
4ֹעɱ
5ĿҵŵӰ졣

ġֽȷ
һֽĺ
ֳָֽĿÿֽֽ֮ͬIJγɵָꡣ㹫ʽΪ:
ij꾻ֽ=ֽ-ֽ
ֽı
ĿͶʾеֽһܹȫ淴ӳijͶĿĿÿֽֽľ幹ݣԼֽˮƽľñ
ĿͶʾеֽƵֽУӳͬڼͬṹͬϵͬϢԲͬ

塢ֽļ򻯼㷽
1.̶ʲͶĿ
ijľֽ=-귢Ĺ̶ʲͶʶ
Ӫij꾻ֽ
=ʹøù̶ʲľ+ʹøù̶ʲ۾+ʹøù̶ʲϢ+յĹ̶ʲֵ
2.ҵͶĿ
ij꾻ֽ=-ԭʼͶʶ
Ӫij꾻ֽ=꾻+۾+̯+Ϣ+ն
3.¸ͶĿ
ij꾻ֽ=-귢¹̶ʲͶ-ɹ̶ʲ۾룩
ĩľֽ=̶ʲǰϷʧּ˰
Ӫڵһ꾻ֽ=¸ӵľ+¸ӵ۾+ɹ̶ʲǰϷʧּ˰
Ӫ꾻ֽ=¸ӵľ+¸۾+¹̶ʲֵٶʹõľɹ̶ʲֵ֮

ڡĿͶʾָ꼰

һͶʾָ꼰
һָ
ͶʾָָںͱȽͶĿԡԽзߵĶ׼߶ȣҪ̬ͶʻڡͶʡֵֵʡָڲʡ
ָķ
1.ǷʽʱֵɷΪָ̬ͱָꡣ
2.ָʲͬɷΪָͷָࡣ
3.ָ࣬ɷΪָָꡣ
4.ָھеҪԣɷΪҪָꡢҪָ͸ָꡣ

ָ̬ĺ塢㷽ص
һ̬Ͷʻ
1.̬ͶʻڣƻڣָͶĿջԭʼͶҪʱ䣬ͶĿӪֳֽԭʼͶҪȫʱ䡣"ڵͶʻڣPP""ڵͶʻڣPP䣩"ʽ
ȷ̬Ͷʻָɷֱȡʽб
1ʽ
ijһĿͶʾзڽڣͶ꾭Ӫֽȣɰ¼򻯹ʽֱӼ㲻ڵͶʻڣ
ڵĻ(PP)=ԭʼͶ/Ͷȵľֽ
ڵĻ=ڵĻ+
2б
νбָͨб"ۼƾֽ"ķʽȷڵͶʻڣڵͶʻڵķΪʲô£ַͨȷ̬Ͷʻڣˣ˷ֳΪһ㷽
÷ԭǣջڵĶ壬ڵͶʻPP¹ϵʽ

ڲֽ"ۼƾֽ"һУڵͶʻPPǡۼƾֽΪޡ
޷"ۼƾֽ"ҵ㣬밴ʽڵͶʻPP
ڵͶʻ(PP)
=һΪֵۼƾֽӦһΪֵۼƾֵֽ÷꾻ֽ

ڵͶʻ(PP)
=ۼƾֽһγֵ-1δյͶ÷꾻ֽ
2.̬Ͷʻڵŵֱܹ۵طӳԭʼͶʵķޣ⣬򵥣ֱû֮ǰľֽϢȱûпʽʱֵͻֽȷӳͶʷʽͬĿӰ졣ֻо̬ͶʻָСڻڻ׼ͶʻڵͶĿžвԡ
Ͷ
1.ͶʣֳͶʱʣROIָռͶܶİٷֱȡ㹫ʽΪ
ͶʣROI=/Ͷܶ×100%
2.ͶʵŵǼ򵥣ȱûпʽʱֵأȷӳڳ̼Ͷʷʽͬͻն޵ĿӰ죬ӡĸھĿɱԽϲ޷ֱþֽϢֻͶָڻ޷ͶʵͶĿžвԡ

ָĺ塢㷽ص
һֵ
1.ֵNPVָĿڣҵ׼ʻ趨ʼĸ꾻ֵֽĴ͡㹫ʽΪ

2ֵָļ㷽
㾻ֵָͨһ㷽ⷽͲ뺯ַɡ
1ֵָһ㷽
ʽбʽ
ٹʽָݾֵĶ壬ֱùʽɸָķ
бָֽͨ㾻ֵָķֽϣ֪ĸ꾻ֱֽԸĸֵϵӶֵľֽĿֵľֽĴͣľֵָꡣ
2ֵָⷽ
ָ£ĿͶֽΪͨʱüֵֵļֱӼĿֵķֳƼ򻯷
ĿľֽNCFtt=0,1.......nϵпԵĿȫͶʾڽͶ룬Ӫڲ׷ͶʣͶľӪֽΪͨʽʱͿֱͬ𰴲ͬļ򻯹ʽ㾻ֵָꡣ
3ֵָIJ뺯
ָWINDOWSϵͳEXCEL£ͨ"NPV"ݼϵͳʾȷ֪Ļ׼ʺ͵ӱеľֱֽþֵָķ
3.ֵָŵۺϿʽʱֵĿڵȫֽͶʷգȱ޷ӱĽǶֱӷӳͶĿʵˮƽҼȽ鷳
ֻоֵָڻͶĿžвԡ
ֵ
1.ֵʣNPVRָͶĿľֵռԭʼͶֵܺ͵ıʡ㹫ʽΪ
ֵʣNPVR=Ŀľֵ/ԭʼͶʵֵϼ
2.ֵʵŵǿԴӱĽǶȷӳĿͶʵʽͶ뾻֮Ĺϵ̱Ƚϼ򵥣ȱ޷ֱӷӳͶĿʵʡ
ֻоֵָڻͶĿžвԡ
ָ
1.ָPIָͶҵ׼ʻ趨ĸ꾻ֵֽϼԭʼͶʵֵϼ֮ȡ㹫ʽΪ
ָPI=Ͷ꾻ֵֽϼ/ԭʼͶʵֵϼ
ָPI=1+ֵ
2.ָŵǿԴӱĽǶȷӳĿͶʵʽͶ֮ܲĹϵȱ޷ֱӷӳͶĿʵʣԸӡ
ֻлָָڻ1ͶĿžвԡ
ģڲ
1.ڲʣIRRָĿͶʵʿﵽʡʵϣʹĿľֵʱʡIRRеʽ

ڲʵһ㷽βԷ
ĿͶľֽΪͨʽʱֱֵϵڲʣʽΪ
P/AIRRn=1/NCF
2.ڲʵŵǿԴӱĽǶֱӷӳͶĿʵˮƽֲҵ׼ʸߵ͵Ӱ죬ȽϿ͹ۡȱǼ̸ӣ䵱Ӫڴ׷Ͷʱпܵ¶IRR֣ƫ߻ƫͣȱʵ塣
ֻڲָڻҵ׼ʻʽɱͶĿžвԡ
壩ָ֮Ĺϵ
ֵֵʡָڲָ֮ͬ䶯ϵ
ֵ0ʱֵʣ0ָ1ڲʣ׼ʣ
ֵ=0ʱֵ=0ָ=1ڲ=׼ʣ
ֵ0ʱֵʣ0ָ1ڲʣ׼ʡ

ĽڡĿͶʾָ

һۼͶʾ
ָһ黥롢ųķڶУѡijһųѡһ
۶ԵҪ
1.жϷǷȫ߱Ե
ijһͶʷָڿ䣬ͬʱʱԶ϶Ͷʷ۴ĸ濴߱ԣȫ߱ԡЩǣ
1ֵNPV0
2ֵNPVR0
3ָPI1
4ڲIRRҵ׼ic
5ڵľ̬ͶʻPPܣĿڵһ룩
6ڵľ̬ͶʻڡܣӪڵһ룩
7ͶROIݻ׼Ͷiȸ
2.жϷǷȫ߱Ե
ijһͶĿָڲ䣬ͬʱʱԶ϶ͶĿ۴ĸ濴߱ԣȫ߱ԣӦ׷ͶʷЩǣ
1NPV<02NPVR<03PI<1
4IRR6>7ROI
3.жϷǷ߱Ե
۹зijĿҪָ괦ڿ䣨NPV0NPVR0PI1IRRicҪָʾڲ䣨PP>>ROI
4.жϷǷ߱Ե
۹зijĿNPV<0NPVR<0PI<1IRRcʹPPܣܻROIiҲɶ϶Ŀϲвԡ
ԶвʱӦע⣺
1Ҫָ۲ԵĹã
2ñָͬһͶĿۺ;ߣܵóȫͬĽۡ

ⷽıȽϾ
ָⷽųķһ鷽еĸ˴˿Ի棬ɷеijһͻԶų鷽еˣⷽԡ
ⷽȽϾָÿһѡѾ߱Եǰ£þ߷ȽϸӣָӸѡѡһŷĹ̡
ĿͶʶ෽ȽϾߵķָضָΪ߱׼ݵĸַͳƣҪֵֵʷͶڲʷȶնͼͳһȾ巽
һֵ
νֵָͨȽͶʷľֵָĴСѡŷķ÷ԭʼͶͬĿȵĶ෽ȽϾߡڴ˷£ֵķΪš
ֵʷ
νֵʷָͨȽͶʷľֵָĴСѡŷķ÷ԭʼͶͬĶⷽıȽϾߡڴ˷£ֵķΪš
Ͷڲʷ
νͶڲʷָڼԭʼͶʶͬIJֽ?NCFĻϣڲʣ?IRRҵ׼ʽбȽϣжϷӵķ÷ԭʼͶʲͬĶ෽ȽϾߡ
ģȶն
νȶնָͨȽͶʷȶնNAָĴСѡŷľ߷÷ԭʼͶʲͬرĿڲͬĶ෽ȽϾߡڴ˷£ȶնķΪš
壩ͳһ
ͳһָͨԼڲȵĶⷽѡһͬļڣʱɱԵҪ󣬽ݵָѡŷķ
÷ظ̼ڷ־崦
1.ظ
ظҲƼСǽڵСΪȽϷļڣйָ꣬ݴ˽ж෽ȽϾߵһַ
2.̼ڷ
̼ڷֳڷָڽзľֵԭΪȶնĻϣ̵ٰļӦֵݵľֵָж෽ȽϾߵһַ

෽ŶͶʾ
һ鷽Ȳ໥ֲ໥ų⣬ǿʵϻŶӣЩϻŶӷְȾͲȫⷽʽַУҪзIJԣ̭߱Եķ⣬ҪͬµйָĴСӶվߡ
߷
1ʽƵ£ɰÿһĿľֵNPVСŶӣȷȿǵĿ˳
2ʽܵʱ谴ֵNPVRָPIĴСϾֵNPVиŶӣѡʹϡ
£
һԸľֵʸߵΪۼͶʶ޶ͶܶбȽϡ
ڶֹijͶĿٶΪjۼͶʶǡôﵽ޶Ͷܶʱ1jĿΪŵͶϡ
δֱҵϣ밴збҪ
1зֵjۼͶʶ״γ޶Ͷʶɾ󣬰˳ӵĿۼͶʶȴСڻ޶Ͷʶʱɽjڣj1λãۼͶʶֽС
2зֵjۼͶʶ״γ޶Ͷʶ޷һнڣj-1ԭʼͶʴڵjԭʼͶʱɽjڣj-1λãۼͶʶֽС
3ѲٽнδҵʹۼͶʶǡõ޶ͶʶĿʱɰһνĿΪϡ
֮෽ȽϾߵҪݾܷþܶľֵ

¡֤ȯͶ

ۻҪ
һ֤ȯĺ塢
֤ȯͶʵĺĿģ֤ȯͶʵĶ֤ࣻȯͶʵķ
ҵծȯͶʵļ㣻ծȯĹۣծȯͶʵȱ
ģҵƱͶʵļ㣻չƱĹۣչƱͶʵȱ
壩ջͶʵࣻջͶʵĹ
ϤЧг˵
ߣ˽Ӱ֤ȯͶʾߵ
ˣ˽ծȯͶʵĿ
ţ˽ƱͶʵĿ
ʮ˽Ͷʵĺ˽Ͷʵȱ

ۿݣ

һ֤ȯͶʸ

һ֤ȯĺ
һ֤ȯĺ
֤ȯָ֤趨Ȩɵƾ֤֤ȯ˻Ȩȡø֤ȯӵеضȨ档
֤ȯһǷ
֤ȯ
1.֤ȯʲͬɷΪƾ֤֤ȯм֤ȯ
2.֤ȯIJͬɷΪ֤ȯ֤ȯ͹˾֤ȯ
3.֤ȯֵȨϵɷΪȨ֤ȯծȨ֤ȯ
4.֤ȯľأɷΪԭ֤ȯ֤ȯ
5.֤ȯȶ״IJͬɷΪ̶֤ȯͱ䶯֤ȯ
6.֤ȯյij̣ɷΪ֤ȯͳ֤ȯ
7.֤ȯǷ֤ȯƽף֤ȯɷΪ֤ȯͷ֤ȯ
8.ļʽIJ֤ͬȯɷΪļ֤ȯ˽ļ֤ȯ

Чг˵
֤ȯͶʷȷ֤ȯͶʾЧг˵ΪǰġЧг˵ǹ֤ȯг۸Ϣӳ̶ȵļٶ֤ȯ۸йϢķӳٶԽ졢Խȫ棬֤ȯгԽЧʡ֤ȯ۸ԲͬϢķӳԽ֤ȯгЧʳ̶ȷΪȣǿʽЧгǿʽЧгʽЧг
һǿʽЧг
ǿʽЧгϣʱƷκϢһ͵ԼʱһܵõʱһгϵõҲ˵ϢIJͷͬʱġ֤ȯ۸ӳмʱϢļֵ
ǿʽЧг
ڴǿʽЧгϣϢЧܵƻڹϢ"ĻϢ"˿"ĻϢ"󲿷ֻܻùϢϢͶ߽ϢϢжԼʵʩͶʾ߶Чԡ
ʽЧг
ʽЧгϣϢӲЧܵ𺦣"ĻϢ"ңͶ߶ϢмֵжϵЧҲܵ𺦣ڲܽȫϢܹʷ۸ϢͶߡ

֤ȯͶʵĺĿ
һ֤ȯͶʵĺ
֤ȯͶָͶ߽ʽͶڹƱծȯ֤ȯʲӶȡһͶΪ
ʵͶʶԣ֤ȯͶʾǿ۸ȶ׳ɱ͵ص㡣
֤ȯͶʵĿ
֤ȯͶʵĿҪУ
1ʱʽ
2Ｏʽϣ
3δIJ
4㼾ԾӪֽ
5öҵĿȨ

ġ֤ȯͶʵĶ
гϵ֤ȯܶ࣬пɹҵͶʵ֤ȯҪйծȯתô浥ҵƱծȯȡ
֤ȯͶʵĶͬԷΪծȯͶʡƱͶʡͶʡڻͶʡȨͶʺͶʡ

塢֤ȯͶʷ
һ֤ȯͶʷ
֤ȯͶʷհʷΪϵͳԷպͷϵͳԷ
ϵͳԷҪϢʷաͶʷպ͹ա
ϵͳҪΥԼաԷպƲա
֤ȯͶ
֤ȯͶ֤ȯּԭ۵ļ۲ԼڵĹϢ档
1.ϢƱ
ϢƱʣҲϢƱϢʣָ֤ȯ˳ŵһʱ֧Ϣʡ
2.
ֳƵǰʣָڻ֤ȯϢ֤ȯг۸ıʡ
3.
1֤ȯ
֤ȯʵļһ㲻ÿʱֵأ㹫ʽΪ

2֤ȯ
֪δıϢ£ͶԸ⸶ڼ۸ǰԤڵʶδֵ㹫ʽΪ

ʽУiΪʣFnΪ֤ȯnֽ룻nΪޣPΪ֤ȯĵг۸
4.
ʺ͵ƣֻdzڵǰ֤ȯ

֤ȯͶʵij
֤ȯͶʵijΪĸ裬ѡͶʶ󡢿ίС㡢

ڶڡծȯͶ

һծȯͶʵĿ
ҵծȯͶʰʱij̿ɷΪծȯͶʺͳծȯͶࡣ
ծȯͶʵĿҪΪ˺ʱʽ𣬵ֽ档ծȯͶʵĿҪΪ˻ȶ档

ծȯ
һծȯԴӰ
ծȯͶݣһծȯϢ룻ʱ棬ծȯۻ򳥻֮IJ
ծȯˮƽij߶ΪծȯʡծȯʵҪծȯƱʡޡֵʱ䡢۸ͳۼ۸
ծȯʵļ
1.Ʊ
ƱֳʻϢƱʣӡծȯƱϵĹ̶ʣͨϢծȯ֮ʡ
2.
ֱֳʡǰʣָծȯʵϢծȯʵʼ۸֮ʡ㹫ʽΪ
ֱ=ծȯϢ/ծȯ×100%
3.
ָծȯһʱ䣬ծȯǰ۶õʡ
1ϢƱծȯʳõļ㹫ʽ

2һλϢծȯʵļ㹫ʽ

3ծȯʵļ㹫ʽ

4.
1ծȯ
ԴϢڵĸϢծȯծȯʣͨһڣһ꣩ĵһλϢծȯ䵽ʵļ㹫ʽΪ

2ծȯ
ٵһλϢծȯ
ʣͨһϵĵһλϢծȯĵʲȡ㡣㹫ʽΪ

ʽУyΪʣPVΪծȯۣiΪծȯƱϢnΪծȯޣ꣩MΪծȯֵtΪծȯʣͨޣ꣩ծȯڶҸյʵ365
ڰ긶Ϣծȯ
ϢڵĹ̶ʸϢծȯĵʿĹʽ㣺

ʽУyΪʣPVΪծȯۣMΪծȯֵtΪʣĸϢIΪծȯƱϢ

ծȯĹ
һһµծȯģ
һµծȯģָʽ㡢긶Ϣծȯ۸Ĺ۹ʽһ㹫ʽΪ

ʽУPΪծȯ۸iΪծȯƱϢʣMΪծȯֵKΪгʻͶҪıҪʣnΪϢ
һλϢҲƸծȯģ

ʽзźͬǰʽ
ƱʵծȯĹģ

ʽеķźͬǰʽ

ġծȯͶʵȱ
ծȯͶʵŵ㣻ȫԸߣȶǿгԺá
ծȯͶʵȱ㣺սϴûоӪȨ

ڡƱͶ

һƱͶʵĿ
ƱͶҪΪ֣ͨͶʺȹͶʡȹͶʶԣͨͶʾй벻ȶ۸񲨶ͶʷոߡͶߵص㡣
ҵйƱͶʵĿҪ֣һǻΪһ֤ȯͶʣȡ뼰ƱۣǿعɣͨijһҵĴƱﵽƸҵĿġ

Ʊ
һƱԴӰ
ƱָͶߴӹƱʼ۹ƱΪֹڼ룬ɹʱɡƱҪȡڹɷݹ˾ľӪҵ͹Ʊгļ۸仯Ͷߵľ뼼Ҳһϵ
Ʊʵļ
ƱҪбʡʡ
1.
ڹʣָɷݹ˾ֽɷ뱾ڹƱ۸ıʡйʽʾ
=ֽ/ڹƱ۸×100%
2.
ָͶƱһʱںùƱͶ߳иùƱڼʡ
Ͷ߳йƱʱ䲻һ꣬ÿʽʱֵʿɰ¹ʽ㣺

Ͷ߳йƱʱ䳬һ꣬Ҫʽʱֵʿɰ¹ʽ㣺

ʽУVΪƱĹ۸FΪƱijۼ۸DtΪƱͶʱ꣨õĹnΪͶޣiΪƱͶʡ