1、(公路)工程经济学(公路)工程经济学1234 投资收益率投资收益率 静态投资回收期静态投资回收期 借款偿还期借款偿还期 偿债能力偿债能力 利息备付率利息备付率经济评价指标经济评价指标 偿债备付率偿债备付率 内部收益率内部收益率 净现值净现值 净现值率净现值率 净年值净年值 动态投资回收期动态投资回收期 5678全部投资额润总额年利润总额或年平均利投资利润率 bRR bRR bR9%15bR)(15034010500万元%20750/150R%15bRR1000tPttCOCIAKPtKA11流量出现正值年份的净现金绝对值上年累计净现金流量的)值的年份累计净现金流量出现正1(tPctPP ctP
2、P%10i20(5 1)4.33()60tP年12流量出现正值年份的净现金绝对值上年累计净现金流量的)值的年份累计净现金流量出现正1(tP%10i20(5 1)4.33()60tP年1314 010tPttctiCOCIci量的折算值出现正值年份净现金流流量的绝对值上年份累计折算净现金)出现正值的年份累计折算的净现金流量1(tPctPPctPP1516ci nttctciCOCIiNPV01)(0NPV0NPV17)10%,12,/(200)10%,12,/()6001400(5000FPAPNPV0)(6.415万元1819 ntttiCOCIiNPV01)()(ciNPVci1i2i*ii
3、20关于基准收益率(也称基准折现率关于基准收益率(也称基准折现率 )2122ciIRR 0)(ciNPVciIRR 0)(ciNPV ntttIRRCOCIIRRNPV001)(231i2iIRRiciIRR 0)(ciNPVciIRR 0)(ciNPVciIRR 0)(ciNPV240)(0iNPV0i)(0iNPV0i21,ii0i12ii00)(1iNPV00)(2iNPV122111iiNPVNPVNPViIRR0()0NPV i0)(0iNPV00)(1iNPV00)(2iNPV0()0NPV i0)(0iNPV00)(1iNPV00)(2iNPV)(0iNPV0i0i)(0iNPV
4、0i21,ii0i)(0iNPV0i25)3,/)(2,/(40)3,/(20)2,/(30)1,/(20100iFPiAPiFPiFPiFPNPV%121i%152i)(11iNPV)(22iNPV)(126.4%)12(1万元NPV)(015.4%)15(2万元NPV122111iiNPVNPVNPViIRR%5.13%12%15015.4126.4/126.4%12%121i)(11iNPV)(22iNPV122111iiNPVNPVNPViIRR%121i)(11iNPV)(22iNPV)3,/)(2,/(40)3,/(20)2,/(30)1,/(20100iFPiAPiFPiFPiF
5、PNPV122111iiNPVNPVNPViIRR%121i)(11iNPV)(22iNPV)(126.4%)12(1万元NPV)3,/)(2,/(40)3,/(20)2,/(30)1,/(20100iFPiAPiFPiFPiFPNPV122111iiNPVNPVNPViIRR%121i)(11iNPV)(22iNPV%5.13%12%15015.4126.4/126.4%12)(126.4%)12(1万元NPV)3,/)(2,/(40)3,/(20)2,/(30)1,/(20100iFPiAPiFPiFPiFPNPV122111iiNPVNPVNPViIRR%121i%152i)(11iNP
6、V)(22iNPV26272829306净现值率(净现值率()NPVRPINPVNPVR mtctptiFPII0),/(NPVRPINPVNPVR mtctptiFPII0),/(NPVRPINPVNPVR 31 niPAiCOCIiNAVcnttctc,/1)(00),/(niPANAVNPV0NAV0NAV niPAiCOCIiNAVcnttctc,/1)(00),/(niPANAVNPV niPAiCOCIiNAVcnttctc,/1)(00NAV0),/(niPANAVNPV niPAiCOCIiNAVcnttctc,/1)(00NAV0NAV0),/(niPANAVNPV niPA
7、iCOCIiNAVcnttctc,/1)(032tr0P1tpd)RRD(RId额当年可用于还款的收益当年应偿还借款额)的年份数(借款后首次出现盈余1dP33当期应支付利息费用税息前利润利息备付率10034当期应还本付息金额可用于还本付息的资金偿债备付率100353637383912121221)12(IIAAIICCR4012122112)12(AAIICCIIPt41jcjjCPIZcjjcjjPZCPISjcjjCPIZcjjcjjPZCPIS4243)(44.12)10%,10,/(1049万元APNPVA)(73.13)10%,10,/(1260万元APNPVB)(88.9)10%,
8、10,/(1370万元APNPVC万元 03.210)10%,10,/(49PANAVA万元 24.212)10%,10,/(60PANAVB万元 61.113)10%,10,/(70PANAVC%10ci)(44.12)10%,10,/(1049万元APNPVA)(73.13)10%,10,/(1260万元APNPVB)(88.9)10%,10,/(1370万元APNPVC万元 03.210)10%,10,/(49PANAVA万元 24.212)10%,10,/(60PANAVB万元 61.113)10%,10,/(70PANAVC4445464701)()()(0nttjktjjtkkIR
9、RCOCICOCIIRRNPV01)()()(0nttjktjjtkkIRRCOCICOCIIRRNPV484950【例例4.7】用差额内部收益率法重做例用差额内部收益率法重做例4.6。0)10,/(10490AIRRAP%10%6.150cAiIRR0)10,/)(1012()4960(ABIRRAP%10%6.12 ABIRR0)10,/)(1213()6070(BCIRRAP%10%1.0 BCIRR0)10,/(10490AIRRAP%10%6.150cAiIRR0)10,/)(1012()4960(ABIRRAP0)10,/(10490AIRRAP%10%6.150cAiIRR0)1
10、0,/)(1213()6070(BCIRRAP0)10,/)(1012()4960(ABIRRAP0)10,/(10490AIRRAP%10%6.150cAiIRR%10%6.12 ABIRR0)10,/)(1213()6070(BCIRRAP0)10,/)(1012()4960(ABIRRAP0)10,/(10490AIRRAP%10%6.150cAiIRR%10%1.0 BCIRR%10%6.12 ABIRR0)10,/)(1213()6070(BCIRRAP0)10,/)(1012()4960(ABIRRAP0)10,/(10490AIRRAP%10%6.150cAiIRR515253)
11、iA/P)NPV(i)iA/P)i1CO)(CI)NAV(icccn0tccnnt,(,(54【例例4.84.8】某建设项目有、两个方案,其净现金流量如某建设项目有、两个方案,其净现金流量如表所示,若表所示,若i ic c1010,试用净年值法对方案进行比选。试用净年值法对方案进行比选。83.153)10%,10,/(100)1%,10,/)(8%,10,/(80)1%,10,/(300FPFPAPFPNPVA18.53)1%,10,/)(4%,10,/(50)1%,10,/(100FPAPFPNPVB04.25)10%,10,/(83.153),/(PAniPANPVNAVAcAA03.14
12、)5%,10,/(18.53),/(PAniPANPVNAVBcBB0BANAVNAV83.153)10%,10,/(100)1%,10,/)(8%,10,/(80)1%,10,/(300FPFPAPFPNPVA18.53)1%,10,/)(4%,10,/(50)1%,10,/(100FPAPFPNPVB04.25)10%,10,/(83.153),/(PAniPANPVNAVAcAA83.153)10%,10,/(100)1%,10,/)(8%,10,/(80)1%,10,/(300FPFPAPFPNPVA18.53)1%,10,/)(4%,10,/(50)1%,10,/(100FPAPFP
13、NPVB03.14)5%,10,/(18.53),/(PAniPANPVNAVBcBB04.25)10%,10,/(83.153),/(PAniPANPVNAVAcAA83.153)10%,10,/(100)1%,10,/)(8%,10,/(80)1%,10,/(300FPFPAPFPNPVA18.53)1%,10,/)(4%,10,/(50)1%,10,/(100FPAPFPNPVB555683.153ANPV)1%,10,/)(4%,10,/(50)1%,10,/(100FPAPFPNPVB(100)(/,10%,6)50(/,10%,4)(/,10%,6)86.20P FP AP F 8
14、3.153ANPV)1%,10,/)(4%,10,/(50)1%,10,/(100FPAPFPNPVB5758)2%,10,/)(5%,10,/(380)2%,10,/(350)1%,10,/(550FPAPFPFPNPVA89.601)8%,10,/(430FP)2%,10,/)(7%,10,/(750)2%,10,/(850)1%,10,/(1200FPAPFPFPNPVB79.1364)8%,10,/)(10%,10,/)(1%,10,/(900APPAFP)2%,10,/)(5%,10,/(380)2%,10,/(350)1%,10,/(550FPAPFPFPNPVA89.601)8%
15、,10,/(430FP)2%,10,/)(7%,10,/(750)2%,10,/(850)1%,10,/(1200FPAPFPFPNPVB)2%,10,/)(5%,10,/(380)2%,10,/(350)1%,10,/(550FPAPFPFPNPVA89.601)8%,10,/(430FP59iAiiAiiiAPnnnnn1111lim111lim602026%55%,5,/100%5101500FAPCA100/,5%,105200022595%5%BA FPCBAPCPC10.103%51500)5%,5,/(10010FAACA95.112%52000)10%,5,/(1005FAAC
16、BBAACAC2026%55%,5,/100%5101500FAPCA100/,5%,105200022595%5%BA FPC10.103%51500)5%,5,/(10010FAACA2026%55%,5,/100%5101500FAPCA100/,5%,105200022595%5%BA FPCBAPCPC95.112%52000)10%,5,/(1005FAACBBAACAC10.103%51500)5%,5,/(10010FAACA2026%55%,5,/100%5101500FAPCA100/,5%,105200022595%5%BA FPC616263表表1 1 只有一个项目时的现金流量只有一个项目时的现金流量 单位:亿元人民币单位:亿元人民币 表表2 2 同时有两个项目时的净现金流量同时有两个项目时的净现金流量 单位:亿元单位:亿元6465)(31.55.13)40%,10,/(80)(933.26)40%,10,/(30)(887.410)40%,10,/(50亿元亿元亿元PANAVPANAVPANAVBABA0BABANAVNAVNAV666768m269707172737475