17. PV=C1/(R£g)=$120000/[0.11£(£0.06)]=$705882.35
µÚ°ËÕÂ
1. Ô¤²â·çÏÕÊÇÖ¸¹À¼ÆÔ¤ÆÚÏÖ½ðÁ÷·¢Éú´íÎóµÄ·çÏÕ¡£Ð²úÆ·µÄÔ¤²â·çÏÕ×î¸ß£¬ÒòΪÆäÏÖ½ðÁ÷±È½ÏÄÑÔ¤²â¡£
2. Ãô¸ÐÐÔ·ÖÎöÖУ¬Ò»¸ö±äÁ¿Í¨¹ý´óÁ¿ÊýÖµ¼ìÑé³öÀ´£»¶ø³¡¾°·ÖÎöÖУ¬ËùÓеıäÁ¿µÄÖµ·¶Î§ÓÐÏÞ¡£
3. Èç¹ûƽ¾ùÊÕÈëµÍÓÚÆ½¾ù³É±¾£¬Õâ¸ö¹«Ë¾ÃæÁÙ¿÷±¾£¬ÕâÊÇÕýÈ·µÄ¡£Òò´ËÕâ¾ä»°´ó²¿·Ö¶¼ÊÇÕýÈ·µÄ£¬²»¹ý£¬¶ÔÓڱ߼ÊÀ´Ëµ£¬½ÓÊÜÒ»¸ö±ß¼ÊÊÕÒæ´óÓڱ߼ʳɱ¾µÄÏîÄ¿ºÁÎÞÒÉÎÊ»áÔö¼ÓÓªÔËÏÖ½ðÁ÷¡£
4. ´Ó¹É¶«µÄ½Ç¶È¿´£¬²ÆÎñÓ¯¿÷ƽºâµãµ±È»ÊÇ×îÖØÒªµÄ¡£Ò»¸öÏîÄ¿Äܹ»³¬¹ý»á¼ÆÒÔ¼°ÏÖ½ðÓ¯¿÷ƽºâµãͬʱµÍÓÚ²ÆÎñÓ¯¿÷ƽºâµã£¬Õâ»á¼õÉٹɶ«²Æ¸»¡£ 5. ÏîÄ¿Ê×Ïȵ½´ïÏÖ½ðÓ¯¿÷ƽºâµã£¬Æä´ÎÊÇ»á¼ÆÓ¯¿÷ƽºâµã£¬ÔÙ×îºóÊDzÆÎñÓ¯¿÷ƽºâµã¡£Ö»ÒªÒ»¸öÏîÄ¿ÐèÒª³õʼͶ×Ê£¬²¢ÇÒÔÚÏîÄ¿ÆÚÏÞÖÐÏúÊÛ¶îÓë³É±¾ÏàµÈ£¬Õâһ˳Ðò½«Ò»Ö±ÊÊÓ¦¡£
6. ´«Í³µÄNPV·ÖÎö·¨¹ýÓÚ±£ÊØ£¬ÒòΪËüºöÂÔÁËһЩ¿ÉÒÔ»ñÀûµÄÑ¡Ôñ£¬ÀýÈ磬ÔÚÏîÄ¿»ñÀûʱ£¬À©´óͶ×Ê£¬»òÕßÔÚÏîÄ¿ÎÞÀû¿Éͼʱ£¬·ÅÆú¸ÃÏîÄ¿¡£ÕâÖָıäÒѽÓÊÜÏîÄ¿µÄȨÀûͬÑùÊÇÓмÛÖµµÄ£¬»áÔö¼ÓNPV¡£
7. Èç¹ûÕâ¸ö¹ú¼Ò¸Õ¸Õ¿ªÊ¼Êг¡»¯£¬Æä¾ßÓзdz£ºÃµÄDZÔÚÔö³¤ÂÊ¡£µÚÒ»¸ö½øÈëÊг¡²»ÂÛÊDz»ÊÇÒ»¸öÐÂÊг¡»òÊÇÒ»¸öвúÆ·£¬¶¼ÄܸøÒ»¸ö¹«Ë¾Ôö¼ÓÆ·ÅÆÐ§Ó¦ÒÔ¼°Êг¡·Ý¶î£¬Õâ»áʹµÃÆäËû¾ºÕùÕߺÜÄѽøÈëÊг¡¡£
8. Ãô¸ÐÐÔ·ÖÎöÄܹ»¾ö¶¨µ±ÆäËûÒòËØ£¨ÀýÈç¹Ì¶¨³É±¾£¬±ä¶¯³É±¾£¬»òÊÕÈ룩±ä¶¯Ê±£¬Ó¯¿÷ƽºâµãÔõô±ä¶¯¡£
9. µÈ´ýÒ»ÄêÔÚ°áÔËľ²ÄÕâ¸ö¾ö¶¨ÓÐÁ½¸ö¼ÛÖµÀ´Ô´£¬µÚÒ»¸öÊÇľ²ÄµÄ¼Û¸ñºÜ¿ÉÄÜ»áÉÏÕÇ£¬µÚ¶þ¸öÊÇÈç¹û·¢Éú×ÔÈ»ÔÖº¦»òÉÁÖ»ðÔÖʱ£¬Ä¾²ÄµÄÊýÁ¿ºÁÎÞÒÉÎʽ«Ôö¼Ó¡£Õâ¸öÆÚȨ¶ÔÓÚ·¥Ä¾¹«Ë¾À´ËµºÜÓмÛÖµ£¬¸Ã²úÒµºÜ¶à¹«Ë¾¶¼ÔËÓÃÄ£ÐÍÒÀ¿¿ÉÁÖµÄÄê·ÝÀ´¹À¼ÆÆäδÀ´µÄ³É³¤¡£
10. µ±½øÒ»²½·ÖÎöµÃµ½Ò»¸ö¸ºµÄNPVʱ£¬¾ÍӦֹͣ½øÐзÖÎö¡£ÒòΪ½øÒ»²½·ÖÎö·´Ó¦Ñ¸ËÙ£¬ÕâÒâζ×ŵ±½øÒ»²½·ÖÎöÖÐÓ¯Àû³¬¹ý³É±¾£¬ÕâÊÇÒ»¸ö´íÎó¾ö¶¨µÄ¿ÉÄÜÐÔÒ²¾Í¸üС¡£
11. OCFbest={[($38)(1.1)£($25)(0.9)](100K)(1.1)£$900K(0.9)}(0.65)+0.35($112K)=$892650
NPVbest=£$896000+$892650(PVIFA15%, 8)=$3109607.54 OCFworst={[($38)(0.9) £($25)(1.1)](100K)(0.9) £$900K(1.1)}(0.65)+0.35($112K)= £$212350
NPVworst=£$896000£$212350(PVIFA15%, 8)= £$1848882.72
12. Ö±½Ó½øÈëÊг¡Ê±NPVΪ£º
NPV=CSuccess(Prob. of Success)+CFailure(Prob. of Failure) NPV=$20000000(0.5)+$5000000(0.5)=$12500000 ½øÐÐÊг¡²âÊÔºó½øÈëÊг¡Ê±NPVΪ£º
NPV=C0+{[CSuccess(Prob. of Success)]+[CFailure(Prob. of Failure)]}/(1+R)t NPV=£$2000000+{[$20000000(0.75)]+[$5000000(0.25)]}/1.15 NPV=$12130434.78
Òò´Ë¹«Ë¾Ó¦¸ÃÖ±½Ó½øÈëÊг¡¡£
13. EAC=Initial Investment/PVIFA8%,5=$300000/3.60478=$75136.94
ÄêÕ۾ɶî=$300000/5=$60000 Òò´Ë²ÆÎñÓ¯¿÷ƽºâµãΪ£º
QF=[EAC+FC(1£tC)£Õ۾ɶtC£©]/[(P£VC)(1£tC)]
QF=[$75136.94+$100000(1£0.34)£$60000(0.34)]/[($60£8)(1£0.34)]
QF =3517.98 µ¥Î»
14. Êг¡µ÷²é·ÑÓÃΪ³Áû³É±¾£¬Ó¦¸ÃºöÂÔ²»¼Æ¡£Ê×ÏÈÓ¦¼ÆËã³öÏúÊÛÒÔ¼°±ä¶¯³É±¾£¬ÒòΪÐÂϵÁÐÇò¸ËµÄÍÆ³ö£¬µ¼ÖµͼÛÇò¸ËÏúÊÛ¶îµÄÔö¼Ó£¬¸ß¼ÛÇò¸ËÏúÊÛ¶îµÄ¼õÉÙ£¬ÕâЩ±ØÐëËã×÷ÇÖʴЧӦ¡£ÐÂÏîÄ¿µÄÏúÊÛ¶îΪ£º
ÐÂÇò¸Ë£º$700¡Á55000=$38500000 ¸ß¼ÛÇò¸Ë£º$1100¡Á(£13000)=£$14300000 µÍ¼ÛÇò¸Ë£º$400¡Á10000=$4000000
×ÜÏúÊÛ¶îΪ£º$38500000£$14300000+$4000000=$28200000
±ä¶¯³É±¾Îª£º
ÐÂÇò¸Ë£º£$320¡Á55000=£$17600000 ¸ß¼ÛÇò¸Ë£º£$600¡Á(£13000)=$7800000 µÍ¼ÛÇò¸Ë£º£$180¡Á10000=£$1800000
×ܱ䶯³É±¾Îª£º£$17600000+$7800000£$1800000=£$11600000 ÓÉ´Ë¿ÉÒԵõ½£º
EBT=$28200000£$11600000£$7500000+$2600000=$6500000 NI=EBT£TAXES=$650000£$2600000=$3900000 OCF=NI+ÕÛ¾É=$3900000+$2600000=6500000 ËùÒÔ£¬ÏîÄ¿»ØÊÕÆÚ=2+$6.15M/$6.5M=2.946Äê
NPV=£$18.2M£0.95M+$6.5M(PVIFA14%, 7)+$0.95M/1.147 =$9103636.91
IRR=£$18.2M£0.95M+$6.5 M(PVIFA14%, 7)+$0.95M/(1+R)7 IRR=28.24%
15. (1)Èç¹ûÏîÄ¿³É¹¦£¬Î´À´ÏÖ½ðÁ÷µÄÏÖֵΪ£º
PV future CFs=$60(9000)(PVIFA16%,9)=$2487533.69
µÚÒ»ÄêÏîĿԤ¼Æ¼ÛÖµ=[($2487533.69+$1400000)/2]+$420000 =$2363766.85
NPV=£$1800000+($2363766.85)/1.16=$237730.04
(2)Èç¹û²»·ÅÆúÏîÄ¿£¬µ±ÏúÊÛÁ¿Îª4000ʱ£¬Î´À´ÏÖ½ðÁ÷µÄÏÖֵΪ£º PV future CFs=$60(4000)(PVIFA16%, 9)=$1105570.53 Èç¹û·ÅÆúÏîÄ¿½«µÃµ½£º $1400000£1105570.53=$29429.47 ·ÅÆúÆÚȨ¼ÛÖµ=£¨0.50£©£¨$294429.47£©/1.16=$126909.25 µÚ¾ÅÕÂ
1. ÒòΪ¹«Ë¾µÄ±íÏÖ¾ßÓв»¿ÉÔ¤¼ûÐÔ¡£
2. Ͷ×ÊÕߺÜÈÝÒ׿´µ½×µÄͶ×ʽá¹û£¬µ«ÊÇÈ·ºÜÄÑÔ¤²âµ½¡£
3. ²»ÊÇ£¬¹ÉƱ¾ßÓиü¸ßµÄ·çÏÕ£¬Ò»Ð©Í¶×ÊÕßÊôÓÚ·çÏÕ¹æ±ÜÕߣ¬ËûÃÇÈÏΪÕâµã¶îÍâµÄ±¨³êÂÊ»¹²»ÖÁÓÚÎüÒýËûÃǸ¶³ö¸ü¸ß·çÏյĴú¼Û¡£