1、2-1 2 000 12%1 2 73 1 8001 2000 F/A 12% 3 =2000 3.3744=6748.80 6748.80 2 767480.80 P/A 12% 7 =6748.80 4.5638=1478.777 1478.77 3 1800P/A 12% n =6748.80 1800=3.7493 1 12% 3.7493( 29 . 5 2852 . 0 5 ) 5 6 ( 1114 . 4 6048 . 3 7493 . 3 6048 . 3 5 n1800 5.29 2-2 RD 2003 5 2008 80 6% 10 200310 2003 : 800000
2、 P/A 6% 10 P/F 6% 5 =800000 7.3601 0.7473=4400162 800000 P/A 6% 15 -800000 P/A 6% 5 =800000 9.7122-800000 4.2124=4399840 2-3 100 10 6 3 3 2000 / 6% P 3 P A,6 ,6 3 4.9173=14.7915 10 14.7915 24.7915 2000 202-4 50 000 20 250 00050000 F/P i 20 =250000 F/P i 20 =5 i=8.359% 8.539% 2-5 A B C 50% 30% 20% 2.
3、0 1.0 0.5. 15% 10% 1 2 3 4 A 1 =50% 2+30% 1+20% 0.5=1.4 2 =1.4 15%-10% =7% 3 =10%+7%=17% 4 A =10%+2 15%-10% =20% 2-6 A B 1 000 A / B / 0.2 200 300 0.6 100 100 0.2 50 -50 1 2 31 A 200 0.2+100 0.6+50 0.2=110 B 300 0.2+100 0.6+ -50 0.2=110 2 A 200-110 2 0.2+ 100-110 2 0.6+ 50-110 2 0.2 1/2 =48.99 B 300
4、-110 2 0.2+ 100-110 2 0.6+ -50-110 2 0.2 1/2 =111.36 3 A B A B A B 3-1 3/10 N/30 2/20 N/30 1 10-30 yoga 60% 10 3% 2 20-301 10 3% 1-3% 360 20 =56% 10 60% 60% 56%2 56% 2% 1-2% 360 10 =73%5 5 80 80 B 2 2 A A 2 2 0.2 B B 2 7.3601 7.3601 P/A P/A 6% 5 4.2124=4399840 3 3 0.2+100 0.6+50 0.6+50 0.2+100 0.2+1
5、00 0.6+ 0.6+ 200-110 2 2 0.2+ =48.99 =48.99 300 300- -110 110 0.2 0.2 1/2 1/2 =111.36 =111.36 3 A A B3-2 1 000 5 8% 20 0001 10%2 1 0411 =1000 8% P/A 10% 5 +1000 P/F 10% 5 =924 2 1000 8% P/A i 5 +1000 P/F i 5 =1041 i =7% 7% 1041 3-3 2009 500 000 5 8% 1 2 3 1 =500000 P/A 8% 5 =500000 3.9927 125228.54
6、2 =500000 P/A 8% 4 +1=500000 3.3121+1 115952.78 3 1+ = 115952.78 1+8% 125229.00 3-4 2008 2008 12 31 2008 25000 10% 70% 2009 20% 200 20091 2009 2 2009 1 = 2000+3000+7000 25000=48% = 4000+2000 25000=24% =25000 20%=5000 =5000 48%-24% =1200 2009 =25000 1+20% 10% 1-70% =900 2 2009 =1200+200-900=500 3-5 2
7、008 3 00020052 7001 450 2 1002 200 1 0001 400 2006 2 500 1 400 2 200 2 100 1 000 1 300 2007 2 800 1 550 2 450 2 300 1 000 1 450 2008 3 000 1 650 2 600 2 500 1 000 1 500 2009 3 600 2009 2008 B a 1650-1400 / 3000-2500 =0.5 1650-0.5 3000=150 2600-2200 / 3000-2500 =0.8 2600-0.8 3000=200 2500-2100 / 3000
8、-2500 =0.8 2500-0.8 3000=100 2.1 450 1500-1300 / 3000-2500 =0.4 1500-0.4 3000=300 1000 1.7 1150 1 =1150+1.7x 2009 =1150+1.7 3600=7270 2 2009 2008 =1.7 3600-3000 =1020 4-1 8 2 000 110% 12% 3% 25% 2000 12% 1 25% /2000 110% 1 3% 100%=8.43% 4-2 200 80 80 40 10% 15% 14.8% 10% 80/200+15% 80/200+14.8% 40/8
9、0=12 96% 4-3 1 000/% /% 150 9 200 9 350 10 200 10 500 12 600 12 1 000 1 000 9% 156/1000+10% 350/1000+12% 500/1000=10 85 112009 2009 2000+3000+7000 2000+3000+7000 25000=24% 1+20% 10% 10% 900=500 900=5001500-1300 1300 3000-2500 2500 =0.4 =0.41.7 1.7 1 2009 2009 2 2 2009 2009 =1020 =1020 4 4- 2 0004-4
10、20 8 4 000 2 4001 000 600 200 200 12 20 9 30%1 DOL 4000 2400 600 2.67 DFL 600 600 200 1.5 DCL 2.67 1.5 4 2 30 2.67 80 30 4 120 4-5 1 800 10% 3 000 4 000 400 11% 20 / 1 600 25% 1 2 3 41 =1600+400-(10% 3000+11%4000) (1-25%)/800=1 1812 =(1600+400-3000 10%) (1-25%)/(800+4000/20)=1 275 2 EBIT 300 (1 25%)
11、 1000 EBIT 740 (1 25%) 800 EBIT 2500 EPS0=1.65 3 DFL 1600 1600 300 1.23 DFL=2000 2000-740 =1.59 DFL 2000 2000-300 =1.18 45-2 120 000 0 120 000 120 000 1 32 000 50 000 2 32 000 40 000 3 32 000 30 000 4 32 000 20 000 5 32 000 20 000 160 000 160 000 10%NPV =32000 (P/A,10%,5)-12000 1312 NPV =50000 (P/F,
12、10%,1)+40000 (P/F,10%,2)+30000 (P/F,10%,3)+20000 (P/F,10%,4)+20000 (P/F,10%,5)-12000=7100 7100 13125-31 45 000 4 4 5 000 2 80 000 4 4 18 000 3 8 000 3 000 4 43000 660 5 25% 10% IRR=11 8 10 1 =80000-43000=37000 2 =660 3 = 80000-18000 /4- 45000-5000 /5=7500 =-3000 =8000- -3000 =11000 4 O =- 80000-4300
13、0 =-37000 1 =11000 1-25% +7500+660=16410 2-3 =11000 1-25% +7500=15750 4 =11000 1-25% +7500+18000=33750 5 I -37000+16410 P/F,I,1 +15750 P/A,I,3 - P/A,I,1 +33750 P/F,I,4 =0 I I=28% -37000+16410 0.7813+15750 1.8684-0.7813 +33750 0.3725=5514.83 28% 10% 5-6 97 000 10 000 6 6 7 000 40 000 100 000 70 000 1
14、30 000 6 10 000 20 000 28 000 25% 12% 121 IRR=12 88 12 2 15 072 78 14 533 48 740 1.23 1.23 DFL DFL +7500=15750 +7500=15750 4 4 +7500+18000=33750 +7500+18000=33750 5 50 000 = +7500+18000=33750 +7500+18000=33750 -37000+16410 37000+16410 P/A,I,1 P/A,I,15-4 4 4 3 000 30 000 600 000 400 000 100 000 4 i60
15、00 30 000 25% 19% 1 2 3 4 5 NCF 6 1 100 000 30 000 NCF0 70 000 2 (100000-6000)/4=23 500 (30000-3000)/4=6 750 23500-6750=16 7503 600000-(400000-30000_23500) (1-25%)=138 355 600000-(400000+6750) (1-25%)=129 477 50 8877 50 4 6000 3000 3000 5 NCF0 100 000 NCF1 3 161 855 NCF4 167855 NCF0 30 000 NCF1 3 13
16、6 227 50 NCF4 139 227 50 6 IRR=18 36 19 6-1 A B 50 250 10% 20% 1.2 0.35 B 50 150 C 15% 1.57 =10% 50 300+12% 250 300=11.67% =1.2 50 300+0.35 250 300=0.4917 =10% 50 450+12% 200 450+15% 200 450=13.11% =1.2 50 450+0.35 200 450+1.57 200 450=0.9867 = 13.11%-11.67% 11.67%=12.34% = 0.9867-0.4917 0.4917=100.
17、67% 12.34% 100.67% 6-2 8 5.4% 16% 12% 1.08 80 1 2 3 1 =10%+1.08 15%-10% =15.4% 2 =8 1+5.4% / 15.4%-5.4% =84.323 84.32 80 6-4 A 6% 5 1 000 8% 1 041 8% 1 050 0 7401 A 2 A 3 A 4 a 5 A 1 1 050 1 =1000 P/F 6% 5 +1000 8% P/A 6% 5 =1000 0.7473+80 4.2124=1084.29 1041 1084.29 6% 7% P=1000 P/F 7% 5 +1000 8% P
18、/A 7% 5 =1000 0.7130+80 4.1000=1041 1041 7% 2 = 1000+1000 8% 5 P/F 6% 5 =1400 0.7473=1046.22 1050 1046.22 6% 5% P= 1000+1000 8% 5 P/F 5% 5 =1400 0.7835=1096.90 1050 1096.90 5% 6% = 3 =1000 P/F 6% 5 =1000 0.7473=747.3 4 A AA 5 A 300+12% 250 300=0.4917 300=0.4917 450+15% 450+15% P= P= 0.7835=1096.90 2
19、00 200 11.67%=12.34% 0.4917=100.67% 0.4917=100.67% 8 = = 1000+1000 1000+1000 0.7473=1046.22 0.7473=1046.22 1050 1050 6% 1000+1000 1000+1000 8% 0.7835=1096.90 0.7835=1096.90 = =7-1 400 000 200 10% 1 2 3 12 = =4000-2000=2000 3 10 360/10=367-3 200 150 200 7 500 10% 0.3% 600 1 2 5%3 500 4 67.7 6%1 167.7
20、 200 200 0 300002 35.3 2500-30000 300003 211.8 300004 667 30000 2500-1367=1133 30000 1800-1133=667 7-4 7 200 10 2% 10 20 1% 20 30 10 50% 20 30% 20 30 20% 10% 1 2 3 4 1 =10 17 2 = 20 3 = 340 4 = 34 7-6 1 1/10 N/30 10%2 2/10 N/30 1/20 N/30 3 1 000 10%1 18 18 10 2 36 73 36 36 3 11 11 8-1 1 500 000 2 00
21、0 000 2:3 10000001 2 3 1 1500000-2000000 3 5 =300000 2 300000 1500000=20% 3 300000 1000000=0.3 / 1 10 10 2 368-3 2008 225 10 10% 2008 750 2009 1 200 90 2010 10% 20091 2 2008 3 2009 30% 30% 40%1 10% =225 1+10% =247.5 2 2008 =225 750=30% 2009 1200 30%=360 3 =900 40%=360 2009 =1200-360=840 8-4 1 000 1200 50% 50% 10% 2008 500 2009=500 1-10% =450 =1200 1-50% =600 =600-450=150 # # 1 2 3 41 2(1) 2 3(1) 2 3#
