IPMP培训之三

[e-mail]022-23256533(IPMP)[e-mail]022-23256533•••••[e-mail]022-232565333.1•••••[e-mail]022-232565333.1.1•–––•[e-mail]022-232565333.1.1.1•••••••[e-mail]022-232565333.1.2•––––––[e-mail][e-mail]022-232565333.1.4•[e-mail]022-232565333.1.5••••[e-mail]022-232565333.1.5.1••[e-mail]022-232565333.1.5.2•[e-mail]022-23256533••••[e-mail]022-232565333.1.5.3•––––––[e-mail]022-232565333.1.5.4•––[e-mail]022-232565333.1.6•(–30%–20%–10%••–0.2-1.0%–0.25-1.5%–1.0-3.0%0.2-1.0%,[e-mail][e-mail][e-mail]022-232565333.2•••••[e-mail]022-232565333.2.1a•–•–()–[e-mail]022-232565333.2.1b•–––•–––=[e-mail]022-232565331.•[e-mail][e-mail]022-23256533••––[e-mail]022-23256533•–E()RKE=R/K–T()T=1/E=K/R•[e-mail]022-232565331.•––[e-mail]=1+PtPt——Ptt=1CICOt=[e-mail]022-232565333.•[e-mail]022-232565334.••–T=411500/4000=3.375•–E=1/T=[e-mail]022-232565333.2.2.2•Ta–Ta=(K1K2)/(C2C1)–Ta=(K1K2)/(B1B2)–Ea=1/TaKBC•[e-mail]022-232565333.2.3••••••[e-mail]022-232565333.2.3.1•––•–––[e-mail]022-232565331.•––•F=P(1+ni)–FPin•F=P(1+i)[e-mail]022-232565332.a•P=F(1+i)nP/Fin•(1+i)n——[e-mail]022-232565333.2.3.2ƒPVƒ()NPVBCƒNPV–NPV0–NPV0NVP=(Bt-Ct)nt=01(1+i0)[e-mail]022-232565333.2.3.3•IRR)•–i0IRRi0–IRRi0–IRRIRRNVP=(Bt-Ct)=0nt=01(1+i0)[e-mail]022-232565333.2.3.4•ERR•–i0ERRi0–[e-mail]022-232565333.2.3.5ƒTdAPƒEd=1/Tdƒ–TdTEdE–TdTEdETd=-log(1-)log(1+i)[e-mail]022-23256533•4900990450?•TT=4900/990-4509•10%•Td=23•[e-mail]022-232565333.2.3.6/•BC/B/C•/–B/C1–B/C1–B/C=[e-mail]022-232565333.2.3.7•NP=NPV/PNP————NPV————P————••[e-mail]022-232565333.2.4••–––––[e-mail]022-232565333.2.4.1•••–––––[e-mail]022-232565333.2.4.2••/[e-mail]022-232565331.•IRRa)NPV1-NPV2=0NPV1=NPV2•[e-mail]022-232565332.•K1K2K1K2C1C2•Ead=1/Tad•I)1log(]1log[001221iiCCkkTad+−−−−=[e-mail]022-232565333.•1NPVI–IIicIII2•PCIPCIIIIINPVI-II=(CI–CO)ft–(CI–CO)I/t(P/F,i,t)ni=0/[e-mail]022-232565334.•1AWIAWIIIII2•ACAW=(CI–CO)t(P/F,i,t)(A/P,i,t)ni=0AC=(I+C-SW-W)t(P/F,i,t)(A/P,i,t)ni=[e-mail]022-232565335.•Pmin==PC/Qt(P/F,i,t)•Qtt(I+C-SW-W)t(P/F,i,t)ni=0Qt(P/F,i,t)ni=0ni=[e-mail]022-232565333.2.5•–––––[e-mail]022-232565333.2.5.1•••[e-mail]022-232565332.——0QQBEPQQBEPS()[e-mail][e-mail]022-232565334.•C(Q)=KDQ•B(Q)=SQ•C(Q)=B(Q)K+DQ=SQ•Q=K/(SD)=20000/(106)=5000B=500010=[e-mail]022-232565336.•AB–A14042042012–B55421075400AB?[e-mail]022-232565333.2.5.2••••[e-mail]022-232565331.•––––•––––[e-mail]022-232565332.•••10%•[e-mail]022-232565333.——•=[e-mail]022-232565334.——•IRP=i0NPV=[e-mail]022-232565333.2.5.3a•••[e-mail]022-232565333.2.5.3b••[e-mail]022-23256533