投资决策模型--教本.xls

《投资决策模型--教本.xls》由会员分享，可在线阅读，更多相关《投资决策模型--教本.xls（26页珍藏版）》请在淘文阁 - 分享文档赚钱的网站上搜索。

1、投投资资决决策策模模型型投资决策指标分析折折旧旧分分析析模模型型固固定定资资产产更更新新模模型型投投资资风风险险分分析析模模型型投投 资资 决决 策策-表表1 1期期间间A A方方案案净净现现金金流流量量B B方方案案净净现现金金流流量量0 0-20000-20000-9000-90001 11100011000100010002 21400014000500050003 355005500净净现现值值￥1,570.251,570.25￥173.55173.55内内含含报报酬酬率率16%16%11%11%修修正正内内含含报报酬酬率率15%15%11%11%现现值值指指数数￥1.081.08￥1

2、.021.02投投 资资 决决 策策-表表2 2期期间间A A方方案案净净现现金金流流量量B B方方案案净净现现金金流流量量0 0-90000-90000-91000-910001 16280062800100010002 2789007890050000500003 36000060000净净现现值值￥32,297.5232,297.52￥-3,689.71-3,689.71内内含含报报酬酬率率35%35%8%8%修修正正内内含含报报酬酬率率C C方方案案净净现现金金流流量量资资本本成成本本率率-12000-1200010%10%40004000-110-110500050002020460

3、046004040￥-775.36-775.3660606%6%50508%8%17%17%￥0.940.9415%C C方方案案净净现现金金流流量量资资本本成成本本率率-42000-4200010%10%-190-190170001700030301800018000505017000170007070￥1,102.931,102.93707011%11%5%5%固固定定资资产产的的折折旧旧函函数数分分析析固固定定资资产产的的原原值值预预计计净净残残值值可可使使用用年年限限110000011000001000001000005 5220000022000002000002000006 633

4、0000033000002500002500007 7440000044000002800002800008 8500000050000003200003200009 9600000060000003800003800001010年年数数总总和和法法固固定定资资产产的的原原值值预预计计净净残残值值可可使使用用年年限限110000011000001000001000005 5220000022000002000002000006 6330000033000002500002500007 7440000044000002800002800008 85000000500000032000032000

5、09 9600000060000003800003800001010双双倍倍余余额额递递减减法法（倍倍率率2 2的的特特例例）固固定定资资产产的的原原值值预预计计净净残残值值可可使使用用年年限限110000011000001000001000005 5220000022000002000002000006 6330000033000002500002500007 7440000044000002800002800008 8500000050000003200003200009 9600000060000003800003800001010倍倍率率余余额额递递减减法法（倍倍率率1.51.5）固固

6、定定资资产产的的原原值值预预计计净净残残值值可可使使用用年年限限110000011000001000001000005 5220000022000002000002000006 6330000033000002500002500007 7440000044000002800002800008 8500000050000003200003200009 9600000060000003800003800001010各各年年折折旧旧额额计计算算表表原原始始成成本本2000020000使使用用年年限限5 5净净残残值值600600年年 份份直直线线折折旧旧法法年年数数总总和和法法1 1￥3,880.0

7、03,880.00￥6,466.676,466.672 2￥3,880.003,880.00￥5,173.335,173.333 3￥3,880.003,880.00￥3,880.003,880.004 4￥3,880.003,880.00￥2,586.672,586.675 5￥3,880.003,880.00￥1,293.331,293.33合合 计计￥19,400.0019,400.00￥19,400.0019,400.00每每年年的的折折旧旧额额（直直线线折折旧旧法法SLNSLN）第第1 1年年的的折折旧旧额额（年年数数总总和和法法SYDSYD）￥200,000.00200,000.0

8、0￥333,333.33333,333.33￥333,333.33333,333.33￥571,428.57571,428.57￥435,714.29435,714.29￥762,500.00762,500.00￥515,000.00515,000.00￥915,555.56915,555.56￥520,000.00520,000.00￥936,000.00936,000.00￥562,000.00562,000.00￥1,021,818.181,021,818.18第第1 1年年的的折折旧旧额额（年年数数总总和和法法）第第2 2年年的的折折旧旧额额（年年数数总总和和法法）￥333,333.3

9、3333,333.33￥266,666.67266,666.67￥571,428.57571,428.57￥476,190.48476,190.48￥762,500.00762,500.00￥653,571.43653,571.43￥915,555.56915,555.56￥801,111.11801,111.11￥936,000.00936,000.00￥832,000.00832,000.00￥1,021,818.181,021,818.18￥919,636.36919,636.36第第1 1年年的的折折旧旧额额（双双倍倍余余额额递递减减法法）第第2 2年年的的折折旧旧额额（双双倍倍余余额

10、额递递减减法法）￥440,000.00440,000.00￥264,000.00264,000.00￥733,333.33733,333.33￥488,888.89488,888.89￥942,857.14942,857.14￥673,469.39673,469.39￥1,100,000.001,100,000.00￥825,000.00825,000.00￥1,111,111.111,111,111.11￥864,197.53864,197.53固固定定资资产产的的折折旧旧函函数数分分析析￥1,200,000.001,200,000.00￥960,000.00960,000.00第第1 1年

11、年的的折折旧旧额额（倍倍率率余余额额递递减减法法）第第2 2年年的的折折旧旧额额（倍倍率率余余额额递递减减法法）￥330,000.00330,000.00￥231,000.00231,000.00￥550,000.00550,000.00￥707,142.86707,142.86￥825,000.00825,000.00￥833,333.33833,333.33￥900,000.00900,000.00单单位位：万万元元双双倍倍余余额额递递减减法法￥8,000.008,000.00￥4,800.004,800.00￥2,880.002,880.00￥1,860.001,860.00￥1,860

12、.001,860.00￥19,400.0019,400.0012345￥0.00￥1,000.00￥2,000.00￥3,000.00￥4,000.00￥5,000.00￥6,000.00￥7,000.00￥8,000.00￥9,000.00直线折旧法年数总和法双倍余额递减法12345￥0.00￥1,000.00￥2,000.00￥3,000.00￥4,000.00￥5,000.00￥6,000.00￥7,000.00￥8,000.00￥9,000.00直线折旧法年数总和法双倍余额递减法12345￥0.00￥1,000.00￥2,000.00￥3,000.00￥4,000.00￥5,000.0

13、0￥6,000.00￥7,000.00￥8,000.00￥9,000.00直线折旧法年数总和法双倍余额递减法第第1 1年年的的折折旧旧额额（双双倍倍余余额额递递减减法法）每每年年的的折折旧旧额额（倍倍率率余余额额递递减减法法）￥440,000.00440,000.00￥733,333.33733,333.33￥942,857.14942,857.14￥1,100,000.001,100,000.00￥1,111,111.111,111,111.11￥1,200,000.001,200,000.00第第3 3年年的的折折旧旧额额（年年数数总总和和法法）第第4 4年年的的折折旧旧额额（年年数数总总

14、和和法法）第第5 5年年的的折折旧旧额额（年年数数总总和和法法）￥66,666.6766,666.67￥190,476.19190,476.19￥326,785.71326,785.71￥457,777.78457,777.78￥520,000.00520,000.00￥613,090.91613,090.91第第3 3年年的的折折旧旧额额（双双倍倍余余额额递递减减法法）第第4 4年年的的折折旧旧额额（双双倍倍余余额额递递减减法法）第第5 5年年的的折折旧旧额额（双双倍倍余余额额递递减减法法）￥158,400.00158,400.00￥68,800.0068,800.00￥68,800.006

15、8,800.00￥217,283.95217,283.95￥280,246.91280,246.91￥343,606.83343,606.83￥245,433.45245,433.45￥464,062.50464,062.50￥348,046.88348,046.88￥522,786.16522,786.16￥406,611.46406,611.46￥614,400.00614,400.00￥491,520.00491,520.00第第3 3年年的的折折旧旧额额（倍倍率率余余额额递递减减法法）第第1-31-3年年累累计计折折旧旧额额（倍倍率率余余额额递递减减法法）第第4 4年年的的折折旧旧额额

16、（倍倍率率余余额额递递减减法法）￥161,700.00161,700.00￥722,700.00722,700.00折折旧旧方方法法对对比比分分析析图图12345￥0.00￥1,000.00￥2,000.00￥3,000.00￥4,000.00￥5,000.00￥6,000.00￥7,000.00￥8,000.00￥9,000.00直线折旧法年数总和法双倍余额递减法12345￥0.00￥1,000.00￥2,000.00￥3,000.00￥4,000.00￥5,000.00￥6,000.00￥7,000.00￥8,000.00￥9,000.00直线折旧法年数总和法双倍余额递减法12345￥0.

17、00￥1,000.00￥2,000.00￥3,000.00￥4,000.00￥5,000.00￥6,000.00￥7,000.00￥8,000.00￥9,000.00直线折旧法年数总和法双倍余额递减法第第6 6年年的的折折旧旧额额（年年数数总总和和法法）第第7 7年年的的折折旧旧额额（年年数数总总和和法法）第第8 8年年的的折折旧旧额额（年年数数总总和和法法）第第9 9年年的的折折旧旧额额（年年数数总总和和法法）￥95,238.1095,238.10￥217,857.14217,857.14￥108,928.57108,928.57￥343,333.33343,333.33￥228,888.8

18、9228,888.89￥114,444.44114,444.44￥416,000.00416,000.00￥312,000.00312,000.00￥208,000.00208,000.00￥104,000.00104,000.00￥510,909.09510,909.09￥408,727.27408,727.27￥306,545.45306,545.45￥204,363.64204,363.64第第6 6年年的的折折旧旧额额（双双倍倍余余额额递递减减法法）第第7 7年年的的折折旧旧额额（双双倍倍余余额额递递减减法法）第第8 8年年的的折折旧旧额额（双双倍倍余余额额递递减减法法）第第9 9年年

19、的的折折旧旧额额（双双倍倍余余额额递递减减法法）￥68,800￥280,246.91280,246.91￥422,316.59422,316.59￥422,316.59422,316.59￥261,035.16261,035.16￥560,927.73560,927.73￥560,927.73560,927.73￥316,253.36316,253.36￥245,974.83245,974.83￥606,532.77606,532.77￥606,532.77606,532.77￥393,216.00393,216.00￥314,572.80314,572.80￥251,658.24251,65

20、8.24￥697,316.48697,316.48第第5 5年年的的折折旧旧额额（倍倍率率余余额额递递减减法法）￥8,000.00￥7,000.00￥6,000.00￥5,000.00￥4,000.00￥3,000.00￥2,000.00￥1,000.00￥0.0012345直线折旧法年数总和法双倍余额递减法12345￥0.00￥1,000.00￥2,000.00￥3,000.00￥4,000.00￥5,000.00￥6,000.00￥7,000.00￥8,000.00￥9,000.00直线折旧法年数总和法双倍余额递减法￥8,000.00￥7,000.00￥6,000.00￥5,000.00￥

21、4,000.00￥3,000.00￥2,000.00￥1,000.00￥0.0012345直线折旧法年数总和法双倍余额递减法第第1010年年的的折折旧旧额额（年年数数总总和和法法）￥102,181.82102,181.82第第1010年年的的折折旧旧额额（双双倍倍余余额额递递减减法法）￥697,316.48697,316.48固固定定资资产产的的相相关关资资料料项项目目旧旧设设备备新新设设备备1 1原原值值40000400006000060000预预计计使使用用年年限限10105 5已已使使用用年年限限5 50 0年年销销售售收收入入50000500008000080000每每年年付付现现成成

22、本本30000300004000040000残残值值0 01000010000目目前前变变现现价价值值1000010000折折旧旧方方法法直直线线法法直直线线法法单单位位：元元新新设设备备2 260000600005 50 0880008800044000440001000010000年年数数总总和和法法资资金金成成本本率率10%10%旧旧设设备备：初初始始投投资资额额4000040000 净净现现值值预预计计使使用用年年限限1010￥46,257.1946,257.19已已使使用用年年限限5 5残残值值0 0 变变现现收收入入折折旧旧方方法法直直线线法法1000010000旧旧设设备备营营业

23、业现现金金流流量量表表：旧旧设设备备 剩剩余余使使用用年年限限1 12 2销销售售收收入入50000500005000050000付付现现成成本本30000300003000030000折折旧旧额额￥2,000.002,000.00￥2,000.002,000.00税税前前利利润润￥18,000.0018,000.00￥18,000.0018,000.00所所得得税税￥4,500.004,500.00￥4,500.004,500.00税税后后净净利利润润￥13,500.0013,500.00￥13,500.0013,500.00营营业业净净现现金金流流量量￥15,500.0015,500.00

24、￥15,500.0015,500.00终终结结现现金金流流量量现现金金流流量量￥15,500.0015,500.00￥15,500.0015,500.00新新设设备备1 1营营业业现现金金流流量量表表：新新设设备备11剩剩余余使使用用年年限限1 12 2销销售售收收入入80000800008000080000付付现现成成本本40000400004000040000折折旧旧额额￥10,000.0010,000.00￥10,000.0010,000.00税税前前利利润润￥30,000.0030,000.00￥30,000.0030,000.00所所得得税税￥7,500.007,500.00￥7,5

25、00.007,500.00税税后后净净利利润润￥22,500.0022,500.00￥22,500.0022,500.00营营业业净净现现金金流流量量￥32,500.0032,500.00￥32,500.0032,500.00终终结结现现金金流流量量现现金金流流量量￥32,500.0032,500.00￥32,500.0032,500.00新新设设备备2 2营营业业现现金金流流量量表表：新新设设备备22剩剩余余使使用用年年限限1 12 2销销售售收收入入88000880008800088000付付现现成成本本44000440004400044000折折旧旧额额￥16,666.6716,666.

26、67￥13,333.3313,333.33税税前前利利润润￥27,333.3327,333.33￥30,666.6730,666.67所所得得税税￥6,833.336,833.33￥7,666.677,666.67税税后后净净利利润润￥20,500.0020,500.00￥23,000.0023,000.00营营业业净净现现金金流流量量￥37,166.6737,166.67￥36,333.3336,333.33终终结结现现金金流流量量现现金金流流量量￥37,166.6737,166.67￥36,333.3336,333.33固固定定资资产产更更新新决决策策模模型型所所得得税税税税率率25%25

27、%新新设设备备1 1：初初始始投投资资额额6000060000预预计计使使用用年年限限5 5已已使使用用年年限限0 0残残值值1000010000折折旧旧方方法法直直线线法法3 34 45 5500005000050000500005000050000300003000030000300003000030000￥2,000.002,000.00￥2,000.002,000.00￥2,000.002,000.00￥18,000.0018,000.00￥18,000.0018,000.00￥18,000.0018,000.00￥4,500.004,500.00￥4,500.004,500.00￥4

28、,500.004,500.00￥13,500.0013,500.00￥13,500.0013,500.00￥13,500.0013,500.00￥15,500.0015,500.00￥15,500.0015,500.00￥15,500.0015,500.000 0￥15,500.0015,500.00￥15,500.0015,500.00￥15,500.0015,500.003 34 45 5800008000080000800008000080000400004000040000400004000040000￥10,000.0010,000.00￥10,000.0010,000.00￥10,

29、000.0010,000.00￥30,000.0030,000.00￥30,000.0030,000.00￥30,000.0030,000.00￥7,500.007,500.00￥7,500.007,500.00￥7,500.007,500.00￥22,500.0022,500.00￥22,500.0022,500.00￥22,500.0022,500.00￥32,500.0032,500.00￥32,500.0032,500.00￥32,500.0032,500.001000010000￥32,500.0032,500.00￥32,500.0032,500.00￥42,500.0042,50

30、0.003 34 45 5880008800088000880008800088000440004400044000440004400044000￥10,000.0010,000.00￥6,666.676,666.67￥3,333.333,333.33￥34,000.0034,000.00￥37,333.3337,333.33￥40,666.6740,666.67￥8,500.008,500.00￥9,333.339,333.33￥10,166.6710,166.67￥25,500.0025,500.00￥28,000.0028,000.00￥30,500.0030,500.00￥35,500.0035,500.00￥34,666.6734,666.67￥33,833.3333,833.331000010000￥35,500.0035,500.00￥34,666.6734,666.67￥43,833.3343,833.33新新旧旧设设备备决决策策结结论论应应选选择择新新设设备备2 2净净现现值值￥69,409.7869,409.78新新设设备备2 2：初初始始投投资资额额6000060000 净净现现值值预预计计使使用用年年限限5 5￥81,381.9581,381.95已已使使用用年年限限0 0残残值值1000010000折折旧旧方方法法年年数数总总和和法法