Ⅰ 鍦ㄩ摱琛岃捶嬈句粈涔堝彨鍩哄噯鍒╃巼涓婃誕10%鍀20%
鍩哄噯鍒╃巼涓婃誕10%鍀20%鎸囩殑鏄鍦ㄨ捶嬈炬椂涓鍥戒漢姘戦摱琛屽彂甯冪殑鍩烘湰鍒╃巼鐨勫熀紜涓婏紝鎸夌収鍩烘湰鍒╃巼鐨勬暟棰濇潵榪涜屼笂嫻璋冩暣錛屽嵆濡備腑鍥戒漢姘戦摱琛屽彂甯冪殑鍩烘湰鍒╃巼涓4%錛屼笂嫻10%鍚庤捶嬈懼熀鏈鍒╃巼灝變負4.4%浜嗐
鏍規嵁銆婁腑鍗庝漢姘戝叡鍜屽浗鍟嗕笟閾惰屾硶銆嬬涓夊嶮鍏鏉°鍟嗕笟閾惰岃捶嬈撅紝鍊熸句漢搴斿綋鎻愪緵鎷呬繚銆傚晢涓氶摱琛屽簲褰撳逛繚璇佷漢鐨勫伩榪樿兘鍔涳紝鎶墊娂鐗┿佽川鐗╃殑鏉冨睘鍜屼環鍊間互鍙婂疄鐜版姷鎶兼潈銆佽川鏉冪殑鍙琛屾ц繘琛屼弗鏍煎℃煡銆傜粡鍟嗕笟閾惰屽℃煡銆佽瘎浼幫紝紜璁ゅ熸句漢璧勪俊鑹濂斤紝紜鑳藉伩榪樿捶嬈劇殑錛屽彲浠ヤ笉鎻愪緵鎷呬繚銆
絎涓夊嶮涓冩潯銆鍟嗕笟閾惰岃捶嬈撅紝搴斿綋涓庡熸句漢璁㈢珛涔﹂潰鍚堝悓銆傚悎鍚屽簲褰撶害瀹氳捶嬈劇嶇被銆佸熸劇敤閫斻侀噾棰濄佸埄鐜囥佽繕嬈炬湡闄愩佽繕嬈炬柟寮忋佽繚綰﹁矗浠誨拰鍙屾柟璁や負闇瑕佺害瀹氱殑鍏朵粬浜嬮」銆
絎涓夊嶮鍏鏉°鍟嗕笟閾惰屽簲褰撴寜鐓т腑鍥戒漢姘戦摱琛岃勫畾鐨勮捶嬈懼埄鐜囩殑涓婁笅闄愶紝紜瀹氳捶嬈懼埄鐜囥
鎵╁睍璧勬枡錛
銆婁腑鍗庝漢姘戝叡鍜屽浗鍟嗕笟閾惰屾硶銆嬬涓冨嶮鍥涙潯銆鍟嗕笟閾惰屾湁涓嬪垪鎯呭艦涔嬩竴錛岀敱鍥藉姟闄㈤摱琛屼笟鐩戠潱綆＄悊鏈烘瀯璐ｄ護鏀規ｏ紝鏈夎繚娉曟墍寰楃殑錛屾病鏀惰繚娉曟墍寰楋紝榪濇硶鎵寰椾簲鍗佷竾鍏冧互涓婄殑錛屽苟澶勮繚娉曟墍寰椾竴鍊嶄互涓婁簲鍊嶄互涓嬬綒嬈撅紱娌℃湁榪濇硶鎵寰楁垨鑰呰繚娉曟墍寰椾笉瓚充簲鍗佷竾鍏冪殑錛屽勪簲鍗佷竾鍏冧互涓婁簩鐧句竾鍏冧互涓嬬綒嬈撅紱鎯呰妭鐗瑰埆涓ラ噸鎴栬呴炬湡涓嶆敼姝ｇ殑錛屽彲浠ヨ矗浠ゅ仠涓氭暣欏挎垨鑰呭悐閿鍏剁粡钀ヨ稿彲璇侊紱鏋勬垚鐘緗鐨勶紝渚濇硶榪界┒鍒戜簨璐ｄ換錛
錛堜竴錛夋湭緇忔壒鍑嗚劇珛鍒嗘敮鏈烘瀯鐨勶紱
錛堜簩錛夋湭緇忔壒鍑嗗垎絝嬨佸悎騫舵垨鑰呰繚鍙嶈勫畾瀵瑰彉鏇翠簨欏逛笉鎶ユ壒鐨勶紱
錛堜笁錛夎繚鍙嶈勫畾鎻愰珮鎴栬呴檷浣庡埄鐜囦互鍙婇噰鐢ㄥ叾浠栦笉姝ｅ綋鎵嬫碉紝鍚告敹瀛樻撅紝鍙戞斁璐鋒劇殑錛
錛堝洓錛夊嚭縐熴佸嚭鍊熺粡钀ヨ稿彲璇佺殑錛
錛堜簲錛夋湭緇忔壒鍑嗕拱鍗栥佷唬鐞嗕拱鍗栧栨眹鐨勶紱
錛堝叚錛夋湭緇忔壒鍑嗕拱鍗栨斂搴滃哄埜鎴栬呭彂琛屻佷拱鍗栭噾鋙嶅哄埜鐨勶紱
錛堜竷錛夎繚鍙嶅浗瀹惰勫畾浠庝簨淇℃墭鎶曡祫鍜岃瘉鍒哥粡钀ヤ笟鍔°佸悜闈炶嚜鐢ㄤ笉鍔ㄤ駭鎶曡祫鎴栬呭悜闈為摱琛岄噾鋙嶆満鏋勫拰浼佷笟鎶曡祫鐨勶紱
錛堝叓錛夊悜鍏崇郴浜哄彂鏀句俊鐢ㄨ捶嬈炬垨鑰呭彂鏀炬媴淇濊捶嬈劇殑鏉′歡浼樹簬鍏朵粬鍊熸句漢鍚岀被璐鋒劇殑鏉′歡鐨勩
鍙傝冭祫鏂欐潵婧愶細鐧懼害鐧劇戔斺斾腑鍗庝漢姘戝叡鍜屽浗鍟嗕笟閾惰屾硶
閾惰岃捶嬈懼埄鐜囦笂嫻20%錛岃＄畻濡備笅錛
鍟嗕笟閾惰岃捶嬈懼熀鍑嗗埄鐜囨槸5.4%錛屼笂嫻20%鍒欙紝5.4%脳1.2=6.48%
璧勬枡鎷撳睍錛
涓銆佽捶嬈懼埄鐜囨槸閾惰岀瓑閲戣瀺鏈烘瀯鍙戞斁璐鋒炬椂浠庡熸句漢澶勬敹鍙栫殑鍒╃巼銆傚ぇ鑷翠負涓夌被錛
涓澶閾惰屽瑰晢涓氶摱琛岀殑璐鋒懼埄鐜; 鍟嗕笟閾惰屽瑰㈡埛鐨勮捶嬈懼埄鐜; 鍚屼笟鎷嗗熷埄鐜囥
閾惰岃捶嬈懼埄鎮鐨勭『瀹氬洜緔犳湁錛
鈶犻摱琛屾垚鏈銆備換浣曠粡嫻庢椿鍔ㄩ兘瑕佽繘琛屾垚鏈鈥旀敹鐩婃瘮杈冦傞摱琛屾垚鏈鏈変袱綾伙細 鍊熷叆鎴愭湰鈥斿熷叆璧勯噾棰勪粯鎮; 榪藉姞鎴愭湰鈥旀ｅ父涓氬姟鎵鑰楄垂鐢ㄣ
鈶″鉤鍧囧埄娑︾巼銆傚埄鎮鏄鍒╂鼎鐨勫啀鍒嗗壊錛屽埄鎮蹇呴』灝忎簬鍒╂鼎鐜囷紝騫沖潎鍒╂鼎鐜囨槸鍒╂伅鐨勬渶楂樼晫闄愩
鈶㈠熻捶璐у竵璧勯噾渚涙眰鐘跺喌銆備緵澶т簬奼傦紝璐鋒懼埄鐜囧繀鐒朵笅闄嶏紝鍙嶄箣浜︾劧銆傚彟澶栵紝璐鋒懼埄鐜囪繕欏昏冭檻鐗╀環鍙樺姩鍥犵礌銆佹湁浠瘋瘉鍒告敹鐩婂洜緔犮佹斂娌誨洜緔犵瓑銆備笉榪囷紝鏈夌殑瀛﹁呰や負鍒╂伅鐜囩殑鏈楂樼晫闄愬簲鏄璧勯噾鐨勮竟闄呮敹鐩婄巼銆傚皢綰︽潫鍒╂伅鐜囩殑鍥犵礌鐪嬫垚浼佷笟鍊熷叆閾惰岃捶嬈懼悗鐨勫埄娑﹀炲姞棰濅笌鍊熸鵑噺鐨勬瘮鐜囧悓璐鋒懼埄鐜囬棿姣旇緝銆傚彧瑕佸墠鑰呬笉灝忎簬鍚庤咃紝浼佷笟灝卞彲鑳藉悜閾惰岃捶嬈俱
浜屻佸埄鎮濡備綍璁＄畻錛
瀛樻懼埄鎮=鏈閲*鍒╃巼*鏈熼檺 (娉ㄦ剰錛屽ぎ琛屽叕甯冪殑鍒╃巼閮芥槸浠ュ勾涓哄熀鍑嗙殑錛屽傛灉鏄瀛樺崐騫存垨媧繪湡錛岃佽漿鍖栦負鏈堝埄鐜囦笌鏃ュ埄鐜)
璐鋒懼埄鎮鐨勮＄畻姣旇緝澶嶆潅錛氭湡婊′竴嬈℃ц繕娓呯殑錛屽悓涓婇潰鐨勫瓨嬈懼埄鎮鐨勮＄畻銆
鎸夋彮璐鋒懼埄鎮鐨勮＄畻錛屾槸鐢ㄥ勾閲戝叕寮忔潵綆楁湀渚涚殑錛屾寜鎻鏈堜緵鐨勮＄畻鍏寮
A=P{i(1+i)^n/[(1+i)^n錛1]}
璧勬枡鍙傝冿細璐鋒懼埄鐜-鐧懼害鐧劇
Ⅱ 涔版埧璐鋒懼埄鐜囬珮鍚椾拱鎴胯捶嬈懼埄鐜囦笂嫻鍚
鎴胯捶鍒╃巼璋冩暣鏀跨瓥
2022騫翠拱鎴挎埧璐峰埄鐜囪皟鏁存斂絳
鍊熸句竴騫翠互鍐呯殑鍒╃巼鏄4.35%銆傚熸句竴鑷充簲騫寸殑鍒╃巼鏄4.75%銆傜洰鍓嶈捶嬈炬湡闄5騫翠互涓婂晢涓氳捶嬈懼熀鍑嗗埄鐜囨槸4.90%錛屽彈闄愯喘闄愯捶鏀跨瓥鐨勫獎鍝嶏紝鍚勫湴閾惰屽歸栧楁埧璐鋒懼埄鐜囪皟鏁村姏搴︿笉鍚岀粷緗┿
鍏縐閲戣捶嬈炬槸鍊熸句簲騫翠互涓(鍚浜斿勾)鐨勫埄鐜囨槸2.75%錛屽熸句簲騫翠互涓婄殑鍒╃巼鏄3.25%銆傚彈闄愯喘闄愯捶鏀跨瓥鐨勫獎鍝嶏紝鍚勫湴閾惰屽歸栧楁埧璐鋒懼埄鐜囪皟鏁村姏搴︿笉鍚屻傚叏鍥介栧楁埧騫沖潎鍒╃巼涓5.38%錛屽埄鐜囨櫘閬嶄笂嫻5%-20%銆備簩濂楁埧璐鋒懼埄鐜囨櫘閬嶄笂嫻10%-30%銆
鍚屾湡鍏縐閲戣捶嬈懼熀鍑嗗埄鐜囦負3.25%錛屼簩濂楁埧璐鋒懼埄鐜囨櫘閬嶄笂嫻10%銆傜2濂楁埧鐣屽畾浠ュ熸句漢瀹跺涵(鍖呮嫭鍊熸句漢銆侀厤鍋跺強鏈鎴愬勾瀛愬コ)涓哄崟浣嶈ゅ畾鎴胯捶嬈℃暟錛屽凡鍒╃敤鍏縐閲戣捶嬈炬垨鑰呭晢涓氳捶嬈捐喘鎴跨殑瀹跺涵錛屽啀嬈＄敵璇鋒埧璐鳳紝灝嗚嗕負絎2濂楁埧銆
瀵逛簬浠ュ墠鐨勮捶嬈撅紝鍩哄噯鍒╃巼璋冩暣鍚庝竴鑸鍦ㄤ笅涓騫翠竴鏈堜竴鏃ヨ搗鎵ц屾柊鐨勫熀鍑嗗埄鐜囷紝鍙樺姩鏈堜緵銆
鎴胯捶鍒╃巼鎬庝箞璁＄畻
濡傛灉鍙璐鋒1騫存垨涓嶈凍1騫寸殑錛屽埄鐜囦負4.35%;濡傛灉璐鋒炬槸鍦1鑷5騫達紝鍒╃巼涓4.75%;濡傛灉璐鋒炬槸綰ょ板湪5騫翠互涓婄殑錛屽埄鐜囦負4.90%銆
1銆佸埄鎮=璐鋒鵑澝楀勾鍒╃巼脳鏈熼檺錛岃繖涓鍏寮忔槸鍦ㄦ湡闄愬唴鎸夊崟鍒╄″苟絝栭椆綆楀苟涓旀槸鍒版湡涓嬈℃ц繕鏈浠樻伅鐨勮＄畻鍏寮忋
2銆佽捶嬈懼垯涓嶅悓錛屼竴鏄浠ユ湀澶嶅埄璁＄畻鐨;浜屾槸鍒嗘湡鍋胯繕錛屽伩榪樺悗鐨勯偅閮ㄥ垎鏈閲戜笉鍦ㄥ悗緇璁＄畻鍒╂伅浜嗐
3銆佷互鐜拌岀殑涓冩姌鎴胯捶浼樻儬璁＄畻鍒╂伅錛岀幇鍦5騫存湡浠ヤ笂鍩哄噯鍒╃巼涓5.94%錛屼紭鎯犲悗涓4.158%錛屾姌綆椾負鏈堝埄鐜囦負4.158%/12=0.3465%銆
閾惰屼拱鎴胯捶嬈懼埄鐜
鍥犱負鎴誇環鐨勪笉鏂涓婃定錛屽艱嚧寰堝氫漢閮芥棤娉曚竴嬈℃х殑浠樻竻鎴挎撅紝浠庤岄夋嫨鎸夋彮璐鋒劇殑鏂瑰紡鏉ヨ喘涔版埧灞嬶紝璐鋒句拱鎴挎槸鑺辨湭鏉ョ殑閽辨潵璐涔版埧灞嬶紝閭ｄ箞閾惰屼拱鎴胯捶嬈懼埄鐜囨槸澶氬皯鍛錛熶笅闈㈠拰灝忕紪涓璧鋒潵鐪嬬湅鍚с
涓銆侀摱琛屼拱鎴胯捶嬈懼埄鐜
1銆佺幇鍦ㄨ捶嬈懼勾闄愪簲騫翠互涓婄殑鍟嗕笟璐鋒懼埄鐜囨槸4.9%銆傚洜涓哄彈鍚勫湴鐨勯檺璐闄愯捶鏀跨瓥鐨勫獎鍝嶏紝鎵浠ュ悇涓閾惰屽歸栧楁埧灞嬭捶嬈劇殑鍒╃巼鐨勮皟鏁村姏搴﹀苟涓嶄竴鏍鳳紝鏍規嵁璋冩煡寰楀嚭錛氬叏鍥界殑棣栧楁埧鐨勫鉤鍧囪捶嬈懼埄鐜囨槸5.38%錛岃捶嬈懼埄鐜囧ぇ澶氭暟閮戒笂嫻浜5%鍒20%宸﹀彸銆傝屼簩濂楁埧鐨勮捶嬈懼埄鐜囧ぇ澶氭暟鏄涓婃誕浜10%鍒30%宸﹀彸銆傚悓涓鏈熺殑鍏縐閲戣捶嬈懼埄鐜囨槸3.25%錛屼簩濂楁埧鐨勮捶嬈懼埄鐜囧ぇ澶氭暟鏄涓婃誕浜10%宸﹀彸銆
2銆佺浜屽楁埧鐨勭晫瀹氭槸鐢ㄨ捶嬈劇敵璇蜂漢鐨勫跺涵(鍖呮嫭璐鋒劇敵璇蜂漢銆佽捶嬈劇敵璇蜂漢閰嶅伓銆佽捶嬈劇敵璇蜂漢鐨勬湭鎴愬勾瀛愬コ)涓哄崟浣嶆潵璁ゅ畾鎴垮眿璐鋒劇殑嬈℃暟錛屽凡緇忎嬌鐢ㄥ叕縐閲戣捶嬈炬垨鑰呮槸浣跨敤鍟嗕笟璐鋒捐喘涔版埧灞嬬殑瀹跺涵錛屽啀涓嬈＄殑鐢寵鋒埧灞嬭捶嬈撅紝灝變細琚瑙嗕負鏄絎浜屽楁埧銆
浜屻佷拱鎴胯捶嬈劇殑鍩烘湰鐭ヨ瘑
1銆侀摱琛岃捶嬈懼埄鐜囪＄畻鏂瑰紡
(1)鎸夊勾璁＄畻錛氫竴鑸鏄鐢ㄧ櫨鍒嗘暟鏉ヨ〃紺恆
璁＄畻鍏寮忔槸錛氬埄鎮=鏈堝垵璐鋒句綑棰澝楁湀鍒╃巼脳鏈堟暟銆
(2)鎸夋湀璁＄畻錛氫竴鑸鏄鐢ㄥ崈鍒嗘暟鏉ヨ〃紺恆
璁＄畻鍏寮忔槸錛氬埄鎮=鎴垮眿璐鋒句綑棰澝楁棩鍒╃巼脳瀹為檯鍗犵敤澶╂暟
(3)鎸夋棩璁＄畻錛
璁＄畻鍏寮忔槸錛氭棩鍒╃巼=鏈堝埄鐜嚸30鎴栬呮槸騫村埄鐜嚸360銆
2銆侀摱琛岃捶嬈劇綒鎮
(1)緗氭伅鏄褰撹捶嬈劇敵璇蜂漢鍑虹幇榪樻鵑炬湡鐨勬椂鍊欙紝閾惰屼負浜嗙潱淇冭捶嬈句漢榪樻捐岃繘琛屽埄鎮鐨勫姞鏀訛紝騫朵笖浠ユゆ潵鎻愰珮璐鋒句漢鐨勮繕嬈劇Н鏋佹у拰涓誨姩鎬с
(2)緗氭伅鏄鎸夋棩鏉ヨ＄畻鐨勶紝騫朵笖鎸夌収璐鋒懼悎鍚岀殑鏃ュ埄鐜囦笂嫻30%鍒50%鏉ユ墽琛屻備粈涔堟椂鍊欒繕嬈懼氨浠涔堟椂鍊欏仠姝㈢綒鎮銆傚亣濡傝捶嬈句漢鎷栨瑺鍒╂伅錛岄偅涔堝氨瑕佹寜鐓ц捶嬈懼悎鍚岀殑鍒╃巼騫朵笖鎸夋棩鏉ヨ＄畻澶嶅埄銆
浠ヤ笂灝辨槸鍏充簬閾惰屼拱鎴胯捶嬈懼埄鐜囧拰涔版埧璐鋒劇殑鍩烘湰鐭ヨ瘑鐨勫叏閮ㄥ唴瀹逛簡錛屽悇浣嶆湅鍙嬪湪璐涔版埧灞嬬殑鏃跺欎竴瀹氳佹敞鎰忛摱琛岃捶嬈劇殑鍒╃巼闂棰橈紝鐒跺悗鏍規嵁鑷宸辯殑闇奼傛潵鍔炵悊璐鋒撅紝淇濊瘉鑷宸辯殑璐鋒懼彲浠ラ『鍒╁姙鐞嗐
宸茶捶鎴胯捶鍒╃巼浼氫笂娑ㄥ悧
宸茶捶鎴胯捶鍒╃巼浼氫笂娑ㄥ悧
宸茶捶鎴胯捶涓嶄細涓婃定錛岃櫧鐒舵埧璐峰埄鐜囨定鐨勫帀瀹籌紝浣嗘槸鍩哄噯鍒╃巼涓嶄細鍙橈紝涔熷氨鏄璐鋒劇殑鍒╂伅鎶樻墸涓嶄細鍙橈紝鎵浠ュ凡緇忎拱鎴胯捶嬈劇殑鏈嬪弸鍙浠ヤ笉鐢ㄦ媴蹇冦傝屼笖鍚堢害宸茬粡絳捐㈠畬姣曪紝鎴戜滑涔熷凡緇忔嬁鍒版埧璐鳳紝璐鋒鵑摱琛屽氨瑕佹牴鎹鎸夋彮鍚堝悓鏉ユ敹鍙栨垜浠鐨勬埧璐鋒湰鎮錛屼笉鍙浠ラ殢鎰忚佹眰涓婃定鍒╂伅銆
璐鋒句拱鎴誇粈涔堟潯浠
涓銆佸晢鍝佹埧鎸夋彮璐鋒劇殑鍩烘湰鏉′歡
1銆佽捶嬈句漢瑕佸叿澶囩ǔ瀹氱殑鏀跺叆錛屾湁鍋胯繕璐鋒捐兘鍔涳紝騫朵笖淇濊瘉淇＄敤鑹濂姐傞氬父錛岃喘涔扮殑浣忔埧瑕佸湪鍩庨晣錛岃屼笖瑕佹槸璐鋒句漢鐨勭幇灞呬綇鍦版垨宸ヤ綔鍦般
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3銆佽捶嬈鵑噾棰濊佹牴鎹鍊熸句漢鐨勪俊鐢ㄦ儏鍐點佽亴涓氫互鍙婅繕嬈捐兘鍔涚瓑鎯呭喌紜瀹氥
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1銆佽捶嬈炬椂闇瑕佹彁渚涚敵璇蜂漢涓庨厤鍋剁殑韜浠借瘉銆佹埛鍙ｇ翱鍘熶歡鍙婂嶅嵃浠(鍙﹀栬繕闇鍑嗗囧弻鏂圭殑緇撳氳瘉)錛
2銆佽捶嬈句漢涓庢埧鍦頒駭絳捐㈢殑銆婂晢鍝佹埧鎴誇拱鍗栧悎鍚屻嬶紱
3銆侀栦粯30%鐨勬敮浠樻敹鎹鍘熶歡鍙婂嶅嵃浠訛紱
4銆佽捶嬈句漢鐨勬敹鍏ヨ瘉鏄(鐢遍摱琛屾彁渚)錛
5銆佸傛灉鍊熸句漢鏄娉曚漢浠ｈ〃錛岄渶瑕佹惡甯︽湁鏁堢殑銆婁紒涓氭硶浜鴻惀涓氭墽鐓с嬫垨銆婁簨涓氭硶浜烘墽鐓с嬨佽儲鍔℃姤琛ㄧ瓑銆傝嫢鏄鑲′喚鍒朵紒涓氾紝榪橀渶鎻愪緵鍏鍙歌懀浜嬩細鍚屾剰鎶墊娂璇佹槑涔︺
6銆佸紑鍙戝晢鐨勬敹嬈懼笎鍙楓
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涔版埧璐鋒懼埄鐜囦笂嫻鍚楃殑浠嬬粛灝辮亰鍒拌繖閲屽惂銆