1. 涓浜鴻濺浣嶈捶嬈
14涓囪濺浣嶈捶嬈炬庝箞璐鋒渶鍒掔畻
杞︿綅璐鋒炬湁涓ょ嶏細絳夐濇湰鎮鍜屽鉤鍧囪祫鏈銆備竴鑸鏉ヨ達紝閫夋嫨騫沖潎璧勬湰浼氭洿鍒掔畻錛屼絾杞︿富鐨勮繕嬈懼帇鍔涗細鏇村ぇ銆傚鉤鍧囪祫閲戜細澧炲姞鏁翠綋鎴愭湰錛屼絾姣忔湀榪樻鵑濅細鏇翠綆銆傚洜姝わ紝鎴戜滑鏈濂芥牴鎹鑷宸辯殑鎯呭喌鏉ュ垽鏂銆傚傛灉浣犵殑緇忔祹鏀跺叆鐩稿圭ǔ瀹氾紝鏈濂介夋嫨騫沖潎璧勬湰錛屽傛灉浣犺亴涓氱殑緇忔祹鏀跺叆娉㈠姩杈冨ぇ錛屽彲浠ラ夋嫨絳夐濇湰鎮銆
涓銆佽濺浣嶈捶嬈懼疄闄呭埄鐜囨槸澶氬皯錛
瀛﹁繃閲戣瀺鐨勫╁瓙鐭ラ亾瀹為檯鍒╃巼銆傚湪浼氳″勭悊涓婏紝搴斾粯鍊哄埜涔熶細娑夊強鍒板疄闄呭埄鐜囨硶銆傝寸櫧浜嗭紝瀹為檯鍒╃巼鏄鐩稿逛簬鍚嶄箟鍒╃巼鐨勶紝鍚嶄箟鍒╃巼灝辨槸浣犵湡姝ｆ壙鎷呯殑鍒╂伅鎴愭湰銆傛垜浠浠庝笂榪拌濺浣嶈捶嬈句駭鍝佷腑閫夋嫨涓嬈捐＄畻榪樻捐″垝錛氳捶嬈10涓囧厓錛屾湀渚3100鍏冿紝鍒╃巼0.33%/鏈堛傞渶鍋胯繕鐨勬誨埄鎮涓11600鍏冿紝鍥犳ゆ誨埄鐜囦負11.60%銆11.60%/3=3.87%錛屽傛灉榪欐牱鎯籌紝寰堝規槗鎺夊潙銆備互涓嬫槸鎴戜滑鐨勮繕嬈捐″垝錛氶夋嫨榪樻炬婚濆拰璐鋒10涓囧厓錛岀敤IRR鍑芥暟璁＄畻瀹為檯鍒╃巼涓7.27%銆傝櫧鐒跺悕涔夊埄鐜囧拰鍒╃巼閮藉湪3%-4%宸﹀彸錛屼絾鎴戜滑瑕佹壙鎷呯殑鍒╂伅鎴愭湰鏄7.27%銆傝繖鏄鍥犱負姣忔湀3100鍏冪殑榪樻句腑鍖呭惈浜10涓囧厓鐨勬湰閲戙備絾鏄錛岄殢鐫鏈閲戠殑閫愭笎涓嬮檷錛屾垜浠浠嶇劧浠ユ瘡鏈10涓囧厓鐨勫悕涔夊埄鐜囧伩榪樿捶嬈撅紝榪欏湪鎺ヤ笅鏉ョ殑鍑犱釜鏈堥噷鑲瀹氫笉鍒掔畻銆
浜屻佸湪宸ヨ岀敵璇瘋濺浣嶈捶嬈撅細
鐢寵蜂釜浜鴻濺浣嶈捶嬈劇殑涓浜哄凡緇忓湪宸ヨ屽姙鐞嗕簡涓鎵嬩綇鎴胯捶嬈撅紝浣嗕綇鎴胯捶嬈懼皻鏈榪樻竻錛岀敵璇蜂漢璐涔頒簡鑷宸卞皬鍖虹殑杞︿綅銆傞摱琛屽湪鍔炵悊杞︿綅璐鋒炬椂錛屼細瀵硅濺浣嶈繘琛岃瘎浼幫紝騫朵笌鎵璐杞︿綅鐨勬垚浜や環鏍艱繘琛屽規瘮錛屾寜鐓ц緝浣庝環鏍肩粰浜堜竴瀹氶濆害鐨勮濺浣嶈捶嬈撅紝鏈楂樻瘮渚嬩笉瓚呰繃鎴愪氦浠鋒牸涓庤濺浣嶈瘎浼頒環鏍間腑杈冧綆鑰呯殑70%錛岃捶嬈炬湡闄愪笉瓚呰繃10騫翠笖灝忎簬浣忔埧璐鋒懼墿浣欒繕嬈炬湡闄愩
鏈鍚庯紝鍦ㄥ啘琛岀敵璇瘋濺浣嶇殑涓浜洪櫎浜嗗姙鐞嗗啘琛岋紝涓鎵嬩綇鎴胯捶嬈句笟鍔″栵紝榪橀渶瑕佹彁渚涗竴濂楀叿鏈夊畬鍏ㄤ駭鏉冪殑鎴垮眿浣滀負璐鋒劇殑鎶墊娂鐗┿傝捶嬈鵑濆害鏍規嵁閾惰屽規姷鎶兼埧灞嬬殑璇勪及浠鋒牸鍜屼釜浜轟俊鐢ㄧ瓑綰х『瀹氾紝鏈楂樿捶嬈鵑濆害涓嶈兘瓚呰繃鎶墊娂璐浜ц瘎浼頒環鏍肩殑60%錛岃捶嬈炬湡闄愪笉鑳借秴榪10騫淬
杞︿綅璐鋒10涓囨瘡鏈堣繕澶氬皯
璐鋒炬槸緇撳悎璐鋒炬斁嬈鵑噾棰濓紝鎵ц屽埄鐜囥佽捶嬈炬湡闄愩佽繕嬈炬柟寮忕瓑鍚勪釜瑕佺礌緔㈠彇鏁版嵁緇煎悎璁＄畻緇撴灉錛屽崟鍑鍊熸鵑噾棰濇棤娉曡＄畻瀹為檯鏈堜緵閲戦濄傚傛灉杞︿綅璐鋒10涓囷紝鍒╃巼6.4%錛5騫寸殑鏈堜緵涓猴細璐鋒炬婚100錛000.00鍏冭繕嬈炬湀鏁60鏈堟瘡鏈堣繕嬈1錛951.93鍏冦
鎷撳睍璧勬枡
杞﹁捶鎸囪捶嬈句漢鍚戠敵璇瘋喘涔版苯杞︾殑鍊熸句漢鍙戞斁鐨勮捶嬈俱傛苯杞︽秷璐硅捶嬈炬槸閾惰屽瑰湪鍏剁壒綰︾粡閿鍟嗗勮喘涔版苯杞︾殑璐杞﹁呭彂鏀劇殑浜烘皯甯佹媴淇濊捶嬈劇殑涓縐嶆柊鐨勮捶嬈炬柟寮忋傛苯杞︽秷璐硅捶嬈懼埄鐜囧氨鏄鎸囬摱琛屽悜娑堣垂鑰呬篃灝辨槸鍊熸句漢鍙戞斁鐨勭敤浜庤喘涔拌嚜鐢ㄦ苯杞︼紙涓嶄互钀ュ埄涓虹洰鐨勭殑瀹剁敤杞胯濺鎴7搴э紙鍚錛変互涓嬪晢鍔¤濺錛夌殑璐鋒炬暟棰濅笌鏈閲戠殑姣斾緥銆傚埄鐜囪秺楂橈紝閭ｄ箞娑堣垂鑰呰繕嬈劇殑閲戦濆氨瓚婂ぇ銆
鍩哄噯鍒╃巼
鎸夊ぎ琛岃勫畾錛屾苯杞﹁捶嬈炬墽琛岃捶嬈懼熀鍑嗗埄鐜囷紝浣嗗悇閲戣瀺鏈烘瀯鍙鍦ㄥ熀鍑嗗埄鐜囦笂涓嬩竴瀹氳寖鍥村唴榪涜屾誕鍔ㄣ傚悇澶ч摱琛屾苯杞﹁捶嬈炬湡闄愪竴鑸涓嶈秴榪5騫達紝杞﹁捶鍒╃巼澶氬皯鐩存帴鍐沖畾浜嗕漢浠榪涜岃捶嬈劇殑鎴愭湰楂樹綆錛屼粠鑰屼篃灝辨垚涓哄喅瀹氫漢浠鏄鍚﹁繘琛岃捶嬈炬秷璐圭殑涓欏歸噸瑕佸洜緔犮
杞﹁捶鍒╃巼鎬庝箞綆
杞﹁捶鏈堜緵鐨勮＄畻鍏寮:A=P(1i)[(1i)^n-1]/n^2/i
A:姣忔湀渚涙
P:渚涙炬婚噾棰
i:鏈堝埄鐜(騫村埄/12)
n:渚涙炬繪湀鏁(騫疵12)
璐鋒懼埄鐜
杞﹁捶鐨勫疄闄呭埄鐜囩敱鍔炵悊閾惰屾牴鎹瀹㈡埛鐨勫疄闄呮儏鍐碉紝鍙傜収澶琛岃勫畾鐨勮捶嬈懼熀鍑嗗埄鐜囨潵鍒跺畾錛屼竴鑸鏉′歡浼樼鐨勫㈡埛鍙浠ヤ韓鍙楀熀鍑嗗埄鐜囨垨鑰呬笅嫻10%宸﹀彸錛屾櫘閫氬㈡埛鍒欓渶瑕佸湪鍩哄噯鍒╃巼鍩虹涓婁笂嫻10%宸﹀彸銆
2013鏈鏂伴摱琛岃捶嬈懼埄鐜囷細鍩哄噯涓婃誕10%-15%
涓浜鴻捶嬈捐喘杞︿笟鍔″垎涓虹洿瀹㈠紡銆侀棿瀹㈠紡銆佷俊鐢ㄥ崱杞﹁捶涓夌嶃傜洿瀹㈠紡涓鑸涓哄㈡埛鐩存帴瑙侀潰榪涜岃捶嬈劇殑閾惰岃濺璐鳳紝闂村㈠紡涓鑸涓烘苯杞﹂噾鋙嶅叕鍙歌漿鎺ュ㈡埛鐨勬苯杞﹂噾鋙嶅叕鍙歌濺璐楓
鐩村㈠紡閾惰岃濺璐鳳紝鎵鏀剁殑璐圭敤欏圭洰涓烘娂閲戙佹湰鎮銆3%鎷呬繚璐圭瓑錛岄摱琛屼紭璐ㄥ㈡埛璐圭敤榪樹細鏈夋墍浼樻儬錛屼笉榪囨瘡瀹墮摱琛岀殑浼樻儬鏀跨瓥鍚勬湁涓嶅悓銆
闂村㈠紡奼借濺閲戣瀺鍏鍙歌濺璐烽櫎浜嗙即綰充互涓婅垂鐢ㄥ栵紝榪橀渶璐熸媴鐩戠¤垂銆佽濺闃熺＄悊璐廣佽川淇濈畫淇濇娂閲
榪樻湁涓縐嶅氨鏄淇＄敤鍗¤濺璐鳳紝淇＄敤鍗″垎鏈熻喘杞﹁捶嬈懼彧瀵歸摱琛屼俊鐢ㄥ崱鐢ㄦ埛鎻愪緵鍒嗘湡浠樻撅紝涓嶆槸浠諱綍鏉′歡閮藉彲浠ュ姙鐞嗭紝榪樿佹湁涓涓瀹℃牳紼嬪簭錛屾湁涓嶈壇淇＄敤璁板綍鐨勪俊鐢ㄥ崱鐢ㄦ埛灝卞緢闅懼姙鐞嗐
璇烽棶浠涔堟槸涓鍥介摱琛屾渤鍗椾釜浜鴻濺浣嶆寜鎻璐鋒撅紵
涓鍥介摱琛屾渤鍗椾釜浜鴻濺浣嶆寜鎻璐鋒炬槸鎸囪捶嬈句漢錛堜腑琛岋級鍚戝熸句漢錛堜腑琛屽姙鐞嗚濺浣嶈捶嬈劇殑瀹㈡埛錛夊彂鏀劇殑鐢ㄤ簬璐涔拌濺浣嶈捶嬈劇殑娑堣垂鎬ч噾鋙嶄駭鍝併
浠ヤ笂鍐呭逛緵鎮ㄥ弬鑰冿紝涓氬姟瑙勫畾璇蜂互瀹為檯涓哄噯銆
杞︿綅璐鋒炬庝箞璐
鍙浠ョ殑銆傚儚鎴胯捶涓鏍鳳紝鐜板湪宸茬粡鏈変笓闂ㄧ殑杞︿綅璐蜂笟鍔′簡銆傝繖涓涓氬姟涓庢埧浜ф湁涓瀹氱殑鎸傞挬錛屼竴鑸闇瑕佸皬鍖烘湁鎴垮瓙鎴栬喘鎴垮悎鍚屻
鎷撳睍璧勬枡
杞︿綅璐鋒炬湡闄愰暱錛屾湡闄愪竴鑸鍦1鑷3騫達紝鏈闀誇笉瓚呰繃5騫達紱榪樻炬柟寮忓氾紝鍙閫夋嫨絳夐濇湀渚涖佺瓑棰濇湰閲戠瓑澶氱嶈繕嬈炬柟寮忥紱鎷呬繚綆鍗曪紝鎻愪緵渚涘悎浣滈摱琛岃ゅ彲鐨勮儲浜ф姷鎶箋佽川鎶兼垨絎涓変漢淇濊瘉鏂瑰紡銆
鐢寵蜂釜浜鴻濺浣嶈捶嬈劇殑涓浜哄凡緇忓湪閾惰屽姙鐞嗕簡涓鎵嬫埧浣忔埧璐鋒撅紝璇ヤ綇鎴胯捶嬈炬湭鍋挎竻錛岃屼笖鐢寵蜂漢璐涔扮殑鏄鑷宸卞眳浣忓皬鍖虹殑杞︿綅銆傚湪鍔炵悊杞︿綅璐鋒劇殑鏃跺欙紝閾惰屼細杞︿綅鍋氫竴涓璇勪及錛屼笌璐涔扮殑杞︿綅鐨勬垚浜や環鏍艱繘琛屾瘮杈冿紝鎸夌収杈冧綆鐨勪環鏍肩粰鍑轟竴瀹氶濆害鐨勮濺浣嶈捶嬈撅紝鏈楂樻瘮渚嬩笉瓚呰繃杞︿綅鎴愪氦浠鋒牸鍜岃瘎浼頒環鏍間腑杈冧綆浠鋒牸鐨70錛咃紝璐鋒炬湡闄愪笉鑳藉ぇ浜10騫達紝騫跺皬浜庝綇鎴胯捶嬈劇殑鍓╀綑榪樻懼勾闄愩
鐢寵鋒潯浠訛細
鈶犲熸句漢蹇呴』鏄璐鋒捐屾墍鍦ㄥ湴甯鎬綇鎴峰彛灞呮皯錛屽叿鏈夊畬鍏ㄦ皯浜嬭屼負鑳藉姏錛
鈶″熸句漢鑳芥彁渚涚浉搴旂殑鎷呬繚錛
鈶㈠熸句漢鑳芥彁渚涚浉搴旂殑娑堣垂鐢ㄩ旇瘉鏄庯紱
鈶ｅ熸句漢鍏鋒湁榪樻捐兘鍔涳紝娌℃湁涓嶈壇璐鋒捐板綍銆
鍔炵悊涓鍥介摱琛屾渤鍗椾釜浜鴻濺浣嶆寜鎻璐鋒鵑渶瑕佸摢浜涙潯浠訛紵
涓鍥介摱琛屾渤鍗椾釜浜鴻濺浣嶆寜鎻璐鋒懼姙鐞嗘潯浠訛細
1銆佸叿澶囦腑鍗庝漢姘戝叡鍜屽浗鍥界睄錛屽叿鏈夊畬鍏ㄦ皯浜嬭屼負鑳藉姏鐨勮嚜鐒朵漢錛
2銆佸叿鏈夌ǔ瀹氱殑鑱屼笟鍜岀粡嫻庢敹鍏ワ紝淇＄敤鑹濂斤紝鏈夊伩榪樿兘鍔涳紱
3銆佸凡緇忕劇講璐涔拌濺浣嶇殑鍚堝悓鎴栧崗璁錛
4銆佹敮浠樹笉浣庝簬鎵璐杞︿綅鐨勯栦粯嬈撅紱
5銆佸熸句漢闇涓轟腑琛屼綇鎴挎寜鎻瀹㈡埛錛
6銆佸熸句漢鐢寵鋒墍璐杞︿綅鏁板師鍒欎笂涓嶅緱瓚呰繃涓や釜錛
7銆佷腑琛岀粡鍔炶岃佹眰鐨勫叾浠栨潯浠躲
浠ヤ笂鍐呭逛緵鎮ㄥ弬鑰冿紝涓氬姟瑙勫畾璇蜂互瀹為檯涓哄噯銆
鍏充簬涓浜鴻濺浣嶈捶嬈懼拰杞︿綅鎶墊娂璐鋒炬庝箞璐風殑浠嬬粛鍒版ゅ氨緇撴潫浜嗭紝涓嶇煡閬撲綘浠庝腑鎵懼埌浣犻渶瑕佺殑淇℃伅浜嗗悧錛
2. 杞︿綅璐鋒炬庝箞鍔炵悊錛
涓銆佽濺浣嶈捶嬈炬庝箞鍔炵悊錛熸兂璐鋒句拱杞︿綅
杞︿綅E瀹跺氨鍙琛岋紝杞︿綅鎶墊娂璐鋒炬垨鑰呰瀺璧勪拱杞︿綅閮藉彲浠
浜屻佸姙鐞嗕腑鍥介摱琛屼釜浜烘秷璐硅捶嬈撅紝鍙鐭ラ亾鐭ラ亾璐鋒懼彿錛屽備綍鏌ヨ錛
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