第六章投资项目多方案比选与排序课件.ppt

1、目（方案）；目（方案）；代表没有选中第i个项代表没有选中第i个项 0 0方案）；方案）；代表选中第i个项目（代表选中第i个项目（1 1iX1Xn1ii式中：i=1i=1，2 2，3 3，N N。代表共有。代表共有N N个项目（方案）构成项目（方案）群。个项目（方案）构成项目（方案）群。总总总 IIBBCC NXn1iin1iin1iin1ii01Xijtm1jn0ttjxi)(1Ymaxj1xRjjtjm1jtjBxB0 xxxxbaba或0 xxxxbaba或0 x或xxxbaba0 xxdc1xx1;xxeffefe;j01X1)(N1)1)(N(N1)(NNM21jM1j现金流现金流 0

2、.150.15110.1511400500015NPV10102 5000800015NPV 23 15,10A,P14001900 50001000015NPV24 ,15,10AP14002500 0IRR)(1CO)(Ctn0tt 0,10IRR,AP50023 3000IRRNPV23230,10IRR,AP5002315%i10.59%IRRc23 5000IRRNPV2424 0,10IRR,AP110024 15%i17.69%IRRc24 2546.75,15,10AP25001000015NPV1535.53,15,10AP1900800015NPV2026.18,15,10

3、AP1400500015NPV015NPV4321 32NPV41i21.4319.8717.6910.5924.89 131.1,10,10AP13.25010PC135.3,10,10AP14.74510PC146.8,10,10AP17.73810PC140.6,10,10AP183010PCDCBA 1A2A3A4A设备设备项目项目 131.1,10%,10AP13.25010%PC135.5,10%,10AP14.74510%PC146.8,10%,10AP17.73810%PC140.6,10%,10AP183010%PCDCBA CB IC CB重算CB重算0375.0 3038

4、17.7184286.0 384514.717.722.0 304514.7183.0 455013.214.724.0 305013.218IRR 0Inr,APR 10%i20%r0.42,10r,APCADADBA0iNPV34%23%12%12%i0c34%i12%cBAPCPC 0.130.13110.1316Q300.130.13110.1318Q208888 ii11i161.330ii11i181.3208888 3.8462ii11i188 3.33330.130.13110.131nn 0.130.13110.13181.520nn 0.130.13110.13161.53

5、0nn nn1.130.133.333311.13 11.130.133.33331n 1.76471.13n ln1.7647ln1.13n kjIRR jIRR15%9%IRRAB 15%17%IRRAC 15%13%IRRCD 0NPV0NPV0NPV0NPVBBDBCAB 0ii11i190030000ii11i148020000ii11i120010000ii11i14001000c7c7cc7c7cc7c7cc7c7c 3.3333ii11i14.1667ii11i15ii11i12.5ii11i1c7c7cc7c7cc7c7cc7c7c 4.1667ii11i13.3333c7c

6、7c 4.8684ii11i14.1604ii11i1c7c7cc7c7c 3.6046ii11i13.1611ii11i1c7c7cc7c7c cBcBDcBCcABiIRRiIRRiIRRiIRR 0IRRIRR11IRR190030000IRRIRR11IRR148020000IRRIRR11IRR120010000IRRIRR11IRR14001000B7B7BBD7BD7BDBC7BC7BCAB7AB7AB cABi35.15%IRR cBCi9.28%IRR cBDi14.96%IRRcBi23.06%IRR 23.06%i14.96%c IRIRIR0.4200030005009

7、00 0.252000500 0.2300040009001100 0.33000900 0.283000500011001380 0.24300050009001380 0.33000900 cBDcBiIRRiIRR 23.06%i14.96%c 1000400530年年641100年年2000AB1000100010004002000200000400400530530年年年年856411127129AB 0.10.1110.114001000NPV44A 840.1110.1111 0.10.1110.115302000NPV66B 60.1111BANPVNPV 40010.110.

8、10.111000NAV44A 53010.110.10.112000NAV66B BANAVNAV BBAANAVNAVNAVNAV B11600125000A134096年年年年1601003006LV 0.150.15110.1513001600PC66B2 60.151160 666B30.1516400.150.15110.1513001600PC 640391601600160 残残值值 666A0.1511000.150.15110.1513401250PC ,15%,6FP100,15%,6AP3401250PCA 10.1510.1516030010.1510.150.151

9、1600PC999B1 0.150.15110.15166 ,15%,9FA160300,15%,9PA1600PCB1 ,15%,6APcc1i)(iNAVNPV N2ic=10%604575FDAI（投资）（投资）r55708020%25%30%8%180120750Imax=25038533026022%12%16%14%EC淘汰无资格方案淘汰无资格方案计算有资格方案约束资源增量效率指标计算有资格方案约束资源增量效率指标按该指标由大到小排序绘图按该指标由大到小排序绘图比选最优项目方按组合比选最优项目方按组合标注资源约束条件标注资源约束条件IRR/IR/IcAAi8%r32 应应该该增增加

10、加这这部部分分投投资资）无无论论有有多多少少资资金金，也也不不(30%;r40%;r211AA0A 14%;r20%;r322BB0B 。15%r25%;r3221CCCC iC=15%14%0 C1 100100200100100100100 A1 A2 C1 C2 0 B2 B2 B3 C2 C3 15%20%25%30%40%I(万元万元)Imax=4000%icIRR 0 A1 5%r10B35%r21BB iC=15%14%0 C1 1001001001001001001000 A1 A1 A2 C1 C2 B1 B2 B2 B3 C2 C3 15%20%30%35%40%I(万元万元)Imax=4000%icIRR0 B1 1005%