财务总监财务管理参考答案

徐老师 · 发表于 2006-10-26 03:16:14

[upload=doc]viewFile.asp?ID=3921[/upload]

ycx_xcy · 发表于 2006-10-27 22:16:49

谢谢！论述题：资金筹集方式？

徐老师 · 发表于 2006-10-28 07:56:55

七、论述题(10分)要点：①资金筹集方式是指企业取得资金的具体形式。②具体形式包括：银行借款、债券、股票、融资租赁、商业信用、联营、内部筹资、国家财政拨款与财政借款。③文字、层次

ycx_xcy · 发表于 2006-10-28 21:00:27

徐老师:    您好!感谢您的指导!    我是C班的叶昌祥,本题中除以上您提到的外,是否需要说明国际筹资方式?

clarke · 发表于 2006-10-28 22:13:11

ycx_xcy：    学业咨询请发邮件到 <a href="mailto:xchy007@163.com">xchy007@163.com</a>

徐老师 · 发表于 2006-10-31 18:58:55

投资回收期又称返本期，是指项目投产后，以每年取得的净收益(包括利润和折旧)将全部投资回收所需时间，一般以年为单位，从建设年开始算起。基准投资回收期

c是取舍方案的决策标准。投资回收期的计算方法容易理解，在有现金流量表的情况下，计算公式一目了然： Pt=累计净收益为正的年份-1+上年累计净收益的绝对值/当年净收益 投资评价指标　　为了说明问题，现集中设例如下：　　【例题<chsdate year="2005" month="2" day="1" islunardate="False" isrocdate="False" wst="on">5-2-1</chsdate>】
假设Ａ公司目前存在3个投资机会，
公司要求的最低报酬率为10％。有关资料下表所示：<table class="MsoNormalTable" cellspacing="1" cellpadding="0" width="450" border="0" style="BACKGROUND: black; WIDTH: 337.5pt; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-cellspacing: .7pt;"><tbody><tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"><td width="56" rowspan="2" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 42pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">期间</td><td colspan="2" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">Ａ方案</td><td colspan="2" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">Ｂ方案</td><td colspan="2" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">Ｃ方案</td></tr><tr style="mso-yfti-irow: 1;"><td width="53" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 39.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">净收益</td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">现金流量</td><td width="51" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 38.25pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">净收益</td><td width="84" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">现金流量</td><td width="58" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 43.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">净收益</td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">现金流量</td></tr><tr style="mso-yfti-irow: 2;"><td width="56" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 42pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">0</td><td width="53" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 39.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;"> </td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">(20000)</td><td width="51" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 38.25pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;"> </td><td width="84" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">(9000)</td><td width="58" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 43.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;"> </td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">(12000)</td></tr><tr style="mso-yfti-irow: 3;"><td width="56" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 42pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">1</td><td width="53" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 39.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">1800</td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">11800</td><td width="51" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 38.25pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">(1800)</td><td width="84" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">1200</td><td width="58" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 43.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">600</td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">4600</td></tr><tr style="mso-yfti-irow: 4;"><td width="56" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 42pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">2</td><td width="53" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 39.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">3240</td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">13240</td><td width="51" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 38.25pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">3000</td><td width="84" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">6000</td><td width="58" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 43.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">600</td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">4600</td></tr><tr style="mso-yfti-irow: 5;"><td width="56" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 42pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">3</td><td width="53" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 39.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;"> </td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;"> </td><td width="51" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 38.25pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">3000</td><td width="84" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">6000</td><td width="58" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 43.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">600</td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">4600</td></tr><tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes;"><td width="56" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 42pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">合计</td><td width="53" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 39.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">540</td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">5040</td><td width="51" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 38.25pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">4200</td><td width="84" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 63pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">4200</td><td width="58" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 43.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">1800</td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">1800</td></tr></tbody></table>　　试评价3种投资方案。　　（一）非折现评价指标　　非折现指标不考虑时间价值，把不同时间的货币收支看成是等效的。这些指标在选择方案时起辅助作用。主要有投资回收期和会计收益率。
　　１．投资回收期（

P）　　投资回收期是指投资项目引起的现金流入量累计到与投资额相等时所需要的时间。它代表收回投资项目的投资额所需要的年限。回收年限越短，方案越有利。　　（1）计算原理。投资回收期的具体计算与投资项目现金流量特点有关。　　如果投资项目的投资额是一次支出，且每期现金流入量相等，即年金型的情况，则：<shapetype id="_x0000_t75" stroked="f" filled="f" path="m@4@5l@4@11@9@11@9@5xe" opreferrelative="t" ospt="75" coordsize="21600,21600"><stroke joinstyle="miter"></stroke><formulas><f eqn="if lineDrawn pixelLineWidth 0"></f><f eqn="sum @0 1 0"></f><f eqn="sum 0 0 @1"></f><f eqn="prod @2 1 2"></f><f eqn="prod @3 21600 pixelWidth"></f><f eqn="prod @3 21600 pixelHeight"></f><f eqn="sum @0 0 1"></f><f eqn="prod @6 1 2"></f><f eqn="prod @7 21600 pixelWidth"></f><f eqn="sum @8 21600 0"></f><f eqn="prod @7 21600 pixelHeight"></f><f eqn="sum @10 21600 0"></f></formulas><path oextrusionok="f" gradientshapeok="t" oconnecttype="rect"></path><lock vext="edit" aspectratio="t"></lock></shapetype><shape id="_x0000_i1025" alt="" type="#_x0000_t75" style="WIDTH: 135.75pt; HEIGHT: 32.25pt;"><imagedata src="file:///C:\\DOCUME~1\\xchy\\LOCALS~1\\Temp\\msohtml1\\01\\clip_image001.gif" ohref="http://www.fjtu.com.cn/fjnu/courseware/0435/course/_source/web/lesson/char5/j2.files/image002.gif"></imagedata></shape>　　如果投资项目的现金流入量各期不相等或投资额不是一次投入，即混合型的情况，则：　　<shape id="_x0000_i1026" alt="" type="#_x0000_t75" style="WIDTH: 309pt; HEIGHT: 36pt;">
<imagedata src="file:///C:\\DOCUME~1\\xchy\\LOCALS~1\\Temp\\msohtml1\\01\\clip_image002.gif" ohref="http://www.fjtu.com.cn/fjnu/courseware/0435/course/_source/web/lesson/char5/j2.files/image004.gif"></imagedata></shape>　　对【例题<chsdate year="2005" month="2" day="1" islunardate="False" isrocdate="False" wst="on">5-2-1</chsdate>】采用投资回收期法评价：　　方案Ｃ每期现金流量相等，则：　　<shape id="_x0000_i1027" alt="" type="#_x0000_t75" style="WIDTH: 116.25pt; HEIGHT: 30.75pt;">
<imagedata src="file:///C:\\DOCUME~1\\xchy\\LOCALS~1\\Temp\\msohtml1\\01\\clip_image003.gif" ohref="http://www.fjtu.com.cn/fjnu/courseware/0435/course/_source/web/lesson/char5/j2.files/image006.gif"></imagedata></shape>　　方案Ａ和Ｂ每期现金流量不相等，可列表计算（见下表）。<table class="MsoNormalTable" cellspacing="1" cellpadding="0" width="450" border="0" style="BACKGROUND: black; WIDTH: 337.5pt; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-cellspacing: .7pt;"><tbody><tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"><td width="58" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 43.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;"> </td><td width="95" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 71.25pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">时间（年）</td><td width="88" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 66pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">净现金流量</td><td width="63" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 47.25pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">回收额</td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">未收回额</td><td width="69" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 51.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">回收时间</td></tr><tr style="mso-yfti-irow: 1;"><td width="58" rowspan="3" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 43.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">方案Ａ</td><td width="95" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 71.25pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">0</td><td width="88" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 66pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">(20000)</td><td width="63" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 47.25pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;"> </td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">20000</td><td width="69" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 51.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;"> </td></tr><tr style="mso-yfti-irow: 2;"><td width="95" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 71.25pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">1</td><td width="88" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 66pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">11800</td><td width="63" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 47.25pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">11800</td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">8200</td><td width="69" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 51.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">1</td></tr><tr style="mso-yfti-irow: 3;"><td width="95" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 71.25pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">2</td><td width="88" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 66pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">13240</td><td width="63" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 47.25pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">8200</td><td width="70" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 52.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">0</td><td width="69" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 51.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">0.62</td></tr><tr style="mso-yfti-irow: 4; mso-yfti-lastrow: yes;"><td colspan="6" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">方案Ａ投资回收期 = 1+（8200÷13240）= 1.62 （年）</td></tr></tbody></table> <table class="MsoNormalTable" cellspacing="1" cellpadding="0" width="450" border="0" style="BACKGROUND: black; WIDTH: 337.5pt; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-cellspacing: .7pt;"><tbody><tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes;"><td width="54" rowspan="5" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 40.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">方案Ｂ</td><td width="86" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 64.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">时间（年）</td><td width="93" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 69.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">净现金流量</td><td width="68" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 51pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">回收额</td><td width="69" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 51.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">未收回额</td><td width="73" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 54.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">回收时间</td></tr><tr style="mso-yfti-irow: 1;"><td width="86" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 64.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">0</td><td width="93" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 69.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">(9000)</td><td width="68" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 51pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;"> </td><td width="69" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 51.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">9000</td><td width="73" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 54.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;"> </td></tr><tr style="mso-yfti-irow: 2;"><td width="86" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 64.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">1</td><td width="93" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 69.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">1200</td><td width="68" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 51pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">1200</td><td width="69" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 51.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">7800</td><td width="73" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 54.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">1</td></tr><tr style="mso-yfti-irow: 3;"><td width="86" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 64.5pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;">2</td><td width="93" style="BORDER-RIGHT: #ece9d8; PADDING-RIGHT: 0cm; BORDER-TOP: #ece9d8; PADDING-LEFT: 0cm; BACKGROUND: white; PADDING-BOTTOM: 0cm; BORDER-LEFT: #ece9d8; WIDTH: 69.75pt; PADDING-TOP: 0cm; BORDER-BOTTOM: #ece9d8;"><p class="MsoNormal" align="center" style="MARGIN: 0cm 0cm 0p

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