3〕有關稅費〔1〕營業稅：400000×5%=20000元〔2〕城市建設維護稅：20000×1%=200元〔3〕印花稅：400000×0.5%=200元〔4〕契稅：400000×1.5%=6000元〔5〕城市土地使用稅：0.5×120×3=1800元〔6〕評估、交易、登記等費用：約2000元〔7〕所得稅：〔銷售價-購置價-利息-經營費用-直接稅費〕×20%=12760元2〕抵押貸款年還本付息額年末01234~1516~48股本金投入9531.00凈經營收入2426.112799.363172.613545.863545.86抵押貸款還本付息2141.132141.132141.132141.130.00自有資金凈現金流量-9531.00284.98658.231031.481404.733545.86表11-3現金流量表〔自有資金、稅前〕單位：萬元用插入法2．結論因為NPV=789.81萬元＞0，FIRR=14.78%＞14%，故該工程可行。解：1．貸款分期償付方案:該筆貸款年利率r=12%，期限n=15×12=180個月，要求按月還本付息，那么：〔1〕每月計息利率：i=r/n=0.12/12=0.01〔2〕月還款系數:〔3〕月還本付息額:1500×0.012=18(萬元)〔4〕年還本付息額:18×12=216(萬元)〔5〕年貸款余額：把上述條件代入，將會得到各年末的貸款余額數值。例：第5年末貸款余額為：又∵某年歸還本金=上一年貸款余額–該年貸款余額某年歸還利息=每年付款額–該年歸還本金∴各年歸還本金和利息情況依次可以算出。詳見抵押貸款分期歸還方案,見表11-4。年份每年付款額貸款余額本金利息①②③④=①-③02161500

12161461.9238.08177.9222161419.0242.9173.1032161370.6648.36167.6442161316.1854.48161.5252161254.7961.39154.6162161188.4266.37149.6372161107.6680.76135.2482161019.8287.84128.169216920.8398.99117.0110216809.31111.52104.4811216683.62125.6990.3112216542.01141.6173.3913216382.44159.5756.4314216202.62179.82366213.38表11-4抵押貸款分期歸還方案表單位：萬元2．折舊方案：該物業按線性折舊法計算折舊額；折舊基數為：1950×85%=1657.5萬元；那么年平均折舊額為：1657.5×1/15=110.55〔萬元〕3．稅前現金流量各年稅前現金流量=各年潛在總收入-各年空置及其他損失-經營本錢〔或經營費用〕-年還本付息額。按題設條件，〔1〕該工程年潛在總收入=單元月租金×單元數×12個月×〔1+升幅〕〔2〕該工程空置及其他損失=2×單元月租金×單元數×〔1+升幅〕〔3〕實際總收入=潛在總收入-空置其他損失〔4〕經營本錢：第1年為當年實際總收入的20%，以后每年按6%比例遞增，即：經營本錢=第1年實際總收入×20%×〔1+升幅〕〔5〕凈經營收入=實際總收入-經營本錢〔6〕年還本付息額，見表11-4①欄。〔7〕稅前現金流量=凈經營收入-年還本付息額上述計算結果見表11-5。年份經營收入空置及其他損失實際總收入經營成本凈經營收入年還本付息額稅前現金流量①②③=①-②④⑤=③-④⑥⑦=⑤-⑥1432.0072.00360.0072.00288.00216.0072.002453.6075.60378.0076.32301.68216.0085.683476.2879.38396.9080.90316.00216.00100.004500.0985.35416.7485.75330.99216.00114.995525.1087.52437.5890.90346.64216.00130.646551.3591.89459.4696.35363.11216.00147.117578.9296.49482.43102.13380.30216.00164.30表11-5稅前現金流量計算表單位：萬元8607.87101.31506.56108.26398.30216.00182.309638.26106.38531.88114.76417.12216.00201.1210670.17111.70558.47121.64436.83216.00220.8311703.68117.28586.40128.94457.46216.00241.4612738.87123.14615.73136.68479.05216.00263.0513775.81129.30646.51144.88501.63216.00285.6314814.60135.77678.83153.57525.26216.00309.2615855.33142.56712.77162.79549.98216.00333.98續表11-5稅前現金流量計算表單位：萬元年份凈經營收入還貸利息折舊費分攤融資成本應納稅收入綜合稅率稅額稅后現金流量①②③④⑤=①-②-③-④⑥⑦=⑤X⑥⑧1288.00177.92110.552.00-2.4730.85%-0.7672.762301.68173.10110.552.0016.0330.85%4.9580.733316.00167.64110.552.0035.8130.85%11.0588.954330.99161.52110.552.0056.9230.85%17.5697.435346.64154.61110.552.0079.4830.85%24.52106.126363.11149.63110.552.00100.9330.85%31.14115.977380.30135.24110.552.00132.5130.85%40.88123.42表11-6稅后現金流量計算表單位：萬元8398.30128.26110.552.00157.4930.85%48.59133.719417.12117.01110.552.00187.5630.85%57.89143.2810436.83104.48110.552.00219.8030.85%67.81153.0211457.4690.31110.552.00254.6030.85%78.54162.9212479.0573.39110.552.00293.1130.85%90.42172.6313501.6356.43110.552.00332.6530.85%102.62183.0114525.2636.18110.552.00376.5330.85%116.16193.0015549.9813.38110.552.00424.0530.85%130.82203.16續表11-6稅后現金流量計算表單位：萬元5．凈現值及內部收益率的計算〔1〕凈現值計算設基準收益率ic為20%，那么凈現值計算結果見表11-7所示。年份

自由資金投資額稅后現金流量

貼現系數現值①②③④=②X③0-4501.0000-450.00172.760.833360.63280.730.694456.06388.950.578751.48497.430.482346.995106.120.401942.656115.970.334938.847123.420.279134.45表11-7凈現值計算表單位：萬元8133.710.232631.109143.260.193827.7610153.020.161524.4111162.920.134621.9312172.630.112219.3713183.010.093517.1114193.000.077915.0315203.160.064913.19