( 累计净现金流量出现正值的年份数-1)+ 上一年累计净现金流量的绝对值/ 出现正值年份的净现金流量=(3-1) +6800/10500 =2.65 设基准收益率为 ic=12% 计算指标:( 1) 调整税前项目投资财务内部收益率( FIRR ) NPV= - 3300 - 3500(P/F,FIRR,1)+10500(P/F,FIRR,2)+13500(P/F,FIRR,3)+15000(P/A,FIRR,8)(P/F,FIRR,4)=0;FIRR=114.9% NPV= - 3300 - 3500(P/F, 12%, 1)+10500(P/F, 12%, 2)+13500(P/F, 12%, 3)+15000(P/A, 12%, 8)(P/F, 12%, 4) =- 3300 - 3500 *0.8929+10500* 0.7972+13500* 0.7118+15000* 4.9676 *0.6355=58908.397 (2) 调整税后项目投资财务内部收益率( FIRR ) NPV= - 3300 - 3500(P/F,FIRR,1)+7875(P/F,FIRR,2)+10125(P/F,FIRR,3)+11250(P/A,FIRR,8) (P/F,FIRR,4)=0 ; FIRR=93.6% NPV= - 3300 - 3500(P/F, 12%,1)+7875(P/F, 12%,2)+10125(P/F, 12%, 3)+11250(P/A, 12%, 8)(P/F, 12%,4) =- 3300 - 3500* 0.8929+7875 *0.7972+10125* 0.7118+11250* 4.9676* 0.6355 =42575.01 ￥- 31.50 固定资产折旧估算表单位: 万元无形资产摊销估算表单位: 万元达到设计能力生产期/年 12 100 0
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