Ⅰ 鎽╂墭杞︿簩鎵嬭佷氦紼庡悧
鍦ㄨ繘琛屾懇鎵樿濺浜屾墜浜ゆ槗鏃訛紝涔板崠鍙屾柟闇瑕佹壙鎷呭氶」璐圭敤錛屽寘鎷涓浜烘墍寰楃◣銆佽濺紼庡拰榪囨埛璐廣傚叾涓錛屼釜浜烘墍寰楃◣鐨勫緛鏀舵槸閽堝瑰嚭鍞鏃ц揣鐨勪釜浜猴紝鑰屼簩鎵嬫懇鎵樿濺杞璁╁垯闇瑕佺即綰熾傝濺杈嗕氦鏄撶◣鐨勮＄畻鏂規硶涓猴紝鏍規嵁璇勪及浠峰肩殑5%鏀跺彇錛岃繖涓璐圭敤鐢變拱鍗栧弻鏂瑰叡鍚屾壙鎷呫傚叿浣撶◣鐜囧備笅錛氱佷漢瀹跺涵鎸夎８杞︾幇浠風殑1%緙寸撼錛屽叕鎴峰垯涓3%銆
浜ゆ槗紼庣殑緙寸撼<!--鏄鏁翠釜榪囩▼涓鐨勯噸瑕佺幆鑺傦紝瀹冩秹鍙婂埌浜ゆ槗棰濈殑璁＄畻銆傚叕寮忎負錛氭牴鎹杞﹁締璇勪及浠峰肩殑5%錛屽苟鎸夌収縐佷漢瀹跺涵1%鍜屽叕鎴3%鐨勭◣鐜囧垎鍒璁＄畻銆備拱鍗栧弻鏂歸渶鑷琛屾壙鎷呰繖閮ㄥ垎璐圭敤銆
澧炲肩◣鏀跨瓥瀵逛簬浜屾墜鎽╂墭杞︿氦鏄撳悓鏍峰叧閿銆傛牴鎹銆婁腑鍗庝漢姘戝叡鍜屽浗澧炲肩◣鏆傝屾潯渚嬨嬬殑瑙勫畾錛岄潪鑷鐒朵漢鍦ㄥ嚭鍞鏃ф満鍔ㄨ濺鏃訛紝闇瑕佸緛鏀跺炲肩◣銆傚逛簬涓鑸綰崇◣浜猴紝濡傛灉閿鍞涓嶅彲鎶墊墸鐨勬棫鏈哄姩杞︼紝涓斿炲肩◣榪涢」紼庨濅笉鍙鎶墊墸錛屼細鎸夌畝鏄撳姙娉曪紝浠4%鐨勫緛鏀剁巼鍑忓崐寰佹敹錛岃＄畻鍏寮忎負錛氶攢鍞棰=鍚紼庨攢鍞棰/(1+4%)錛屽簲綰崇◣棰=閿鍞棰*4%/2銆傝屼竴鑸綰崇◣浜洪攢鍞鏃ф満鍔ㄨ濺錛屾墸闄ゅ炲肩◣榪涢」紼庨濆悗錛岄渶鎸夌収17%鐨勭◣鐜囩即綰籌紝搴旂撼紼庨=閿鍞棰*17%銆傚皬瑙勬ā綰崇◣浜(闄ゅ叾浠栦釜浜哄)鍒欏噺鎸2%鐨勭◣鐜囧緛鏀躲
澧炲肩◣鏀跨瓥璇﹁В<!--錛氫竴鑸綰崇◣浜洪伒寰鈥滃厛緙寸◣鍚庣敵鎶モ濆師鍒欙紝鍗沖厛棰嗗彇浜屾墜杞﹀彂紲錛屾℃湀榪涜岀撼紼庣敵鎶ャ傝屼竴鑸綰崇◣浜哄垯鏄鈥滃厛緙村悗紼庘濓紝鍗沖厛鍦ㄤ富綆″浗紼庡矓鍔炵◣鏈嶅姟鍘呯即綰沖炲肩◣錛屽啀鍦ㄤ簩鎵嬭濺甯傚満鍔炵悊鍙戠エ銆傜悊瑙ｈ繖浜涚◣娉曠粏鑺傚逛簬欏哄埄瀹屾垚浜ゆ槗鑷沖叧閲嶈併
緇間笂鎵榪幫紝鎽╂墭杞︿簩鎵嬩氦鏄撴秹鍙婂埌鐨勭◣璐瑰勭悊鍜岀浉鍏蟲斂絳栭渶瑕佷拱鍗栧弻鏂瑰厖鍒嗕簡瑙ｃ傚湪浜ゆ槗榪囩▼涓錛屽姟蹇呮寜鐓ц勫畾鐢蟲姤綰崇◣錛屽苟娉ㄦ剰緙寸◣鍜屽彂紲ㄥ姙鐞嗙殑鍏堝悗欏哄簭錛岀『淇濅氦鏄撶殑鍚堟硶鎬т笌鍚堣勬с
Ⅱ 鎽╂墭杞︿簩鎵嬭佷氦紼庡悧
鎽╂墭杞︿簩鎵嬭濺浜ゆ槗闇瑕佷氦紼庡悧錛熺瓟妗堟槸闇瑕併備釜浜洪攢鍞鑷宸變嬌鐢ㄨ繃鐨勭墿鍚鍞鍝佷笘寮鍏嶅緛澧炲肩◣錛屼絾鏄浜屾墜鎽╂墭杞﹁繃鎴烽渶瑕佺即綰充釜浜烘墍寰楃◣銆傛ゅ栵紝浜屾墜鎽╂墭杞︾殑浜ゆ槗榪橀渶瑕佽喘杞︾◣鍜岃繃鎴瘋垂銆傛懇鎵樿濺浜屾墜杞︿氦鏄撶◣鐨勮垂鐢ㄦ寜杞﹁締璇勪及浠風殑鍗冨垎涔嬩簲鏀跺彇錛岃繖絎旇垂鐢ㄧ殑鎵挎媴鐢變拱鍗栧弻鏂硅嚜琛屾壙鎷呫傚紑鎹浜ゆ槗鏃訛紝縐佹埛(瑁歌濺鐜頒環)鏀跺彇1%鐨勬倓榪斿煿璐圭敤錛屽叕鎴(瑁歌濺鐜頒環)鏀跺彇3%鐨勮垂鐢ㄣ
鏍規嵁銆婁腑鍗庝漢姘戝叡鍜屽浗澧炲肩◣鏆傝屾潯渚嬨嬬殑瑙勫畾錛岄潪鑷鐒朵漢閿鍞鑷宸變嬌鐢ㄨ繃鐨勬棫鏈哄姩杞︽椂錛屽簲寰佹敹澧炲肩◣錛屽叿浣撴斂絳栧備笅錛
澧炲肩◣涓鑸綰崇◣浜洪攢鍞鑷宸變嬌鐢ㄨ繃鐨勬棫鏈哄姩杞︼紝灞炰簬涓嶅緱鎶墊墸涓旀湭鎶墊墸澧炲肩◣榪涢」紼庨濈殑錛屾寜綆鏄撳姙娉曚緷4%寰佹敹鐜囧噺鍗婂緛鏀跺炲肩◣銆傞攢鍞棰濆拰搴旂撼紼庨濈殑璁＄畻鍏寮忎負錛氶攢鍞棰=鍚紼庨攢鍞棰/(1+4%)搴旂撼紼庨=閿鍞棰*4%/2銆
澧炲肩◣涓鑸綰崇◣浜洪攢鍞鑷宸變嬌鐢ㄨ繃鐨勬棫鏈哄姩杞︼紝宸叉姷鎵ｅ炲肩◣榪涢」紼庨濈殑錛屾寜17%紼庣巼緙寸撼澧炲肩◣銆傚簲綰崇◣棰濈殑璁＄畻鍏寮忎負錛氬簲綰崇◣棰=閿鍞棰澝17%銆
灝忚勬ā綰崇◣浜(闄ゅ叾浠栦釜浜哄)閿鍞鑷宸變嬌鐢ㄨ繃鐨勬棫鏈哄姩杞︼紝鍑忔寜2%寰佹敹鐜囧緛鏀跺炲肩◣銆備簩鎵嬭濺浜ゆ槗濡備綍緙寸◣錛熼攢鍞棰濆拰搴旂撼紼庨濈殑璁＄畻鍏寮忎負錛氶攢鍞棰=鍚紼庨攢鍞棰/(1+3%)搴旂撼紼庨=閿鍞棰澝4%/2銆
涓鑸鏉ヨ達紝澧炲肩◣涓鑸綰崇◣浜哄疄琛岀殑鏄鈥滃厛紲ㄥ悗紼庘濈殑鏀跨瓥錛屽嵆鍏堢敵璇峰紑鍏蜂簩鎵嬭濺鍙戠エ錛岀劧鍚庡湪嬈℃湀榪涜岀撼紼庣敵鎶ャ傝屽皬瑙勬ā綰崇◣浜哄垯瀹炶屸滃厛紼庡悗紲ㄢ濈殑鍒跺害錛屽嵆鍏堝埌涓葷″浗紼庡矓鍔炵◣鏈嶅姟鍘呯即綰沖炲肩◣錛岀劧鍚庡湪瀵間簩鎵嬭濺甯傚満鐢寵峰紑鍏蜂簩鎵嬭濺鍙戠エ銆