经营租赁论丛之六报价中的计算方法

精选优质文档-----倾情为你奉上精选优质文档-----倾情为你奉上专心---专注---专业专心---专注---专业精选优质文档-----倾情为你奉上专心---专注---专业报价中的计算方法－－经营租赁论丛之六在经营租赁中，出租人不可能依赖一个合同中的租金收入而收回全部成本，更不要说盈利了。这并不是说经营租赁中的各期租金一定是低的。相反，在某些情况下，会非常之高。而是因为，如果某个租赁合同的租金总和的折现值达到期初租赁物价值的90%时，我国的租赁会计准则就要把它归类为融资租赁。在经营租赁中，制约出租人的收益因素有：1）期初租赁物的价值。对于新设备来说，就是购置成本；对于二手设备来说，就是其余值；2）租赁期限及租金支付方式（期初支付还是期末支付）3）各期租金的数额；4）设备期末可变现价值；5）筹资成本（例如，借款年利率）；6）营业费用；7）营业税；8）所得税。所谓报价中的计算，就是在其它因素既定的情况下，求出所需的设备期末可变现价值或者各期租金。一）在期初租赁物价值、租赁期限、各期租金和筹资成本都是刚性的情况下，我们需要知道设备期末可变现价值必需是多少，出租人才能保本？而为了实现某个净利润率，设备期末可变现价值又必需是多少？二）当着期初租赁物价值、租赁期限、设备期末可变现价值和筹资成本都是刚性时，我们需要求出各期租金必需是多少，出租人才能保本？而为了实现某个净利润率，各期租金又必需是多少？下面，具体说明。假设条件：某设备，期初价值8,500,000，使用寿命8年，拟租用6年，每月末付等额租金一次。出租人自己的筹资成本（借款年利率）是5.8500%。计算方法如下（数据见表A－表G）。首先，要找出出租人（未考虑管理费用情况下）的保本点。保本点是指，在其它条件既定的情况下，为了使得出租人不亏损，在该租赁期限届满时的设备再处置收入所必须达到的数额。保本点＝［（期初设备价值－各期等额租金×总期数×综合折现系数×(1-营业税率)］×(1+借款年利率÷每年期数)^总期数其中，综合折现系数＝（a1×(q^n-1)÷(q-1)）÷n在本例中，a1是首项=1÷(1+借款年利率÷每年期数)＝1÷(1+5.85%÷12)＝0.，q是公比=1÷(1+借款年利率÷每年期数)＝1÷(1+5.85%÷12)＝0.，n是项数，即总期数72q^n＝0.＾72=0.2综合折现系数＝（0.×(0.2-1)）÷(0.-1)÷72=0.现分别按A和B的条件代入公式：A的保本点=［8,500,000－100,000×72×0.×(1-5%)］×(1+5.85%÷12)^72=3,893,334.25B的保本点=［8,500,000－115,000×72×0.×(1-5%)］×(1+5.85%÷12)^72=2,667,756.91其次，是根据设定的净利润率指标，求取为了实现该净利润率所必需有的再处置收入。方法是，在上述保本点上面再加一个数额，我们姑且称之为赢利添加值。其计算公式如下：赢利添加值=期初设备价值×所需净利润率×(1+借款年利率÷每年期数)^总期数÷(1－所得税率)在C中，赢利添加值=8,500,000×1%×(1+5.85%÷12)^72÷(1－33%)=180,057.40因此，C中的设备再处置价值必需是不小于2,667,756.91＋180,057.40=2,847,814.31在D中，赢利添加值=8,500,000×2%×(1+5.85%÷12)^72÷(1－33%)=360,114.92因此，D中的设备再处置价值必需是不小于2,667,756.91＋360,114.92=3,027,871.83在E中，赢利添加值=8,500,000×3%×(1+5.85%÷12)^72÷(1－33%)=540,172.38因此，C中的设备再处置价值必需是不小于2,667,756.91＋540,172.38=3,207,929.23如果期初设备价值和期末设备可变现价值都是刚性的，那么，所能调整的只是各期租金。各期租金可以用以下计算公式求出：保本的各期租金＝｛期初设备价值－［期末可变现价值÷(1+借款年利率÷每年期数)^总期数］｝÷［总期数×综合折现系数×(1-营业税率)］在F中，保本的各期租金＝｛8,300,000－［3,000,000÷(1+5.85%÷12)^72］｝÷［72×0.×(1-5%)］=107,459.49有利润的各期租金＝｛期初设备价值+［期初设备价值×净利润率÷(1-所得税率)］－［期末可变现价值÷(1+借款年利率÷每年期数)^总期数］｝÷［总期数×综合折现系数×(1-营业税率)］在G中，有利润的各期租金＝｛8,300,000+［8,300,000×2%÷(1-33%)］－［3,000,000÷(1+5.85%÷12)^72］｝÷［72×0.×(1-5%)］=111,763.28在本项计算中，为了同收入匹配，是假设还本付息的方式同收入的方式完全一致的。即，每月末等额还本付息一次，期末另外还一个大数。这个“大数”，就是上面说的期末可变现价值。计算公式如下：各期还本付息数额=［期初设备价值－期末可变现价值÷(1+借款年利率÷每年期数)^总期数］×｛［(1+借款年利率÷每年期数)^总期数］×(借款年利率÷每年期数)÷［(1+借款年利率÷每年期数)^总期数］－1｝在F中，各期还本付息数额=［8,300,000－3,000,000÷(1+5.85%÷12)^72］×｛［(1+5.85%÷12)^72］×(5.85%÷12)÷［(1+5.85%÷12)^72］－1｝=102,086.52下面，对附表A-G各栏的取值说明如下：本金余额：第1个月，对于新设备而言是货价，对于二手设备而言是其可变现价值；其余各月是上月初的本金余额减去上月租金收入中所含的本金后的余额(但并非就是它当时的市值或账面价值)。折合占用一年资金＝本期初本金余额÷12（月）（每年期数）营业税＝租金收入×5%(营业税率)营业税后收入＝租金收入＋再处置收入－营业税应付本息是出租人需向资金提供者偿付的金额，以期初本金余额为本金，年利率是5.85%，月利率是0.4875%,在72个月内的各月末还相同的金额，在期末另外一次性偿还一个大数。这个大数就是设备可变现价值。毛收入＝营业税后收入－应付本息所得税＝毛收入×33%(所得税率)税后净收入＝毛收入－所得税净收入折现值＝税后净收入÷（1＋筹资成本÷12）＾该月序所得税后净收入是各月净收入折现值的合计值净利润率＝所得税后净收入÷期初租赁物价值（本指标未考虑总资金占用量）资金年净收益率＝所得税后净收入÷折合占用一年资金合计值（本指标考虑了总资金占用量）下面是不同条件下的效果对比。A：如果货价是8,500,000，每月租金是100,000，则除非再处置价达到3,893,334.21，否则出租人（在不考虑管理费用的情况下）无法保本。B：如果货价是8,500,000，每月租金是115,000，则只要再处置价达到2,667,756.91，出租人（在不考虑管理费用的情况下）就可以保本。C:如果货价是8,500,000，每月租金是115,000，则在再处置价是2,847,814.31的情况下，出租人的所得税后净收入为85,000.01，净利润率为1%。D：如果货价是8,500,000，每月租金是115,000，则在再处置价是3,027,871.77的情况下，出租人的所得税后净收入为170,000.06，净利润率可以达到2%。E：如果货价是8,500,000，每月租金是115,000，则在再处置价是3,207,929.23的情况下，出租人的所得税后净收入为225,000.01，净利润率可以达到3%。F：如果货价降到8,300,000,每月租金降到107,459.49，则在再处置价是3,000,000.00的情况下，出租人的所得税后净收入和净利润率均为零。也就是说，刚刚保本。G：如果货价降到8,300,000,每月租金增到111,763.28，则在再处置价是3,000,000.00的情况下，出租人的所得税后净收入为166,000.03，净利润率仍可以达到2%。效果同D一样。但是，用资金年净收益率来衡量，则这里是0.4696%，小于D的0.4712%。之所以如此，是因为在G的条件下，期末未收回的本金是期初本金的36.1446%(=3,000,000÷8,300,000)，而在D的条件下，期末未收回的本金是期初本金的35.6220%(=3,027,871.83÷8,500,000)，后者小于前者。或曰，这样的计算有实际意义吗？难道设备价格或者二手设备可变现价值之类的指标，不是市场上的客观存在，而是出租人算出来的？表面上看，似乎是这样。一般的直觉是，除了租金报价外，出租人对其它任何指标似乎都左右不了。然而，如果深入考察，就会发现，情况未必如此。经营租赁这种交易形式，对于设备供应商来说，是一种十分有用的促销工具。正因此，当着潜在用户由于自身的现金流的状况而对某个租金报价无法承受时，为了成就该交易，就完全可能有由供应商削价或给予出租人回扣的安排，也完全可能由供应商承诺在租赁期限届满时以商定的价格回购的安排。所有这些安排，都是谈判的结果。而谈判时，出租人必须心中有数。本文介绍的计算方法，就是为了让出租人知道，这个数该是多少。裘企阳表A效益：不考虑出租人管理费用情况下其本条件的净利润为零。出租人效益测算货价：8,500,000，租期72个月，每月末付租100,000，营业税率是租金的5%，应付本息的计息年利率是5.85%，再处置收入是3,893,334.21月序本金余额折合占用一年资金租金收入其中本金再处置收入营业税营业税后收入应付本息毛收入所得税税后净收入筹资成本净收入折现值18,500,000.00708,333.33100,000.0052,040.875,000.0095,000.0095,000.005.85%28,447,959.13703,996.59100,000.0052,334.505,000.0095,000.0095,000.005.85%38,395,624.62699,635.39100,000.0052,629.795,000.0095,000.0095,000.005.85%48,342,994.84695,249.57100,000.0052,926.745,000.0095,000.0095,000.005.85%58,290,068.10690,839.01100,000.0053,225.365,000.0095,000.0095,000.005.85%68,236,842.74686,403.56100,000.0053,525.675,000.0095,000.0095,000.005.85%78,183,317.06681,943.09100,000.0053,827.685,000.0095,000.0095,000.005.85%88,129,489.39677,457.45100,000.0054,131.395,000.0095,000.0095,000.005.85%98,075,358.00672,946.50100,000.0054,436.815,000.0095,000.0095,000.005.85%108,020,921.19668,410.10100,000.0054,743.965,000.0095,000.0095,000.005.85%117,966,177.23663,848.10100,000.0055,052.845,000.0095,000.0095,000.005.85%127,911,124.39659,260.37100,000.0055,363.465,000.0095,000.0095,000.005.85%137,855,760.94654,646.74100,000.0055,675.835,000.0095,000.0095,000.005.85%147,800,085.10650,007.09100,000.0055,989.975,000.0095,000.0095,000.005.85%157,744,095.14645,341.26100,000.0056,305.885,000.0095,000.0095,000.005.85%167,687,789.26640,649.10100,000.0056,623.575,000.0095,000.0095,000.005.85%177,631,165.69635,930.47100,000.0056,943.055,000.0095,000.0095,000.005.85%187,574,222.63631,185.22100,000.0057,264.345,000.0095,000.0095,000.005.85%197,516,958.29626,413.19100,000.0057,587.445,000.0095,000.0095,000.005.85%207,459,370.85621,614.24100,000.0057,912.365,000.0095,000.0095,000.005.85%217,401,458.48616,788.21100,000.0058,239.125,000.0095,000.0095,000.005.85%227,343,219.36611,934.95100,000.0058,567.725,000.0095,000.0095,000.005.85%237,284,651.64607,054.30100,000.0058,898.175,000.0095,000.0095,000.005.85%247,225,753.47602,146.12100,000.0059,230.495,000.0095,000.0095,000.005.85%257,166,522.98597,210.25100,000.0059,564.695,000.0095,000.0095,000.005.85%267,106,958.29592,246.52100,000.0059,900.765,000.0095,000.0095,000.005.85%277,047,057.53587,254.79100,000.0060,238.745,000.0095,000.0095,000.005.85%286,986,818.79582,234.90100,000.0060,578.625,000.0095,000.0095,000.005.85%296,926,240.17577,186.68100,000.0060,920.425,000.0095,000.0095,000.005.85%306,865,319.75572,109.98100,000.0061,264.155,000.0095,000.0095,000.005.85%316,804,055.60567,004.63100,000.0061,609.825,000.0095,000.0095,000.005.85%326,742,445.78561,870.48100,000.0061,957.435,000.0095,000.0095,000.005.85%336,680,488.35556,707.36100,000.0062,307.015,000.0095,000.0095,000.005.85%346,618,181.33551,515.11100,000.0062,658.575,000.0095,000.0095,000.005.85%356,555,522.77546,293.56100,000.0063,012.105,000.0095,000.0095,000.005.85%366,492,510.67541,042.56100,000.0063,367.635,000.0095,000.0095,000.005.85%月序本金余额折合占用一年资金租金收入其中本金再处置收入营业税营业税后收入应付本息毛收入所得税税后净收入筹资成本净收入折现值376,429,143.04535,761.92100,000.0063,725.175,000.0095,000.0095,000.005.85%386,365,417.87530,451.49100,000.0064,084.725,000.0095,000.0095,000.005.85%396,301,333.15525,111.10100,000.0064,446.305,000.0095,000.0095,000.005.85%406,236,886.85519,740.57100,000.0064,809.925,000.0095,000.0095,000.005.85%416,172,076.92514,339.74100,000.0065,175.605,000.0095,000.0095,000.005.85%426,106,901.32508,908.44100,000.0065,543.345,000.0095,000.0095,000.005.85%436,041,357.99503,446.50100,000.0065,913.155,000.0095,000.0095,000.005.85%445,975,444.84497,953.74100,000.0066,285.055,000.0095,000.0095,000.005.85%455,909,159.79492,429.98100,000.0066,659.045,000.0095,000.0095,000.005.85%465,842,500.75486,875.06100,000.0067,035.155,000.0095,000.0095,000.005.85%475,775,465.60481,288.80100,000.0067,413.385,000.0095,000.0095,000.005.85%485,708,052.22475,671.02100,000.0067,793.745,000.0095,000.0095,000.005.85%495,640,258.48470,021.54100,000.0068,176.255,000.0095,000.0095,000.005.85%505,572,082.23464,340.19100,000.0068,560.925,000.0095,000.0095,000.005.85%515,503,521.31458,626.78100,000.0068,947.765,000.0095,000.0095,000.005.85%525,434,573.55452,881.13100,000.0069,336.785,000.0095,000.0095,000.005.85%535,365,236.78447,103.06100,000.0069,727.995,000.0095,000.0095,000.005.85%545,295,508.78441,292.40100,000.0070,121.425,000.0095,000.0095,000.005.85%555,225,387.37435,448.95100,000.0070,517.065,000.0095,000.0095,000.005.85%565,154,870.31429,572.53100,000.0070,914.935,000.0095,000.0095,000.005.85%575,083,955.38423,662.95100,000.0071,315.055,000.0095,000.0095,000.005.85%585,012,640.33417,720.03100,000.0071,717.435,000.0095,000.0095,000.005.85%594,940,922.90411,743.57100,000.0072,122.085,000.0095,000.0095,000.005.85%604,868,800.82405,733.40100,000.0072,529.015,000.0095,000.0095,000.005.85%614,796,271.81399,689.32100,000.0072,938.235,000.0095,000.0095,000.005.85%624,723,333.58393,611.13100,000.0073,349.775,000.0095,000.0095,000.005.85%634,649,983.81387,498.65100,000.0073,763.635,000.0095,000.0095,000.005.85%644,576,220.18381,351.68100,000.0074,179.825,000.0095,000.0095,000.005.85%654,502,040.36375,170.03100,000.0074,598.365,000.0095,000.0095,000.005.85%664,427,441.99368,953.50100,000.0075,019.275,000.0095,000.0095,000.005.85%674,352,422.73362,701.89100,000.0075,442.545,000.0095,000.0095,000.005.85%684,276,980.19356,415.02100,000.0075,868.215,000.0095,000.0095,000.005.85%694,201,111.98350,092.66100,000.0076,296.285,000.0095,000.0095,000.005.85%704,124,815.70343,734.64100,000.0076,726.765,000.0095,000.0095,000.005.85%714,048,088.94337,340.75100,000.0077,159.675,000.0095,000.0095,000.005.85%723,970,929.27330,910.77100,000.0077,595.023,893,334.255,000.003,988,334.253,988,334.255.85%合计38,302,305.727,200,000.004,606,665.753,893,334.25360,000.0010,733,334.2510,733,334.25所得税后净收入净利润率0.0000%资金年净收益率0.0000%表B效益：不考虑出租人管理费用情况下其本条件的净利润为零。出租人效益测算货价：8,500,000，租期72个月，每月末付租100,000，营业税率是租金的5%，应付本息的计息年利率是5.85%，再处置收入是3,893,334.21月序本金余额折合占用一年资金租金收入其中本金再处置收入营业税营业税后收入应付本息毛收入所得税税后净收入筹资成本净收入折现值18,500,000.00708,333.33115,000.0065,410.845,750.00109,250.00109,250.005.85%28,434,589.16702,882.43115,000.0065,792.455,750.00109,250.00109,250.005.85%38,368,796.72697,399.73115,000.0066,176.285,750.00109,250.00109,250.005.85%48,302,620.44691,885.04115,000.0066,562.355,750.00109,250.00109,250.005.85%58,236,058.08686,338.17115,000.0066,950.685,750.00109,250.00109,250.005.85%68,169,107.41680,758.95115,000.0067,341.275,750.00109,250.00109,250.005.85%78,101,766.13675,147.18115,000.0067,734.145,750.00109,250.00109,250.005.85%88,034,031.99669,502.67115,000.0068,129.305,750.00109,250.00109,250.005.85%97,965,902.69663,825.22115,000.0068,526.775,750.00109,250.00109,250.005.85%107,897,375.92658,114.66115,000.0068,926.565,750.00109,250.00109,250.005.85%117,828,449.36652,370.78115,000.0069,328.685,750.00109,250.00109,250.005.85%127,759,120.69646,593.39115,000.0069,733.145,750.00109,250.00109,250.005.85%137,689,387.54640,782.30115,000.0070,139.975,750.00109,250.00109,250.005.85%147,619,247.58634,937.30115,000.0070,549.165,750.00109,250.00109,250.005.85%157,548,698.41629,058.20115,000.0070,960.755,750.00109,250.00109,250.005.85%167,477,737.67623,144.81115,000.0071,374.745,750.00109,250.00109,250.005.85%177,406,362.93617,196.91115,000.0071,791.145,750.00109,250.00109,250.005.85%187,334,571.79611,214.32115,000.0072,209.975,750.00109,250.00109,250.005.85%197,262,361.83605,196.82115,000.0072,631.245,750.00109,250.00109,250.005.85%207,189,730.58599,144.22115,000.0073,054.975,750.00109,250.00109,250.005.85%217,116,675.61593,056.30115,000.0073,481.185,750.00109,250.00109,250.005.85%227,043,194.43586,932.87115,000.0073,909.875,750.00109,250.00109,250.005.85%236,969,284.56580,773.71115,000.0074,341.065,750.00109,250.00109,250.005.85%246,894,943.50574,578.63115,000.0074,774.775,750.00109,250.00109,250.005.85%256,820,168.74568,347.39115,000.0075,211.005,750.00109,250.00109,250.005.85%266,744,957.73562,079.81115,000.0075,649.795,750.00109,250.00109,250.005.85%276,669,307.94555,775.66115,000.0076,091.135,750.00109,250.00109,250.005.85%286,593,216.81549,434.73115,000.0076,535.055,750.00109,250.00109,250.005.85%296,516,681.77543,056.81115,000.0076,981.555,750.00109,250.00109,250.005.85%306,439,700.21536,641.68115,000.0077,430.675,750.00109,250.00109,250.005.85%316,362,269.55530,189.13115,000.0077,882.405,750.00109,250.00109,250.005.85%326,284,387.15523,698.93115,000.0078,336.765,750.00109,250.00109,250.005.85%336,206,050.39517,170.87115,000.0078,793.785,750.00109,250.00109,250.005.85%346,127,256.60510,604.72115,000.0079,253.475,750.00109,250.00109,250.005.85%356,048,003.14504,000.26115,000.0079,715.835,750.00109,250.00109,250.005.85%365,968,287.30497,357.28115,000.0080,180.905,750.00109,250.00109,250.005.85%月序本金余额折合占用一年资金租金收入其中本金再处置收入营业税营业税后收入应付本息毛收入所得税税后净收入筹资成本净收入折现值375,888,106.40490,675.53115,000.0080,648.675,750.00109,250.00109,250.005.85%385,807,457.73483,954.81115,000.0081,119.185,750.00109,250.00109,250.005.85%395,726,338.55477,194.88115,000.0081,592.435,750.00109,250.00109,250.005.85%405,644,746.12470,395.51115,000.0082,068.445,750.00109,250.00109,250.005.85%415,562,677.68463,556.47115,000.0082,547.235,750.00109,250.00109,250.005.85%425,480,130.44456,677.54115,000.0083,028.815,750.00109,250.00109,250.005.85%435,397,101.63449,758.47115,000.0083,513.215,750.00109,250.00109,250.005.85%445,313,588.42442,799.04115,000.0084,000.425,750.00109,250.00109,250.005.85%455,229,588.00435,799.00115,000.0084,490.485,750.00109,250.00109,250.005.85%465,145,097.52428,758.13115,000.0084,983.405,750.00109,250.00109,250.005.85%475,060,114.11421,676.18115,000.0085,479.205,750.00109,250.00109,250.005.85%484,974,634.92414,552.91115,000.0085,977.885,750.00109,250.00109,250.005.85%494,888,657.03407,388.09115,000.0086,479.485,750.00109,250.00109,250.005.85%504,802,177.55400,181.46115,000.0086,984.005,750.00109,250.00109,250.005.85%514,715,193.55392,932.80115,000.0087,491.475,750.00109,250.00109,250.005.85%524,627,702.08385,641.84115,000.0088,001.905,750.00109,250.00109,250.005.85%534,539,700.18378,308.35115,000.0088,515.305,750.00109,250.00109,250.005.85%544,451,184.88370,932.07115,000.0089,031.705,750.00109,250.00109,250.005.85%554,362,153.18363,512.76115,000.0089,551.115,750.00109,250.00109,250.005.85%564,272,602.06356,050.17115,000.0090,073.565,750.00109,250.00109,250.005.85%574,182,528.50348,544.04115,000.0090,599.055,750.00109,250.00109,250.005.85%584,091,929.45340,994.12115,000.0091,127.615,750.00109,250.00109,250.005.85%594,000,801.85333,400.15115,000.0091,659.255,750.00109,250.00109,250.005.85%603,909,142.60325,761.88115,000.0092,193.995,750.00109,250.00109,250.005.85%613,816,948.62318,079.05115,000.0092,731.855,750.00109,250.00109,250.005.85%623,724,216.77310,351.40115,000.0093,272.855,750.00109,250.00109,250.005.85%633,630,943.92302,578.66115,000.0093,817.005,750.00109,250.00109,250.005.85%643,537,126.92294,760.58115,000.0094,364.335,750.00109,250.00109,250.005.85%653,442,762.58286,896.88115,000.0094,914.865,750.00109,250.00109,250.005.85%663,347,847.73278,987.31115,000.0095,468.595,750.00109,250.00109,250.005.85%673,252,379.13271,031.59115,000.0096,025.565,750.00109,250.00109,250.005.85%683,156,353.58263,029.46115,000.0096,585.775,750.00109,250.00109,250.005.85%693,059,767.80254,980.65115,000.0097,149.265,750.00109,250.00109,250.005.85%702,962,618.55246,884.88115,000.0097,716.035,750.00109,250.00109,250.005.85%712,864,902.52238,741.88115,000.0098,286.105,750.00109,250.00109,250.005.85%722,766,616.42230,551.37115,000.0098,859.512,667,756.915,750.002,777,006.912,777,006.915.85%合计34,963,845.118,280,000.005,832,243.092,667,756.91414,000.0010,533,756.9110,533,756.91所得税后净收入净利润率0.0000%资金年净收益率0.0000%表C效益：不考虑出租人管理费用情况下其本条件的净利润率为1%。出租人效益测算货价：8,500,000，租期72个月，每月末付租115,000，营业税率是租金的5%，应付本息的计息年利率是5.85%，再处置收入是2,847,814.31月序本金余额折合占用一年资金租金收入其中本金再处置收入营业税营业税后收入应付本息毛收入所得税税后净收入筹资成本净收入折现值18,500,000.00708,333.33115,000.0062,604.115,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,395.8828,437,395.89703,116.32115,000.0062,990.025,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,389.1138,374,405.87697,867.16115,000.0063,378.305,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,382.3748,311,027.57692,585.63115,000.0063,768.985,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,375.6658,247,258.59687,271.55115,000.0064,162.075,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,368.9968,183,096.53681,924.71115,000.0064,557.575,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,362.3578,118,538.95676,544.91115,000.0064,955.525,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,355.7488,053,583.43671,131.95115,000.0065,355.925,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,349.1697,988,227.51665,685.63115,000.0065,758.795,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,342.62107,922,468.72660,205.73115,000.0066,164.145,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,336.10117,856,304.58654,692.05115,000.0066,571.995,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,329.62127,789,732.58649,144.38115,000.0066,982.365,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,323.17137,722,750.23643,562.52115,000.0067,395.255,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,316.75147,655,354.97637,946.25115,000.0067,810.695,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,310.36157,587,544.28632,295.36115,000.0068,228.695,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,304.01167,519,315.59626,609.63115,000.0068,649.275,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,297.68177,450,666.33620,888.86115,000.0069,072.445,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,291.38187,381,593.89615,132.82115,000.0069,498.215,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,285.12197,312,095.67609,341.31115,000.0069,926.625,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,278.88207,242,169.06603,514.09115,000.0070,357.665,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,272.68217,171,811.40597,650.95115,000.0070,791.365,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,266.51227,101,020.04591,751.67115,000.0071,227.735,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,260.36237,029,792.30585,816.03115,000.0071,666.805,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,254.25246,958,125.50579,843.79115,000.0072,108.575,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,248.16256,886,016.93573,834.74115,000.0072,553.065,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,242.11266,813,463.87567,788.66115,000.0073,000.295,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,236.08276,740,463.58561,705.30115,000.0073,450.285,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,230.08286,667,013.29555,584.44115,000.0073,903.055,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,224.12296,593,110.25549,425.85115,000.0074,358.605,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,218.18306,518,751.64543,229.30115,000.0074,816.975,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,212.27316,443,934.68536,994.56115,000.0075,278.155,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,206.39326,368,656.52530,721.38115,000.0075,742.195,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,200.53336,292,914.34524,409.53115,000.0076,209.085,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,194.71346,216,705.26518,058.77115,000.0076,678.855,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,188.91356,140,026.41511,668.87115,000.0077,151.515,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,183.15366,062,874.90505,239.5715,000.0077,627.095,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,177.41月序本金余额折合占用一年资金租金收入其中本金再处置收入营业税营业税后收入应付本息毛收入所得税税后净收入筹资成本净收入折现值375,985,247.81498,770.65115,000.0078,105.605,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,171.69385,907,142.20492,261.85115,000.0078,587.065,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,166.01395,828,555.14485,712.93115,000.0079,071.495,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,160.35405,749,483.65479,123.64115,000.0079,558.915,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,154.72415,669,924.75472,493.73115,000.0080,049.325,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,149.12425,589,875.42465,822.95115,000.0080,542.775,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,143.55435,509,332.66459,111.05115,000.0081,039.255,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,138.00445,428,293.41452,357.78115,000.0081,538.795,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,132.48455,346,754.61445,562.88115,000.0082,041.425,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,126.99465,264,713.20438,726.10115,000.0082,547.145,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,121.52475,182,166.06431,847.17115,000.0083,055.985,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,116.08485,099,110.08424,925.84115,000.0083,567.955,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,110.66495,015,542.13417,961.84115,000.0084,083.085,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,105.27504,931,459.05410,954.92115,000.0084,601.395,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,099.91514,846,857.66403,904.80115,000.0085,122.895,750.00109,250.00107,156.442,093.56690.871,402.685.85%1,094.58524,761,734.76396,811.23115,000.0085,647.615,750.00109,250.0