鏈�(hu矛)瑷�(j矛)瀵�(sh铆)瑷�(x霉n)锛氬缓绛戝嫗鍕�(w霉)鍏徃澧炲€肩▍瑷�(j矛)绋呮柟寮忓浣曢伕鎿�锛�

“娓呭寘宸�”鏄寚鏂藉伐鏂逛笉閲囪臣寤虹瓚宸ョ▼鎵€闇€鐨勬潗鏂欐垨鍙噰璩艰紨鍔╂潗鏂�锛屽苟鏀跺彇浜哄伐璨�(f猫i)銆佺鐞嗚不(f猫i)鎴栬€呭叾浠栬不(f猫i)鐢ㄧ殑寤虹瓚鏈嶅嫏(w霉)銆傞嚌灏�(du矛)“娓呭寘宸�”寤虹瓚鍕炲嫏(w霉)鍟忛锛屽缓绛戝嫗鍕�(w霉)鍏徃鎳�(y墨ng)濡備綍鑸囩附鎵垮寘鏂瑰拰寤虹瓚姘戝伐浜哄摗绨借▊鍚堝悓锛屾墠鑳藉(sh铆)鐝�(xi脿n)绡€(ji茅)绋呮晥鏋滃憿?鍒嗘瀽濡備笅锛�

(1)寤虹瓚妤�(y猫)“娓呭寘宸�”閬╃敤鐨勭▍鏀舵硶寰嬩緷鎿�(j霉)鍒嗘瀽

銆婅病(c谩i)鏀块儴鍦嬪绋呭嫏(w霉)绺藉眬闂�(gu膩n)浜庡叏闈㈡帹闁嬬嚐妤�(y猫)绋呮敼寰佸鍊肩▍瑭﹂粸(di菐n)鐨勯€氱煡銆�“璨�(c谩i)绋匸2016]36铏�(h脿o)”闄勪欢2锛氥€婄嚐妤�(y猫)绋呮敼寰佸鍊肩▍瑭﹂粸(di菐n)鏈夐棞(gu膩n)浜嬮爡(xi脿ng)鐨勮(gu墨)瀹氥€嬬涓€姊濈(涓�)闋�(xi脿ng)绗�1娆捐(gu墨)瀹氾細“涓€鑸磵绋呬汉浠ユ竻鍖呭伐鏂瑰紡鎻愪緵鐨勫缓绛戞湇鍕�(w霉)锛屽彲浠ラ伕鎿囬仼鐢ㄧ啊鏄撹▓(j矛)绋呮柟娉曡▓(j矛)绋呫€�”鍦ㄨ┎鏂囦欢涓�锛屾湁鍏╁€�(g猫)闈炲父閲嶈鐨勫瓧“鍙互”锛屽嵆寤虹瓚鍕炲嫏(w霉)鍏徃鍦ㄥ鍊肩▍瑷�(j矛)绋呮柟娉曠殑閬告搰涓�锛屽湪2016骞�5鏈�1鏃ュ悗锛屾棦鍙互閬告搰閬╃敤绨℃槗瑷�(j矛)绋呮柟娉曚篃鍙互閬告搰涓€鑸▓(j矛)绋呮柟娉�銆傚鏋滃缓绛戝嫗鍕�(w霉)鍏徃閬告搰閬╃敤绨℃槗瑷�(j矛)绋呮柟娉�锛屽墖瑭查爡(xi脿ng)鐩湰韬墍鐧�(f膩)鐢熺殑鎴愭湰涓殑澧炲€肩▍閫�(j矛n)闋�(xi脿ng)绋呬笉鍙互鎶垫墸;濡傛灉閬告搰涓€鑸▓(j矛)绋呮柟娉曡▓(j矛)绋�锛屽墖瑭查爡(xi脿ng)鐩湰韬墍鐧�(f膩)鐢熺殑鎴愭湰涓殑澧炲€肩▍閫�(j矛n)闋�(xi脿ng)绋呭彲浠ユ姷鎵�銆�

(2)寤虹瓚鍕炲嫏(w霉)鍏徃澧炲€肩▍瑷�(j矛)绋呮柟寮忕殑閬告搰鍒嗘瀽

寤虹瓚鍕炲嫏(w霉)鍏徃閬告搰鎸変竴鑸▓(j矛)绋呮柟寮忚▓(j矛)绋咃紝閭勬槸閬告搰鎸夌啊鏄撹睛娉曡▓(j矛)绋呯殑闂�(gu膩n)閸靛湪浜庣▍璨�(f霉)鐨勮嚚鐣岄粸(di菐n)鐨勮▓(j矛)绠�銆�

寤虹瓚鍕炲嫏(w霉)鏈嶅嫏(w霉)鐨勯仼鐢ㄧ▍鐜囨槸9%锛岃€岄仼鐢ㄧ啊鏄撹▓(j矛)绋呮柟娉曡▓(j矛)绋呯▍鐜囨槸3%銆傛摎(j霉)姝�锛屾垜鍊戝彲浠ュぇ姒傝▓(j矛)绠楀嚭澧炲€肩▍瑷�(j矛)绋呮柟娉曢伕鎿囩殑鑷ㄧ晫榛�(di菐n)銆�

鍋囪ō(sh猫)鏁村€�(g猫)“娓呭寘宸�”鍚堝悓绋磩瀹氱殑宸ョ▼鍍�(ji脿)绋呭悎瑷�(j矛)鐐篨锛屽墖鍒嗗寘鏂圭殑澧炲€肩▍瑷�(j矛)绠楁柟娉曢伕鎿囧垎鏋愬涓嬶細

鈶犱竴鑸▓(j矛)绋呮柟寮忎笅鐨勬噳(y墨ng)绻冲鍊肩▍鐐猴細

寤虹瓚鍕炲嫏(w霉)鍏徃鎳�(y墨ng)绻冲鍊肩▍

=X×9%÷(1+9%)-寤虹瓚鍕炲嫏(w霉)鍏徃閲囪臣杓旀枡鐨勯€�(j矛n)闋�(xi脿ng)绋呴

=8.256%X-寤虹瓚鍕炲嫏(w霉)鍏徃閲囪臣杓旀枡鐨勯€�(j矛n)闋�(xi脿ng)绋呴

鈶＄啊鏄撹睛娉曚笅鐨勬噳(y墨ng)绻冲鍊肩▍鐐猴細

寤虹瓚鍕炲嫏(w霉)鍏徃鎳�(y墨ng)绻冲鍊肩▍=X×3%÷(1+3%)=2.91%×X

鈶㈠叐绋柟娉曚笅绋呰矤(f霉)鐩稿悓鐨勮嚚鐣岄粸(di菐n)锛�

8.256%X-寤虹瓚鍕炲嫏(w霉)鍏徃閲囪臣杓旀枡鐨勯€�(j矛n)闋�(xi脿ng)绋呴=2.91%×X

寤虹瓚鍕炲嫏(w霉)鍏徃閲囪臣杓旀枡鐨勯€�(j矛n)闋�(xi脿ng)绋呴

=8.256%X-2.91%X

=5.346%X

鎺ㄥ皫(d菐o)鍑猴細

(A)寤虹瓚鍕炲嫏(w霉)鍏徃鑷繁閲囪臣杓旀枡鐨勯€�(j矛n)闋�(xi脿ng)绋呴=5.346%X

鈶ｇ敱浜庝竴鑸儏娉佷笅锛屽缓绛戝嫗鍕�(w霉)鍏徃鑷繁閲囪臣杓旀枡(绨＄ū閲囪臣鐗╄硣)鐨勯仼鐢ㄧ▍鐜囦竴鑸潎鏄�13%锛屼簬鏄�锛屾帹灏�(d菐o)鍑鸿嚚鐣岄粸(di菐n)锛�

寤虹瓚鍕炲嫏(w霉)鍏徃鑷繁閲囪臣杓旀枡鐗╄唱(zh矛)鐨勯€�(j矛n)闋�(xi脿ng)绋呴

=閲囪臣杓旀枡鐗╄唱(zh矛)鍍�(ji脿)绋�×13%÷(1+13%)

=閲囪臣杓旀枡鐗╄唱(zh矛)鍍�(ji脿)绋�×11.50%

(B)寤虹瓚鍕炲嫏(w霉)鍏徃鑷繁閲囪臣杓旀枡鐗╄唱(zh矛)鐨勯€�(j矛n)闋�(xi脿ng)绋呴=閲囪臣杓旀枡鐗╄唱(zh矛)鍍�(ji脿)绋�×11.50%

鈶ゅ墖锛孉=B

(C)5.346%X=閲囪臣杓旀枡鐗╄唱(zh矛)鍍�(ji脿)绋�×11.50%

鐢辨瑷�(j矛)绠楀嚭鑷ㄧ晫榛�(di菐n)锛氬缓绛戝嫗鍕�(w霉)鍏徃鑷繁閲囪臣杓旀枡鐗╄硣鍍�(ji脿)绋呭悎瑷�(j矛)

=(5.36%÷11.50%)×X

=46.61%×X

鈶ョ祼(ji茅)璜�

娓呭寘宸ユā寮忎笅锛岄伕鎿囨寜涓€鑸▓(j矛)绋呮柟娉曟垨鑰呯啊鏄撹▓(j矛)绋呮柟娉曠殑鑷ㄧ晫榛�(di菐n)鍙冭€冨€兼槸锛�

寤虹瓚鍕炲嫏(w霉)鍏徃閲囪臣杓旀枡鐗╄硣鍍�(ji脿)绋呭悎瑷�(j矛)=46.61%ד娓呭寘宸�”鍚堝悓涓磩瀹氱殑宸ョ▼鍍�(ji脿)绋呭悎瑷�(j矛)銆�

鍏烽珨鏄細

A)閲囪臣杓旀枡鐗╄硣鍍�(ji脿)绋呭悎瑷�(j矛)>46.61%ד娓呭寘宸�”鍚堝悓绋磩瀹氱殑宸ョ▼鍍�(ji脿)绋呭悎瑷�(j矛)锛屽墖閬告搰涓€鑸▓(j矛)绋呮柟娉曟湁鍒�銆�

B)閲囪臣杓旀枡鐗╄硣鍍�(ji脿)绋呭悎瑷�(j矛)<46.61%ד娓呭寘宸�”鍚堝悓绋磩瀹氱殑宸ョ▼鍍�(ji脿)绋呭悎瑷�(j矛)锛屽墖閬告搰绨℃槗瑷�(j矛)绋呮柟娉曟湁鍒┿€�

鍥犳锛屽缓绛戝嫗鍕�(w霉)鍏徃閲囪臣杓旀枡鐗╄硣鍗犳暣鍊�(g猫)宸ョ▼閫犲児(ji脿)鐨勫灏戯紝鎴栬€呰“鐢蹭緵鏉愭枡”鍗犳暣鍊�(g猫)宸ョ▼閫犲児(ji脿)鐨勫灏�锛屾槸閬告搰瑷�(j矛)绋呮柟寮忕殑闂�(gu膩n)閸�!

闋嗗埄鍫�(b脿o)鍚�11鏈堟渻(hu矛)瑷�(j矛)宕椾綅缍滃悎鑳藉姏璀夋浉鑰冭│鐨勮€冪敓濉鐠�(hu谩n)鐞冪恫(w菐ng)鏍℃彁渚� 鍏嶈不(f猫i)闋�(y霉)绱勭煭淇℃彁閱�鏈嶅嫏(w霉)锛屾垜鍊戞渻(hu矛)鍙婃檪(sh铆)鎻愰啋鎮�2020骞�11鏈堜唤鐨勯噾铦惰€冭│鏅�(sh铆)闁撱€佹垚绺炬煡瑭㈡檪(sh铆)闁撶瓑閲嶈鑰冭│瑷婃伅锛岃珛(q菒ng)鍙婃檪(sh铆)闋�(y霉)绱勩€�

浠ヤ笂鍏�(n猫i)瀹规槸鏈�(hu矛)瑷�(j矛)瀵�(sh铆)瑷�(x霉n)锛氬缓绛戝嫗鍕�(w霉)鍏徃澧炲€肩▍瑷�(j矛)绋呮柟寮忓浣曢伕鎿�锛熸洿澶氭渻(hu矛)瑷�(j矛)瀵�(sh铆)瑷�(x霉n)鐩搁棞(gu膩n)鐔遍粸(di菐n)璜�(q菒ng)榛�(di菐n)鎿�“鍏嶈不(f猫i)涓嬭級”鎸夐垥涓嬭級銆�