1、分成租賃及其報價方法經(jīng)營租賃論叢之十一在租賃業(yè)務(wù)的創(chuàng)新中，出現(xiàn)了一種名為“分成租賃”的品種。本文就其性質(zhì)以及報價方法作一探討。何物分成租賃分成租賃是指，在某項租賃交易中，承租人先是在約定的期限內(nèi)按約定的數(shù)額分期支付，稱“固定租金”；在該期限屆滿后，則承租人按并非租賃物原值而是銷售百分比、使用量、營業(yè)收入之類其它因素支付。這種支付，在國際租賃會計準(zhǔn)則中稱“隨機(jī)租金”，在我國租賃會計準(zhǔn)則中稱“或有租金”。對于分成租賃，有以下認(rèn)識：一）分成租賃中的或有租金，既不是融資租賃中作為承租人占有出租人資金的對價的租金，也不是其它租賃中作為承租人占有出租人實物的對價的租金。這里的或有租金，盡管名為“租金”，其

2、實是投資收益。既然是投資收益，其數(shù)額當(dāng)然不可能預(yù)先確定。而且，不僅可能是程度不等的利潤，也可能是虧損?？傊谶@里我們所看到的，是出租人同承租人的利益共享和風(fēng)險共擔(dān)。正因此，所謂“分成租賃”，并非是租賃的任何類別，而只是租賃同投資的一種結(jié)合。這種結(jié)合，只要交易雙方意思一致，當(dāng)然是可以成立的。只是就分成的部分而言，應(yīng)該適用對投資活動的會計處理、稅收待遇以及監(jiān)管政策；二）在分成租賃中，固定租金總額的折現(xiàn)值一定小于租賃物在起租日的價值，否則承租人不會同意出租人在收完固定資金的情況下，還來分享利益。據(jù)此可以確定，分成租賃中的租賃部分，一定只能是經(jīng)營租賃，而不會是融資租賃；三）對分成租賃的市場需求，首先

3、來自承租人。因為顯然，這種方式可以使得承租人的部分支付隨經(jīng)營效果而異。較之不問經(jīng)營效果的全部支付固定租金，可以減少風(fēng)險。當(dāng)然，在經(jīng)營效果優(yōu)異的情況下，其全部收益不能都?xì)w自己。但是，相比之下，這樣的代價是值得的。至于說出租人，它之所以肯冒這樣的風(fēng)險，一定是因為它確信承租人經(jīng)營效果惡化的概率較低。而且，這里不僅有風(fēng)險，尤其有機(jī)會。往往是，在分成租賃的情況下，出租人的綜合收益率會遠(yuǎn)高于固定租金的收費(fèi)方式；四）分成租賃作為經(jīng)營租賃的一種方式，出租人或者設(shè)備制造商往往還會提供技術(shù)服務(wù)。對于這一類服務(wù)，都是要單獨(dú)收費(fèi)的。而在租賃交易中，出租人為了彌補(bǔ)交易成本，往往會要在期初收取某種費(fèi)用，對此，我們宣稱“租

4、賃手續(xù)費(fèi)”，以便同提供技術(shù)服務(wù)時的收費(fèi)區(qū)別開來。所有這些收費(fèi)，都應(yīng)該同分成租賃中的分成區(qū)別開來。分成租賃中出租人的報價方法分成租賃交易易于被某些用戶所接受這一點(diǎn)，我們上面已經(jīng)提及。對于出租人來說，分成租賃的特點(diǎn)在于，以固定租金方式所回收的金額，可能只及租賃物在起租日的公允市值的某個百分?jǐn)?shù)；即使是百分之百收回了，也還沒有包括資金的成本，更不要說經(jīng)營成本及所需收益了。因此，全部關(guān)鍵在于對承租人在后一階段的收入的預(yù)期以及分成條件的設(shè)定。這里我們假設(shè)，分成的部分以承租人使用該租賃物的項目收入為基數(shù)，按商定的百分比收取。分成租賃的報價可按以下幾個步驟進(jìn)行。一）承租人肯于支付固定租金的期限和數(shù)額；二）以該

5、期間出租人自己的籌資綜合利率為折現(xiàn)率，求出固定租金總額的至起租日的折現(xiàn)值。該折現(xiàn)值同租賃物在起租日的價值之差，就是出租人需通過分成階段收回的成本；三）設(shè)定出租人所期待的內(nèi)部收益率，據(jù)以確定在商定的分成期限內(nèi)各次應(yīng)得的分成數(shù)額；四）認(rèn)真評估承租人使用該租賃物的項目在分成期間的預(yù)期效益，據(jù)以確定出租人所要求的分成比例。五）固定租金支付期限、次數(shù)及金額、項目收入、分成比例這幾個因素的任何變動，將直接導(dǎo)致出租人內(nèi)部收益率的變動。出租人報價的底線，就是自己所期待的最低的內(nèi)部收益率。因此，只有上述因素的綜合效果能保住該底線的條件，才是出租人可接受的合同條件。下面列表說明。表A1的條件是：起租日租賃物價值6

6、,000,000.00,租賃期限8年，每月末收租金一次。前四年各月收等額租金125,000.00,四年內(nèi)全部收回起租日租賃物價值（125Q00.00X12月X4年=6,000,000.00）。后四年各月收取上月項目收入的25%,假設(shè)每年項目收入固定為4,000,000.00,則每月分成金額為83,333.33（=4,000,000.0012X25%）,則固定租金合計金額為6,000,000.00,分成金額合計為4,000,000.00（=83,333.33X分成收入越減少，出租人的收益也越少，這是不言而喻的。作此種測算，一是要看所得的內(nèi)部收益率是否在出租人的底線以上；二是要看出租人對所預(yù)測的項

7、目收入能承擔(dān)怎樣的下降風(fēng)險。例如，如果11.5%是出租人的內(nèi)部收益率底線，而項目收入的下降幅度達(dá)到60%是可能的，那么，分成比例必須提高到37.5%,使得凈流入不小于2,400,000.00（見表A5）。）;而對于表D1的條件來說，假設(shè)出租人自己的籌資成本是8%,則前四年未收回的成本是2,401,107.51（見表C4）,相差懸殊。在D1的條件下，要使出租人的內(nèi)部收益率趕上A1,則后四年的分成比例必須不低于45.65%（見表D2）,而且是在預(yù)期的項目收入完全能夠?qū)崿F(xiàn)的前提下。表C3是在表B條件下前四年未收回的成本測算，其數(shù)額最小，是681,365.75這再次表明，在承租人有支付能力的情況下，固

8、定租金的回收期越短，分成的條件就可以越寬松，出租人的風(fēng)險也將越小。表D4表明，在表D3的固定租金期間的條件下，要達(dá)到表B的內(nèi)部收益率，其分成階段的分成比例必須上升到54.2609%。附帶說明，關(guān)鍵不在于上面各表內(nèi)所定的分成比例，而在于分成收入的絕對值。以表A1的條件為例，在后四年，各月需分成83,333.3&因此，如果各年項目收入是2,000,000,那么，為了達(dá)到同樣的內(nèi)部收益率，出租人就要堅持分成比例不小于50%。本件僅僅對分成租賃的報價條件作一量化分析，并未涉及出租人對該項目的全部核算。謹(jǐn)此說明。另外，迄今，經(jīng)營租賃中出租人的營業(yè)稅的稅基仍是租金的5%。在確定出租人的內(nèi)部收益率指標(biāo)時，不

9、僅要考慮自己的籌資成本，還要考慮營業(yè)稅的負(fù)擔(dān)。裘企陽表A1分成租賃收益測算條件：租賃期限8年，起租日租賃物價值6,000,000.00,每月末收等額租金一次，在前四年全部收回起租日租賃物價值。后四年按項目收入分成，項目年收入預(yù)測是4,000,000.00,每月末收取上月項目收入的25%o本表未考慮租賃手續(xù)費(fèi)。期次流出項目收入流入凈流入折現(xiàn)率折現(xiàn)值起租日租賃物價值固定租金分成比例分成金額起出日6,000,000.00-6,000,000.0015.8102%-6,000,000.001333,333.33125,000.00125,000.0015.8102%123,374.522333,333

10、.33125,000.00125,000.0015.8102%121,770.173333,333.33125,000.00125,000.0015.8102%120,186.694333,333.33125,000.00125,000.0015.8102%118,623.805333,333.33125,000.00125,000.0015.8102%117,081.236333,333.33125,000.00125,000.0015.8102%115,558.727333,333.33125,000.00125,000.0015.8102%114,056.018333,333.33125

11、,000.00125,000.0015.8102%112,572.859333,333.33125,000.00125,000.0015.8102%111,108.9710333,333.33125,000.00125,000.0015.8102%109,664.1211333,333.33125,000.00125,000.0015.8102%108,238.0612333,333.33125,000.00125,000.0015.8102%106,830.5513333,333.33125,000.00125,000.0015.8102%105,441.3414333,333.33125,

12、000.00125,000.0015.8102%104,070.2015333,333.33125,000.00125,000.0015.8102%102,716.8816333,333.33125,000.00125,000.0015.8102%101,381.1717333,333.33125,000.00125,000.0015.8102%100,062.8218333,333.33125,000.00125,000.0015.8102%98,761.6219333,333.33125,000.00125,000.0015.8102%97,477.3320333,333.33125,00

13、0.00125,000.0015.8102%96,209.7521333,333.33125,000.00125,000.0015.8102%94,958.6522333,333.33125,000.00125,000.0015.8102%93,723.8323333,333.33125,000.00125,000.0015.8102%92,505.0524333,333.33125,000.00125,000.0015.8102%91,302.1325333,333.33125,000.00125,000.0015.8102%90,114.8526333,333.33125,000.0012

14、5,000.0015.8102%88,943.0127333,333.33125,000.00125,000.0015.8102%87,786.4128333,333.33125,000.00125,000.0015.8102%86,644.8529333,333.33125,000.00125,000.0015.8102%85,518.1330333,333.33125,000.00125,000.0015.8102%84,406.0631333,333.33125,000.00125,000.0015.8102%83,308.4632333,333.33125,000.00125,000.

15、0015.8102%82,225.1333333,333.33125,000.00125,000.0015.8102%81,155.8834333,333.33125,000.00125,000.0015.8102%80,100.5435333,333.33125,000.00125,000.0015.8102%79,058.9336333,333.33125,000.00125,000.0015.8102%78,030.8637333,333.33125,000.00125,000.0015.8102%77,016.1538333,333.33125,000.00125,000.0015.8

16、102%76,014.6539333,333.33125,000.00125,000.0015.8102%75,026.1640333,333.33125,000.00125,000.0015.8102%74,050.5341333,333.33125,000.00125,000.0015.8102%73,087.5942333,333.33125,000.00125,000.0015.8102%72,137.1743333,333.33125,000.00125,000.0015.8102%71,199.1144333,333.33125,000.00125,000.0015.8102%70

17、,273.2445333,333.33125,000.00125,000.0015.8102%69,359.4246333,333.33125,000.00125,000.0015.8102%68,457.4847333,333.33125,000.00125,000.0015.8102%67,567.2748333,333.33125,000.00125,000.0015.8102%66,688.63表A1第2頁期次流出流入凈流入折現(xiàn)率折現(xiàn)值起租日租賃物價值項目收入固定租金分成比例分成金額49333,333.3325%83,333.3383,333.3315.8102%43,880.9550

18、333,333.3325%83,333.3383,333.3315.8102%43,310.3351333,333.3325%83,333.3383,333.3315.8102%42,747.1352333,333.3325%83,333.3383,333.3315.8102%42,191.2553333,333.3325%83,333.3383,333.3315.8102%41,642.6054333,333.3325%83,333.3383,333.3315.8102%41,101.0955333,333.3325%83,333.3383,333.3315.8102%40,566.6156

19、333,333.3325%83,333.3383,333.3315.8102%40,039.0957333,333.3325%83,333.3383,333.3315.8102%39,518.4358333,333.3325%83,333.3383,333.3315.8102%39,004.5459333,333.3325%83,333.3383,333.3315.8102%38,497.3360333,333.3325%83,333.3383,333.3315.8102%37,996.7161333,333.3325%83,333.3383,333.3315.8102%37,502.6162

20、333,333.3325%83,333.3383,333.3315.8102%37,014.9363333,333.3325%83,333.3383,333.3315.8102%36,533.5964333,333.3325%83,333.3383,333.3315.8102%36,058.5165333,333.3325%83,333.3383,333.3315.8102%35,589.6166333,333.3325%83,333.3383,333.3315.8102%35,126.8167333,333.3325%83,333.3383,333.3315.8102%34,670.0368

21、333,333.3325%83,333.3383,333.3315.8102%34,219.1869333,333.3325%83,333.3383,333.3315.8102%33,774.2070333,333.3325%83,333.3383,333.3315.8102%33,335.0171333,333.3325%83,333.3383,333.3315.8102%32,901.5272333,333.3325%83,333.3383,333.3315.8102%32,473.6873333,333.3325%83,333.3383,333.3315.8102%32,051.3974

22、333,333.3325%83,333.3383,333.3315.8102%31,634.6075333,333.3325%83,333.3383,333.3315.8102%31,223.2376333,333.3325%83,333.3383,333.3315.8102%30,817.2177333,333.3325%83,333.3383,333.3315.8102%30,416.4778333,333.3325%83,333.3383,333.3315.8102%30,020.9379333,333.3325%83,333.3383,333.3315.8102%29,630.5580

23、333,333.3325%83,333.3383,333.3315.8102%29,245.2381333,333.3325%83,333.3383,333.3315.8102%28,864.9382333,333.3325%83,333.3383,333.3315.8102%28,489.5883333,333.3325%83,333.3383,333.3315.8102%28,119.1084333,333.3325%83,333.3383,333.3315.8102%27,753.4585333,333.3325%83,333.3383,333.3315.8102%27,392.5486

24、333,333.3325%83,333.3383,333.3315.8102%27,036.3487333,333.3325%83,333.3383,333.3315.8102%26,684.7688333,333.3325%83,333.3383,333.3315.8102%26,337.7589333,333.3325%83,333.3383,333.3315.8102%25,995.2690333,333.3325%83,333.3383,333.3315.8102%25,657.2291333,333.3325%83,333.3383,333.3315.8102%25,323.5892

25、333,333.3325%83,333.3383,333.3315.8102%24,994.2893333,333.3325%83,333.3383,333.3315.8102%24,669.2594333,333.3325%83,333.3383,333.3315.8102%24,348.4695333,333.3325%83,333.3383,333.3315.8102%24,031.8396333,333.3325%83,333.3383,333.3315.8102%23,719.33合計6,000,000.002,000,000.006,000,000.004,000,000.004,

26、000,000.0015.8102%0.0C10,000,000.00本條件下出租人的內(nèi)部收益率是表A2分成租賃收益測算條件：租賃期限8年，起租日租賃物價值6,000,000.00,每月末收等額租金一次，在前四年全部收回起租日租賃物價值。后四年按項目收入分成，項目年收入是預(yù)測值4,000,000.00的80%,即，3,200,000.00,每月末收取上月項目收入的25%。本表未考慮租賃手續(xù)費(fèi)。流出流入期次起租日租賃物價值項目收入固定租金分成比例分成金額凈流入折現(xiàn)率折現(xiàn)值起出日6,000,000.00-6,000,000.0013.8332%-6,000,000.001266,666.67125

27、,000.00125,000.0013.8332%123,575.472266,666.67125,000.00125,000.0013.8332%122,167.173266,666.67125,000.00125,000.0013.8332%120,774.924266,666.67125,000.00125,000.0013.8332%119,398.545266,666.67125,000.00125,000.0013.8332%118,037.846266,666.67125,000.00125,000.0013.8332%116,692.667266,666.67125,000.0

28、0125,000.0013.8332%115,362.808266,666.67125,000.00125,000.0013.8332%114,048.099266,666.67125,000.00125,000.0013.8332%112,748.3710266,666.67125,000.00125,000.0013.8332%111,463.4611266,666.67125,000.00125,000.0013.8332%110,193.2012266,666.67125,000.00125,000.0013.8332%108,937.4113266,666.67125,000.001

29、25,000.0013.8332%107,695.9314266,666.67125,000.00125,000.0013.8332%106,468.6015266,666.67125,000.00125,000.0013.8332%105,255.2516266,666.67125,000.00125,000.0013.8332%104,055.7417266,666.67125,000.00125,000.0013.8332%102,869.8918266,666.67125,000.00125,000.0013.8332%101,697.5619266,666.67125,000.001

30、25,000.0013.8332%100,538.5920266,666.67125,000.00125,000.0013.8332%99,392.8321266,666.67125,000.00125,000.0013.8332%98,260.1222266,666.67125,000.00125,000.0013.8332%97,140.3223266,666.67125,000.00125,000.0013.8332%96,033.2924266,666.67125,000.00125,000.0013.8332%94,938.8725266,666.67125,000.00125,00

31、0.0013.8332%93,856.9226266,666.67125,000.00125,000.0013.8332%92,787.3027266,666.67125,000.00125,000.0013.8332%91,729.8728266,666.67125,000.00125,000.0013.8332%90,684.5029266,666.67125,000.00125,000.0013.8332%89,651.0330266,666.67125,000.00125,000.0013.8332%88,629.3531266,666.67125,000.00125,000.0013

32、.8332%87,619.3132266,666.67125,000.00125,000.0013.8332%86,620.7733266,666.67125,000.00125,000.0013.8332%85,633.6234266,666.67125,000.00125,000.0013.8332%84,657.7235266,666.67125,000.00125,000.0013.8332%83,692.9436266,666.67125,000.00125,000.0013.8332%82,739.1537266,666.67125,000.00125,000.0013.8332%

33、81,796.2338266,666.67125,000.00125,000.0013.8332%80,864.0639266,666.67125,000.00125,000.0013.8332%79,942.5240266,666.67125,000.00125,000.0013.8332%79,031.4741266,666.67125,000.00125,000.0013.8332%78,130.8142266,666.67125,000.00125,000.0013.8332%77,240.4143266,666.67125,000.00125,000.0013.8332%76,360

34、.1644266,666.67125,000.00125,000.0013.8332%75,489.9445266,666.67125,000.00125,000.0013.8332%74,629.6446266,666.67125,000.00125,000.0013.8332%73,779.1447266,666.67125,000.00125,000.0013.8332%72,938.3348266,666.67125,000.00125,000.0013.8332%72,107.11表A2第2頁期次流出項目收入流入凈流入折現(xiàn)率折現(xiàn)值起租日租賃物價值固定租金分成比例分成金額49266,6

35、66.6725%66,666.6766,666.6713.8332%38,018.8650266,666.6725%66,666.6766,666.6713.8332%37,585.5851266,666.6725%66,666.6766,666.6713.8332%37,157.2552266,666.6725%66,666.6766,666.6713.8332%36,733.8053266,666.6725%66,666.6766,666.6713.8332%36,315.1754266,666.6725%66,666.6766,666.6713.8332%35,901.3155266,6

36、66.6725%66,666.6766,666.6713.8332%35,492.1756266,666.6725%66,666.6766,666.6713.8332%35,087.6957266,666.6725%66,666.6766,666.6713.8332%34,687.8258266,666.6725%66,666.6766,666.6713.8332%34,292.5159266,666.6725%66,666.6766,666.6713.8332%33,901.7160266,666.6725%66,666.6766,666.6713.8332%33,515.3561266,6

37、66.6725%66,666.6766,666.6713.8332%33,133.4162266,666.6725%66,666.6766,666.6713.8332%32,755.8163266,666.6725%66,666.6766,666.6713.8332%32,382.5264266,666.6725%66,666.6766,666.6713.8332%32,013.4865266,666.6725%66,666.6766,666.6713.8332%31,648.6466266,666.6725%66,666.6766,666.6713.8332%31,287.9767266,6

38、66.6725%66,666.6766,666.6713.8332%30,931.4068266,666.6725%66,666.6766,666.6713.8332%30,578.9069266,666.6725%66,666.6766,666.6713.8332%30,230.4170266,666.6725%66,666.6766,666.6713.8332%29,885.9071266,666.6725%66,666.6766,666.6713.8332%29,545.3172266,666.6725%66,666.6766,666.6713.8332%29,208.6173266,6

39、66.6725%66,666.6766,666.6713.8332%28,875.7474266,666.6725%66,666.6766,666.6713.8332%28,546.6675266,666.6725%66,666.6766,666.6713.8332%28,221.3476266,666.6725%66,666.6766,666.6713.8332%27,899.7277266,666.6725%66,666.6766,666.6713.8332%27,581.7778266,666.6725%66,666.6766,666.6713.8332%27,267.4479266,6

40、66.6725%66,666.6766,666.6713.8332%26,956.6980266,666.6725%66,666.6766,666.6713.8332%26,649.4981266,666.6725%66,666.6766,666.6713.8332%26,345.7882266,666.6725%66,666.6766,666.6713.8332%26,045.5483266,666.6725%66,666.6766,666.6713.8332%25,748.7284266,666.6725%66,666.6766,666.6713.8332%25,455.2885266,6

41、66.6725%66,666.6766,666.6713.8332%25,165.1886266,666.6725%66,666.6766,666.6713.8332%24,878.3987266,666.6725%66,666.6766,666.6713.8332%24,594.8788266,666.6725%66,666.6766,666.6713.8332%24,314.5889266,666.6725%66,666.6766,666.6713.8332%24,037.4990266,666.6725%66,666.6766,666.6713.8332%23,763.5591266,6

42、66.6725%66,666.6766,666.6713.8332%23,492.7492266,666.6725%66,666.6766,666.6713.8332%23,225.0193266,666.6725%66,666.6766,666.6713.8332%22,960.3394266,666.6725%66,666.6766,666.6713.8332%22,698.6795266,666.6725%66,666.6766,666.6713.8332%22,439.9996266,666.6725%66,666.6766,666.6713.8332%22,184.26合計6,000

43、,000.0025,600,000.006,000,000.003,200,000.003,200,000.0013.8332%0.0C9,200,000.00本條件下出租人的內(nèi)部收益率是表A3分成租賃收益測算條件：租賃期限8年，起租日租賃物價值6,000,000.00,每月末收等額租金一次，在前四年全部收回起租日租賃物價值。后四年按項目收入分成，項目年收入是預(yù)測值4,000,000.00的60%,即，2,400,000.00,每月末收取上月項目收入的25%。本表未考慮租賃手續(xù)費(fèi)。流出流入期次起租日租賃物價值項目收入固定租金分成比例分成金額凈流入折現(xiàn)率折現(xiàn)值起出日6,000,000.00-6,

44、000,000.0011.5237%-6,000,000.001200,000.00125,000.00125,000.0011.5237%123,811.032200,000.00125,000.00125,000.0011.5237%122,633.363200,000.00125,000.00125,000.0011.5237%121,466.904200,000.00125,000.00125,000.0011.5237%120,311.545200,000.00125,000.00125,000.0011.5237%119,167.166200,000.00125,000.00125

45、,000.0011.5237%118,033.677200,000.00125,000.00125,000.0011.5237%116,910.968200,000.00125,000.00125,000.0011.5237%115,798.939200,000.00125,000.00125,000.0011.5237%114,697.4710200,000.00125,000.00125,000.0011.5237%113,606.4911200,000.00125,000.00125,000.0011.5237%112,525.8912200,000.00125,000.00125,00

46、0.0011.5237%111,455.5713200,000.00125,000.00125,000.0011.5237%110,395.4314200,000.00125,000.00125,000.0011.5237%109,345.3815200,000.00125,000.00125,000.0011.5237%108,305.3116200,000.00125,000.00125,000.0011.5237%107,275.1317200,000.00125,000.00125,000.0011.5237%106,254.7518200,000.00125,000.00125,00

47、0.0011.5237%105,244.0819200,000.00125,000.00125,000.0011.5237%104,243.0220200,000.00125,000.00125,000.0011.5237%103,251.4921200,000.00125,000.00125,000.0011.5237%102,269.3822200,000.00125,000.00125,000.0011.5237%101,296.6223200,000.00125,000.00125,000.0011.5237%100,333.1024200,000.00125,000.00125,00

48、0.0011.5237%99,378.7625200,000.00125,000.00125,000.0011.5237%98,433.4926200,000.00125,000.00125,000.0011.5237%97,497.2127200,000.00125,000.00125,000.0011.5237%96,569.8428200,000.00125,000.00125,000.0011.5237%95,651.2929200,000.00125,000.00125,000.0011.5237%94,741.4730200,000.00125,000.00125,000.0011

49、.5237%93,840.3131200,000.00125,000.00125,000.0011.5237%92,947.7332200,000.00125,000.00125,000.0011.5237%92,063.6333200,000.00125,000.00125,000.0011.5237%91,187.9434200,000.00125,000.00125,000.0011.5237%90,320.5835200,000.00125,000.00125,000.0011.5237%89,461.4736200,000.00125,000.00125,000.0011.5237%

50、88,610.5337200,000.00125,000.00125,000.0011.5237%87,767.6938200,000.00125,000.00125,000.0011.5237%86,932.8639200,000.00125,000.00125,000.0011.5237%86,105.9740200,000.00125,000.00125,000.0011.5237%85,286.9541200,000.00125,000.00125,000.0011.5237%84,475.7242200,000.00125,000.00125,000.0011.5237%83,672

51、.2143200,000.00125,000.00125,000.0011.5237%82,876.3444200,000.00125,000.00125,000.0011.5237%82,088.0345200,000.00125,000.00125,000.0011.5237%81,307.2346200,000.00125,000.00125,000.0011.5237%80,533.8647200,000.00125,000.00125,000.0011.5237%79,767.8348200,000.00125,000.00125,000.0011.5237%79,009.10表A3

52、第2頁期次流出項目收入流入凈流入折現(xiàn)率折現(xiàn)值起租日租賃物價值固定租金分成比例分成金額49200,000.0025%50,000.0050,000.0011.5237%31,303.0350200,000.0025%50,000.0050,000.0011.5237%31,005.2951200,000.0025%50,000.0050,000.0011.5237%30,710.3752200,000.0025%50,000.0050,000.0011.5237%30,418.2653200,000.0025%50,000.0050,000.0011.5237%30,128.9354200,00

53、0.0025%50,000.0050,000.0011.5237%29,842.3555200,000.0025%50,000.0050,000.0011.5237%29,558.4956200,000.0025%50,000.0050,000.0011.5237%29,277.3457200,000.0025%50,000.0050,000.0011.5237%28,998.8658200,000.0025%50,000.0050,000.0011.5237%28,723.0359200,000.0025%50,000.0050,000.0011.5237%28,449.8260200,00

54、0.0025%50,000.0050,000.0011.5237%28,179.2161200,000.0025%50,000.0050,000.0011.5237%27,911.1862200,000.0025%50,000.0050,000.0011.5237%27,645.7063200,000.0025%50,000.0050,000.0011.5237%27,382.7464200,000.0025%50,000.0050,000.0011.5237%27,122.2865200,000.0025%50,000.0050,000.0011.5237%26,864.3066200,00

55、0.0025%50,000.0050,000.0011.5237%26,608.7767200,000.0025%50,000.0050,000.0011.5237%26,355.6768200,000.0025%50,000.0050,000.0011.5237%26,104.9869200,000.0025%50,000.0050,000.0011.5237%25,856.6870200,000.0025%50,000.0050,000.0011.5237%25,610.7371200,000.0025%50,000.0050,000.0011.5237%25,367.1372200,00

56、0.0025%50,000.0050,000.0011.5237%25,125.8473200,000.0025%50,000.0050,000.0011.5237%24,886.8574200,000.0025%50,000.0050,000.0011.5237%24,650.1375200,000.0025%50,000.0050,000.0011.5237%24,415.6776200,000.0025%50,000.0050,000.0011.5237%24,183.4377200,000.0025%50,000.0050,000.0011.5237%23,953.4078200,00

57、0.0025%50,000.0050,000.0011.5237%23,725.5679200,000.0025%50,000.0050,000.0011.5237%23,499.8980200,000.0025%50,000.0050,000.0011.5237%23,276.3781200,000.0025%50,000.0050,000.0011.5237%23,054.9782200,000.0025%50,000.0050,000.0011.5237%22,835.6783200,000.0025%50,000.0050,000.0011.5237%22,618.4684200,00

58、0.0025%50,000.0050,000.0011.5237%22,403.3285200,000.0025%50,000.0050,000.0011.5237%22,190.2386200,000.0025%50,000.0050,000.0011.5237%21,979.1687200,000.0025%50,000.0050,000.0011.5237%21,770.1088200,000.0025%50,000.0050,000.0011.5237%21,563.0389200,000.0025%50,000.0050,000.0011.5237%21,357.9290200,00

59、0.0025%50,000.0050,000.0011.5237%21,154.7791200,000.0025%50,000.0050,000.0011.5237%20,953.5592200,000.0025%50,000.0050,000.0011.5237%20,754.2593200,000.0025%50,000.0050,000.0011.5237%20,556.8494200,000.0025%50,000.0050,000.0011.5237%20,361.3095200,000.0025%50,000.0050,000.0011.5237%20,167.6396200,00

60、0.0025%50,000.0050,000.0011.5237%19,975.80合計6,000,000.0019,200,000.006,000,000.002,400,000.002,400,000.0011.5237%0.0C8,400,000.00本條件下出租人的內(nèi)部收益率是表A4分成租賃收益測算條件：租賃期限8年，起租日租賃物價值6,000,000.00,每月末收等額租金一次，在前四年全部收回起租日租賃物價值。后四年按項目收入分成，項目年收入是預(yù)測值4,000,000.00的40%,即，1,600,000.00,每月末收取上月項目收入的25%。本表未考慮租賃手續(xù)費(fèi)。流出流入期次起租