理財(cái)規(guī)劃報(bào)告書(shū)案例

1、理財(cái)規(guī)劃報(bào)告書(shū)客戶：劉芳規(guī)劃師：李桂馨目錄一 聲明二 摘要三 客戶家庭基本狀況四 宏觀經(jīng)濟(jì)與基本假設(shè)的依據(jù)五 家庭財(cái)務(wù)分析六 客戶的理財(cái)目標(biāo)與風(fēng)險(xiǎn)屬性界定七 理財(cái)規(guī)劃方案的主要內(nèi)容八 金融產(chǎn)品配置計(jì)劃九 潛在風(fēng)險(xiǎn)一 定期檢討的安排一、 聲明尊敬的 王芳 客戶:非常榮幸有這個(gè)機(jī)會(huì)為您提供全方位的理財(cái)規(guī)劃服務(wù)。首先請(qǐng)參閱以下聲明:1.本理財(cái)規(guī)劃報(bào)告書(shū)是用來(lái)幫助您明確財(cái)務(wù)需求及目標(biāo)，對(duì)理財(cái)事務(wù)進(jìn)行更好地決策，達(dá)到財(cái)務(wù)自由、決策自主與生活自在的人生目標(biāo)。2.本理財(cái)規(guī)劃報(bào)告書(shū)是在您提供的資料基礎(chǔ)上，基于通?？山邮艿募僭O(shè)、合理的估計(jì)。綜合考慮您的資產(chǎn)負(fù)債狀況、理財(cái)目標(biāo)、現(xiàn)金收支狀況而制定的。3. 本理財(cái)規(guī)

2、劃報(bào)告書(shū)做出的所有的分析都是基于您當(dāng)前的家庭情況、財(cái)務(wù)狀況、生活環(huán)境、未來(lái)目標(biāo)和計(jì)劃以及對(duì)一些金融參數(shù)的假設(shè)和當(dāng)前所處的經(jīng)濟(jì)形式，以上內(nèi)容都有可能發(fā)生變化。建議您定期評(píng)估自己的目標(biāo)和計(jì)劃，特別是在人生階段發(fā)生較大變化的時(shí)候，如家庭結(jié)構(gòu)轉(zhuǎn)變或更換工作等。4.專業(yè)勝任說(shuō)明：資深金融理財(cái)師李桂馨女士為您制作此份理財(cái)規(guī)劃報(bào)告書(shū)，其經(jīng)驗(yàn)背景介紹如下:1) 學(xué)歷背景： 2) 專業(yè)認(rèn)證：3) 工作經(jīng)驗(yàn)：4) 專長(zhǎng):：5.保密條款：本規(guī)劃報(bào)告書(shū)將由金融理財(cái)師直接交與客戶，充分溝通討論后協(xié)助客戶執(zhí)行規(guī)劃書(shū)中的建議方案。未經(jīng)客戶書(shū)面許可本公司負(fù)責(zé)的金融理財(cái)師與助理人員，不得透漏任何有關(guān)客戶的個(gè)人信息。6.應(yīng)揭露事

3、項(xiàng)1) 本規(guī)劃報(bào)告書(shū)收取報(bào)酬的方式或各項(xiàng)報(bào)酬的來(lái)源：如顧問(wèn)契約。2) 推介專業(yè)人士時(shí)，該專業(yè)人士與理財(cái)師的關(guān)系：相互獨(dú)立。3) 所推薦產(chǎn)品與理財(cái)師個(gè)人投資是否有利益沖突：經(jīng)確認(rèn)無(wú)利益沖突狀況。4) 與第三方簽訂書(shū)面代理或者雇傭關(guān)系合同：僅收取顧問(wèn)咨詢費(fèi)，未與第三方簽訂書(shū)面代理或者雇傭關(guān)系合同。二、理財(cái)規(guī)劃報(bào)告書(shū)摘要:三、客戶家庭基本狀況1.理財(cái)規(guī)劃的目的房產(chǎn)規(guī)劃、子女教育、贍養(yǎng)老人及幼弟、保險(xiǎn)規(guī)劃與退休。2. 客戶基本狀況王芳女士現(xiàn)年38歲，已婚，執(zhí)業(yè)律師，自己經(jīng)營(yíng)一家律師事務(wù)所。今年年初，其結(jié)婚14年的先生羅倫不幸車禍去世，留下年邁母親與12歲女兒。劉芳一人要扛起公婆、父母、智障的弟弟與女兒

4、的贍養(yǎng)與扶養(yǎng)責(zé)任，家庭成員如下:姓名年齡成員職業(yè)身體狀況劉芳38歲客戶本人律師佳羅敏12歲女兒學(xué)生佳劉山68歲父親退休尚可沈妹65歲母親退休尚可劉軍36歲  弟弟無(wú)業(yè)  智障羅景70歲公公退休尚可齊真67歲婆婆退休   尚可3. 規(guī)劃范圍因?yàn)榭蛻粼敿?xì)提供所有財(cái)務(wù)信息，因此可以做全方位理財(cái)規(guī)劃。4. 規(guī)劃限制1) 避免投資工具: 避免投資風(fēng)險(xiǎn)太高的股票認(rèn)股權(quán)證與商品期貨。2) 保費(fèi)預(yù)算:目前每年保費(fèi)1000元，占工作收入的0.5%，壽險(xiǎn)保費(fèi)預(yù)算可增至其收入的15%。3) 家人保密: 對(duì)所有家庭成員保密。4) 目前的4處房產(chǎn)各有

5、所用，除非現(xiàn)金流量不夠，盡量不賣房。四、宏觀經(jīng)濟(jì)與基本假設(shè)的依據(jù)1.目前的宏觀經(jīng)濟(jì)持續(xù)成長(zhǎng)，經(jīng)濟(jì)成長(zhǎng)率預(yù)估為8%，通貨膨脹率預(yù)估為3%。2.現(xiàn)行公積金貸款利率是2014年11月22日調(diào)整并實(shí)施的，五年以上公積金貸款利率4.25%,五年及以下公積金貸款利率為年利率3.75%。鄭州住房公積金貸款額度：(1)購(gòu)買首套一手房：貸款金額房子總價(jià)的70%；(2)購(gòu)買二手房：貸款金額房子總價(jià)的60%。在市區(qū)內(nèi)貸款的：?jiǎn)喂P最高貸款金額35萬(wàn)元。商業(yè)房貸利率五年以上為7%。3.個(gè)人養(yǎng)老金賬戶繳存率8%，住房公積金賬戶繳存率個(gè)人與單位均為12%。失業(yè)保險(xiǎn)費(fèi)繳存率1%，個(gè)人醫(yī)療賬戶繳存率2%。4.貨幣利率為4%，視

6、為無(wú)風(fēng)險(xiǎn)利率，債券平均收益率為6%，標(biāo)準(zhǔn)差為8%。 股票平均收益率為12%，標(biāo)準(zhǔn)差為20%，貨幣與債券及股票無(wú)相關(guān)，股票與債券的相關(guān)系數(shù)為0.2。5.學(xué)費(fèi)成長(zhǎng)率估計(jì)為5%。退休前與退休后的支出成長(zhǎng)率均估計(jì)為5%6.年收入成長(zhǎng)率假設(shè)為10%，年支出增長(zhǎng)率為6%。2008年當(dāng)?shù)氐脑缕骄べY假設(shè)為2,000元。7.根據(jù)李女士目前身體健康的狀況，預(yù)估客戶85歲終老。8.住房公積金賬戶的報(bào)酬率為三個(gè)月定存利率約2.5%，個(gè)人養(yǎng)老金賬戶投資報(bào)酬率假設(shè)為6%。9. 房?jī)r(jià)成長(zhǎng)率為5%，房屋折舊率為3%。五、 家庭財(cái)務(wù)分析根據(jù)客戶提供的財(cái)務(wù)信息，制作家庭財(cái)務(wù)報(bào)表如下1. 羅倫去世后家庭資產(chǎn)負(fù)債表資產(chǎn)金額比重負(fù)債

7、與權(quán)益金額比重現(xiàn)金$1,257,720 16.86%信用卡循環(huán)信用$0 0.00%活存$50,000 0.67%已購(gòu)物分期付款余額$0 0.00%貨幣市場(chǎng)基金$0 0.00%其它消費(fèi)負(fù)債$0 0.00%流動(dòng)性資產(chǎn)$1,307,720 17.54%流動(dòng)負(fù)債$0 0.00%定存$0 0.00%投資用房產(chǎn)貸款$0 0.00%外幣存款$0 0.00%金融投資貸款$0 0.00%教育儲(chǔ)蓄存款$0 0.00%投資負(fù)債$0 0.00%國(guó)債$0 0.00%汽車貸款$0 0.00%債券型基金$0 0.00%住房公積金貸款$0 0.00%國(guó)內(nèi)股票$0 0.00%自用房產(chǎn)貸款$3,000,000 100.00%股票

8、型基金$200,000 2.68%自用負(fù)債$3,000,000 100.00%壽險(xiǎn)現(xiàn)金價(jià)值$200,000 2.68%總負(fù)債$3,000,000 100.00%住房公積金帳戶$0 0.00%流動(dòng)凈值$1,307,720 29.34%個(gè)人養(yǎng)老金帳戶$0 0.00%投資用凈值$400,000 8.97%醫(yī)療保險(xiǎn)金帳戶$0 0.00%自用凈值$2,750,000 61.69%企業(yè)年金帳戶$0 0.00%總凈值$4,457,720 100.00%實(shí)業(yè)投資$0 0.00%投資分類占投資比率包括項(xiàng)目房產(chǎn)投資$0 0.00%流動(dòng)性資產(chǎn)326.93%現(xiàn)金/活存/貨幣市場(chǎng)基金貴金屬藝術(shù)收藏品$0 0.00%收益

9、性資產(chǎn)0.00%定存/債券投資性資產(chǎn)$400,000 5.36%成長(zhǎng)性資產(chǎn)50.00%股票/實(shí)業(yè)投資自用汽車當(dāng)前價(jià)值$0 0.00%保值性資產(chǎn)0.00%房產(chǎn)/貴金屬與藝術(shù)收藏品自用房產(chǎn)當(dāng)前價(jià)值$5,750,000 77.10%既得權(quán)益50.00%公積金/養(yǎng)老金/醫(yī)保金/企業(yè)年金/壽險(xiǎn)現(xiàn)金價(jià)值其它自用資產(chǎn)價(jià)值$0 0.00%緊急預(yù)備金$42,500 月支出*緊急預(yù)備金月數(shù)3自用性資產(chǎn)$5,750,000 77.10%需配置投資$1,465,220 不包括既得權(quán)益資產(chǎn)總資產(chǎn)$7,457,720 100.00%參數(shù)設(shè)置緊急預(yù)備金月數(shù)3分析：1) 資產(chǎn)結(jié)構(gòu): 屬于高資產(chǎn)低負(fù)債家庭，資產(chǎn)中77.10%屬

10、于自用資產(chǎn)，投資性資產(chǎn)僅為5.36%，流動(dòng)性資產(chǎn)占17.54%。2) 在金融投資中以流動(dòng)性資產(chǎn)為主,，占總投資的326.93%，這主要源于羅先生去世的現(xiàn)金賠償?shù)?。成長(zhǎng)性資產(chǎn)50.00%，集中于股票基金。既得權(quán)益50%，為商業(yè)壽險(xiǎn)。屬于保守型的投資人，推估期目前資產(chǎn)組合的投資報(bào)酬率約為5%。3) 在自用資產(chǎn)中以自住房產(chǎn)為主，價(jià)值575萬(wàn)元，房貸300萬(wàn)。4) 須配置投資=流動(dòng)性資產(chǎn)+投資性資產(chǎn)-既得權(quán)益資產(chǎn)-緊急預(yù)備金-短期負(fù)債-投資負(fù)債，達(dá)146.522萬(wàn)元，可列為理財(cái)規(guī)劃過(guò)程中的期初投入資產(chǎn)額，來(lái)計(jì)算要達(dá)當(dāng)理財(cái)目標(biāo)所需要的投資報(bào)酬率。2. 羅倫去世后家庭現(xiàn)金流量表家庭所得項(xiàng)目劉芳占收入%家庭

11、支出項(xiàng)目羅女士家庭劉芳父母與弟弟羅倫父母家庭合計(jì)占支出%個(gè)體工商戶經(jīng)營(yíng)所得$129,950 9.36%生活支出$70,000 $60,000 $40,000 $170,000 34.66%偶然所得$1,257,720 90.64%消費(fèi)支出$70,000 $60,000 $40,000 $170,000 34.66%稅后所得合計(jì)$1,387,670 100.00%自用房貸利息$250,987 $40,007 $28,476 $319,470 65.14%家庭收入$1,387,670 100.00%保障型保費(fèi)$1,000 $0 $0 $1,000 0.20%家庭凈儲(chǔ)蓄$897,200 64.66%

12、理財(cái)支出$251,987 $40,007 $28,476 $320,470 65.34%還自用房貸本金$319,470 支出合計(jì)$321,987 $100,007 $68,476 $490,470 100.00%上年度自由運(yùn)用儲(chǔ)蓄$577,731 上年度非經(jīng)常凈收入$1,257,720 下年度自由儲(chǔ)蓄預(yù)算($679,989)分析:1) 家庭稅后年收入達(dá)1,387,670元，年支出490470元，凈儲(chǔ)蓄率為64.66%。其中收入中因羅先生去世所得賠償占90.64%。2) 工作收入占總收入的9.36%，其中以客戶的個(gè)體戶經(jīng)營(yíng)所得為主,。3) 上年度自由儲(chǔ)蓄額577,731元，但理財(cái)收入中的偶然所得

13、是一次性的非經(jīng)常性收入。預(yù)估未來(lái)收入時(shí)需扣除,因此下年度自由儲(chǔ)蓄額預(yù)估為-679,989元。3. 家庭財(cái)務(wù)比率分析家庭財(cái)務(wù)比率定義比率合理范圍建議流動(dòng)比率流動(dòng)資產(chǎn)/流動(dòng)負(fù)債02-10過(guò)低資產(chǎn)負(fù)債率總負(fù)債/總資產(chǎn)40.23%20%-60%在合理范圍之內(nèi)緊急預(yù)備金倍數(shù)流動(dòng)資產(chǎn)/月支出92309.433-6過(guò)高財(cái)務(wù)自由度年理財(cái)收入/年消費(fèi)支出0.00%20%-100%過(guò)低貸款年供負(fù)擔(dān)率年本息支出/年收入23.02%20%-40%在合理范圍之內(nèi)保費(fèi)負(fù)擔(dān)率年保費(fèi)/年收入0.07%5%-15%在合理范圍之內(nèi)平均投資報(bào)酬率年理財(cái)收入/生息資產(chǎn)0.00%4%-10%過(guò)低凈儲(chǔ)蓄率凈儲(chǔ)蓄/總收入64.66%20-

14、60%偏高自由儲(chǔ)蓄率自由儲(chǔ)蓄/總收入-49.00%10-40%過(guò)低六、客戶的理財(cái)目標(biāo)與風(fēng)險(xiǎn)屬性界定一) 客戶的理財(cái)目標(biāo)根據(jù)與客戶的溝通，認(rèn)定其理財(cái)目標(biāo)依照優(yōu)先級(jí)排列如下:1. 養(yǎng)親計(jì)劃：依照4位老人的身體狀況，預(yù)計(jì)贍養(yǎng)到85歲，每年每人生活費(fèi)現(xiàn)值2萬(wàn)元。一年準(zhǔn)備一筆20萬(wàn)元的醫(yī)療與看護(hù)準(zhǔn)備金，供4位老人不時(shí)之需。扶養(yǎng)智障弟弟到85歲，每年生活費(fèi)現(xiàn)值2萬(wàn)元。2. 子女教育資金籌備：女兒初中與高中共6年每年學(xué)費(fèi)現(xiàn)值2萬(wàn)元，大學(xué)4年每年學(xué)費(fèi)現(xiàn)值3萬(wàn)元，打算送女兒到德國(guó)攻讀法學(xué)博士，預(yù)計(jì)5年，每年學(xué)費(fèi)生活費(fèi)現(xiàn)值20萬(wàn)元。3. 退休計(jì)劃：若劉芳持續(xù)開(kāi)律師事務(wù)所打算做到60歲退休，退休后由女兒接手律師事務(wù)

15、所。若劉芳選擇新工作則預(yù)計(jì)55歲退休。退休后自己的生活費(fèi)用預(yù)計(jì)為每年5萬(wàn)元現(xiàn)值，生活到85歲。在60歲到70歲的10年間，預(yù)計(jì)每年出國(guó)旅行3個(gè)月，年費(fèi)用估計(jì)為現(xiàn)值6萬(wàn)元。4. 保險(xiǎn)規(guī)劃：安排合適的保險(xiǎn)覆蓋可能存在的風(fēng)險(xiǎn)。二)客戶的風(fēng)險(xiǎn)屬性根據(jù)風(fēng)險(xiǎn)屬性問(wèn)卷，風(fēng)險(xiǎn)容忍度打分：劉芳得分： 99-14分 保守的投資者15-21分 溫和的投資者22-27分 激進(jìn)的投資者我們?cè)O(shè)風(fēng)險(xiǎn)厭惡系數(shù) A在2-8之間。 A= 8 -（9-9）/（27-9）*（8-2） = 8依照兩階段資產(chǎn)配置的科學(xué)方法，建議配置如下:投資3年股票債券貨幣預(yù)期報(bào)酬率12.00%6.00%4.00%標(biāo)準(zhǔn)差20.00%8.00%0.00%

16、股票債券相關(guān)系數(shù)0.2貨幣相關(guān)系數(shù)0.00%優(yōu)化投資比率45.16%54.84%股債投資組合報(bào)酬率8.71%效用函數(shù)U = E(rp)- 0.005ASp2股債投資組合標(biāo)準(zhǔn)差10.80%A值8.00 風(fēng)險(xiǎn)資產(chǎn)比率50.46%投資組合配置比率22.79%27.67%49.54%投資組合報(bào)酬率6.38%投資組合標(biāo)準(zhǔn)差5.45%<左檢定機(jī)率5%預(yù)估最高報(bào)酬率15.37%Z值1.65預(yù)估最低報(bào)酬率-2.62%七、理財(cái)規(guī)劃方案的主要內(nèi)容一）理財(cái)方案選擇方案一：按照劉芳的意愿，不賣房產(chǎn)，變現(xiàn)房產(chǎn)以外資產(chǎn)來(lái)支付生活與房貸支出。幾年后本人收入還投資負(fù)債家計(jì)支出學(xué)費(fèi)支出孝養(yǎng)尊親屬國(guó)外旅游保險(xiǎn)流量?jī)衄F(xiàn)金流量

17、理財(cái)準(zhǔn)備（用內(nèi)部報(bào)酬率）理財(cái)準(zhǔn)備（用無(wú)風(fēng)險(xiǎn)利率）理財(cái)準(zhǔn)備（用投資報(bào)酬率）期初生息資產(chǎn) $897,200 $897,200 $897,200 $897,200 1$142,945 ($319,470)($70,000)($21,000)($106,000)$0 ($1,000)($374,525)$890,707 $558,564 $579,917 2$157,240 ($319,470)($74,200)($22,050)($112,360)$0 ($1,000)($371,840)$884,235 $209,066 $245,075 3$172,963 ($319,470)($78,652)

18、($23,153)($119,102)$0 ($1,000)($368,412)$878,536 ($150,984)($107,701)4$190,260 ($319,470)($83,371)($24,310)($126,248)$0 ($1,000)($364,139)$874,772 ($521,162)($478,711)5$209,286 ($319,470)($88,373)($25,526)($133,823)$0 ($1,000)($358,906)$874,698 ($900,914)($868,159)6$230,214 ($319,470)($93,676)($26,8

19、02)($141,852)$0 $0 ($351,585)$881,914 ($1,288,536)($1,275,132)7$253,236 ($319,470)($99,296)($42,213)($150,363)$0 $0 ($358,106)$885,569 ($1,698,184)($1,714,592)8$278,559 ($319,470)($105,254)($44,324)($159,385)$0 $0 ($349,873)$898,956 ($2,115,984)($2,173,856)9$306,415 ($319,470)($111,569)($46,540)($16

20、8,948)$0 $0 ($340,112)$927,597 ($2,540,735)($2,652,660)10$337,057 ($319,470)($118,264)($48,867)($179,085)$0 $0 ($328,628)$979,469 ($2,970,992)($3,150,527)11$370,763 ($290,994)($89,542)($342,068)($189,830)$0 $0 ($541,672)$839,575 ($3,631,504)($3,893,203)12$407,839 ($250,987)($94,915)($359,171)($201,2

21、20)$0 $0 ($498,454)$685,514 ($4,275,218)($4,640,043)13$448,623 ($250,987)($100,610)($377,130)($213,293)$0 $0 ($493,397)$473,315 ($4,939,624)($5,429,475)14$493,485 ($250,987)($106,646)($395,986)($226,090)$0 $0 ($486,225)$181,244 ($5,623,434)($6,262,101)15$542,833 ($250,987)($113,045)($415,786)($239,6

22、56)$0 $0 ($476,640)($221,051)($6,325,012)($7,138,264)16$597,117 ($250,987)($119,828)$0 ($191,725)$0 $0 $34,577 ($277,149)($6,543,435)($7,559,108)17$656,828 ($145,130)($127,018)$0 ($203,228)$0 $0 $181,453 ($209,382)($6,623,720)($7,859,926)18$722,511 ($145,130)($134,639)$0 ($161,566)$0 $0 $281,177 ($1

23、4,094)($6,607,492)($8,080,212)19$794,762 ($145,130)($142,717)$0 ($114,174)$0 $0 $392,742 $372,867 ($6,479,049)($8,202,987)20$874,239 ($151,280)$0 ($121,024)$0 $0 $601,935 $1,127,752 ($6,136,276)($8,124,403)21$961,662 ($160,357)$0 ($128,285)$0 $0 $673,020 $2,263,376 ($5,708,707)($7,969,720)22$1,057,8

24、29 ($169,978)$0 ($64,143)$0 $0 $823,708 $4,015,521 ($5,113,348)($7,654,480)23$0 ($180,177)$0 ($67,991)($216,212)$0 ($464,380)$5,198,307 ($5,782,262)($8,607,217)24$0 ($190,987)$0 ($72,071)($229,185)$0 ($492,243)$6,838,409 ($6,505,796)($9,648,600)25$0 ($202,447)$0 ($76,395)($242,936)$0 ($521,778)$9,12

25、1,747 ($7,287,805)($10,785,959)26$0 ($214,594)$0 ($80,979)($257,512)$0 ($553,084)$12,310,403 ($8,132,402)($12,027,187)27$0 ($227,469)$0 ($85,837)($272,963)$0 ($586,270)$16,773,860 ($9,043,967)($13,380,791)28$0 ($241,117)$0 ($90,988)($289,341)$0 ($621,446)$23,033,052 ($10,027,172)($14,855,932)29$0 ($

26、255,584)$0 ($96,447)($306,701)$0 ($658,732)$31,822,478 ($11,086,991)($16,462,472)30$0 ($270,919)$0 ($102,234)($325,103)$0 ($698,256)$44,177,802 ($12,228,727)($18,211,035)31$0 ($287,175)$0 ($108,368)($344,609)$0 ($740,152)$61,559,384 ($13,458,028)($20,113,050)32$0 ($304,405)$0 ($114,870)($365,286)$0

27、($784,561)$86,026,483 ($14,780,910)($22,180,824)33$0 ($322,669)$0 ($121,762)$0 $0 ($444,431)$120,870,115 ($15,816,578)($24,040,392)34$0 ($342,029)$0 ($129,068)$0 $0 ($471,097)$169,979,939 ($16,920,338)($26,045,266)35$0 ($362,551)$0 ($136,812)$0 $0 ($499,363)$239,206,346 ($18,096,515)($28,206,317)36$

28、0 ($384,304)$0 ($145,021)$0 $0 ($529,325)$336,799,465 ($19,349,700)($30,535,205)37$0 ($407,363)$0 ($153,722)$0 $0 ($561,084)$474,393,521 ($20,684,773)($33,044,435)38$0 ($431,804)$0 ($162,945)$0 $0 ($594,749)$668,394,994 ($22,106,913)($35,747,420)39$0 ($457,713)$0 ($172,722)$0 $0 ($630,434)$941,940,1

29、86 ($23,621,624)($38,658,539)40$0 ($485,175)$0 ($183,085)$0 $0 ($668,260)$1,327,655,789 ($25,234,749)($41,793,215)41$0 ($514,286)$0 ($194,070)$0 $0 ($708,356)$1,871,551,838 ($26,952,495)($45,167,978)42$0 ($545,143)$0 ($205,714)$0 $0 ($750,857)$2,638,511,544 ($28,781,452)($48,800,552)43$0 ($577,852)$

30、0 ($218,057)$0 $0 ($795,909)$3,720,033,071 ($30,728,619)($52,709,936)44$0 ($612,523)$0 ($231,141)$0 $0 ($843,663)$5,245,146,973 ($32,801,428)($56,916,494)45$0 ($649,274)$0 ($245,009)$0 $0 ($894,283)$7,395,811,979 ($35,007,768)($61,442,049)46$0 ($688,231)$0 ($259,710)($947,940)$10,428,626,112 ($37,35

31、6,019)($66,309,992)47$0 ($729,524)$0 ($275,292)($1,004,817)$14,705,443,727 ($39,855,076)($71,545,386) 適用報(bào)酬率40.95%4.00%6.38%結(jié)論：理財(cái)準(zhǔn)備用內(nèi)部報(bào)酬率、無(wú)風(fēng)險(xiǎn)利率及投資報(bào)酬率計(jì)算均有多年為負(fù)數(shù)且內(nèi)部報(bào)酬率需要到達(dá)40.95%，這一目標(biāo)過(guò)高故：方案一不選用。方案二：變現(xiàn)住宅一，將劉芳父母與弟弟接來(lái)與自己同住。幾年后本人收入還投資負(fù)債家計(jì)支出學(xué)費(fèi)支出孝養(yǎng)尊親屬國(guó)外旅游保險(xiǎn)流量?jī)衄F(xiàn)金流量理財(cái)準(zhǔn)備（用內(nèi)部報(bào)酬率）理財(cái)準(zhǔn)備（用無(wú)風(fēng)險(xiǎn)利率）理財(cái)準(zhǔn)備（用投資報(bào)酬率）期初生息資產(chǎn) $1,4

32、97,200 $1,497,200 $1,497,200 $1,497,200 1$142,945 ($279,463)($70,000)($21,000)($106,000)$0 ($1,000)($334,518)$1,478,143 $1,222,571 $1,258,204 2$157,240 ($279,463)($74,200)($22,050)($112,360)$0 ($1,000)($331,833)$1,457,754 $939,640 $1,006,644 3$172,963 ($279,463)($78,652)($23,153)($119,102)$0 ($1,000

33、)($328,405)$1,436,498 $648,821 $742,463 4$190,260 ($279,463)($83,371)($24,310)($126,248)$0 ($1,000)($324,132)$1,415,036 $350,642 $465,700 5$209,286 ($279,463)($88,373)($25,526)($133,823)$0 ($1,000)($318,898)$1,394,285 $45,769 $176,513 6$230,214 ($279,463)($93,676)($26,802)($141,852)$0 $0 ($311,578)$

34、1,376,484 ($263,978)($123,803)7$253,236 ($279,463)($99,296)($42,213)($150,363)$0 $0 ($318,099)$1,348,409 ($592,637)($449,801)8$278,559 ($279,463)($105,254)($44,324)($159,385)$0 $0 ($309,866)$1,322,653 ($926,208)($788,364)9$306,415 ($279,463)($111,569)($46,540)($168,948)$0 $0 ($300,104)$1,301,232 ($1

35、,263,361)($1,138,766)10$337,057 ($279,463)($118,264)($48,867)($179,085)$0 $0 ($288,621)$1,286,780 ($1,602,516)($1,500,041)11$370,763 ($279,463)($89,542)($342,068)($189,830)$0 $0 ($530,140)$1,027,765 ($2,196,757)($2,125,883)12$407,839 ($250,987)($94,915)($359,171)($201,220)$0 $0 ($498,454)$745,861 ($

36、2,783,082)($2,759,969)13$448,623 ($250,987)($100,610)($377,130)($213,293)$0 $0 ($493,397)$409,616 ($3,387,802)($3,429,452)14$493,485 ($250,987)($106,646)($395,986)($226,090)$0 $0 ($486,225)$9,697 ($4,009,540)($4,134,476)15$542,833 ($250,987)($113,045)($415,786)($239,656)$0 $0 ($476,640)($464,900)($4

37、,646,562)($4,874,897)16$597,117 ($250,987)($119,828)$0 ($191,725)$0 $0 $34,577 ($528,277)($4,797,847)($5,151,338)17$656,828 ($145,130)($127,018)$0 ($203,228)$0 $0 $181,453 ($458,132)($4,808,308)($5,298,540)18$722,511 ($145,130)($134,639)$0 ($161,566)$0 $0 $281,177 ($273,484)($4,719,463)($5,355,410)1

38、9$794,762 ($145,130)($142,717)$0 ($114,174)$0 $0 $392,742 $61,635 ($4,515,500)($5,304,343)20$874,239 ($151,280)$0 ($121,024)$0 $0 $601,935 $676,556 ($4,094,185)($5,040,825)21$961,662 ($160,357)$0 ($128,285)$0 $0 $673,020 $1,492,127 ($3,584,932)($4,689,410)22$1,057,829 ($169,978)$0 ($64,143)$0 $0 $82

39、3,708 $2,630,226 ($2,904,621)($4,164,886)23$0 ($180,177)$0 ($67,991)($216,212)$0 ($464,380)$2,720,034 ($3,485,187)($4,894,987)24$0 ($190,987)$0 ($72,071)($229,185)$0 ($492,243)$2,800,902 ($4,116,837)($5,699,530)25$0 ($202,447)$0 ($76,395)($242,936)$0 ($521,778)$2,869,275 ($4,803,289)($6,584,938)26$0

40、 ($214,594)$0 ($80,979)($257,512)$0 ($553,084)$2,920,746 ($5,548,505)($7,558,141)27$0 ($227,469)$0 ($85,837)($272,963)$0 ($586,270)$2,949,878 ($6,356,714)($8,626,620)28$0 ($241,117)$0 ($90,988)($289,341)$0 ($621,446)$2,949,972 ($7,232,429)($9,798,444)29$0 ($255,584)$0 ($96,447)($306,701)$0 ($658,732

41、)$2,912,798 ($8,180,458)($11,082,317)30$0 ($270,919)$0 ($102,234)($325,103)$0 ($698,256)$2,828,268 ($9,205,933)($12,487,626)31$0 ($287,175)$0 ($108,368)($344,609)$0 ($740,152)$2,684,033 ($10,314,322)($14,024,488)32$0 ($304,405)$0 ($114,870)($365,286)$0 ($784,561)$2,464,997 ($11,511,456)($15,703,811)

42、33$0 ($322,669)$0 ($121,762)$0 $0 ($444,431)$2,539,941 ($12,416,346)($17,150,146)34$0 ($342,029)$0 ($129,068)$0 $0 ($471,097)$2,604,009 ($13,384,097)($18,715,422)35$0 ($362,551)$0 ($136,812)$0 $0 ($499,363)$2,653,311 ($14,418,824)($20,408,829)36$0 ($384,304)$0 ($145,021)$0 $0 ($529,325)$2,683,039 ($

43、15,524,901)($22,240,237)37$0 ($407,363)$0 ($153,722)$0 $0 ($561,084)$2,687,271 ($16,706,982)($24,220,249)38$0 ($431,804)$0 ($162,945)$0 $0 ($594,749)$2,658,729 ($17,970,010)($26,360,250)39$0 ($457,713)$0 ($172,722)$0 $0 ($630,434)$2,588,489 ($19,319,245)($28,672,468)40$0 ($485,175)$0 ($183,085)$0 $0

44、 ($668,260)$2,465,623 ($20,760,275)($31,170,032)41$0 ($514,286)$0 ($194,070)$0 $0 ($708,356)$2,276,774 ($22,299,042)($33,867,036)42$0 ($545,143)$0 ($205,714)$0 $0 ($750,857)$2,005,633 ($23,941,862)($36,778,611)43$0 ($577,852)$0 ($218,057)$0 $0 ($795,909)$1,632,311 ($25,695,445)($39,920,995)44$0 ($61

45、2,523)$0 ($231,141)$0 $0 ($843,663)$1,132,575 ($27,566,926)($43,311,618)45$0 ($649,274)$0 ($245,009)$0 $0 ($894,283)$476,926 ($29,563,886)($46,969,182)46$0 ($688,231)$0 ($259,710)($947,940)($370,526)($31,694,382)($50,913,756)47$0 ($729,524)$0 ($275,292)($1,004,817)($1,453,412)($33,966,974)($55,166,8

46、70) 適用報(bào)酬率21.07%4.00%6.38%結(jié)論：理財(cái)準(zhǔn)備用無(wú)風(fēng)險(xiǎn)利率及投資報(bào)酬率計(jì)算均有多年為負(fù)數(shù)且內(nèi)部報(bào)酬率需要到達(dá)21.07%，這一目標(biāo)與我們?cè)O(shè)定的投資報(bào)酬率6.38%相比依然過(guò)高。故：方案二不選用。方案三：變現(xiàn)住宅一，將劉芳父母與弟弟接來(lái)與自己同住。變現(xiàn)寫(xiě)字樓，辦公室改為租用，月租金1萬(wàn)元。幾年后本人收入還投資負(fù)債房租支出家計(jì)支出學(xué)費(fèi)支出孝養(yǎng)尊親屬國(guó)外旅游保險(xiǎn)流量?jī)衄F(xiàn)金流量理財(cái)準(zhǔn)備（用內(nèi)部報(bào)酬率）理財(cái)準(zhǔn)備（用無(wú)風(fēng)險(xiǎn)利率）理財(cái)準(zhǔn)備（用投資報(bào)酬率）期初生息資產(chǎn) $2,397,200 $2,397,200 $2,397,200 $2,397,200 1$142,945 ($134,33

47、3)($10,600)($70,000)($21,000)($106,000)$0 ($1,000)($199,988)$2,388,748 $2,293,100 $2,350,153 2$157,240 ($134,333)($11,236)($74,200)($22,050)($112,360)$0 ($1,000)($197,940)$2,381,670 $2,186,884 $2,302,154 3$172,963 ($134,333)($11,910)($78,652)($23,153)($119,102)$0 ($1,000)($195,186)$2,376,779 $2,079,174 $2,253,845 4$190,260 ($134,333)($12,625)($83,371)($24,310)($126,248)$0 ($1,000)($191,627)$2,375,057 $1,970,714 $2,206,013 5$209,286 ($134,333