经营租赁论丛之十一分成租赁及其报价方法

1、分成租赁及其报价方法经营租赁论丛之十一在租赁业务的创新中，出现了一种名为“分成租赁”的品种。本文就其性质以及报价方法作一探讨。何物分成租赁分成租赁是指，在某项租赁交易中，承租人先是在约定的期限内按约定的数额分期支付，称“固定租金”；在该期限届满后，则承租人按并非租赁物原值而是销售百分比、使用量、营业收入之类其它因素支付。这种支付，在国际租赁会计准则中称“随机租金”，在我国租赁会计准则中称“或有租金”。对于分成租赁，有以下认识：一）分成租赁中的或有租金，既不是融资租赁中作为承租人占有出租人资金的对价的租金，也不是其它租赁中作为承租人占有出租人实物的对价的租金。这里的或有租金，尽管名为“租金”，其

2、实是投资收益。既然是投资收益，其数额当然不可能预先确定。而且，不仅可能是程度不等的利润，也可能是亏损。总之，在这里我们所看到的，是出租人同承租人的利益共享和风险共担。正因此，所谓“分成租赁”，并非是租赁的任何类别，而只是租赁同投资的一种结合。这种结合，只要交易双方意思一致，当然是可以成立的。只是就分成的部分而言，应该适用对投资活动的会计处理、税收待遇以及监管政策；二）在分成租赁中，固定租金总额的折现值一定小于租赁物在起租日的价值，否则承租人不会同意出租人在收完固定资金的情况下，还来分享利益。据此可以确定，分成租赁中的租赁部分，一定只能是经营租赁，而不会是融资租赁；三）对分成租赁的市场需求，首先

3、来自承租人。因为显然，这种方式可以使得承租人的部分支付随经营效果而异。较之不问经营效果的全部支付固定租金，可以减少风险。当然，在经营效果优异的情况下，其全部收益不能都归自己。但是，相比之下，这样的代价是值得的。至于说出租人，它之所以肯冒这样的风险，一定是因为它确信承租人经营效果恶化的概率较低。而且，这里不仅有风险，尤其有机会。往往是，在分成租赁的情况下，出租人的综合收益率会远高于固定租金的收费方式；四）分成租赁作为经营租赁的一种方式，出租人或者设备制造商往往还会提供技术服务。对于这一类服务，都是要单独收费的。而在租赁交易中，出租人为了弥补交易成本，往往会要在期初收取某种费用，对此，我们宣称“租

4、赁手续费”，以便同提供技术服务时的收费区别开来。所有这些收费，都应该同分成租赁中的分成区别开来。分成租赁中出租人的报价方法分成租赁交易易于被某些用户所接受这一点，我们上面已经提及。对于出租人来说，分成租赁的特点在于，以固定租金方式所回收的金额，可能只及租赁物在起租日的公允市值的某个百分数；即使是百分之百收回了，也还没有包括资金的成本，更不要说经营成本及所需收益了。因此，全部关键在于对承租人在后一阶段的收入的预期以及分成条件的设定。这里我们假设，分成的部分以承租人使用该租赁物的项目收入为基数，按商定的百分比收取。分成租赁的报价可按以下几个步骤进行。一）承租人肯于支付固定租金的期限和数额；二）以该

5、期间出租人自己的筹资综合利率为折现率，求出固定租金总额的至起租日的折现值。该折现值同租赁物在起租日的价值之差，就是出租人需通过分成阶段收回的成本；三）设定出租人所期待的内部收益率，据以确定在商定的分成期限内各次应得的分成数额；四）认真评估承租人使用该租赁物的项目在分成期间的预期效益，据以确定出租人所要求的分成比例。五）固定租金支付期限、次数及金额、项目收入、分成比例这几个因素的任何变动，将直接导致出租人内部收益率的变动。出租人报价的底线，就是自己所期待的最低的内部收益率。因此，只有上述因素的综合效果能保住该底线的条件，才是出租人可接受的合同条件。下面列表说明。表A1的条件是：起租日租赁物价值6

6、,000,000.00,租赁期限8年，每月末收租金一次。前四年各月收等额租金125,000.00,四年内全部收回起租日租赁物价值（125Q00.00X12月X4年=6,000,000.00）。后四年各月收取上月项目收入的25%,假设每年项目收入固定为4,000,000.00,则每月分成金额为83,333.33（=4,000,000.0012X25%）,则固定租金合计金额为6,000,000.00,分成金额合计为4,000,000.00（=83,333.33X分成收入越减少，出租人的收益也越少，这是不言而喻的。作此种测算，一是要看所得的内部收益率是否在出租人的底线以上；二是要看出租人对所预测的项

7、目收入能承担怎样的下降风险。例如，如果11.5%是出租人的内部收益率底线，而项目收入的下降幅度达到60%是可能的，那么，分成比例必须提高到37.5%,使得净流入不小于2,400,000.00（见表A5）。）;而对于表D1的条件来说，假设出租人自己的筹资成本是8%,则前四年未收回的成本是2,401,107.51（见表C4）,相差悬殊。在D1的条件下，要使出租人的内部收益率赶上A1,则后四年的分成比例必须不低于45.65%（见表D2）,而且是在预期的项目收入完全能够实现的前提下。表C3是在表B条件下前四年未收回的成本测算，其数额最小，是681,365.75这再次表明，在承租人有支付能力的情况下，固

8、定租金的回收期越短，分成的条件就可以越宽松，出租人的风险也将越小。表D4表明，在表D3的固定租金期间的条件下，要达到表B的内部收益率，其分成阶段的分成比例必须上升到54.2609%。附带说明，关键不在于上面各表内所定的分成比例，而在于分成收入的绝对值。以表A1的条件为例，在后四年，各月需分成83,333.3&因此，如果各年项目收入是2,000,000,那么，为了达到同样的内部收益率，出租人就要坚持分成比例不小于50%。本件仅仅对分成租赁的报价条件作一量化分析，并未涉及出租人对该项目的全部核算。谨此说明。另外，迄今，经营租赁中出租人的营业税的税基仍是租金的5%。在确定出租人的内部收益率指标时，不

9、仅要考虑自己的筹资成本，还要考虑营业税的负担。裘企阳表A1分成租赁收益测算条件：租赁期限8年，起租日租赁物价值6,000,000.00,每月末收等额租金一次，在前四年全部收回起租日租赁物价值。后四年按项目收入分成，项目年收入预测是4,000,000.00,每月末收取上月项目收入的25%o本表未考虑租赁手续费。期次流出项目收入流入净流入折现率折现值起租日租赁物价值固定租金分成比例分成金额起出日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页期次流出流入净流入折现率折现值起租日租赁物价值项目收入固定租金分成比例分成金额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合计6,000,000.002,000,000.006,000,000.004,000,000.004,

26、000,000.0015.8102%0.0C10,000,000.00本条件下出租人的内部收益率是表A2分成租赁收益测算条件：租赁期限8年，起租日租赁物价值6,000,000.00,每月末收等额租金一次，在前四年全部收回起租日租赁物价值。后四年按项目收入分成，项目年收入是预测值4,000,000.00的80%,即，3,200,000.00,每月末收取上月项目收入的25%。本表未考虑租赁手续费。流出流入期次起租日租赁物价值项目收入固定租金分成比例分成金额净流入折现率折现值起出日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页期次流出项目收入流入净流入折现率折现值起租日租赁物价值固定租金分成比例分成金额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合计6,000

43、,000.0025,600,000.006,000,000.003,200,000.003,200,000.0013.8332%0.0C9,200,000.00本条件下出租人的内部收益率是表A3分成租赁收益测算条件：租赁期限8年，起租日租赁物价值6,000,000.00,每月末收等额租金一次，在前四年全部收回起租日租赁物价值。后四年按项目收入分成，项目年收入是预测值4,000,000.00的60%,即，2,400,000.00,每月末收取上月项目收入的25%。本表未考虑租赁手续费。流出流入期次起租日租赁物价值项目收入固定租金分成比例分成金额净流入折现率折现值起出日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页期次流出项目收入流入净流入折现率折现值起租日租赁物价值固定租金分成比例分成金额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合计6,000,000.0019,200,000.006,000,000.002,400,000.002,400,000.0011.5237%0.0C8,400,000.00本条件下出租人的内部收益率是表A4分成租赁收益测算条件：租赁期限8年，起租日租赁物价值6,000,000.00,每月末收等额租金一次，在前四年全部收回起租日租赁物价值。后四年按项目收入分成，项目年收入是预测值4,000,000.00的40%,即，1,600,000.00,每月末收取上月项目收入的25%。本表未考虑租赁手续费。流出流入期次起租