【正文】 生產(chǎn)替代進口產(chǎn)品的經(jīng)濟外匯凈現(xiàn)值（以美元表示）之比，即節(jié)約 1 美元外匯所需要的人民幣金額。 MG★★ 敏感性分析： 是指從眾多不確定性因素中找出對投資項目經(jīng)濟效益指標有重要影響的敏感性因素，并分析測算其對項目經(jīng)濟效益指標的影響程度和敏感性程度，進而判斷項目承受風險能力的一種不確定性分析方法。 SC★★ 市場因子推算法： 市場因子推算法就是依據(jù)影響某種商品市場需求量的因子的變化，推算該產(chǎn)品市場需求量的方法。其計算公式為：市盈率 = 股票市價 / 每股盈余。 TZ★★ 投資基金： 投資基金就是將眾多不確定的投資者不同的出資份額匯集起來（主要通過向投資者發(fā)行股份或收益憑證方式募集），交由專業(yè)投資機構進行管理，所得收益由投資者按出資比例分享的一種投資工具。 YK★★ 贏虧平衡點： 盈虧平衡點是指投資項目在正常生產(chǎn)條件下，項目生產(chǎn)成本等于項目銷售收入的點。由于項目國民經(jīng)濟效益分析與項目財務效益分析存 在上述顯著的區(qū)別，二者的結論有時一致，有時不一致。 項目市場分析主要是指通過市場調(diào)查和市場預測，了解和掌握項目產(chǎn)品的供應、需求、價格等市場現(xiàn)狀，并預測其未來變動趨向，為判斷項目建設的必要性和合理性提供依據(jù)。 項目市場分析的內(nèi)容有：（ 1）市場需求分析；（ 2）市場供給分析；（ 3）市場競爭分析；（ 4）項目產(chǎn)品分析；（ 5）市場綜合分析。 直接作項目國民經(jīng)濟效益分析，應首先識別和計算項目的直接效益和直接費用、以及間接效益和間接費用，然后以貨物影子價格、影子工資、影子匯率和土地影子費用等，計算項目的固定資產(chǎn)投資、流動資金、經(jīng)營費用和銷售收入（或效益），并編制項目國民經(jīng)濟效益分析基本報表，最后以此為基礎計算項目國民經(jīng)濟效益分析指標。 敏感性分析的一般步驟：（ 1）確定分析的項目經(jīng)濟效益指標（ 2）選定不確定性因素，設定其變化范圍（ 3）計算不確定性因素變動對項目經(jīng)濟效益指標的影響程度，找出敏感性因素（ 4）繪制敏感性分析圖，求出不 確定性因素變化的極限值。 一般而言 ，債券價格變動和市場利率變動有以下關系： 1)債券價格與市場利率反響變動； 2)給定市場利率的波動幅度，償還期越長，債券價格波動的幅度越大。保險的效用主要表現(xiàn)為： 1）損失補償。這主要是指保險將以收取保險費的形式建立起保險基金的閑置部分用于投資。保險的主要社會代價有以下兩個方面： 1）欺詐性的索賠。 JS★★ 簡述期貨交易的功能。（ 2）套期保值是指為規(guī)避或減少風險，在期貨市場建立與其現(xiàn)貨市場相反的部位，并在期貨合約到期前實行對沖以結清部位的交易方式。（ 2）利率上升時，投資者據(jù)以評估值所在的折現(xiàn)率也會上升，股票價值因此會下降，從而，也會使股票價格相應下降；反之，利率下降時，股票價格就會上升。股票投資上的盈利狀況直接影響到基金的凈值，從而影響基金價格； 2)基金價格和股票價格相互拉動，呈同步變動； 3)投資基金實行組合投資策略。 (二 )市場技術和社會心理因素 ： ① ．市場技術因素 ② 社會心理因素 ③ 市場效率因素 。 JS★★ 簡述投資基金的特性。共同點：（ 1）都處于項目周期的第一時期 —— 投資前期；（ 2）所包括的內(nèi)容基本相同；（ 3）目的和要 求是相通的。 SM★ ★什 么是項目國民經(jīng)濟效益分析？對投資項目進行國民經(jīng)濟效益分析有何作用？ 項目國民經(jīng)濟效益分析，又叫做項目國民經(jīng)濟評價，它是按照資源合理配置的原則，從國家整體角度考察項目的效益和費用，用貨物影子價格、影子工資、影子匯率和社會折 現(xiàn)率等經(jīng)濟參數(shù)，分析、計算項目對國民經(jīng)濟的凈貢獻，評價項目的經(jīng)濟合理性。 (3)有助于實現(xiàn)投資決策的科學化。 經(jīng)濟換匯成本是用貨物影子價格、影子工資和社會折現(xiàn)率計算的為生產(chǎn)出口產(chǎn)品而投入的國內(nèi)資源現(xiàn)值（以人民幣表示）與生產(chǎn)出口產(chǎn)品的經(jīng)濟外匯凈現(xiàn)值（通常以美元表示）之比，亦即換取 1 美元外匯所需要的人民幣金額，是分析評價項目實施后在國際上的競爭力，進而判斷其產(chǎn)品 應否出口的指標。 項目國民經(jīng)濟效益分析與項目財務效益分析的區(qū)別：（ 1）二者的分析角度不同；（ 2）二者關于費用和效益的含義不同；（ 3）二者關于費用和效益的范圍不同；（ 4）二者計算費用和效益的價格基礎不同；（ 5）二者評判投資項目可行與否的標準（或參數(shù)）不同。（二）考察投資項目的清償能力。 債券投資風險是指由于各種不確定因素影響而使債券投資者在投資期內(nèi)不能獲得預期收益甚至遭受損失的可能性。porcelain capital39。 Jingdezhen raises porcelain standard City39。s level of internationalization. The policy will also bring direct economic revenue, Li said. Chengdu has many cultural legacies and is also a paradise for panda lovers with the world39。s public security bureau shows some 100 foreign visitors enjoyed the 72hour policy by the end of March, most of them from the United States, the United Kingdom and Germany. Chengdu also reported robust growth in its overall tourist industry last year. Official statistics show that it received some 150 million tourists last year, an increase of 28 percent from 2021. Around million came from abroad, an increase of 12 percent. Total revenue from tourism surpassed 133 billion yuan ($). During his visit to Kazakhstan in September, Chinese President Xi Jinping proposed that China and Central Asia join hands to build a Silk Road economic belt to boost cooperation. The idea has been w idely echoed in Central Asian countries, being an encouraging blueprint for Chinese areas along the Silk Road that has linked Asia and Europe for more than 2,000 years. In the next three w eeks, China Daily reporters will travel through the belt in China and in Kazakhstan, Uzbekistan and Turkey. They w ill show the progress and expectations of the countries, businesses and peoples on the route. Shaanxi the start of the ancient Silk Road has positioned itself as the new starting point for the development of the Silk Road Economic Belt, w hich will strengthen China39。ll discover that aside from today39。an. Lou held a joint interview with 27 media, including China Daily, the first in a series of interviews entitled Chinese Media Along the Silk Road. The interview s will be in Shaanxi and Gansu provinces and the Xinjiang Uygur autonomous region, as w ell as Kazakhstan, Uzbekistan and Turkey. The media group held the first interview on Wednesday morning in Xi39。s ancient indigenous religion, while Du jiang yan is considered to be the oldest functioning watercontrol project in the world. Chengdu ranked third in tourist facilities, management and services among 60 Chinese cities in a customer satisfaction survey released last year. But, Li added that efforts are still needed to develop more tourism products, improve English services and provide accurate translation of traffic signs and scenic billboards. Zhao Yun, chairwoman of British Chamber of Commerce Southwest China, told China Daily that his colleagues found the policy very convenient. A British client once flew here and stayed for just one day to check her ordered goods, she said. Zhao was born in Shanxi province, but she has lived in Chengdu for more than 10 years. My life was like a running race moving from place to place. I also lived in Beijing and Shanghai before, she said. But Chengdu is a place that you never want to leave once settling down. It is now my second hometown, she said. If the environment is further improved, the city will attract more people to visit and live, with the 72hour visafree policy and pelling conditions in transportation, culture, climate and cuisine, he said. Foreigners also gave positive feedback on the policy. A spokesman from Dell Inc said the pany has a global hub of operation in Chengdu, so the threeday visa has an immediate and positive influence on the pany39。s porcelain capital, where fine ceramics have been produced for more than 1,700 years, attracting nu