某新建電子配件廠財(cái)務(wù)評(píng)價(jià)技術(shù)經(jīng)濟(jì)學(xué)

.z*新建電子配件廠財(cái)務(wù)評(píng)價(jià)〔經(jīng)濟(jì)與管理學(xué)院工商管理專(zhuān)業(yè)呂沖〕一、概述*新建電子配件廠工程，其可行性研究已完成工藝技術(shù)方案、環(huán)境保護(hù)、工廠組織和勞動(dòng)定員以及工程實(shí)施規(guī)劃諸方面的研究論證和多方案比擬。在此根底上對(duì)該工程進(jìn)展財(cái)務(wù)可行性評(píng)價(jià)。二、根底數(shù)據(jù)預(yù)測(cè)表1建立投資估算表單位：萬(wàn)元序號(hào)工程或費(fèi)用名稱(chēng)建筑工程總值占總值比〔%〕建立投資〔不含建立期利息〕57005700100%1第一局部固定資產(chǎn)4910491086.14%2第二局部無(wú)形資產(chǎn)4904908.6%3第三局部其他費(fèi)用3003005.26%合計(jì)〔1+2+3〕57005700100%表2流動(dòng)資金估算表單位：萬(wàn)元序號(hào)年份項(xiàng)目投產(chǎn)期到達(dá)設(shè)計(jì)生產(chǎn)能力期3456—141流動(dòng)資金8051035115011502流動(dòng)資金增加額3952301150.00表3：資金使用方案與資金籌措表單位：萬(wàn)元序號(hào)工程年份合計(jì)123451總投資6578.5420213829.543952301151.1建立投資(未含利息)5700200037001.2建立期利息138.549129.541.3流動(dòng)資金740--3952301152資金籌措6578.542.1自有資金2110102068041000其中：用于流動(dòng)資金41000資本金21101020680410002.2借款4468.549893149.54-2251152.2.流動(dòng)資金借款3402251152.2.建立期利息138.549129.54.z表4銷(xiāo)售收入、銷(xiāo)售稅金及附加和增值稅估算表單位：萬(wàn)序號(hào)工程單價(jià)〔元〕生產(chǎn)負(fù)荷70%〔第3年〕生產(chǎn)負(fù)荷90%〔第4年〕生產(chǎn)負(fù)荷100%〔第5-14年〕銷(xiāo)售量〔萬(wàn)件〕金額〔萬(wàn)元〕銷(xiāo)售量〔萬(wàn)件〕金額〔萬(wàn)元〕銷(xiāo)售量〔萬(wàn)件〕金額〔萬(wàn)元〕1產(chǎn)品銷(xiāo)售收入807056009072001008000銷(xiāo)售稅金及其加增值稅〔銷(xiāo)項(xiàng)稅-進(jìn)項(xiàng)稅〕35.7357-45.9459-13613602.1城市維護(hù)建立稅〔增值稅*7%〕--24.99-31.92-95.22.2教育費(fèi)附加〔增值稅*3%〕--10.71-13.98-40.8注：1.增值稅僅為計(jì)算城市維護(hù)建立稅和教育費(fèi)附加的依據(jù)；2.本報(bào)表稅金的計(jì)算方法采用不含增值稅的計(jì)算方法。-.z表5總本錢(qián)費(fèi)用估算表單位：萬(wàn)元序號(hào)年份工程投產(chǎn)期到達(dá)設(shè)計(jì)生產(chǎn)能力期34567891011121314生產(chǎn)負(fù)荷〔%〕70901001001001001001001001001001001外購(gòu)原材料、燃料、動(dòng)力3500450050005000500050005000500050005000500050002工資及福利費(fèi)1501501501501501501501501501501501503修理費(fèi)155.48155.48155.48155.48155.48155.48155.48155.48155.48155.48155.48155.484折舊費(fèi)388.71388.71388.71388.71388.71388.71388.71388.71388.71388.71388.71388.715攤銷(xiāo)費(fèi)1091091091091091094949494949496財(cái)務(wù)費(fèi)用255.8233.419014294949494949494946.1其中：利息支出255.8233.419014294949494949494947其他費(fèi)用3203203203203203203203203203203203208總本錢(qián)費(fèi)用〔1+2+3+4+5+6+7+8〕其中：固定本錢(qián)48794856.64813.24765.24717.24717.24717.24717.24717.24717.24717.24717.2753.5731.1687.7639.7591.7591.7531.7531.7531.7531.7531.7531.7可變本錢(qián)：經(jīng)營(yíng)本錢(qián)4125.54125.54125.54125.54125.54125.54185.54185.54185.54185.54185.54185.5-.z序號(hào)年份工程合計(jì)折舊率〔%〕投產(chǎn)期到達(dá)設(shè)計(jì)生產(chǎn)能力期345678910111213141固定資產(chǎn)合計(jì)51.1原值49101.2折舊費(fèi)4664.5388.71388.71388.71388.71388.71388.71388.71388.71388.71388.71388.71388.71凈值2272.81266.67253.98241.88230.36219.4208.9199189.52180.5171.9163.7155.9表6固定資產(chǎn)折舊費(fèi)估算表單位：萬(wàn)元表7無(wú)形資產(chǎn)及遞延資產(chǎn)攤銷(xiāo)費(fèi)估算表單位：萬(wàn)元序號(hào)年份工程攤銷(xiāo)年限原值投產(chǎn)期到達(dá)設(shè)計(jì)生產(chǎn)能力期345678910111213141無(wú)形資產(chǎn)104901.1攤銷(xiāo)49494949494949494949001.2凈值4413923432942451961479849000-.z表8全部資金財(cái)務(wù)現(xiàn)金流量表單位：萬(wàn)元序號(hào)年份工程合計(jì)建立期投產(chǎn)期到達(dá)設(shè)計(jì)生產(chǎn)能力期1234567891011121314生產(chǎn)負(fù)荷〔%〕70901001001001001001001001001001001現(xiàn)金流入928000.000.005600720080008000800080008000800080008000800080001.1產(chǎn)品銷(xiāo)售收入928005600720080008000800080008000800080008000800080001.2回收固定資產(chǎn)余值245.5245.51.3回收流動(dòng)資金115011502現(xiàn)金流出58097.6200037004901.24406.44376.54261.54261.54261.54321.54321.54321.54321.54321.54321.52.1建立投資〔不含建立期借款利息〕5700200037002.2流動(dòng)資金10907402351152.3經(jīng)營(yíng)本錢(qián)498664125.54125.54125.54125.54125.54125.54185.54185.54185.54185.54185.54185.52.4銷(xiāo)售稅金及附加1441.635.745.91361361361361361361361361361363凈現(xiàn)金流量120657.4-2000-3700698.82793.63623.53738.53738.53738.53678.53678.53678.53678.53678.589633.54累計(jì)凈現(xiàn)金流量252177.7-2000-5700-5001.2-2207.61415.95154.48892.912631.416309.919988.423666.927345.431023.9120657.4-.z表9資本金財(cái)務(wù)現(xiàn)金流量表單位：萬(wàn)元序號(hào)年份工程合計(jì)建立期投產(chǎn)期到達(dá)設(shè)計(jì)生產(chǎn)能力期1234567891011121314生產(chǎn)負(fù)荷〔%〕70901001001001001001001001001001001現(xiàn)金流入928000.000.005600720080008000800080008000800080008000800080001.1產(chǎn)品銷(xiāo)售收入928005600720080008000800080008000800080008000800080001.2回收固定資產(chǎn)余值245.5245.51.3回收流動(dòng)資金115011502現(xiàn)金流出71256.3410206805985.77185.97043.0454715438.85438.85498.85498.85498.85498.85498.85498.82.1資本金211010206804102.2借款本金歸還4468.54920.82007.81539.942.3借款利息支付1573.2255.8233.419014294949494949494942.4經(jīng)營(yíng)本錢(qián)498664125.54125.54125.54125.54125.54125.54185.54185.54185.54185.54185.54185.52.5銷(xiāo)售稅金及附加1441.635.745.91361361361361361361361361361362.6所得稅11797.0237.9773.31051.61067.51083.31083.31083.31083.31083.31083.31083.31083.33凈現(xiàn)金流量21543.66-1020-680-385.714.1956.9625292561.22561.22501.22501.22501.22501.22501.22501.2-.z表10損益和利潤(rùn)分配表單位：萬(wàn)元序號(hào)年份工程合計(jì)投產(chǎn)期到達(dá)設(shè)計(jì)生產(chǎn)能力期34567891011121314生產(chǎn)負(fù)荷〔%〕70901001001001001001001001001001001產(chǎn)品銷(xiāo)售收入928005600720080008000800080008000800080008000800080002銷(xiāo)售稅金及附加1441.635.745.9136.0136.0136.0136.0136.0136.0136.0136.0136.0136.03總本錢(qián)費(fèi)用57051.64879.04856.64813.24765.24717.24717.24717.24717.24717.24717.24717.24717.24利潤(rùn)總額〔1-2-3〕35748.4721.02343.43186.83234.83282.83282.83282.83282.83282.83282.83282.83282.85所得稅〔33%〕11797.0237.9773.31051.61067.51083.31083.31083.31083.31083.31083.31083.31083.36稅后利潤(rùn)〔8-5〕23951.4483.11570.12135.22167.32199.52199.52199.52199.52199.52199.52199.52199.57可供分配利潤(rùn)23951.4483.11570.12135.22167.32199.52199.52199.52199.52199.52199.52199.52199.57.1贏余公積金〔10%〕964.09157213.5216.72202202202202202202202207.2應(yīng)付利潤(rùn)0.07.3未分配利潤(rùn)21761.6483.11570.11921.61950.61979.51979.51979.51979.51979.51979.51979.51979.5累計(jì)未分配利潤(rùn)131102.4483.12053.13974.85925.47904.99884.411864.013843.515823.017802.519782.121761.6-.z序號(hào)年份項(xiàng)目合計(jì)建立期投產(chǎn)期到達(dá)設(shè)計(jì)生產(chǎn)能力期1234567891011121314生產(chǎn)負(fù)荷〔%〕70901001001001001001001001001001資金來(lái)源50035.2820213829.541568.713772.634121.313672.513720.513720.513720.513720.513720.513720.513671.515067.011.1利潤(rùn)總額35748.4721.02343.43186.83234.83282.83282.83282.83282.83282.83282.83282.83282.81.2折舊費(fèi)4664.5388.71388.71388.71388.71388.71388.71388.71388.71388.71388.71388.71388.711.3攤銷(xiāo)費(fèi)49049494949494949494949001.4長(zhǎng)期借款4468.549893149.54-2251151.5流動(dòng)資金借款2302.700.00541.52266.801.6其他短期借款3402251151.7自有資金211010206804101.8其它0.001.9回收固定資產(chǎn)余值245.5245.51.10回收流動(dòng)資金115011502資金運(yùn)用23534.0820213829.541898.73016.12706.541067.51083.31083.31083.31083.31083.31083.31083.31423.32.1固定資產(chǎn)投資5700200037002.2建立期利息138.549129.542.3流動(dòng)資金10907402351152.4所得稅11797.0237.9773.31051.61067.51083.31083.31083.31083.31083.31083.31083.31083.32.5應(yīng)付利潤(rùn)0.002.6長(zhǎng)期借款本金歸還4468.54920.82007.81539.942.7流動(dòng)資金借款本金歸還3403402.8短期借款本金歸還0.003盈余資金26501.200-329.99756.531414.772605.012637.212637.212637.212637.212637.212637.212588.213643.714累計(jì)盈余資金00-329.99426.541841.314446.327083.539720.7412357.9514995.1617632.3720269.5822857.7926501.5表11資金來(lái)源與運(yùn)用表單位：萬(wàn)元序號(hào)年份工程利率〔%〕建立期投產(chǎn)期到達(dá)設(shè)計(jì)生產(chǎn)能力期123452人民幣借款6.00%2.1年初借款本息累計(jì)9984277.083356.271348.46本金9894138.543356.271348.46建立期利息9138.542.2本年借款9893149.542.3本年應(yīng)計(jì)利息9129.54256.62201.3880.92.4本年歸還本金920.812007.811348.462.5本年支付利息256.62201.3880.93歸還借款本金的資金來(lái)源3.1利潤(rùn)483.11570.11921.63.2折舊費(fèi)388.71388.71388.713.3攤銷(xiāo)費(fèi)4949493.4歸還本金來(lái)源合計(jì)〔3.1+3.2+3.3〕920.812007.812359.31歸還人民幣本金920.812007.811348.46歸還本金后余額〔3.4〕1011.35表12長(zhǎng)期借款歸還方案表單位：萬(wàn)元人人民幣借款歸還期〔從借款開(kāi)場(chǎng)年算起〕：4+1348.46/2359.31=4.57(年)-.z三、經(jīng)濟(jì)效果分析1．靜態(tài)財(cái)務(wù)指標(biāo)分析〔1〕靜態(tài)投資回收期①稅前靜態(tài)投資回收期：Tj=6.60年<7年的行業(yè)基準(zhǔn)投資回收期。②稅后靜態(tài)投資回收期：Tj=8.02年>7年的行業(yè)基準(zhǔn)投資回收期?！?〕投資利潤(rùn)率=年平均利潤(rùn)總額/工程總投資*100%=99.2%〔3〕資本金收益率=年平均利潤(rùn)總額/資本金*100%=268.09%2.動(dòng)態(tài)財(cái)務(wù)指標(biāo)分析〔1〕部收益率①稅前部收益率=21%>10%②稅后部收益率=13.3%>10%〔2〕凈現(xiàn)值①稅前凈現(xiàn)值：NPV=4112.3萬(wàn)元>0②稅后凈現(xiàn)值：NPV=1094.29萬(wàn)元>0〔3〕動(dòng)態(tài)投資回收期①稅前動(dòng)態(tài)投資回收期：Td=8.83年<10年的行業(yè)基準(zhǔn)投資回收期。②稅后動(dòng)態(tài)投資回收期：Td=11.76年>10年的行業(yè)基準(zhǔn)投資回收期。根據(jù)以上計(jì)算看出，本工程所得稅前及稅后財(cái)務(wù)凈現(xiàn)值均大于零；工程所得稅前及稅后財(cái)務(wù)部收益率均大于行業(yè)基準(zhǔn)收益率。這說(shuō)明工程從投資角度看盈利能力已經(jīng)滿足了行業(yè)基準(zhǔn)要求。另外，工程所得稅前及稅后靜態(tài)投資回收期均小于行業(yè)基準(zhǔn)投資回收期，工程所得稅前及稅后動(dòng)態(tài)投資回收期均于略大于行業(yè)基準(zhǔn)投資回收期，這說(shuō)明工程根本可行的，但有一定的風(fēng)險(xiǎn)。四、風(fēng)險(xiǎn)能力分析為評(píng)價(jià)不確定性因素對(duì)技術(shù)方案經(jīng)濟(jì)效果的影響，通常采用盈虧平衡分析和敏感性分析方法。1．盈虧平衡分析計(jì)算盈虧平衡點(diǎn)產(chǎn)量。盈虧平衡點(diǎn)產(chǎn)量計(jì)算公式：盈