工程經(jīng)濟學(xué)大作業(yè)

大連理工大學(xué)軟件學(xué)院2011-2012學(xué)年度第二學(xué)期大作業(yè)（論文）課程名稱： 工程經(jīng)濟學(xué)大作業(yè)題目： 商業(yè)街開發(fā)項目財務(wù)分姓 名：專 業(yè)： 軟件工學(xué) 號：E－mail:班 級：電 話：CommercialstreetdevelopmentProjectfinancialanalysis(商業(yè)街開發(fā)項目財務(wù)分析)prefaceBackgroundandadvantages:withtheimprovementofpeople'slivingstandard,peoplequalityrequesttoomoreandmorehigh,commercialstreetagoodtrafficlocation,closetothetraffichuboftheregion,theresidentscanuseallkindsoftransportationisconvenientarrived,astrongsenseofaccessibilityandlocationadvantages.Citycommerciallocationconditionisitscanbringefficiencyandeffectivenessmaximizationofthebasicbasis.Location conditions affect the city function, theestablishmentofthebosomfriendandurbangenerallayoutplanningdesign,deepersaidalsoaffectthecitycommercialtouristmarketandradiationability.TheprojectlocatedinDLcitymainroad,whichistheadvantageofexcellentpeopleandtrafficflow.Overviewandenvironment:DLcityislocatedinanortherncoastallivablecity,ourblockinDLcitydevelopmentzone,wheretheroadspaciousandconvenienttraffic,nearuniversities,hasthegoodculturalatmosphere,andatthesametime,neartheresidentialareadevelopmentzone,moreconvenientresidents'consumption.Theprojectcoversanareaof200mu(120muforsale,80muforrent)ofwhich100muoflandisabusinessman,5acresoflandasastreet.Thetotalconstructionareais250thousandsquaremetres,3~4alargeshoppingmallisgivenpriorityto,andundergroundparking.Hasacertaindevelopmentscale,andcanbringaboutgoodsocialbenefitssocialbenefitsandeconomicbenefits.ThenecessityoftheprojectconstructionAccordingtoChina'seconomicsituation,businesscircleconstructionbecameanimportantaspectofeconomicgrowth,promoteconsumptionhasbecomeanationaltheexpansionofdomesticdemand,promotingeconomicdevelopmentandeconomicvitalityreplyoneoftheimportantmeasures.Throughpromotingconsumption,thedevelopmentofcommercialconstructionnotonlycanrelieve,theimprovementofpeople'slifelevel,alsocanpromotethedevelopmentofdozensofrelatedindustries,andprovidingsocietywithalargenumberofemploymentopportunities,andpromotethefurtherdevelopmentofthenationaleconomy.Inshort,therealestateindustryhighcorrelationtoeconomicgrowthinfluencebig.Thepurposeconstruction,topromotethehealthydevelopmentofDLcitycommercialmarket,expanddomesticdemand,maintainagoodmomentumofgrowthinthenationaleconomy,andpromoteeconomicstructuraladjustment,improvetheresidentconsumptionlevelandquality,expandingemployment,promotetheprogressofscienceandtechnologyandthesustainabledevelopmenthasimportantsignificance.marketanalysisandgeneralschedulemarketanalysis：InordertounderstanthemarketdemandstatusinnowdaysCSLcountymerchantmarketresearch,intentiontounderstandthegoalcustomerbuyingintentionandpurchaseability,soasdeterminetheproject'smarketposition.Thecontentoftheinvestigationhavecustomersbuyshopswill,shopstype,areaofthedemand,thedemandunitpriceandtotalprice,expectationssupportingfacilities;InvestigationtoDMGbuildingmaterialswithinthehouseholdmarketmerchantisgivenpriorityto,questionnairesurveyandinterviewscombinedform,samplingsurvey.Datashowthatmerchantsforfood and beverage, financial institutions, leisureentertainment,supermarkets,logisticscenterandtheneedsofthehotelisbigger,above90%.Amongthemthedemandofmainlyconcentratedinfastfood,specialsnacksandmiddle-gradehotel;Thehotelisinfavourofquicktypeandthree-starhotel,Leisureandrecreationalfacilitiesaremorepreferencefitnesscenterandbathcenterandetccansatisfytheneedsofdailylifesupporting.Therefore,thepurposesupportingfacilities,notonlybeabletomeettheirdailylife,theneedsofwork,andatthesametimetousethepurposeoflocationadvantagesattractperipheralpassengerflow,foilpopularity,thusincreasingtheprojectbusinessatmosphere,increaseprojectappreciationpotential.TheGNPof36.9millionyuan,animalhusbandryoutputvalue33.57millionyuan,theindustrialoutputvalue14.88millionyuan,townshipandvillageenterprisesthevalueof4.68millionyuan.Asthedevelopmentofgreatwesternarea,regionaldevelopmentrapidly.Thecurrentcommercialcountysurroundinggatheredthebank,digitalspecialstoreandcateringentertainmentinstitutions,businesscircletoincreasinglyprosperous.Futuredevelopmentspaceisquitelarge,theopenthedevelopmentprospectisgood.ProjectSchedule: investmenestimationandfinancingInvestmentestimation:Thecompanyinvest400millionyuan,600millionyuanloansasdebtcapitalfrombank(fromthethirdyear,eachyearisequalprincipalandinterest,threeyearstopayoff,year600*(1+10%)^5/3=322.102millionyuan),thebankloaninterestraterd=10%,theincometaxrateT=20%,thefinancingchargesfdisneglected.BankloancostBankloancostKd=rd*（1-T）/（1-fd）=10%*（1-20%）/1=8%FinanciabenefitandcostcounselOnsalesfromthethirdyearstart,salesplaneachyear,athirdofayearthatsalesof50000squaremeters,renteveryyearcanbe10millionyuan.priceofeverysquaremetre10,000yuan,soeveryyeartosellandrenthouseshavegiventhefor50000*1=500millionyuan.Countupto510millionyuan.Everytheprincipalandinterestofthebankis322.102millionThefinancialbenefitis510-322.1=187.9millionyuaneveryyearFinancialanalysisperiodforrecoveryofinvestment:OriginalinvestmentF0=400millionyuan,startedtoselleachyearafterthenetcashflowfor197.9millionyuancumulativenetcashflowcomesastheyearofsalesisthethirdyear,isthefifthyearintotalprogress.5t

Ft=0+0+187.9*3-400=163.7>0PaybacktimePt=5-1+（400-163.7*2）/197.9≈4.37netpresentvaluesetthediscounrateis10%,theprojectcalculationperiodis5yearsnetpresentvalue.NPV（10）=

Nt

Ft(1i)

=-400+187.9*(P/A10,5)=-400+(187.9*3.7908)=312.3millionnetpresentvalueNPV>0internalrateofreturnNPV=-400+187.9*

5t

(1i)t=0Ifi=35%thenNPV=-400+187.9*(P/A35,3)=-400+187.9*2.219=17.0Ifi=40%thenNPV=-400+187.9*(P/A40,3)=-400+187.9*2.035=-17.6IRR=35%+(40%-35%)*17.0/(17.0+17.6)=37.46%.RateofreturnoninvestmentYearlypaymenofprincipalandinterestis322.102millionyuan,andtheaverageprincipalis200millionyuaneveryyearsotheeveryyearloaninterestis322.102-200=122.102millionyuanTheAnnualinterestpre-taxprofitis122.102+187.9=300millionyuanTherateofreturnoninvestment（ROI）:ROI=Annualinterestpre-taxprofit/totalinvestment×100%=300/1000×100%=30%RateofReturnonCommonStockholders’EquityEquityCapitalis400millionyuan.ROE=annualprofit/EquityCapital×100%=187.9/400×100%47.0%CurrentRatioTheCurrentassetsis400millionyuan.Thebankreimbursementis322.102millionyuaneveryyear.CurrentRatio=currentassets/TotalCurrentLiabilities=400/322.102=1.24InterestCoverageRatioInterestCoverageRatioInterestCoverageRatio=EarningsBeforeInterestand/Thecurrentdealwithinterestexpense=400/(322.102-200)=3.28DebtServiceCoverageRatioDSCR=（EBITDA-Tax）/PD=400/322.102=1.24SummaryAccordingtotheanalysistheresult,thisprojecthasalotofprojectfea