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北新建材散热器项目财务评估探讨
时间:2011-02-28 浏览次数:1822次 无忧论文网
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高级管理人员工商管理硕士(EMBA)
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    内 容 提 要 从提高企业投资决策的成功率出发,投资人和企业的管理者要树立科学决策慎重投资观念,重视对投资项目进行财务可行性的评估。通过运用财务评估的理论方法对北新建材散热器项目进行财务评估探讨,说明了财务评估对投资决策的重要作用和意义。第一章介绍了北新建材的背景和散热器项目的基本概况。北新建材从公司的发展战略需要出发,积极寻求新的利润增长点,利用公司拳头产品的关联效应以及营销渠道等相对优势和其他条件,抓住国内散热器市场正处于用新型高效节能产品替代落后的高耗能低热效产品的结构调整期的机遇,拟从欧洲引进设备和技术,并利用北京基地有可以满足项目建设所需的土地、动力等生产条件,投资“钢制板式散热器”项目。钢制板式散热器产品在欧洲有70%的市场占有率,调研认为这种产品在国内亦会受到市场欢迎,将有很大的市场容量和空间,项目引进投产后能逐步替代传统的铸铁散热器,有较强的市场竞争力;第二章概括性地阐述了投资的定义和具有收益性、风险性和长期性的本质特性,阐明财务评估是项目评估的重要组成部分,是为了确定投资项目的价值、质量和可取性所做的论证,为项目投资决策提供支持依据的作用和意义。介绍了项目评估的基本内容,重点论述了投资项目财务评估的基本理论方法和分析步骤;详细地论述了资金时间价值理论和现金流量贴现技术在财务评估中的运用。第三章是运用财务评估理论和方法对散热器项目的总投资、经营成本、营业收入、利润等现金流量进行估算和预测,并重点运用净现值、内涵报酬率、投资回收期等动态财务评价指标对投资项目现金流量进行评价分析,说明项目的赢利能力在财务上是否可行;从充分揭示项目存在的不确定风险因素对项目盈亏的影响,运用盈亏平衡点法进行了分析,说明了项目的抗风险能力。依据静态财务指标分析和动态财务指标分析,以及对项目风险因素分析等财务评估结果,给出了“钢制板式散热器”项目财务上是可行的结论,为投资决策提供了科学依据。最后在结束语中,从对北新建材散热器投资项目进行的评估探讨,指出以货币时间价值理论为理论支持的现金流量贴现技术,使现代财务评估具有了科学性和实用性。现金流量贴现评估技术对投资决策乃至企业收够兼并、证券投资都具有重要的作用。同时也指出,由于市场调研分析存在一定的局限性、项目基本财务数据出于估算和预测,因而财务评估也不可避免地存在一定的局限性。随着科学技术的不断进步,作为管理科学的财务评估理论和技术也会不断得到发展。并提出要树立正确的投资意识和科学的决策观念,树立风险观念,为适应经济全球化和竞争国际化的要求,重视财务评估,提高投资成功率。 [英文摘要]:     Abstract In order to improve the success rate of company’s investment decision, the          administrators of company and the investor should establish the idea to make the decision scientifically and invest cautiously, and should pay attention to use the method of assessing financial feasibility to evaluate the investment project. After discussing the financial evaluation of BNBM radiator project using financial evaluation theoretical methodology, we found the important effect and significance of financial evaluation on investment decision. Chapter 1 introduced the background of BNBM and basic information of the radiator project. In order to meet the requirement of company’s development strategy, BNBM actively seek the new growth point of profit. In order to utilize comparative advantages such as the related effect of the company comparative advantage product, marketing channel, other conditions, and the opportunity that the domestic radiator market was in the structure adjustment period of substituting the backward highly energy-consuming and low-heat result products with the new-type energy-efficient products, BNBM was intended to invest in the project of steel plate radiator. And the working conditions in the Beijing base would meet the project’s requirement including land, labor and so on. In Europe, the products of steel plate radiator have the 70 percent market share. According to investigation, this product would also be popular at home, and have large capacity and great prospect of market. If the project was introduced and gone into operation, this kind of product would replace the traditional casting iron radiator progressively, and would gain very strong market competitiveness. Chapter 2 described the definition of investment, and its three essential characteristics: profitability, risk and long-run. It also describes three prospects of financial evaluation. At first, it is the important component of the project assessment. Secondly, it is to confirm the value, quality and executable of the investment project. Finally, it has good functions and significance to make the investment decision of the project. Then this chapter described the basic content of the project assessment, especially the basic theory and analysis step of financial evaluation in investment. It also discussed the application of capital time value theory and present value method of cash flow in the financial evaluation in detail. Chapter 3 discussed how to estimate and forecast the cash flow such as gross invest, operation cost, income and profit by using the theory and method of financial evaluation, especially the dynamic assessment index of financial evaluation, including NPV, IRR, payoff period and etc., in the aim of judge the feasibility of the project’s productiveness. Then, thesis used the break-even point to analyze and describe the influences of risk factors in the project, in order to show the project’s abilities to resist risk. Based on the analysis of static and dynamic financial index, and the result of risk analysis, we drew a conclusion that the project steel plate radiator is feasible and practicable in finance, and offer the scientific foundation to the decision-making. In the summary, on the base of the analysis of BNBM investment project of the radiator, it described the present value method of cash flow, which regards time value theory as the support, make the financial evaluation scientifically and practicality. The present value method of cash flow has the important function and significance to the investment decision-making, even the Enterprise's merger and acquisition, investment in securities and so on. At the same time, as a result of limitations of investigation and basic financial data of the project is estimative and forecast able, financial evaluation has unavoidable limitation. As management science, the theory and method of financial evaluation will be developed,   within the progress of the scientific and technology. In order to meet the requirements of Economic globalization and competition internationalization, it put forward to build up the right consciousness for investment and decision-making, pay attention to the risk, and regard financial evaluation as a good tool. As a result, we will improve the success rate of investment decision.    
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