某新建电子配件厂财务评价技术经济学

.z*新建电子配件厂财务评价〔经济与管理学院工商管理专业吕冲〕一、概述*新建电子配件厂工程，其可行性研究已完成工艺技术方案、环境保护、工厂组织和劳动定员以及工程实施规划诸方面的研究论证和多方案比拟。在此根底上对该工程进展财务可行性评价。二、根底数据预测表1建立投资估算表单位：万元序号工程或费用名称建筑工程总值占总值比〔%〕建立投资〔不含建立期利息〕57005700100%1第一局部固定资产4910491086.14%2第二局部无形资产4904908.6%3第三局部其他费用3003005.26%合计〔1+2+3〕57005700100%表2流动资金估算表单位：万元序号年份项目投产期到达设计生产能力期3456—141流动资金8051035115011502流动资金增加额3952301150.00表3：资金使用方案与资金筹措表单位：万元序号工程年份合计123451总投资6578.5420213829.543952301151.1建立投资(未含利息)5700200037001.2建立期利息138.549129.541.3流动资金740--3952301152资金筹措6578.542.1自有资金2110102068041000其中：用于流动资金41000资本金21101020680410002.2借款4468.549893149.54-2251152.2.流动资金借款3402251152.2.建立期利息138.549129.54.z表4销售收入、销售税金及附加和增值税估算表单位：万序号工程单价〔元〕生产负荷70%〔第3年〕生产负荷90%〔第4年〕生产负荷100%〔第5-14年〕销售量〔万件〕金额〔万元〕销售量〔万件〕金额〔万元〕销售量〔万件〕金额〔万元〕1产品销售收入807056009072001008000销售税金及其加增值税〔销项税-进项税〕35.7357-45.9459-13613602.1城市维护建立税〔增值税*7%〕--24.99-31.92-95.22.2教育费附加〔增值税*3%〕--10.71-13.98-40.8注：1.增值税仅为计算城市维护建立税和教育费附加的依据；2.本报表税金的计算方法采用不含增值税的计算方法。-.z表5总本钱费用估算表单位：万元序号年份工程投产期到达设计生产能力期34567891011121314生产负荷〔%〕70901001001001001001001001001001001外购原材料、燃料、动力3500450050005000500050005000500050005000500050002工资及福利费1501501501501501501501501501501501503修理费155.48155.48155.48155.48155.48155.48155.48155.48155.48155.48155.48155.484折旧费388.71388.71388.71388.71388.71388.71388.71388.71388.71388.71388.71388.715摊销费1091091091091091094949494949496财务费用255.8233.419014294949494949494946.1其中：利息支出255.8233.419014294949494949494947其他费用3203203203203203203203203203203203208总本钱费用〔1+2+3+4+5+6+7+8〕其中：固定本钱48794856.64813.24765.24717.24717.24717.24717.24717.24717.24717.24717.2753.5731.1687.7639.7591.7591.7531.7531.7531.7531.7531.7531.7可变本钱：经营本钱4125.54125.54125.54125.54125.54125.54185.54185.54185.54185.54185.54185.5-.z序号年份工程合计折旧率〔%〕投产期到达设计生产能力期345678910111213141固定资产合计51.1原值49101.2折旧费4664.5388.71388.71388.71388.71388.71388.71388.71388.71388.71388.71388.71388.71净值2272.81266.67253.98241.88230.36219.4208.9199189.52180.5171.9163.7155.9表6固定资产折旧费估算表单位：万元表7无形资产及递延资产摊销费估算表单位：万元序号年份工程摊销年限原值投产期到达设计生产能力期345678910111213141无形资产104901.1摊销49494949494949494949001.2净值4413923432942451961479849000-.z表8全部资金财务现金流量表单位：万元序号年份工程合计建立期投产期到达设计生产能力期1234567891011121314生产负荷〔%〕70901001001001001001001001001001001现金流入928000.000.005600720080008000800080008000800080008000800080001.1产品销售收入928005600720080008000800080008000800080008000800080001.2回收固定资产余值245.5245.51.3回收流动资金115011502现金流出58097.6200037004901.24406.44376.54261.54261.54261.54321.54321.54321.54321.54321.54321.52.1建立投资〔不含建立期借款利息〕5700200037002.2流动资金10907402351152.3经营本钱498664125.54125.54125.54125.54125.54125.54185.54185.54185.54185.54185.54185.52.4销售税金及附加1441.635.745.91361361361361361361361361361363净现金流量120657.4-2000-3700698.82793.63623.53738.53738.53738.53678.53678.53678.53678.53678.589633.54累计净现金流量252177.7-2000-5700-5001.2-2207.61415.95154.48892.912631.416309.919988.423666.927345.431023.9120657.4-.z表9资本金财务现金流量表单位：万元序号年份工程合计建立期投产期到达设计生产能力期1234567891011121314生产负荷〔%〕70901001001001001001001001001001001现金流入928000.000.005600720080008000800080008000800080008000800080001.1产品销售收入928005600720080008000800080008000800080008000800080001.2回收固定资产余值245.5245.51.3回收流动资金115011502现金流出71256.3410206805985.77185.97043.0454715438.85438.85498.85498.85498.85498.85498.85498.82.1资本金211010206804102.2借款本金归还4468.54920.82007.81539.942.3借款利息支付1573.2255.8233.419014294949494949494942.4经营本钱498664125.54125.54125.54125.54125.54125.54185.54185.54185.54185.54185.54185.52.5销售税金及附加1441.635.745.91361361361361361361361361361362.6所得税11797.0237.9773.31051.61067.51083.31083.31083.31083.31083.31083.31083.31083.33净现金流量21543.66-1020-680-385.714.1956.9625292561.22561.22501.22501.22501.22501.22501.22501.2-.z表10损益和利润分配表单位：万元序号年份工程合计投产期到达设计生产能力期34567891011121314生产负荷〔%〕70901001001001001001001001001001001产品销售收入928005600720080008000800080008000800080008000800080002销售税金及附加1441.635.745.9136.0136.0136.0136.0136.0136.0136.0136.0136.0136.03总本钱费用57051.64879.04856.64813.24765.24717.24717.24717.24717.24717.24717.24717.24717.24利润总额〔1-2-3〕35748.4721.02343.43186.83234.83282.83282.83282.83282.83282.83282.83282.83282.85所得税〔33%〕11797.0237.9773.31051.61067.51083.31083.31083.31083.31083.31083.31083.31083.36税后利润〔8-5〕23951.4483.11570.12135.22167.32199.52199.52199.52199.52199.52199.52199.52199.57可供分配利润23951.4483.11570.12135.22167.32199.52199.52199.52199.52199.52199.52199.52199.57.1赢余公积金〔10%〕964.09157213.5216.72202202202202202202202207.2应付利润0.07.3未分配利润21761.6483.11570.11921.61950.61979.51979.51979.51979.51979.51979.51979.51979.5累计未分配利润131102.4483.12053.13974.85925.47904.99884.411864.013843.515823.017802.519782.121761.6-.z序号年份项目合计建立期投产期到达设计生产能力期1234567891011121314生产负荷〔%〕70901001001001001001001001001001资金来源50035.2820213829.541568.713772.634121.313672.513720.513720.513720.513720.513720.513720.513671.515067.011.1利润总额35748.4721.02343.43186.83234.83282.83282.83282.83282.83282.83282.83282.83282.81.2折旧费4664.5388.71388.71388.71388.71388.71388.71388.71388.71388.71388.71388.71388.711.3摊销费49049494949494949494949001.4长期借款4468.549893149.54-2251151.5流动资金借款2302.700.00541.52266.801.6其他短期借款3402251151.7自有资金211010206804101.8其它0.001.9回收固定资产余值245.5245.51.10回收流动资金115011502资金运用23534.0820213829.541898.73016.12706.541067.51083.31083.31083.31083.31083.31083.31083.31423.32.1固定资产投资5700200037002.2建立期利息138.549129.542.3流动资金10907402351152.4所得税11797.0237.9773.31051.61067.51083.31083.31083.31083.31083.31083.31083.31083.32.5应付利润0.002.6长期借款本金归还4468.54920.82007.81539.942.7流动资金借款本金归还3403402.8短期借款本金归还0.003盈余资金26501.200-329.99756.531414.772605.012637.212637.212637.212637.212637.212637.212588.213643.714累计盈余资金00-329.99426.541841.314446.327083.539720.7412357.9514995.1617632.3720269.5822857.7926501.5表11资金来源与运用表单位：万元序号年份工程利率〔%〕建立期投产期到达设计生产能力期123452人民币借款6.00%2.1年初借款本息累计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本年应计利息9129.54256.62201.3880.92.4本年归还本金920.812007.811348.462.5本年支付利息256.62201.3880.93归还借款本金的资金来源3.1利润483.11570.11921.63.2折旧费388.71388.71388.713.3摊销费4949493.4归还本金来源合计〔3.1+3.2+3.3〕920.812007.812359.31归还人民币本金920.812007.811348.46归还本金后余额〔3.4〕1011.35表12长期借款归还方案表单位：万元人人民币借款归还期〔从借款开场年算起〕：4+1348.46/2359.31=4.57(年)-.z三、经济效果分析1．静态财务指标分析〔1〕静态投资回收期①税前静态投资回收期：Tj=6.60年<7年的行业基准投资回收期。②税后静态投资回收期：Tj=8.02年>7年的行业基准投资回收期。〔2〕投资利润率=年平均利润总额/工程总投资*100%=99.2%〔3〕资本金收益率=年平均利润总额/资本金*100%=268.09%2.动态财务指标分析〔1〕部收益率①税前部收益率=21%>10%②税后部收益率=13.3%>10%〔2〕净现值①税前净现值：NPV=4112.3万元>0②税后净现值：NPV=1094.29万元>0〔3〕动态投资回收期①税前动态投资回收期：Td=8.83年<10年的行业基准投资回收期。②税后动态投资回收期：Td=11.76年>10年的行业基准投资回收期。根据以上计算看出，本工程所得税前及税后财务净现值均大于零；工程所得税前及税后财务部收益率均大于行业基准收益率。这说明工程从投资角度看盈利能力已经满足了行业基准要求。另外，工程所得税前及税后静态投资回收期均小于行业基准投资回收期，工程所得税前及税后动态投资回收期均于略大于行业基准投资回收期，这说明工程根本可行的，但有一定的风险。四、风险能力分析为评价不确定性因素对技术方案经济效果的影响，通常采用盈亏平衡分析和敏感性分析方法。1．盈亏平衡分析计算盈亏平衡点产量。盈亏平衡点产量计算公式：盈