工程经济学大作业

大连理工大学软件学院

2022-2022学年度第二学期大作业（论文）

课程名称：工程经济学

大作业题目：商业街开辟项目财务分析

姓名：____________________________________________________

专业：软件工程

学号：____________________________________________________

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班级：_____________________________________________________

电话：

Commercialstreetdevelopment

Projectfinancialanalysis

（商业街开辟项目财务分析）

1preface

Backgroundandadvantages:

withtheimprovementofpeople，slivingstandard,peoplelife

qualityrequesttoomoreandmorehigh,commercialstreethas

agoodtrafficlocation,closetothetraffichuboftheregion,

theresidentscanuseallkindsoftransportationisconvenient

arrived,astrongsenseofaccessibilityandlocation

advantages.Citycommerciallocationconditionisitscanbring

efficiencyandeffectivenessmaximizationofthebasicbasis.

Locationconditionsaffectthecityfunction,the

establishmentofthebosomfriendandurbangenerallayout

planningdesign,deepersaidalsoaffectthecitycommercial

touristmarketandradiationabi1ity.Theproject1ocatcdin

DLcitymainroad,whichistheadvantageofexcellentpeople

andtrafficflow.

Overviewandenvironment:

DLcityislocatedinanortherncoastallivablecity,ourblock

inDLcitydevelopmentzone,wheretheroadspaciousand

convenienttraffic,nearuniversities,hasthegoodcultural

atmosphere,andatthesametime,neartheresidentialarea

developmentzone,moreconvenientresidents，consumption.The

projectcoversanareaof200mu(120muforsale,80muforrent)

ofwhich100muoflandisabusinessman,5acresoflandas

astreet.Thetotalconstructionareais250thousandsquare

metres,3~4alargeshoppingmallisgivenpriorityto,and

undergroundparking.Hasacertaindevelopmentscale,andcan

bringaboutgoodsocialbenefitssocialbenefitsandeconomic

benefits.

2Thenecessityoftheprojectconstruction

AccordingtoChina,seconomicsituation,businesscircle

constructionbecameanimportantaspectofeconomicgrowth,

promoteconsumptionhasbecomeanationaltheexpansionof

domesticdemand,promotingeconomicdevelopmentandeconomic

vitalityreplyoneoftheimportantmeasures.Throughpromoting

consumption,thedevelopmentofcommercialconstructionnot

onlycanrelieve,theimprovementofpeople，slifelevel,but

alsocanpromotethedevelopmentofdozensofrelated

industries,andprovidingsocietywithalargenumberof

employmentopportunities,andpromotethefurtherdevelopment

ofthenationaleconomy.Inshort,therealestateindustryhigh

correlationtoeconomicgrowthinfluencebig.Thepurposeof

construction,topromotethehealthydevelopmentofDLcity

commercialmarket,expanddomesticdemand,maintainagood

momentumofgrowthinthenationaleconomy,andpromote

economicstructuraladjustment,improvetheresident

consumptionlevelandquality,expandingemployment,promote

theprogressofscienceandtechnologyandthesustainable

developmenthasimportantsignificance.

3marketanalysisandgeneralschedule

marketanalysis：

InordertounderstandthemarketdemandstatusinnowdaysCSL

countymerchantmarketresearch,intentiontounderstandthe

goalcustomerbuyingintentionandpurchaseability,soasto

determinetheproject，smarketposition.Thecontentofthe

investigationhavecustomersbuyshopswill,shopstype,the

areaofthedemand,thedemandunitpriceandtotalprice,

expectationssupportingfacilities;InvestigationtoDMG

buildingmaterialswithinthehouseholdmarketmerchantis

givenpriorityto,questionnairesurveyandinterviews

combinedform,samplingsurvey.Datashowthatmerchantsfor

foodandbeverage,financialinstitutions,leisure

entertainment,supermarkets,logisticscenterandtheneedsof

thehotelisbigger,above90%.Amongthemthedemandoffood

mainlyconcentratedinfastfood,specialsnacksand

middle-gradehotel;Thehotelisinfavourofquicktypeand

three-starhotel,Leisureandrecreationalfacilitiesaremore

preferencefitnesscenterandbathcenterandetccansatisfy

theneedsofdailylifesupporting.Therefore,thepurposeof

supportingfacilities,notonlybeabletomeettheirdailylife,

theneedsofwork,andatthesametimetousethepurposeof

locationadvantagesattractperipheralpassengerflow,foil

popularity,thusincreasingtheprojectbusinessatmosphere,

increaseprojectappreciationpotential.

TheGNPof36.9millionyuan,animalhusbandryoutputvalue

33.57millionyuan,theindustrialoutputvalue14.88million

yuan,townshipandvillageenterprisesthevalueof4.68

millionyuan.Asthedevelopmentofgreatwesternarea,

regionaldevelopmentrapidly.Thecurrentcommercialcounty

surroundinggatheredthebank,digitalspecialstoreand

cateringentertainmentinstitutions,businesscircleto

increasinglyprosperous.Futuredevelopmentspaceisquite

large,theopenthedevelopmentprospectisgood.

ProjectSchedule:

projectpredictusingtime

planning1month

landpurchase2month

perparaingmaterialsandworkers1month

construction24month

sales40month

rent•••

4investmentestimationandfinancing

Investmentestimation:

projectCost(millionyuan)

landpurchase200(BU)*400=800

workers500(worker)*0.4*24(month)=48

materials100

materialsrent10

others10

total1,000

Thecompanyinvest400millionyuan,600millionyuanloans

asdebtcapitalfrombank(fromthethirdyear,eachyearis

equalprincipalandinterest,threeyearstopayoff,every

year600*(1+10%)-5/3=322.102millionyuan),thebankloan

interestraterd=10%,theincometaxrateT=20%,the

financingchargesfdisneglected.

Bankloancost

Kd=rd*(1-T)/(1-fd)=10%*(1-20%)/1=8%

5Financialbenefitandcostcounsel

Onsalesfromthethirdyearstart,salesplaneachyear,athird

ofayearthatsalesof50000squaremeters,renteveryyear

canbe10millionyuan,priceofeverysquaremetre10,000yuan,

soeveryyeartosellandrenthouseshavegiventhefor50000

*1=500millionyuan.Countupto510millionyuan.Everyyear

theprincipalandinterestofthebankis322.102millionyuan.

Thefinancialbenefitis510-322.1=187.9millionyuanevery

year

6Financialanalysis

periodforrecoveryofinvestment:

OriginalinvestmentF0=400millionyuan,startedtoselleach

yearafterthene:cashflowfor197.9millionyuancumulative

netcashflowcomesastheyearofsalesisthethirdyear,also

isthefifthyearintotalprogress.

1R=0+0+187.9*3-400=163.7>0

t=o

Paybacktime

Pt=5-1+(400-163.7*2)/197.9仁4.37年

netpresentvalue

setthediscountrateis10%,theprojectcalculationperiod

is5yearsnetpresentvalue.

NPV(10)二£NFt.(i+i)一t=-400+187.9*(P/A10,5)=-400+

t=0

(187.9*3.7908)=312.3millionyuan

netpresentvalueNPV>0

internalrateofreturn

NPV=-400+187.9*251=0

t=i

Ifi-35%thenNPV-400+187.9*(P/A35,3)

=-400+187.9*2.219=17.0

Ifi=40%thenNPV=-400+187.9*(P/A40,3)

=-400+187.9*2.035=-17.6

IRR=35%+(40%-35%)*17.0/(17.0+17.6)=37.46%.

Rateofreturnoninvestment

Yearlypaymentofprincipalandinterestis322.102million

yuan,andtheaverageprincipalis200millionyuaneveryyear,

sotheeveryyearloaninterestis322.102-200=122.102million

yuan

TheAnnualinterestpre-taxprofitis122.102+187.9=300

millionyuan

Therateofreturnoninvestment(R0I):

R0I=Annualinterestpre-taxprofit/totalinvestmentX100%

二300/1000X100%=30%

RateofReturnonCommonStockholdersEquity

EquityCapitalis400millionyuan.

ROE=annualprofit/EquityCapitalX100%=187.9/400X100%y

47.0%

CurrentRatio

TheCurrentassetsis400millionyuan.

Thebankreimbursementis322.102millionyuaneveryyear.

CurrentRatio=currentassets/TotalCurrentLiabilities

=400/322.102=1.24

InterestCoverageRatio

InterestCoverageRatio=EarningsBeforeInterestandTax/

Thecurrentdealwithinterestexpense=400/(322.102-200)=3.28

DebtServiceCoverageRatio

DSCR=(EBITDA-Tax)/PDM00/322.102=1.24

7Summary

Accordingtotheanalysistheresult,thisprojecthasalot

ofprojectfeasibility.

Fromtheprojectinvestmentpaybackperiodwecansee,the

periodforrecoveryofinvestmentisshortenoughas4.37

years.

Fromtheanalysisofinternalrateofreturnandthecurrent

ratio,wegotthedatathattheinternalrateofreturnisonly

37.46,thecurrentratioashighas1.24,theRateofReturn

profitsishighenough.

Soabovetheanalysis,theprojectriskislow,andreturnis

relativelyhigh.Sotheprojectisfeasible.

8Cashflowstatementandaccumulatedrepaymenttable

CashFlowStatement(millionyuan)

projectyearlyear2year3year4year5

cashinflow1000

pre-taxincome00300300300

cashoutflow96040

lending6000000

totalinvestment