工程經(jīng)濟(jì)學(xué)案例分析課程設(shè)計(jì)

工程經(jīng)濟(jì)學(xué)案例分析課程設(shè)計(jì)目錄TOC\o"1-4"\h\z\u一．基本情況 21.1背景 21.2設(shè)計(jì)能力 21.3實(shí)施進(jìn)度 21.4注冊(cè)資本 2二．基本財(cái)務(wù)數(shù)據(jù) 2三．項(xiàng)目可行性分析 23.1投資模式和產(chǎn)權(quán)關(guān)系 23.2財(cái)務(wù)評(píng)價(jià) 33.2.1編制基礎(chǔ)數(shù)據(jù)表 33.2.2編制輔助報(bào)表 43.2.4財(cái)務(wù)分析 103.2.4.1盈利能力分析 103.2.4.2償債能力分析 113.3分析結(jié)論 11一．基本情況1.1背景甲乙雙方共同投資與一個(gè)化工項(xiàng)目，設(shè)立一個(gè)股份制企業(yè)。1.2設(shè)計(jì)能力設(shè)計(jì)生產(chǎn)能力為年產(chǎn)600噸A產(chǎn)品。1.3實(shí)施進(jìn)度建設(shè)期為3年，第4年為投產(chǎn)期，生產(chǎn)負(fù)荷為70%，第5年--10年為正常生產(chǎn)年份。項(xiàng)目分析期為10年。1.4注冊(cè)資本注冊(cè)資本為140萬(wàn)元。雙方3：1資金投入，資金不足部分貸款解決，年利息按6%測(cè)算。二．基本財(cái)務(wù)數(shù)據(jù)本項(xiàng)目的基本財(cái)務(wù)數(shù)據(jù)如表2-1所示。表2-1基本財(cái)務(wù)數(shù)據(jù)項(xiàng)目?jī)?nèi)容備注產(chǎn)品銷(xiāo)售價(jià)格1.3萬(wàn)元/噸無(wú)正常生產(chǎn)年份經(jīng)營(yíng)成本234萬(wàn)元/年無(wú)總投資建設(shè)投資建設(shè)工程產(chǎn)房總投資240萬(wàn)元按30年直線(xiàn)折舊，殘值率為5％建設(shè)投資中的自有資金比例為40%前三年建設(shè)期投資額分別為：90萬(wàn)元，150萬(wàn)元，60萬(wàn)元機(jī)器設(shè)備工器具及家具60萬(wàn)元按8年折舊，采用年份數(shù)求和折舊，殘值率為5％開(kāi)辦費(fèi)10萬(wàn)元發(fā)生在建設(shè)期第一年流動(dòng)資金30萬(wàn)元投產(chǎn)前一次性投入，其中67％為自有資金稅金增值稅及附加6%無(wú)所得稅25%基準(zhǔn)收益率17%無(wú)三．項(xiàng)目可行性分析3.1投資模式和產(chǎn)權(quán)關(guān)系甲乙雙方以3：1的投資比例合資共140萬(wàn)元，即甲方投入105萬(wàn)元自有資金，乙方投入35萬(wàn)元自有資金，設(shè)立股份制企業(yè)。建設(shè)期投資費(fèi)用包括建設(shè)工程產(chǎn)房總投資240萬(wàn)元、機(jī)器工器具及家具60萬(wàn)元、開(kāi)辦費(fèi)10萬(wàn)元和流動(dòng)資金30萬(wàn)元，總計(jì)340萬(wàn)元，企業(yè)需從銀行借款200萬(wàn)元。投資模式和產(chǎn)權(quán)關(guān)系圖如圖3-1所示。圖3-1項(xiàng)目投資模式和產(chǎn)權(quán)關(guān)系圖3.2財(cái)務(wù)評(píng)價(jià)3.2.1編制基礎(chǔ)數(shù)據(jù)表（1）投資數(shù)據(jù)表3-1投資數(shù)據(jù)投資構(gòu)成數(shù)額資金來(lái)源年份1234建設(shè)投資300資本金406020借款509040小計(jì)：9015060開(kāi)辦費(fèi)10資本金0借款10小計(jì)：10流動(dòng)資金30資本金20借款10小計(jì)：30資本金合計(jì)：40602020（2）收入和費(fèi)用數(shù)據(jù)表3-2收入和費(fèi)用數(shù)據(jù)年份12345678910年銷(xiāo)售收入546780780780780780780年經(jīng)營(yíng)成本163.8234234234234234234（3）其他數(shù)據(jù)表3-3其他數(shù)據(jù)固定資產(chǎn)形成比例97%其他資產(chǎn)形成比例3%增值稅及附加6%固定資產(chǎn)殘值率5%建設(shè)工程產(chǎn)房折舊年限30所得稅稅率25%機(jī)器設(shè)備等折舊年限8投資基準(zhǔn)收益率17%3.2.2編制輔助報(bào)表（1）建設(shè)期利息估算表表3-4建設(shè)期利息估算表序號(hào)項(xiàng)目合計(jì)建設(shè)期1231期初借款余額061.8158.212當(dāng)期借款1506090403當(dāng)期應(yīng)計(jì)利息18.901.86.4110.694期末借款余額61.8158.21208.90固定資產(chǎn)折舊估算表將建設(shè)期利息計(jì)18.90萬(wàn)元計(jì)入固定資產(chǎn)工程產(chǎn)房原值，即建設(shè)工程產(chǎn)房原值為240+18.90=258.90萬(wàn)元，并按照30年直線(xiàn)折舊，殘值率為5％。機(jī)器設(shè)備、工器具和家具的原值為60萬(wàn)元，按8年折舊，采用年份數(shù)求和折舊，殘值率為5％。固定資產(chǎn)折舊估算表如表3-5所示。。表3-5固定資產(chǎn)折舊估算表序號(hào)項(xiàng)目合計(jì)計(jì)算期456789101建筑工程產(chǎn)房原值258.90當(dāng)期折舊費(fèi)

（直線(xiàn)折舊）57.398.208.208.208.208.208.208.20凈值250.70242.50234.30226.11217.91209.71201.512機(jī)器設(shè)備

工器具和家具原值60當(dāng)期折舊費(fèi)

（年份數(shù)求和折舊）44.3311.089.507.926.334.753.171.58凈值48.9239.4231.5025.1720.4217.2515.673合計(jì)原值318.90當(dāng)期折舊費(fèi)101.7219.2817.7016.1214.5312.9511.379.78凈值299.62281.92265.80251.27238.32226.96217.18其他資產(chǎn)攤銷(xiāo)估算表將開(kāi)辦費(fèi)10萬(wàn)元計(jì)入無(wú)形資產(chǎn)，在4-10年進(jìn)行等額攤銷(xiāo)，每年攤銷(xiāo)費(fèi)10/7=1.43萬(wàn)元，得到其他資產(chǎn)攤銷(xiāo)估算表如表3-6所示。表3-6其他資產(chǎn)攤銷(xiāo)估算表序號(hào)項(xiàng)目合計(jì)計(jì)算期456789101其他資產(chǎn)原值10當(dāng)期攤銷(xiāo)費(fèi)10.001.431.431.431.431.431.431.43凈值8.577.145.714.292.861.430.00營(yíng)業(yè)收入和增值稅及附加估算表第四年投產(chǎn)期生產(chǎn)負(fù)荷為70%，故其有營(yíng)業(yè)收入對(duì)正常生產(chǎn)年份的70%，即600×1.3×0.7=546萬(wàn)元。增值稅及附加為營(yíng)業(yè)收入的6％，即546×0.6=32.76萬(wàn)元，780×0.6=46.8萬(wàn)元。得到營(yíng)業(yè)收入和增值稅及附加估算表如表3-7所示。表3-7營(yíng)業(yè)收入和增值稅及附加估算表序號(hào)項(xiàng)目合計(jì)計(jì)算期123456789101營(yíng)業(yè)收入52260005467807807807807807801.1A產(chǎn)品營(yíng)業(yè)收入5226546780780780780780780單價(jià)（不含稅，萬(wàn)元/噸）1.31.31.31.31.31.31.3數(shù)量（噸）40204206006006006006006002增值稅及附加32.7646.846.846.846.846.846.8借款償還計(jì)劃表建設(shè)期投資借款償還計(jì)劃表采用三表連算的方法，用于建設(shè)期投資本金償?shù)馁Y金來(lái)源于當(dāng)年的“未分配利潤(rùn)”“折舊”和“攤銷(xiāo)”，得到建設(shè)期投資借款償還計(jì)劃表如表3-8所示。結(jié)合報(bào)表可知，建設(shè)期投資借款償還期=（6-3）+第七年期初本息余額/第七年還本金額來(lái)源=3.1年。表3-8建設(shè)期投資借款償還計(jì)劃表序號(hào)項(xiàng)目計(jì)算期123456789101借款（續(xù)表3-8）1.1期初本息余額061.8158.208208.90152.6980.659.531.2當(dāng)期借款6090401.3當(dāng)期應(yīng)計(jì)利息1.86.4110.6912.539.164.840.571.4當(dāng)期還本付息68.7581.2075.9610.10其中：還本56.2172.0471.129.53付息12.539.164.840.57期末本息余額61.8158.21208.90152.6980.659.530.00還本資金來(lái)源56.2172.0471.1270.1968.8567.4566.04未分配利潤(rùn)35.5052.9153.5754.2354.4854.6554.83折舊19.2817.7016.1214.5312.9511.379.78攤銷(xiāo)1.431.431.431.431.431.431.43計(jì)算指標(biāo)借款償還期/年（從投產(chǎn)期開(kāi)始）3.1流動(dòng)資金借款還本付息表表3-9流動(dòng)資金借款還本付息表序號(hào)項(xiàng)目計(jì)算期123456789101當(dāng)期借款102期初本息余額101010101010103當(dāng)期應(yīng)計(jì)利息0.60.60.60.60.60.60.64當(dāng)期還本付息0.60.60.60.60.60.616其中：還本00000010付息0.60.60.60.60.60.60.6總成本費(fèi)用估算表表3-10總成本費(fèi)用表序號(hào)項(xiàng)目計(jì)算期456789101經(jīng)營(yíng)成本163.82342342342342342342折舊費(fèi)19.2817.7016.1214.5312.9511.379.783攤銷(xiāo)費(fèi)1.431.431.431.431.431.431.434財(cái)務(wù)費(fèi)用13.139.765.441.170.600.600.60其中：建設(shè)期借款利息12.539.164.840.570.000.000.00流動(dòng)資金借款利息0.600.600.600.600.600.600.605總成本費(fèi)用合計(jì)197.64262.89256.98251.13248.98247.39245.81利潤(rùn)及利潤(rùn)分配表表3-11利潤(rùn)及利潤(rùn)分配表序號(hào)項(xiàng)目計(jì)算期123456789101營(yíng)業(yè)收入0005467807807807807807802增值稅及附加32.7646.8046.8046.8046.8046.8046.803總成本費(fèi)用197.64262.89256.98251.13248.98247.39245.814利潤(rùn)總額0315.60470.31476.22482.07484.22485.81487.395彌補(bǔ)以前年度虧損6應(yīng)納稅所得額000315.60470.31476.22482.07484.22485.81487.397所得稅00078.90117.58119.05120.52121.06121.45121.858凈利潤(rùn)236.70352.73357.16361.55363.17364.35365.549期初未分配利潤(rùn)10可供分配利潤(rùn)236.70352.73357.16361.55363.17364.35365.5411各投資方利潤(rùn)分配201.19299.82303.59307.32308.69309.70310.71其中：甲方150.89224.87227.69230.49231.52232.28233.03乙方50.3074.9675.9076.8377.1777.4377.6812未分配利潤(rùn)35.5052.9153.5754.2354.4854.6554.8313息稅前利潤(rùn)328.73480.07481.66483.24484.82486.41487.9914息稅折舊攤銷(xiāo)前利潤(rùn)349.44499.20499.20499.20499.20499.20499.2015累計(jì)未分配利潤(rùn)35.5088.41141.99196.22250.70305.35360.18計(jì)算指標(biāo)投資收益率0.971.411.421.421.431.431.44其中，投資各方利潤(rùn)分配為可供分配利潤(rùn)的85％，甲乙雙方根據(jù)投資比例分配利潤(rùn)。3.2.3編制基本報(bào)表（1）項(xiàng)目投資現(xiàn)金流量表結(jié)合輔助報(bào)表，編制得到項(xiàng)目投資現(xiàn)金流量表如表3-12。表3-12項(xiàng)目投資現(xiàn)金流量表序號(hào)項(xiàng)目計(jì)算期123456789101現(xiàn)金流入0005467807807807807801027.181.1營(yíng)業(yè)收入5467807807807807807801.3回收資產(chǎn)余值217.181.4回收流動(dòng)資金302現(xiàn)金流出10015060226.56280.8280.8280.8280.8280.8280.8（續(xù)表3-12）2.1建設(shè)投資90150602.2開(kāi)辦費(fèi)102.2流動(dòng)資金302.3經(jīng)營(yíng)成本163.82342342342342342342.4增值稅及附加32.7646.846.846.846.846.846.83所得稅前凈現(xiàn)金流量（1-2）-100-150-60319.44499.2499.2499.2499.2499.2746.384累計(jì)所得稅前凈現(xiàn)金流量-100-250-3109.44508.641007.841507.042006.242505.443251.825所得稅78.90117.58119.05120.52121.06121.45121.856所得稅后凈現(xiàn)金流量-100-150-60240.54381.62380.15378.68378.14377.75624.537累計(jì)所得稅后凈現(xiàn)金流量-100-250-310-69.46312.16692.311070.991449.141826.882451.41所得稅前所得稅后計(jì)算指標(biāo)：項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率（％）69%58%項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值（ic=17％）945.53萬(wàn)元673.85萬(wàn)元項(xiàng)目投資回收期（從建設(shè)期算起）3.974.18（2）項(xiàng)目資本金現(xiàn)金流量表結(jié)合輔助報(bào)表，編制得到項(xiàng)目資本金現(xiàn)金流量表如表3-13。表3-13項(xiàng)目資本金現(xiàn)金流量表序號(hào)項(xiàng)目計(jì)算期123456789101現(xiàn)金流入0005467807807807807801041.891.1營(yíng)業(yè)收入5467807807807807807801.3回收資產(chǎn)余值231.891.4回收流動(dòng)資金302現(xiàn)金流出406020364.21480.18476.41412.02402.46402.85413.252.1項(xiàng)目資本金406020202.2借款本金償還56.2172.0471.129.530.000.0010.002.4借款利息支付12.539.765.441.170.600.600.602.5經(jīng)營(yíng)成本163.82342342342342342342.7增值稅及附加32.7646.846.846.846.846.846.82.8所得稅78.90117.58119.05120.52121.06121.45121.853凈現(xiàn)金流量-40-60-20181.79299.82303.59367.98377.54377.15628.64（續(xù)表3-13）計(jì)算指標(biāo)：項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率（％）91%項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值（ic=17％）714.32萬(wàn)元（4）項(xiàng)目財(cái)務(wù)計(jì)劃現(xiàn)金流量表表3-14項(xiàng)目財(cái)務(wù)計(jì)劃現(xiàn)金流量表序號(hào)項(xiàng)目計(jì)算期123456789101經(jīng)營(yíng)活動(dòng)凈現(xiàn)金流量0005467807807807807807801.1現(xiàn)金流入0005467807807807807807801.1.1營(yíng)業(yè)收入0005467807807807807807801.2現(xiàn)金流出1.2.1經(jīng)營(yíng)成本000163.82342342342342342341.2.3增值稅及附加00032.7646.846.846.846.846.846.81.2.4所得稅00078.90117.58119.05120.52121.06121.45121.852投資活動(dòng)凈現(xiàn)金流量-100-150-60-302.1現(xiàn)金流入2.2現(xiàn)金流出10015060302.2.1建設(shè)投資90150602.2.2開(kāi)辦費(fèi)102.2.3流動(dòng)資金303籌資活動(dòng)凈現(xiàn)金流量10015060-240.54-381.62-380.15-318.02-309.29-310.30-321.313.1現(xiàn)金流入10015060303.1.1項(xiàng)目資本金投入406020203.1.2建設(shè)投資借款6090403.1.3流動(dòng)資金借款103.2資金流出270.54381.62380.15318.02309.29310.30321.313.2.1各種利息支出13.139.765.441.170.600.600.603.2.2償還建設(shè)期借款本金56.2172.0471.129.530.000.000.003.2.3償還流動(dòng)資金借款本金000000103.2.4利潤(rùn)分配201.19299.82303.59307.32308.69309.70310.714凈現(xiàn)金流量000275.46398.38399.85461.98470.71469.70458.695累計(jì)盈余資金000275.46673.841073.691535.672006.382476.082934.773.2.4財(cái)務(wù)分析3.2.4.1盈利能力分析（1）融資前分析由項(xiàng)目投資現(xiàn)金流量表得到計(jì)算指標(biāo)如下。表3-15項(xiàng)目投資現(xiàn)金流量表計(jì)算指標(biāo)所得稅前所得稅后計(jì)算指標(biāo)：項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率（％）69%58%項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值（ic=17％）945.53萬(wàn)元673.85萬(wàn)元項(xiàng)目投資回收期（從建設(shè)期算起）3.974.18所得稅前：項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率為69％，項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值為945.53萬(wàn)元，項(xiàng)目投資回收期為3.97年。所得稅后：項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率為58％，項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值為673.85萬(wàn)元，項(xiàng)目投資回收期為4.18年。根據(jù)計(jì)算結(jié)果，項(xiàng)目滿(mǎn)足設(shè)定的基準(zhǔn)收益率17%的要求，項(xiàng)目可行。這樣，項(xiàng)目可在初步擬定融資方案的基礎(chǔ)上，進(jìn)行融資后分析。項(xiàng)目投資的累計(jì)凈現(xiàn)金流量圖如下圖所示?？梢?jiàn)本項(xiàng)目的現(xiàn)金流量在投產(chǎn)后逐年增加，項(xiàng)目盈利性較強(qiáng)。圖3-2累計(jì)所得稅后凈現(xiàn)金流量圖（2）融資后分析①項(xiàng)目資本金現(xiàn)金流量表分析本例中，將融資后建設(shè)期利息18.90萬(wàn)元計(jì)入固定資產(chǎn)工程建設(shè)產(chǎn)房原值，按照30年折舊年限、5％殘值率和直線(xiàn)折舊方式計(jì)算：第十年末的折舊余值=18.90-7×18.90×（1-5%）/30=14.71萬(wàn)元。這14.71萬(wàn)元是由于建設(shè)期利息使得回收固定資產(chǎn)余值多出的部分，即融資前回收固定資產(chǎn)余值為217.18萬(wàn)元，融資后回收固定資產(chǎn)余值為231.89萬(wàn)元，該值填入項(xiàng)目資本金現(xiàn)金流動(dòng)表的回