【摘要】：ZY有限公司（以下簡(jiǎn)稱(chēng)ZY公司）擬進(jìn)行粉煤灰輕質(zhì)保溫建材建設(shè)項(xiàng)目，項(xiàng)目總投資10537.58萬(wàn)元。其中建設(shè)投資9801.78萬(wàn)元，流動(dòng)資金735.79萬(wàn)元。項(xiàng)目建設(shè)期定為1年，建設(shè)工期擬安排為9個(gè)月。建設(shè)規(guī)模為蒸壓粉煤灰加氣混凝土砌塊生產(chǎn)線(xiàn)1條，達(dá)產(chǎn)后可年產(chǎn)30萬(wàn)m3蒸壓粉煤灰加氣混凝土砌塊，其中B05級(jí)、B07級(jí)各15萬(wàn)m3。估算正常年銷(xiāo)售收入為7650.00萬(wàn)元。 本文在明確技術(shù)經(jīng)濟(jì)學(xué)基本理論和評(píng)價(jià)指標(biāo)的基礎(chǔ)上，綜合考慮投資項(xiàng)目的政策影響、市場(chǎng)預(yù)期、技術(shù)保證、環(huán)保、節(jié)能等各方面因素，利用工程經(jīng)濟(jì)學(xué)、技術(shù)經(jīng)濟(jì)與管理、人力資源管理、財(cái)務(wù)分析、項(xiàng)目評(píng)估等方面的理論知識(shí)建立相應(yīng)的評(píng)價(jià)指標(biāo)對(duì)項(xiàng)目進(jìn)行分析評(píng)價(jià)。并對(duì)以上內(nèi)容進(jìn)行歸納整理，采用靜態(tài)分析與動(dòng)態(tài)分析相結(jié)合的方法，科學(xué)論證與實(shí)踐操作相結(jié)合，對(duì)項(xiàng)目指標(biāo)體系進(jìn)行評(píng)價(jià)與分析，為項(xiàng)目的投資決策作出正確結(jié)論，判斷投資是否可行。本論文的主要研究?jī)?nèi)容如下： 第一，隨著實(shí)心黏土磚逐步退出建筑市場(chǎng)，新型墻體材料已進(jìn)入空前繁榮的發(fā)展時(shí)期。面對(duì)當(dāng)?shù)厮赜械馁Y源優(yōu)勢(shì)和政府的扶植政策，開(kāi)發(fā)粉煤灰新型墻體材料完全符合我國(guó)國(guó)民經(jīng)濟(jì)可持續(xù)發(fā)展戰(zhàn)略的需要。 發(fā)展節(jié)能、環(huán)保的建筑保溫墻體材料，也是建筑行業(yè)節(jié)約能源、保護(hù)環(huán)境，實(shí)施可持續(xù)發(fā)展戰(zhàn)略的客觀要求。為了響應(yīng)國(guó)家節(jié)能減排號(hào)召，順應(yīng)新型墻體材料發(fā)展潮流，ZY資源開(kāi)發(fā)有限公司提出了建設(shè)年產(chǎn)30萬(wàn)m3蒸壓粉煤灰加氣混凝土砌塊項(xiàng)目。項(xiàng)目投產(chǎn)后，可生產(chǎn)出優(yōu)質(zhì)建筑保溫墻體材料，服務(wù)于建筑業(yè)，有效降低建筑能耗。在企業(yè)取得預(yù)期經(jīng)濟(jì)效益的同時(shí)，滿(mǎn)足建筑節(jié)能降耗的需求，實(shí)現(xiàn)經(jīng)濟(jì)效益、社會(huì)效益與環(huán)境效益的統(tǒng)一，并可為圖們市的建筑節(jié)能貢獻(xiàn)一份力量。 第二，我國(guó)建筑業(yè)的發(fā)展必然帶動(dòng)建材業(yè)的發(fā)展，同時(shí)也會(huì)對(duì)建材業(yè)提出更高的要求。無(wú)論是新的節(jié)能建筑的建設(shè)，還是對(duì)既有建筑進(jìn)行節(jié)能改造，都不同程度地促進(jìn)了環(huán)保、節(jié)能建筑材料的發(fā)展，也為蒸壓粉煤灰加氣混凝土砌塊產(chǎn)品提供了廣闊的市場(chǎng)空間。 項(xiàng)目全部建成達(dá)產(chǎn)后，可年產(chǎn)30萬(wàn)m3蒸壓粉煤灰加氣混凝土砌塊。粉煤灰是項(xiàng)目生產(chǎn)的主要原料，摻加量70%以上，項(xiàng)目生產(chǎn)用粉煤灰價(jià)格低于市場(chǎng)價(jià)格一倍以上，而項(xiàng)目生產(chǎn)的另一種原料脫硫石膏是SY有限公司自備電廠的廢棄物，價(jià)格遠(yuǎn)遠(yuǎn)低于市場(chǎng)價(jià)格，因此，在基本相同的生產(chǎn)條件下，項(xiàng)目產(chǎn)品成本極低，具有極強(qiáng)的競(jìng)爭(zhēng)力，能夠具有穩(wěn)定的市場(chǎng)占有率�？烧紙D們市及周邊全部墻材市場(chǎng)6%左右的市場(chǎng)份額。 項(xiàng)目產(chǎn)品蒸壓粉煤灰加氣混凝土砌塊，將重點(diǎn)銷(xiāo)往圖們市區(qū)及周邊地區(qū)建筑市場(chǎng)。在銷(xiāo)售的過(guò)程中，，通過(guò)建立銷(xiāo)售網(wǎng)絡(luò)體系、強(qiáng)化傳統(tǒng)銷(xiāo)售方式，開(kāi)拓潛在市場(chǎng)，擴(kuò)大產(chǎn)品市場(chǎng)份額。在互聯(lián)網(wǎng)等相關(guān)媒體上發(fā)布廣告，宣傳產(chǎn)品的優(yōu)越性和可靠性，并參加各類(lèi)活動(dòng)提高項(xiàng)目產(chǎn)品的知名度，在新型墻體材料市場(chǎng)中搶占制高點(diǎn)。 第三，項(xiàng)目的擬建廠址位于圖們市SY有限公司內(nèi)，廠區(qū)內(nèi)有鐵路專(zhuān)用線(xiàn)，區(qū)域交通運(yùn)輸非常便利，完全可以滿(mǎn)足本項(xiàng)目設(shè)備、原材料及產(chǎn)品的運(yùn)輸需要，布局合理。項(xiàng)目主要原材料粉煤灰、脫硫石膏來(lái)源于SY有限公司，其他材料均來(lái)自于延邊州當(dāng)?shù)夭牧鲜袌?chǎng)。本項(xiàng)目生產(chǎn)用水主要包括配料成型用水及蒸汽用水，年生產(chǎn)用水量約101190t；生活用水按人均0.1t/d考慮，年用水量約3600t；消防水池蓄水200t。生產(chǎn)生活用水合計(jì)104790t/a。利用廠區(qū)內(nèi)1眼出水量25t/h機(jī)井供水，完全可以滿(mǎn)足生產(chǎn)及消防用水需要。因此，從原材料供應(yīng)、運(yùn)輸方面看，項(xiàng)目建設(shè)具有得天獨(dú)厚的優(yōu)勢(shì)條件。 本項(xiàng)目為一般工業(yè)項(xiàng)目，采取的環(huán)境治理措施是比較有效的先進(jìn)措施，其三廢經(jīng)過(guò)治理后，排放的廢渣、粉塵、廢水等均可達(dá)到國(guó)家排放標(biāo)準(zhǔn)要求，對(duì)周?chē)沫h(huán)境不會(huì)造成影響。 第四，項(xiàng)目總投資為項(xiàng)目建設(shè)投資、建設(shè)期利息及流動(dòng)資金之和，本項(xiàng)目總投資為10537.58萬(wàn)元，其中建設(shè)投資包括工程建設(shè)直接費(fèi)用、工程建設(shè)其他費(fèi)用及基本預(yù)備費(fèi)三個(gè)部分，合計(jì)為9801.78萬(wàn)元。項(xiàng)目建設(shè)投資全部通過(guò)自籌解決，則不發(fā)生建設(shè)期利息；流動(dòng)資金估算采用分項(xiàng)詳細(xì)估算法，即對(duì)存貨、現(xiàn)金、應(yīng)收賬款和應(yīng)付賬款四項(xiàng)內(nèi)容進(jìn)行估算，估算金額為735.79萬(wàn)元。根據(jù)圖們市墻材市場(chǎng)情況，確定項(xiàng)目蒸壓粉煤灰加氣砼砌塊B05級(jí)的出廠價(jià)格為240.00元／m3，B07級(jí)的出廠價(jià)格為270.00元／m3，本項(xiàng)目正常年銷(xiāo)售收入為7650.00萬(wàn)元。正常年總成本費(fèi)用5096.55萬(wàn)元，其中固定成本為1511.64萬(wàn)元，可變成本3584.91萬(wàn)元，經(jīng)營(yíng)成本4742.63萬(wàn)元，達(dá)產(chǎn)年利潤(rùn)總額為2469.67萬(wàn)元。項(xiàng)目全部投資回收期（稅前）為4.97年（包括建設(shè)期1年）。 由敏感性分析表可以看出：銷(xiāo)售收入因素變動(dòng)對(duì)企業(yè)經(jīng)濟(jì)效益影響最為敏感。當(dāng)銷(xiāo)售收入增加10%時(shí)，項(xiàng)目財(cái)務(wù)內(nèi)部收益率為32.39％，高于設(shè)定基準(zhǔn)收益率20.39個(gè)百分點(diǎn)，當(dāng)銷(xiāo)售收入降低17.76%，項(xiàng)目?jī)?nèi)部收益率才降至設(shè)定的基準(zhǔn)收益率，銷(xiāo)售收入風(fēng)險(xiǎn)較小。 盈虧平衡分析計(jì)算結(jié)果表明，當(dāng)項(xiàng)目生產(chǎn)能力利用率達(dá)到41.12％時(shí)，企業(yè)可獲得盈虧平衡，表明項(xiàng)目具有很強(qiáng)的抗風(fēng)險(xiǎn)能力。 綜上所述，該項(xiàng)目盈利能力較強(qiáng)，具有較強(qiáng)的財(cái)務(wù)生存能力。該項(xiàng)目盈虧平衡點(diǎn)較低，具有較強(qiáng)的抗風(fēng)險(xiǎn)能力，對(duì)各種因素的變化具有較強(qiáng)的承受能力。該項(xiàng)目符合國(guó)家節(jié)能減排的戰(zhàn)略產(chǎn)業(yè)政策，有利于推動(dòng)當(dāng)?shù)毓?jié)能減排目標(biāo)的完成，而且可以享受?chē)?guó)家減免稅的優(yōu)惠政策，具有較好的經(jīng)濟(jì)效益和社會(huì)效益。 本論文以技術(shù)經(jīng)濟(jì)學(xué)理論知識(shí)為指導(dǎo)，通過(guò)對(duì)資金籌措、生產(chǎn)規(guī)模、產(chǎn)品定價(jià)、成本估算、利稅以及項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值（稅前、稅后）、投資回收期、盈虧平衡分析和敏感性分析等，科學(xué)的論證的本項(xiàng)目投資的合理性和可行性，鑒于該項(xiàng)目可行性分析以及可觀的經(jīng)濟(jì)效益，該投資是可行的。
[Abstract]:ZY Company Limited (hereinafter referred to as ZY Company) intends to carry out the construction project of fly ash lightweight thermal insulation building materials with a total investment of 10.5358 million yuan. Among them, the construction investment is 98.01 78 million yuan and the working capital is 7.3579 million yuan. The annual output of autoclaved fly ash aerated concrete block after production is 300,000 m3, of which B05 and B07 are 150,000 m3 respectively. The annual sales revenue is estimated to be 7650 million yuan.
On the basis of defining the basic theory and evaluation index of technical economics, this paper comprehensively considers the policy influence of investment projects, market expectation, technical guarantee, environmental protection, energy saving and other factors, and establishes corresponding evaluation by using the theoretical knowledge of Engineering economics, technical economy and management, human resource management, financial analysis, project evaluation and so on. Price index carries on the analysis appraisal to the project, and carries on the induction reorganization to the above content, uses the static analysis and the dynamic analysis union method, the scientific demonstration and the practice operation union, carries on the appraisal and the analysis to the project index system, makes the correct conclusion for the project investment decision-making, judges whether the investment is feasible. The contents are as follows:
Firstly, with the gradual withdrawal of solid clay bricks from the construction market, new wall materials have entered an unprecedented period of prosperity. Facing the local unique resource advantages and the government's supporting policies, the development of new fly ash wall materials fully meets the needs of the sustainable development strategy of China's national economy.
To develop energy-saving and environmental-friendly building insulation wall materials is also the objective requirement of energy-saving, environmental protection and sustainable development strategy for the construction industry.In order to respond to the call of national energy-saving and emission reduction and conform to the development trend of new wall materials, ZY Resources Development Co., Ltd. proposed the construction of autoclaved fly ash aerated concrete block with an annual output of 300,000 m3. After the project is put into operation, high-quality building insulation wall materials can be produced to serve the construction industry and effectively reduce building energy consumption. While achieving the expected economic benefits, enterprises can meet the needs of building energy saving and consumption reduction, achieve the unity of economic benefits, social benefits and environmental benefits, and contribute to building energy saving in Tumen.
Second, the development of China's construction industry will inevitably lead to the development of building materials industry, but also put forward higher requirements for building materials industry. For a broad market space.
Fly ash is the main raw material for the project production. The price of fly ash for the project production is more than twice the market price. Another raw material for the project production is desulfurization gypsum, which is the waste from the self-provided power plant of SY Co., Ltd. The price is far from enough. Far below the market price, therefore, under the same basic production conditions, the project product cost is extremely low, has a strong competitiveness, and can have a stable market share.
The autoclaved fly ash aerated concrete block of the project product will be sold to the construction market of Tumen city and its surrounding areas. In the process of sales, through the establishment of sales network system, strengthening the traditional sales methods, opening up the potential market, expanding the market share of the product. Publish advertisements on the Internet and other relevant media to publicize the superiority and feasibility of the product. Reliability, and participate in various activities to enhance the visibility of the project products, in the new wall material market to seize the commanding height.
Thirdly, the proposed site of the project is located in SY Company Limited of Tumen City. There are special railway lines in the factory area. The regional transportation is very convenient. It can completely meet the transportation needs of the equipment, raw materials and products of the project. The main raw materials of the project are fly ash, desulphurization gypsum comes from SY Company Limited and other materials come from Yanbian. This project mainly includes batching and molding water and steam water, the annual production water consumption is about 10190t; domestic water consumption per capita is 0.1t/d, the annual water consumption is about 3600t; fire pool water storage is 200t. The total production and domestic water consumption is 104790t/a. The water supply can be completely satisfied by using one well outlet water volume of 25t/h in the factory area. Water for production and fire fighting is needed. Therefore, from the aspects of raw material supply and transportation, the project construction has unique advantages.
This project is a general industrial project. The environmental treatment measures adopted are more effective and advanced measures. After the treatment of the three wastes, the waste residue, dust and waste water discharged can meet the requirements of the national discharge standards and will not affect the surrounding environment.
Fourthly, the total investment of the project is the construction investment of the project. The total investment of the project is 105.3758 million yuan, including the direct cost of the project construction, the other cost of the project construction and the basic reserve fee. The total investment of the project is 98.01.78 million yuan. All the construction investment of the project is solved by self-financing, but it will not happen. Interest during the construction period; the liquidity is estimated by the method of sub-item detailed estimation, i.e. inventory, cash, accounts receivable and accounts payable. The estimated amount is 7.3579 million yuan. According to the wall material market situation of Tumen City, the factory price of autoclaved fly ash aerated concrete block B05 grade is 240.00 yuan/m3, B07 grade is determined. The normal annual sales revenue of this project is 7650.5 million yuan/m3. The total annual cost of the project is 50965.5 million yuan, of which the fixed cost is 15.5164 million yuan, the variable cost is 35.8491 million yuan, the operating cost is 47.4263 million yuan, and the total annual profit is 24.6967 million yuan.
From the sensitivity analysis table, it can be seen that the change of sales income is the most sensitive factor to the economic benefits of enterprises. When sales income increases by 10%, the financial internal rate of return of the project is 32.39%, which is higher than the set benchmark rate of return of 20.39 percentage points. When sales income decreases by 17.76%, the internal rate of return of the project is reduced to the set benchmark rate of return. The risk of selling revenue is small.
The results of break-even analysis show that when the utilization ratio of project production capacity reaches 41.12%, the enterprise can obtain break-even, which indicates that the project has a strong ability to resist risks.
To sum up, the project has a strong profitability and financial viability. The project has a low break-even point, a strong ability to resist risks, and a strong ability to withstand changes in various factors. It can enjoy preferential policies of state tax reduction and exemption, and has better economic and social benefits.
Guided by the theoretical knowledge of technical economics, this paper scientifically demonstrates the rationality and feasibility of the project investment through fund raising, production scale, product pricing, cost estimation, profit and tax, as well as the project investment financial net present value (before and after tax), investment payback period, profit and loss balance analysis and sensitivity analysis. It is feasible to conduct investment analysis and considerable economic benefits.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F426.92

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