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摘 要
本文针对 A 生物质电厂财务评价模型开展研究，综合生物质发电项目的特
点，结合国家财税方面的最新政策，采用适当财务评价方法，建立项目运营相
关基础数据与财务评价报表各结论数据之间的关系；并充分利用 Microsoft
Excel 在数据运算方面的优势，建立了一个较为完整、灵活的生物质发电项目的
财务评价数据模型。该模型通过对所选项目的财务生存能力、盈利能力和偿债
能力等各项财务指标分析，来确认投资决策及经营决策的可行性，最终反映项
目成果对股东投资期望值的切合程度。实践证明，所建立的财务评价模型可以
作为项目投资和经营决策的重要分析工具，也能作为项目投资和经营风险控制
的重要依据。

论文介绍了各种财务评价理论的产生及其发展的过程，介绍了国内外最新
的研究理论成果以及财务评价的基本方法和基本原理；同时，本文还揭示了该
财务评价模型对生物质发电项目的投资决策和经营决策的重要意义。研究结果
表明：通过分析财务评价模型，测算资产周转率、主营业务利润、资产负债率、
速动比率等财务评价指标，可较为全面地反映某一生物质发电项目的投资和经
营成果，简化股东的决策程序，为股东提供了相对简化的投资和经营决策的评
价方法。本论文的研究成果可为生物质发电行业提供投资和经营决策进行参考，
保证股东的投资收益。

关键词：财务评价模型；生物质发电；投资和经营决策II
Abstract
This paper focuses on the research of Financial Evaluation Model of Biomass
Electricity Plant A, which is a more completed and flexible financial evaluation
system about the biomass electricity generation industry. The Model is combined with
the latest national financial and taxation policy and adopts proper financial evaluation
system. It can be used to build a kind of relationship between the related basic data of
project operation and conclusion data of financial evaluation reports. With the data
statistic advantages of Microsoft Excel, the model is expected to be flexible and
well-rounded. This model is able to confirm the feasibility of investment and
operating decisions through analyzing the financial data of project’s survival,
profitability and solvency, and finally, it reflects the consistent degree between
investment expectations and project results. The practice has proved that the model is
an important tool for investment and operation decisions. Meanwhile, it also can be
used as the key of project investment and operation risk controlling.
By researching the emergence and developing process of several financial
evaluation theories, this paper has introduced the latest research theory which is quite
advanced in both China and abroad. It also involved the basic methods and theories of
financial evaluation in this paper. Meanwhile, the significance of investment and
operation decisions about biomass electricity project was revealed in this paper.
According to the result of the research, we can reach the result that by testing the
financial evaluation data of turnover rate, principal operation profit and debt ratio, the
financial evaluation models will reflect some of biomass electricity project’s
investment and operation achievements comprehensively, predigest stockholder’s
decision-making procedures and provide the relative simply evaluation method about
their investment and operation decisions. In a word, the findings of the paper can
provide the valuable reference for the investment and operation decisions of biomass
electricity project. In this way, the shareholder’s investment interests can be
maintained.