本文以某职教中心教学楼建设项目为突破口，针对项目的实际特点，根据相 关法律法规，为更好地落实项目投资建设决策工作，对项目财务可行性进行研究 分析论证，提出实证分析模型。首先，介绍了项目基本情况，构建财务分析评价 的指标体系；其次，对项目有关投资、收入、成本等数据进行了科学估算；第三， 对项目进行财务的盈利能力分析、偿债能力分析、财务可持续性分析；最后，对 项目进行敏感性分析、盈亏平衡分析和风险分析，从综合的角度分析项目的财务 可行性，提出合理化的意见建议。 通过研究，本文主要得出了以下几点结论，项目符合相关政策和规划。项目 通过社会资本进行投资，在保证教育事业有序运转的同时，适度地引入房地产要 素，通过房地产来提高项目的总体投资回报水平，符合国家和地方对促进教育事 业发展、合理引导房地产健康良序发展的有关政策和规划。项目具有较强的财务 可行性。本文通过对项目进行财务分析和评价，计算得出项目动态投资回收期 9.05 年，内部收益率（IRR）为 15.72%，远远大于基准收益率 8%，财务净现值 （FNPV）13248 万元，远远大于零，项目的盈利能力较强，同时，在运营期内的 任何年度，利息备付率均大于 2，偿债备付率均大于 1，项目具有较强的偿债能 力，上述评价指标都充分说明项目在财务上是可行的，项目具有财务可行性，项 目值得投资建设，应推进项目尽快落地实施。 关键词，教学楼；房地产；财务评价；可行性III Abstract This paper takes a vocational education center project teaching building as a breakthrough, according to the actual characteristics of the project, according to the relevant laws and regulations, in order to better implement the construction project investment decision-making, research and analysis to demonstrate the financial viability of the project, put forward the empirical analysis model. Firstly, this paper introduces the basic situation of the project, construction of the index system of financial analysis and evaluation; secondly, of the project investment, income and cost data in the scientific estimation; third, the project financial profitability analysis, solvency analysis, financial sustainability analysis; finally, the sensitivity analysis of project breakeven analysis the feasibility and risk analysis, financial analysis of the project from a comprehensive perspective, put forward reasonable suggestions. Through the research, this article mainly draws the following conclusions: the project conforms to the related policy and the plan. The project invested by the social capital, to ensure the orderly operation of education at the same time, the introduction of appropriate real estate elements, improve the overall level of return on investment projects by real estate, comply with the relevant national and local policy and planning to promote the development of education, a reasonable guide to health healthy development of the real estate. The project has strong financial feasibility. This paper through the financial analysis and evaluation of the project, calculate the dynamic investment payback period of 9.05 years, the internal rate of return (IRR) was 15.72%, far greater than the benchmark rate of return of 8%, the financial net present value (FNPV) 132 million 480 thousand yuan, far greater than zero, strong profitability, and the project, any annual in operation period prepared to pay, interest rates are greater than 2, debt repayment reserve rate is greater than 1, the project has strong solvency, the evaluation index of the project is financially feasible, the project has financial feasibility, the project is worth the investment construction, should promote the implementation of the project as soon as possible. Key words: teaching building; real estate; financial evaluation; feasibility目 录 第一章 绪论..................................................................................................................1 1.1 研究的背景、目的和意义......................................................................................1 1.1.1 选题的背景...........................................................................................................1 1.1.2 选题的意义...........................................................................................................1 1.2 文献综述..................................................................................................................2 1.2.1 国内相关研究综述...............................................................................................2 1.2.2 国外相关研究综述...............................................................................................4 1.3 研究内容和研究方法..............................................................................................5 1.3.1 研究内容...............................................................................................................5 1.3.2 研究方法...............................................................................................................5 第二章 项目财务可行性研究相关理论与方法......................................................... 7 2.1 财务可行性研究对象及特点..................................................................................7 2.1.1 财务可行性研究对象...........................................................................................7 2.1.2 财务可行性的特点...............................................................................................7 2.2 财务可行性的基本要素..........................................................................................8 2.3 财务可行性的评价指标..........................................................................................9 2.4 不确定性分析........................................................................................................11 第三章 某职教中心教学楼建设项目财务指标测算............................................... 13 3.1 项目总体建设方案与市场分析............................................................................13 3.1.1 项目建设总体方案.............................................................................................13 3.1.2 项目的运营模式及其政策依据.........................................................................13 3.1.3 项目公司设立方案.............................................................................................13 3.1.4 项目的市场分析.................................................................................................15 3.2 财务分析假设前提条件........................................................................................17 3.3 项目投资测算........................................................................................................18 3.3.1 建设投资.............................................................................................................18 3.3.2 建设期利息.........................................................................................................21 3.3.3 流动资金.............................................................................................................223.3.4 筹资方式.............................................................................................................22 3.4 运营期营业收入的测算........................................................................................22 3.4.1 运营收入.............................................................................................................22 3.4.2 财政补贴收入.....................................................................................................26 3.5 运营期成本费用的估算........................................................................................26 3.5.1 经营成本.............................................................................................................26 3.5.2 利息支出.............................................................................................................26 3.5.3 摊销费用.............................................................................................................27 3.5.4 折旧费用.............................................................................................................27 3.5.5 总成本费用估算.................................................................................................27 3.6 增值税金及附加估算............................................................................................28 3.7 利润表....................................................................................................................28 第四章 某职教中心教学楼项目财务分析与评价................................................... 30 4.1 财务分析与评价....................................................................................................30 4.1.1 财务评价的主要的内容.....................................................................................30 4.1.2 盈利能力评价.....................................................................................................30 4.1.3 偿债能力.............................................................................................................32 4.2 不确定性分析........................................................................................................33 4.2.1 敏感性分析.........................................................................................................33 4.2.2 盈亏平衡分析.....................................................................................................35 4.3 风险分析................................................................................................................36 4.3.1 项目风险分析的流程.........................................................................................36 4.3.2 项目风险识别.....................................................................................................37 4.3.3 项目风险评估与评价.........................................................................................37 4.3.4 项目风险防范.....................................................................................................38 第五章 研究结论与展望............................................................................................39 5.1 研究结论................................................................................................................39 5.2 研究展望................................................................................................................40