投资管理的一个重要环节就是前期的管理，而前期管理的关键环 节是项目可行性研究。通过前期可行性研究，可减少投资决策的失误。 可行性研究发展到现在已经积累了较完善的一套分析体系，研究公司 投资项目要与公司的战略相匹配。本项目可行性研究主要从项目投资 机会研究与项目实施、项目投资财务评价三方面进行了论述。本文运 用 SWOT 模型分析研究了本项目存在的投资机会，继尔确定了项目实 施方案，根据项目实施方案，运用财务评价方法对项目实施的投资者 重点关注的财务评价指标进行了计算，得出了项目投资是可行的和此 方法适合一般私人投资可行性研究的结论。 本文运用 PEST 宏观分析模型，从国家政治体制，法律与国家政 策，经济体制，政府管制，融资通道方面分别论述了政治的稳定性、 法律与政策对项目所在行业的强力推动性、经济体制对私人投资的鼓 励、政府管制对私人投资公益事业放松了管制；从经济的增长与人口 增长、经济周期论述了经济增长对项目所在行业的需求的上升、经济 周期推动项目所在行业需求上升；从社会文化环境方面论述了对项目 所在行业需求的上升；从技术环境方面论述了国家在技术方面投入增 长，行业技术一直处在快速发展中。运用五力分析模型分析了项目所 在行业的竞争态势。从市场增长速度、市场结构等方面对行业内竞争 者分析，评价竞争者威胁；另外进行了潜在进入者分析；购买者和供 应商力量分析；需求替代分析，得到了环境因素。根据宏观与行业分 析，进行 SWOT 组合分析，从人力资源、财务资源、技术能力、组织 能力方面去分析公司内部特点，结合前述分析的环境因素分析出公司 所面临的机会与威胁，优势与劣势。进行战略选择，确定了投资项目 是沿着公司战略方向发展。本项目具有战略投资可行性，是较好投资 机会。 根据项目拟定了技术、人员组织、投融资实施方案。2 根据实施方案，收集了相应的财务评价基本参数并进行了数据估 算，编制了财务效益评价所需的资金来源与运用表、利润表、现金流 量表等主表及相应的辅助报表，据此研究项目财务生存能力指标，盈 利能力中内部收益率、投资回收期、净现值等指标，进行不确定性分 析，均达到投资者要求，在财务上具有可行性。从而得出整个项目投 资具有可行性。 本项目分析研究方法可回答投资管理中为什么投资、如何实施、 投资收益是否满足投资者期望三大主要问题，故可得出此研究方法可 运用于实体经济私人投资项目可行性研究及股票投资可行性研究等 其它方面的结论。 关键词：投资机会、项目评价、财务评价1 Abstract Investment management is an important part in the management of early stage, but the key link in the early management of the project is the feasibility study. The feasibility study can reduce mistakes in the investment decision-making process. The development of a feasibility study has now accumulated a better analysis system. The research of the invest projects of companies must match with the company's strategy. The investment project opportunities research and project implementation, project financial evaluation of investment are discussed. According to the SWOT model, this paper analyzed the existence of the investment project opportunities, then determined the project implementation plan, and made the financial evaluation of the project's investment. Then, conclusions that this project is feasible in the financial evaluation are attained. This article analyzed microscopically environment through the PEST model. From the political aspects of the country's political system and political stability and from the legal aspects of national policy and the government control of private investment on public welfare, legal aspects and policies which promote a strong industry and economic system , encouraging private investment and relaxing the controls were discussed; From the economic growth, business cycle and population growth, the article studied the rising demand for the industry of the project; from social and cultural environment, people’s desire to increase demand for the industry is discovered; from a technical environment on the state to invest in technology, industry has been at the forefront of technical rapid development. Analysis of the project competition in industry is made through the use of five forces model from the market growth rate, market structure and other aspects of the industry competitor analysis, and2 evaluation of the threat of competitors is studied; potential entrant’s analysis, the power analysis about buyers and suppliers and analysis about demand for an alternative is discussed. Then the characteristics of the company are analyzed from human resources, financial resources, technical capacity, and organizational capacity. According to the macroeconomic and industry analysis, SWOT matrix is designed .Then, strategic choice is got through analysis of environmental opportunities and threats faced by the company and its own strengths and weakness. It is learned that the feasibility of strategic investment projects is a better investment opportunity and the way which is used to study investment feasibility is general on other physical investment and stock investment Technology, staff organizations, the implementation of the investment and financing developed from the project programs are planed. According to the implementation of the program, the author collected the corresponding basic parameters and made the data estimates. Then, the author compiled the main report forms of capital resource and application, profit, cash flow and the corresponding auxiliary statements. According to them indicators of financial viability of the project, profitability in the internal rate of return, payback period, net present value and other indicators are calculated and uncertainty analysis is made. They are up to the requirements of investors in the financial feasibility of investment projects Through the way of this investment project research, it can be got why someone invests and how to implement and whether the investment profit is up to the prospect of the investor. So the way can be used on feasibility of private physical investment and stock investment Key words: investment opportunities, project evaluation, financial evaluation1 目 录 前 言.........................................................................................................1 第一章 中科成台州黄岩污水处理厂投资机会研究............................3 第一节 项目背景介绍 ..........................................................................3 一、投资方与招商方介绍 ..................................................................3 二、项目基本情况介绍 ......................................................................4 第二节 研究宏观环境的影响..............................................................5 一、政治法律环境 ..............................................................................6 二、经济环境.....................................................................................11 三、社会文化环境 ............................................................................18 四、技术环境.....................................................................................19 第三节 行业分析 ................................................................................22 一、行业内的竞争者 ........................................................................23 二、潜在进入者 ................................................................................29 三、购买者和供应商的力量 ............................................................30 四、替代产品:有无替代产品，评价替代产品的威胁...................32 第四节 SWOT 分析............................................................................33 一、优势与劣势分析（SW） ..........................................................34 二、机会与威胁分析（OT）...........................................................35 第二章 项目方案实施研究..................................................................37 第一节 污水处理量分析....................................................................37 一、技术实施方案 ............................................................................37 二、人员组织实施方案 ....................................................................37 第三节 投融资方案 ............................................................................37 第三章 财务评价 ..................................................................................38 第一节 财务评价原理 ........................................................................382 一、投资项目财务评价的概念 ........................................................38 二、项目财务评价的目标 ................................................................38 三、财务评价步骤 ............................................................................39 第二节 项目财务评价基本参数与数据估算....................................42 一、产品销售收入与销售税金及附加估算....................................42 二、总成本费用的估算 ....................................................................43 三、销售利润的估算 ........................................................................44 第三节 项目财务报表分析评价........................................................45 一、财务现金流量表 ........................................................................45 二、利润和利润分配表 ....................................................................45 三、资金来源与运用表 ....................................................................46 四、借款偿还计划表 ........................................................................46 五、资产负债表 ................................................................................46 六、财务评价指标计算 ....................................................................46 第四节 不确定性分析 ........................................................................49 一、敏感性分析 ................................................................................50 二、污水处理项目敏感性分析 ........................................................51 第五节 财务评价结论 ........................................................................53 第四章 结论 ..........................................................................................54