项目财务可行性是提高企业项目投资决策科学性的必不可少的工作，是促进 企业合理利用资源、提升竞争能力的重要保证，对企业本身及国民经济的健康持 续发展有着重要的意义。 青岛市刘家工贸公司(简称刘家公司)钢渣资源综合利用项目是采用我国较为 先进的技术建设的现代化生产线，钢渣资源综合利用率达到 100%。不仅充分回收 了钢渣中的废钢，而且充分回收其中的磁性氧化铁，尾渣用于制备钢渣超细粉。 全部工艺不产生废气、废水、废渣，因此可以变废为宝，使钢渣资源得到充分利 用的利用。 本文按照项目管理的规范，采用工程经济分析的理论方法，针对项目的投资 进行财务可行性分析，为企业的投资决策提供参考。 本文对刘家公司钢渣资源综合利用项目的财务可行性研究主要采用定性分析 与定量可行性相结合、静态分析与动态分析相结合的方法，在基于对项目市场可 行性、技术可行性、企业内部条件、生产能力(规模)、技术方案、营销策略和价 格制定等分析的基础上，着重分析其投资估算和资金筹措、成本费用估算、销售 收入及税金估算等方面进行比较全面、深入的分析，还编制了项目的基本财务报 表，同时，对投资回收期、净现值、财务内部收益率等相关财务指标进行了分析， 并给出了财务评价。 最后，采用盈亏平衡分析法和敏感性分析法对项目的不确定性及风险性进行 了分析，以提高该项目财务评价的可靠性和决策的科学性。研究结果表明，刘家 公司钢渣资源综合利用项目能在预定的时间内收回成本并带来可观的经济效益和 社会效益，因此，从财务指标看，该项目是积极可行的。 关键词，财务可行性；效益分析；风险分析Studying on Financial Feasibility of The Comprehensive Utilization of Steel Slag at Qingdao Liujia group Co. ABSTRACT Project evaluation is the necessary work to make the project investment more scientific，and it is very meaningful for the sustainable development of an enterprise and national economy，because it is able to insure that the resource of the enterprise utilized rationally and the ability of competition improved . The item of comprehensive utilization of steel slag at Qingdao liujia group Co（.QLJ） is a modernization project with the most advanced technology in China. In this item, the utilizing rate is 100%, waste steel and magnetism ferric oxide will be reclaimed, trail slag will be prepared as micro- powder. This item will not produce waste gas, waste water, waste slag. In this paper，the feasibility of QLG marine powder project is studied by means of the Incorporate method of qualitative analysis and quantitative evaluation，static analysis and dynamic analysis. The paper study bases on the feasibility of the market and technology，the conditions internal the enterprise，production scale，technical programs， marketing strategy and price management，investment estimation and fund collection， cost estimation，sales volume and tax，and so on. In addition，the basic financial reports of QLG marine gearbox are made based on the analysis of some financial index such as payoff period of investment (static and dynamic)，Net Present value，internal rate of return，etc. Finally，the sensitivity analysis and the Break-Even point analysis are used in the uncertainty and the risk analysis of QLJ marine gearbox project. The results show that the project is not only able to make good economic benefit for NGC，but also can bring the favorable social benefits. Therefore，the project is feasible. Keywords: financial feasibility; benefit analysis: risk analysis目 录 1 前言 ............................................................................................................................... 1 1.1 选题的背景与意义................................................................................................ 1 1.1.1 背景................................................................................................................ 2 1.1.2 研究意义........................................................................................................ 6 1.2 国内外研究现状.................................................................................................... 7 1.2.1 国外研究现状 .................................................................................................. 7 1.2.2 国内研究现状 .................................................................................................. 9 1.3 本文主要研究内容.............................................................................................. 10 2 项目财务分析的基本理论与方法..............................................................................11 2.1 项目管理及其可行性分析...................................................................................11 2.1.1 可行性研究的内涵及作用...........................................................................11 2.1.2 项目可行性分析的内容.............................................................................. 13 2.2 项目财务分析的主要内容.................................................................................. 14 2.2.1 项目的市场调查与分析.............................................................................. 14 2.2.2 编制基本财务报表...................................................................................... 15 2.2.3 财务评价指标的计算与评价...................................................................... 16 2.3 项目财务分析的主要方法................................................................................... 20 2.3.1 财务分析的静态分析方法.......................................................................... 20 2.3.2 财务分析的动态分析方法.......................................................................... 21 3 刘家公司钢渣资源综合利用项目投资分析 ............................................................. 23 3.1 项目概况.............................................................................................................. 23 3.2 项目运行环境分析.............................................................................................. 26 3.2.1 钢渣资源..................................................................................................... 26 3.2.2 钢渣粉与矿渣粉市场................................................................................. 27 3.2.3 水泥市场...................................................................................................... 29 3.2.4 废钢及铁矿粉市场...................................................................................... 313.3 项目成本估算...................................................................................................... 31 3.3.1 生产成本费用估算...................................................................................... 31 3.3.2 期间费用估算.............................................................................................. 33 3.3.3 其他费用估算.............................................................................................. 34 3.3.4 销售收入与税费估算.................................................................................. 34 4 刘家公司钢渣资源综和利用项目财务分析............................................................. 35 4.1 项目投融资分析.................................................................................................. 35 4.1.1 总投资及资金筹措...................................................................................... 35 4.1.2 基本的财务报表.......................................................................................... 36 5 该项目财务风险及其控制 ......................................................................................... 40 5.1 项目财务风险分析.............................................................................................. 40 5.1.1 盈亏平衡分析.............................................................................................. 40 5.1.2 敏感性分析.................................................................................................. 41 5.1.3 其他风险...................................................................................................... 43 5.2 项目财务风险控制.............................................................................................. 45 5.2.1 工程项目风险应对策略分析...................................................................... 45 5.2.2 小结.............................................................................................................. 49 结 语........................................................................................................................ 49