I 摘要 项目投资是企业生存和发展的一项重要的工作和任务，而一般来讲，房地产企业 决策者在对项目进行投资前，都会对该项目进行各方面的分析与评估，估算该项目的 投资成本和收益，判别该项目是否具有投资的可行性。并且在进行房地产开发项目投 资前，需要对企业的内部环境以及投资项目的外部环境进行调查与分析，评判企业是 否具有项目投资的经济条件、投资的项目是否会按预期给企业带来经济利益的流入。 其中，投资项目财务可行性研究是项目决策和评价最重要的组成部分，其重要性贯穿 于整个投资项目的始终。可行性研究是项目投资初期最重要的工作，是项目决策的基 础，是科学开展项目建设、提高经济效益的手段。 房地产开发投资项目的最大特点就是占用资金多、建设时间长周转速度慢、投资 回收年限长，所以有必要从项目决策之前就要从生产和管理的全过程，来预测项目的 可行性，对项目的盈利能力和经济合理性进行评价。本文通过财务管理学、财务分析、 投资学、管理会计等学科的相关知识进行专题分析研究。从介绍房地产企业财务评价 的有关理论、财务可行性分析的相关程序与方法出发，以 CQ 市 JBL 的投资项目为基 础，对该项目的全面估算、投资预测、财务评价做出论证。 该房地产项目位于 CQ 市 JB 区，规划项目总地上建筑面积 546000 平方米，主 要包括高层住宅楼及多层商业区，还包括相配套的公共工程项目，例如社区主干道、 排水、供电、采暖、消防、道路硬化和绿化等。首先，该项目所处地理位置较好，投 资环境良好，存在足够的市场需求，产品定位和产品设计能够适应市场需求，有足够 的销售市场和竞争力，销售前景良好。其次，通过项目的财务分析，得出项目盈利能 力均超过房地产行业标准，税后项目投资净现值为 10424.40 万元，税前净现值为 2097.69 万元，税后内部收益率为 15.7%>12%，项目的动态盈利性评价是有效可行的。 项目的各期利息备付率数值远大于 2，具有较强的还贷能力。在项目建设期间，各期 累计盈余资金均大于零。最后，项目建成后，不仅可以满足公司集团业务拓展的需要， 创建新的业务板块，同时能够进一步提升公司的形象。 本文的创新点是对 CQ 市 JBL 房地产项目投资的财务可行性做出详细的论证，通 过加强项目决策阶段的市场分析、投资估算和融资方案方面的工作，建成以后对取得 的财务、经济效益进行预测，从而得出该项目的盈利能力、偿债能力、资金平衡能力 都符合财务可行性要求。本次以中小型房地产企业战略拓展投资案例的财务可行性研 究，可为 JBL 地产项目投资决策提供科学依据，具有现实意义；同时为 CQ 地区以及 类似房地产项目的投资可行性研究提供参考，具有借鉴作用。 关键词，偿债能力；盈利能力；不确定性；财务可行CQ 市 JBL 地产项目投资财务可行性研究 II Abstract Project investment is an important task and task for enterprises to survive and develop. Generally, the decision-makers of real estate will analyze and evaluate the project in all aspects, especially its cost and benefit to determine its feasibility before making investment. They need to investigate and analyze the internal environment of the enterprise and the external environment of investment projects, to judge whether the enterprise has the economic conditions for project investment, and whether the investment projects will bring economic benefits as expected. The financial feasibility study of investment project is the most important part of project decision and evaluation, and its importance runs through the whole investment project. The greatest characteristics of real estate development investment projects are large capital investment, large occupation of funds, long construction time, slow turnover speed and long investment recovery period. Therefore, it is necessary to predict the feasibility of the project and evaluate the economic rationality and profitability of the project based on the production and management process before making a decision on the project. This paper intends to conduct a thematic analysis based on the relevant knowledge of financial management, financial analysis, investment and management accounting. It starts from introducing related theories of the financial evaluation of real estate enterprises and the related procedures and methods of financial feasibility analysis, and then gives detailed analysis and demonstration of overall estimation, investment prediction and financial evaluation on the basis of JBL investment project in CQ city. The real estate project is located in JB District of CQ City, and is invested and developed by a real estate development company of CQ. The total area of the project is 546000 square meters. It mainly includes high-rise residential buildings and multi-storey commercial areas, supporting public works such as water supply and drainage, power supply, heating, fire fighting, road hardening and greening. First of all, the project is located in a good geographical position and a good investment environment. There is enough market demand and the product positioning and product design can adapt to market demand. There is enough sales market and competitiveness and the sales prospects are good. Secondly, through the financial analysis of the project, it is concluded that the profitability of the project exceeds the real estate industry standard. The net present value of the investment of the project after tax is 104.244 million yuan, the net present value before tax is 20.9769 million yuan, and the internal rate of return after tax is 15.7%>12%. The dynamic profitability evaluation of the project is effective and feasible. The interest rate of each project is far greater than 2, which has strong repayment ability. During theIII period of project construction, the accumulated surplus funds in each period are greater than zero. Finally, after the completion of the project, it can not only meet the needs of business development of the company group, create new business plates, but also further enhance the image of the company. The innovation of this paper is to make a detailed demonstration of the financial feasibility of JBL real estate project investment in CQ city. Through strengthening the work of market analysis, investment estimation and financing scheme in the decision-making stage of the project, forecasting the financial and economic benefits that may be achieved after the completion of the project to prove that the profitability, solvency and capital balance ability of the project are all in line with the financial feasibility requirements. This financial feasibility study based on the strategic expansion investment case of small and medium real estate enterprises can provide foundation for decisions of this project investment, and has practical significance. At the same time, it provides reference for the feasibility study of similar real estate projects in CQ city. Key words: Solvency; Profitability; Uncertainty; Financial viability. CQ 市 JBL 地产项目投资财务可行性研究CQ 市 JBL 地产项目投资财务可行性研究 IV 目录 第 1 章 绪论.........................................................................................................................7 1.1 研究背景及意义 ..................................................................................................... 7 1.1.1 研究背景.......................................................................................................................... 7 1.1.2 研究意义.......................................................................................................................... 7 1.2 国内外研究现状综述 ............................................................................................. 8 1.2.1 国外研究现状.................................................................................................................. 8 1.2.2 国内研究现状................................................................................................................... 9 1.2.3 综合述评......................................................................................................................... 11 1.3 研究内容 ............................................................................................................... 12 1.4 研究思路与方法 ................................................................................................... 12 1.4.1 研究思路......................................................................................................................... 12 1.4.2 研究方法...................