ZJ 公司环保芳烃油项目财务评价 近年来，我国经济已由高速增长阶段转向高质量发展阶段，正处在转变发展方式、 优化经济结构、转换增长动力的攻关期，我国经济项目行为已经达到一个相当复杂多 变的情况，在这样的大环境下，一方面给我国众多企业带来了前所未有的机遇，企业 更容易在资本市场中获取大量的资金以进行自身的项目投资与项目运作，另一方面也 给企业带来了众多不确定的风险，越来越多不可控制的因素促使企业进行自主项目决 策。财务评价作为项目盈利、投资可行性的最为直接以及重要的研究项目之一，在很 大的程度上左右了项目的成立与否。同时，从财务评价中所能够得出的财务风险也能 为项目实际实施之后的风险控制提供宝贵的意见，因而项目财务评价现在已经越来越 被社会各层企业所重视。 由于环保原因，环保芳烃油将逐步取代传统芳烃油，而我国目前大量进口国外的 环保芳烃油，基于此，ZJ 公司拟投资新建 40 万吨/年环保芳烃油项目。本文将现代项 目财务评价的理论体系与 ZJ 公司环保芳烃油项目实际密切结合，具有为环保芳烃油项 目财务评价提供数据的支持等理论意义，也具有为 ZJ 公司对该项目投资发展前景提供 投资依据等现实意义。经过对国内外关于项目财务评价相关理论研究分析，本文将项 目财务评价内容主要包括盈利能力指标分析、偿债能力指标分析及不确定分析，对三 类分析列出了详细的计算公式。ZJ 公司依托独特的产品高新技术工艺配方，在国家级 化工开发区拟建设年产 40 万吨/年环保芳烃油项目，主要生产高芳环保芳烃油、普通 环保芳烃油及副产品石蜡和硫磺，本项目生产的环保芳烃油芳碳率高、污染小，具有 良好的市场前景和技术竞争力。 本文对该环保芳烃油项目产品价格及成本数据进行了估算，在此基础上编制了项 目总投资及筹措表、项目总费用明细表、利润与利润分配表、全部投资现金流量表、 资产负债表等主要报表。基于以上详细财务数据估算，本文对各项重点指标进行计算， 结果显示：该项目财务内部收益率为 27.3%，远大于基准财务内部收益率 12%，项目财 务净现值为 101552 万元，远大于零；综合判断，该项目盈利能力较强，经济效益状况 良好。该项目资产负债率为 15.90%，项目流动比率、速动比率分别为 786.65%、744.44%， 均大于 200%，该项目具有较强的偿债能力；本项目盈亏平衡点 BEP 为 35.77%，即计算 期内本项目生产能力运用 35.77%以上时即可盈利，因此该投资项目的抗风险能力较好；II 敏感性分析显示，产品价格及原材料价格对项目盈利水平有着不可忽视的影响，ZJ 公 司需要注意环保芳烃油的竞争者、替代品的变化，以及全球汽车产业的变化趋势，积 极开拓市场，规避产品的销售风险，同时，做好节约能源、提高能效、利用金融衍生 工具规避价格风险等措施，将原材料石油价格波动的风险对企业的影响降到最低。 关键词： 项目，财务评价，项目评价，环保芳烃油III Abstract Financial Assessment of the Environmental Friendly Aromatic Oil Project of ZJ Company In recent years, China's economy is in the period of transformation of development mode, optimization of economic structure and transformation of growth power, which will change from high-speed growth stage to high-quality development stage. Therefore, China's economic project behavior has reached a quite complex and changeable situation. In such a macro environment, on the one hand, it brings unprecedented opportunities to many enterprises in China. Enterprises are more likely to obtain a large number of funds in the capital market to carry out their own project investment and project operation. On the other hand, it also brings many uncertain risks to enterprises, more and more uncertain factors urge enterprises to make independent project decisions. As one of the most direct and important research projects of project profitability and investment feasibility, financial evaluation determines the establishment of the project to a macro extent. At the same time, the financial risk that can be obtained from the financial evaluation can also provide valuable advice for the risk control after the actual implementation of the project. Therefore, the financial evaluation of the project has been paid more and more attention by all levels of enterprises in the society. Due to environmental protection reasons, environmental protection aromatic oil will gradually replace the traditional aromatic oil. At present, China imports a large number of environmental protection aromatic oil from abroad. Based on this, ZJ company plans to invest in a new 400000 tons / year environmental protection aromatic oil project. In this paper, the theoretical system of modern project financial evaluation is closely combined with the actual situation of environmental protection aromatics oil project of ZJ company, which has theoretical significance such as providing data support for the financial evaluation of environmental protection aromatics oil project, as well as practical significance such as providing investment basis for the investment and development prospect of the project of ZJ company. After the research and analysis of the related theories about the project financial evaluation at home and abroad, this paper mainly includes the profitability index analysis, Solvency Index Analysis and uncertainty analysis, and lists the detailed calculation formula for the three kinds of analysis. ZJ company plans to build an annual output of 400000t / a environmental protection aromatic oil project in the National Chemical Development ZoneIV Based on the unique product high-tech process formula, which mainly produces high aromatic environmental protection aromatic oil, ordinary environmental protection aromatic oil and by-product paraffin and sulfur. The environmental protection aromatic oil produced in this project has high aromatic carbon rate, small pollution, good market prospect and technical competitiveness. In this paper, the product price and cost data of the environmental protection aromatic oil project are estimated. On this basis, the project total investment and financing statement, the project total expense statement, the profit and profit distribution statement, the total investment cash flow statement, the balance sheet and other major statements are prepared. Based on the above detailed financial data estimation, this paper calculates the key indicators, and the results show that: the financial internal rate of return of the project is 27. 3%, far greater than the benchmark financial internal rate of return of 12%, and the financial net present value of the project is 1015. 52 million yuan, far greater than zero ； the comprehensive judgment shows that the project has strong profitability and good economic benefits. The asset liability ratio of the project is 15. 90%, and the current ratio and quick ratio of the project are 786. 65% and 744. 44%, respectively, which are greater than 200%. The project has strong solvency. The breakeven point of the project is 35. 77%, that is to say, when the production capacity of the project is more than 35. 77% in the calculation period, the project will be profitable, so the risk resistance ability of the investment project is good. Sensitivity analysis shows that the product price is good ZJ company needs to pay attention to the changes of competitors and substitutes of environmental protection aromatic oil, as well as the changing trend of global automobile industry, actively explore the market, avoid the sales risk of products, and at the same time, take measures to save energy, improve energy efficiency, use financial derivatives to avoid the price risk, etc. , to make raw materials stone The risk of oil price fluctuation has the lowest impact on enterprises. Keywords: Project, Financial Evaluation, Project Evaluation, Environmental Protection Aromatic OilV 目 录 第 1 章 绪论......................................................................................................1 1.1 研究背景及意义......................................................................................1 1.1.1 研究背景............................................................................................1 1.1.2 研究意义............................................................................................2 1.2 国内外研究现状......................................................................................4 1.2.1 国外研究现状....................................................................................4 1.2.2 国内研究现状...............................