工程经济学大作业.docx

1、工程经济学大作业大连理工大学软件学院 2011-2012学年度第二学期大作业（论文）课程名称： 工程经济学 大作业题目： 商业街开发项目财务分析 姓名： 专业： 软件工程 学号： Email : 班 级： 电 话：_ _Commercial street developmentProject financial analysis(商业街开发项目财务分析) 1 prefaceBackground and advantages: with the improvement of peoples living standard, people life quality request too more

2、 and more high, commercial street has a good traffic location, close to the traffic hub of the region, the residents can use all kinds of transportation is convenient arrived, a strong sense of accessibility and location advantages. City commercial location condition is its can bring efficiency and

3、effectiveness maximization of the basic basis. Location conditions affect the city function, the establishment of the bosom friend and urban general layout planning design, deeper said also affect the city commercial tourist market and radiation ability. The project located in DL city main road, whi

4、ch is the advantage of excellent people and traffic flow.Overview and environment: DL city is located in a northern coastal livable city, our block in DL city development zone, where the road spacious and convenient traffic, near universities, has the good cultural atmosphere, and at the same time,

5、near the residential area development zone, more convenient residents consumption. The project covers an area of 200 mu(120 mu for sale,80 mu for rent) of which 100 mu of land is a businessman, 5 acres of land as a street. The total construction area is 250 thousand square metres , 3 4 a large shopp

6、ing mall is given priority to, and underground parking. Has a certain development scale, and can bring about good social benefits social benefits and economic benefits.2 The necessity of the project construction According to Chinas economic situation, business circle construction became an important

7、 aspect of economic growth, promote consumption has become a national the expansion of domestic demand, promoting economic development and economic vitality reply one of the important measures. Through promoting consumption, the development of commercial construction not only can relieve, the improv

8、ement of peoples life level, but also can promote the development of dozens of related industries, and providing society with a large number of employment opportunities, and promote the further development of the national economy. In short, the real estate industry high correlation to economic growt

9、h influence big. The purpose of construction, to promote the healthy development of DL city commercial market, expand domestic demand, maintain a good momentum of growth in the national economy, and promote economic structural adjustment, improve the resident consumption level and quality, expanding

10、 employment, promote the progress of science and technology and the sustainable development has important significance.3 market analysis and general schedulemarket analysis：In order to understand the market demand status in now days CSL county merchant market research, intention to understand the go

11、al customer buying intention and purchase ability, so as to determine the projects market position. The content of the investigation have customers buy shops will, shops type, the area of the demand, the demand unit price and total price, expectations supporting facilities; Investigation to DMG buil

12、ding materials within the household market merchant is given priority to, questionnaire survey and interviews combined form, sampling survey. Data show that merchants for food and beverage, financial institutions, leisure entertainment, supermarkets, logistics center and the needs of the hotel is bi

13、gger, above 90%. Among them the demand of food mainly concentrated in fast food, special snacks and middle-grade hotel; The hotel is in favour of quick type and three-star hotel, Leisure and recreational facilities are more preference fitness center and bath center and etc can satisfy the needs of d

14、aily life supporting. Therefore, the purpose of supporting facilities, not only be able to meet their daily life, the needs of work, and at the same time to use the purpose of location advantages attract peripheral passenger flow, foil popularity, thus increasing the project business atmosphere, inc

15、rease project appreciation potential.The GNP of 36.9 million yuan, animal husbandry output value 33.57 million yuan, the industrial output value 14.88 million yuan, township and village enterprises the value of 4.68 million yuan. As the development of great western area , regional development rapidl

16、y. The current commercial county surrounding gathered the bank, digital special store and catering entertainment institutions, business circle to increasingly prosperous. Future development space is quite large , the open the development prospect is good.Project Schedule:4 investment estimation and

17、financingInvestment estimation :The company invest 400 million yuan , 600 million yuan loans as debt capital from bank (from the third year , each year is equal principal and interest , three years to pay off , every year 600 * (1 + 10%) 5/3= 322.102 million yuan), the bank loan interest rate rd = 1

18、0%, the income tax rate T = 20%, the financing charges fd is neglected.Bank loan cost Kd = rd *（1-T）/（1-fd）= 10% *（1-20%）/ 1 = 8%5 Financial benefit and cost counselOn sales from the third year start, sales plan each year, a third of a year that sales of 50000 square meters , rent every year can be

19、10 million yuan. price of every square metre 10,000 yuan, so every year to sell and rent houses have given the for 50000 * 1 = 500 million yuan. Count up to 510 million yuan. Every year the principal and interest of the bank is 322.102 million yuan.The financial benefit is 510-322.1=187.9 million yu

20、an every year6 Financial analysisperiod for recovery of investment:Original investment F0 = 400 million yuan , started to sell each year after the net cash flow for 197.9 million yuan cumulative net cash flow comes as the year of sales is the third year, also is the fifth year in total progress.=0+0

21、+187.9*3-400=163.7 0Payback timePt =5-1+（400-163.7*2）/197.9 4.37年net present valueset the discount rate is 10%, the project calculation period is 5 years net present value.NPV（10） = = -400 + 187.9 * (P/A10,5) = -400 + ( 187.9 * 3.7908) = 312.3 million yuannet present value NPV0 internal rate of retu

22、rn NPV = -400 + 187.9 * =0If i=35% then NPV=-400+187.9*(P/A35 ,3) = -400+187.9*2.219=17.0If i=40% then NPV=-400+187.9*(P/A40 ,3) = -400+187.9*2.035=-17.6IRR=35%+(40%-35%)*17.0/(17.0+17.6)=37.46%. Rate of return on investmentYearly payment of principal and interest is 322.102 million yuan, and the av

23、erage principal is 200 million yuan every year , so the every year loan interest is 322.102-200=122.102 million yuanThe Annual interest pre-tax profit is 122.102 + 187.9 = 300 million yuanThe rate of return on investment（ROI）:ROI = Annual interest pre-tax profit/ total investment 100% = 300/1000100%

24、 = 30% Rate of Return on Common Stockholders EquityEquity Capital is 400 million yuan .ROE= annual profit/Equity Capital100%=187.9/400100%47.0%Current RatioThe Current assets is 400 million yuan. The bank reimbursement is 322.102 million yuan every year.Current Ratio = current assets/Total Current L

25、iabilities =400/322.102=1.24Interest Coverage Ratio Interest Coverage Ratio = Earnings Before Interest and Tax / The current deal with interest expense =400/(322.102-200)=3.28Debt Service Coverage RatioDSCR=（EBITDA-Tax）/PD=400/322.102=1.247 Summary According to the analysis the result, this project

26、has a lot of project feasibility. From the project investment payback period we can see, the period for recovery of investment is short enough as 4.37 years.From the analysis of internal rate of return and the current ratio ,we got the data that the internal rate of return is only 37.46, the current ratio as high as 1.24, the Rate of Return on Common Stockholders Equity is as high as 47.0%, so the profits is high enough. So above the analysis, the project risk is low, and return is relatively high. So the project is feasible. 8 Cash flow statement and accumulated repayment table