潍坊长青国际房地产项目财务评价研究

发布时间：2018-08-06 16:33

【摘要】：近年来,我国房地产项目发展迅速,对房地产投资者来说,投资建设前,对房地产项目进行财务评价研究尤为重要,能否获利,获利大小以及财务风险强弱,都是房地产项目投资者十分关心的问题。项目投资是否成功,投资之前的评价研究是关键,而财务评价又是项目评价研究的核心,房地产投资项目作为项目投资的一个特殊领域,具有风险高、利润大、周期长等特点。本文以潍坊长青国际房地产项目为研究对象,对该房产项目进行财务评价研究,为投资者提供参考依据的同时,也为其他房地产开发项目提供有益的启示。本文研究结果表明潍坊长青国际房地产项目的建设符合国家产业政策,符合国家以及山东省行业发展规划,符合潍坊市城市发展总体规划,项目及项目建设单位符合行业准入的有关规定,项目选址合理。项目建成后,可以为当地经济带来很大的推进作用。该项目财务风险很低,但有一定的政策风险。总体而言,本项目是可行的。从本项目以上的几个静态指标来看,销售期,尤其是转售年的投资利润率很高,租赁期的投资利润率偏低,总体年平均投资利润率保持在13%以上,故从投资利润率角度分析来看是可行的。此外,从阶段性建设经营期来看,从本项目以上的几个动态指标来看,本项目自有资金税前和税后的财务净现值(FNPV)均大于零,税前和税后的财务内部收益率(FIRR)均大于期望收益率10%。故从自有资金动态盈利角度分析,本项目是可行的。从风险评价角度看,该项目盈亏平衡点47.8%,在前期工程费等条件确定的情况下,项目的销售收入,如果能达到预期的47.8%,就可以收回投资,保本点比较低,说明本项目有很强的抗风险能力。
[Abstract]:In recent years, real estate projects in China have developed rapidly. For real estate investors, it is particularly important to study the financial evaluation of real estate projects before investment and construction. Are real estate project investors are very concerned about the problem. Whether the project investment is successful or not, the evaluation research before investment is the key, and the financial evaluation is the core of the project evaluation research. As a special field of project investment, the real estate investment project has the characteristics of high risk, large profit, long period and so on. This article takes the Weifang Changqing international real estate project as the research object, carries on the financial appraisal research to the real estate project, provides the reference basis for the investor, but also provides the beneficial enlightenment for the other real estate development project. The research results show that the construction of Weifang Changqing International Real Estate Project is in line with the national industrial policy, the national and Shandong industry development plan, and the Weifang urban development master plan. Project and project construction units comply with the relevant regulations of industry access, project location is reasonable. After the completion of the project, can bring a great role for the local economy. The financial risk of the project is very low, but there are certain policy risks. Overall, this project is feasible. From the above static indicators of this project, the investment profit margin of the sales period, especially the resale year, is very high, the investment profit margin of the lease period is low, and the overall average annual investment profit margin is over 13%. Therefore, it is feasible to analyze the investment profit rate. In addition, from the point of view of the period of stage construction and operation, from the above several dynamic indicators of the project, the (FNPV) before and after tax of the project's own funds is all greater than zero. Pre-tax and after-tax financial internal rate of return (FIRR) is greater than the expected rate of return of 10%. Therefore, from the point of view of self-capital dynamic profit analysis, this project is feasible. From the point of view of risk assessment, the break-even point of the project is 47.8.The sales income of the project can be recovered if it can reach the expected 47.8 percent, and the capital preservation point is relatively low. This shows that the project has a strong ability to resist risks.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F299.233.42

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