寿光市现代嘉苑房地产项目财务评价研究

发布时间：2018-04-15 23:37

本文选题：工程项目 + 财务评价　；参考：《中国海洋大学》2014年硕士论文

【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。房地产是一个资金投入量大,投资回收期长,政策依存度高,对国内生产总值贡献度大的行业。在国家的严厉的宏观调控政策面前,如何做好楼盘开发项目的财务评价是一个值得深入探讨的课题。科学合理的对房地产项目进行财务评价,可以帮助投资者有效地规避财务风险,降低因投资失败产生的利益损失,保障项目顺利的进行投资建设。在市场经济条件下,项目财务管理对房地产企业来讲是非常重要的,项目财务管理是否有效直接关系到房地产企业的经济效益的高低,甚至关系到房地产企业的生存与发展。本文以寿光市现代嘉苑房地产项目为研究对象,对该房地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。本文共分六部分,第一部分为导论部分,包括研究背景及意义,研究的主要内容和研究方法,国内外研究现状与发展动态、技术路线以及创新点等。第二部分为项目财务评价的相关概念,包括项目财务评价的内容、项目财务评价的影响因素及方法。第三部分为项目简介与投融资估算,包括寿光市房地产市场概述、项目简介、市场需求分析、项目投资估算以及资金筹措。第四部分为寿光市现代嘉苑房地产项目盈利能力评价部分,包括项目投资项目财务数据,项目损益情况研究,项目现金流量研究、项目盈利能力评价。第五部分为寿光市现代嘉苑房地产项目偿债能力评价部分,包括项目偿债能力评价、项目不确定性分析等。最后为结论部分。研究表明寿光市现代嘉苑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。项目建成后,可以为当地经济带来很大的推进作用。该项目虽然存在一定的财务风险,但总体而言是积极可行的,尤其从投资利润率角度看,项目的静态评价指标中租赁期投资利润率较低,但是转售年的投资利润率较高,年投资利润率平均在13%以上。从自有资金动态盈利角度看,项目也积极可行,项目自有资金税前和税后的财务净现值均大于零,税前和税后的财务内部收益率均大于期望收益率。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,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.Real estate is an industry with large amount of capital investment, long payback period, high policy dependence and great contribution to GDP.In the face of the country's strict macro-control policy, how to do a good job in the financial evaluation of real estate development project is a subject worthy of further discussion.Scientific and reasonable financial evaluation of real estate projects can help investors effectively avoid financial risks, reduce the loss of interest arising from investment failure, and ensure the smooth construction of the project.Under the condition of market economy, the project financial management is very important to the real estate enterprises. Whether the project financial management is effective or not is directly related to the economic benefits of the real estate enterprises, and even to the survival and development of the real estate enterprises.This article takes Shouguang modern Jiayuan real estate project as the research object, carries on the financial appraisal research to this real estate project, provides the reference basis for the investor, but also provides the beneficial enlightenment for the other real estate development project.This paper is divided into six parts, the first part is the introduction part, including the research background and significance, the main contents and research methods, the domestic and foreign research status and development trends, technical routes and innovation points.The second part is related concepts of project financial evaluation, including the content of project financial evaluation, the influence factors and methods of project financial evaluation.The third part is the project profile and investment and financing estimation, including Shouguang real estate market overview, project profile, market demand analysis, project investment estimation and financing.The fourth part is the evaluation part of the profitability of Shouguang modern Jiayuan real estate project, including project investment project financial data, project profit and loss research, project cash flow research, project profitability evaluation.The fifth part is the evaluation part of Shouguang modern Jiayuan real estate project solvency, including project solvency evaluation, project uncertainty analysis and so on.The last part is the conclusion.The research shows that the construction of modern Jiayuan real estate project in Shouguang city accords with the national industrial policy and the industry development plan of Shandong province.After the completion of the project, can bring a great role for the local economy.Although the project has some financial risks, it is positive and feasible in general. Especially from the point of view of investment profit margin, the investment profit margin of lease period is lower, but the investment profit margin of resale year is higher.The average annual investment profit margin is over 13%.From the point of view of dynamic profit of private funds, the project is also active and feasible. The financial net present value of the project before and after tax is greater than zero, and the financial internal rate of return before and after tax is higher than the expected rate of return.In addition, from the stage of construction operation period, from the above several dynamic indicators of the project, so from the point of view of the dynamic profit of its own funds, the project is feasible.From the point of view of risk evaluation, the capital preservation point of the project is relatively low, which indicates that the project has 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】：2014
【分类号】：F299.233.42

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