达成电器公司500kv电力变压器项目融资方案设计

发布时间：2018-03-26 03:08

本文选题：达成公司　切入点：500kv电力变压器　出处：《西北大学》2013年硕士论文

【摘要】：“十一五”以来,国家大力发展电力建设,尤其是以三峡水电工程和西电东送工程为龙头的电力建设以及跨区电力联网工程的实施,掀起了我国电力建设的又一轮高潮。电力市场的繁荣,为输变电设备制造业提供了广阔的市场。“十二五”期间,预计两大电网公司规划投资3.05万亿元,年均投资额超过6000亿元。庞大的电力建设资金给变压器行业带来了机遇和挑战,国内对高端电力变压器的需求呈现快速上升趋势。当前的市场形势和行业中的竞争态势为公司提供了前所未有的发展机遇。为了提升公司产品的生产档次,力争在新一轮电力建设高潮中,进一步发展壮大,公司提出了建设500kv电力变压器生产项目,以满足市场需要,扩大企业生产规模,提高企业的利润和知名度,并由此引出了该项目融资方案的设计。本文以达成电器公司为研究对象,以项目融资的相关理论作为本文研究的理论依据,运用文献研究法,调查研究法和案例分析法,结合国家宏观经济环境和变压器的行业环境对500千伏电力变压器市场进行了分析和研究。在投资成本预测的基础上,结合企业的实际情形,对该项目所需资金进行融资方案设计。本项目融资规模为30333万元,其中,建设期固定资产投资16758万元,新增流动资金投资12484万元,建设期贷款利息1091万元。在此规模基础上,设计了4种融资方案：方案1(所需资金全部从银行借款)；方案2(通过发行短期融资券取得所需资金)；方案3(白有资金+银行借款)；方案4(通过融资租赁方式),通过比较4种方案的资金成本,选择方案3为本公司的最佳融资方案。本文研究的重点在项目的投资预测、资金筹措、项目运营后收入的预测,财务盈利能力和清偿能力分析等方面。依据融资规模和选择的融资方案,项目所需资金来源为：自有资金8651万元；从银行借入长期借款13000万元,借款年利率6.996%,建设期利息1091万元,偿还期限为3年；流动资金借款8682万元。建设期第二年投产后,公司用实现的利润加折旧偿还长期借款本金7979万元,余下的5021万元在生产经营期第一年用实现的利润偿还,利息在建设期全部清偿。项目运营后,年均实现净利润9158万元。通过编制相关的财务报表,对本项目的盈利能力和清偿能力进行定量分析,得出了该项目在财务上具有可行性和经济效益比较好的结论。本文的贡献在于以该项目为核心,借助于项目融资的相关理论与方法,对企业拟建项目进行了系统的分析和研究。将项目管理,财务管理,企业战略,管理运筹学等学科知识综合运用到项目融资方案研究中,对拟建项目有了一个客观的评价,这给一些规模较大的变压器公司是否扩大500千伏变压器的生产规模提供了一定的参考价值。
[Abstract]:Since the 11th Five-Year Plan, the state has made great efforts to develop electric power construction, especially the electric power construction led by the three Gorges Hydropower Project and the West to East Power Transmission Project, as well as the implementation of the inter-regional electric power interconnection project. The prosperity of the electricity market has provided a broad market for the power transmission and transformation equipment manufacturing industry. During the 12th Five-Year Plan period, it is expected that the two major power grid companies will plan to invest 3.05 trillion yuan. The average annual investment is more than 600 billion yuan. The huge power construction fund brings opportunities and challenges to the transformer industry. Domestic demand for high-end power transformers is rising rapidly. The current market situation and competition situation in the industry provide the company with unprecedented development opportunities. Striving to further develop and expand in the new round of power construction climax, the company has put forward the construction of 500kv power transformer production project to meet the needs of the market, expand the scale of enterprise production, and improve the profit and popularity of the enterprise. And thus leads to the project financing project design. In this paper, we take the Dafa Electric Company as the research object, take the related theory of project financing as the theoretical basis of this study, and use the literature research method, investigation research method and case analysis method. Combined with the national macroeconomic environment and the transformer industry environment, the 500 kV power transformer market is analyzed and studied. On the basis of the investment cost forecast, combined with the actual situation of the enterprise, The financing scale of the project is 303.33 million yuan, including 167.58 million yuan of fixed assets investment, 124.84 million yuan of new working capital investment and 10.91 million yuan of loan interest during construction period. Four financing options have been designed: option 1 (all required funds are borrowed from banks); option 2 (obtaining the required funds through the issuance of short-term financing bonds); option 3 (bankable bank loans); and option 4 (access through financial leasing). Comparing the funding costs of the four schemes, Option 3 is the company's best financing option. This paper focuses on the investment forecast, financing, income prediction, financial profitability and solvency analysis of the project. The sources of capital required for the project are: 86.51 million yuan of its own capital; 130 million yuan of long-term loans borrowed from banks, 6.996 yuan of annual interest rate, 10.91 million yuan of interest during construction, and a repayment period of 3 years; 86.82 million yuan of liquid capital; 86.82 million yuan of working capital. After the second year of construction, The company uses the realized profits plus depreciation to repay the long-term borrowing principal of 79.79 million yuan, and the remaining 50.21 million yuan in the first year of the production and operation period with the realized profits, and the interest is fully repaid during the construction period. After the project is operated, The average annual net profit is 91.58 million yuan. By compiling the related financial statements, the paper makes quantitative analysis on the profitability and liquidating ability of the project, and draws a conclusion that the project is financially feasible and has good economic benefit. The contribution of this paper is to take the project as the core, with the help of the relevant theories and methods of project financing, to make a systematic analysis and research on the proposed project. Management operations research and other disciplines are comprehensively applied to the project financing project research, and there is an objective evaluation of the proposed project. This provides some reference value for some larger transformer companies whether to expand the production scale of 500 kV transformers.
【学位授予单位】：西北大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F426.61;F406.7

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