高新通信基站项目的现金流分析

发布时间：2018-01-04 10:48

本文关键词：高新通信基站项目的现金流分析　出处：《中南大学》2014年硕士论文　论文类型：学位论文

【摘要】：摘要：现金流分析是项目投资决策过程中最为关键的财务评价指标之一,也是难点。本文就目前投资项目现金流量估算方法上存在着某些缺陷的现状出发,提出对项目折现率、固定资产和无形资产的计提基础及折旧摊销进行修正处理,使投资项目现金流估算更为科学,更为合理,并以RN通信股份有限公司的高新通信基站项目为案例进行估算和验证。各章节内容为：第一章阐述论文研究背景及国内外研究现状；第二章提出传统现金流估算方法的问题及修正处理方法；第三章详述了RN公司高新通信基站项目现金流的传统计算；第四章是对相关指标进行修正处理并对项目现金流计算进行验证；第五章基于项目现金流的分析结果对项目进行评价；第六章是研究结论和展望。本文的主要工作包括：(1)运用资本资产定价模型和企业综合资本成本定价模型对投资项目现金折现率进行确定,替代了传统计算方法下简单采用行业平均折现率；(2)考虑时间价值因素对固定资产和无形资产的计提基础进行修正,效仿投资年金回收系数原理对长期资产的折现和摊销进行重新估算,避免出现传统方法下无法完整弥补长期资产投资的现状；(3)对项目现金流情况与企业上市融资时点的关系进行了探讨,并据以对RN公司上市时点的选择提出了相关建议。通过本文的研究,有利于对进一步完善现行现金流分析模型,也有利于进一步加强RN通信股份有限公司拟投资项目决策的科学性。
[Abstract]:Abstract: cash flow analysis is one of the most important financial evaluation indexes in the process of project investment decision. In order to make the estimation of cash flow of investment project more scientific and reasonable, it is proposed to revise the project discount rate, the basis of fixed assets and intangible assets and the depreciation and amortization. And RN Communications Co., Ltd. high-tech communication base station project as a case to estimate and verify. The contents of each chapter are as follows: the first chapter describes the background of the thesis and the current research situation at home and abroad; In the second chapter, the problem of the traditional cash flow estimation method and the modified method are put forward. In the third chapter, the traditional calculation of cash flow of high and new communication base station project of RN company is described in detail. Chapter 4th is to modify the relevant indicators and verify the calculation of project cash flow; Chapter 5th evaluates the project based on the results of project cash flow analysis; Chapter 6th is the conclusion and prospect of the research. The main work of this paper includes: (1) using the capital asset pricing model and the enterprise comprehensive capital cost pricing model to determine the cash discount rate of investment projects. It replaces the traditional calculation method and simply adopts the average discount rate of the industry. Second, taking into account the time value factor to revise the basis of fixed assets and intangible assets, and emulate the principle of return coefficient of investment annuity to reestimate the discounted and amortized long-term assets. Avoid the traditional method can not make up for the status quo of long-term asset investment; The paper discusses the relationship between the cash flow of the project and the time point of enterprise's listing and puts forward some suggestions on the choice of the point of listing of RN company. It is beneficial to further improve the current cash flow analysis model and to further strengthen the scientific decision of the investment project of RN Communication Co., Ltd.
【学位授予单位】：中南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F626.115

【参考文献】