目錄目錄⑹基本預(yù)備費(fèi)按工程費(fèi)用按照工程費(fèi)用與工程建設(shè)其它費(fèi)用3%計(jì)，不計(jì)漲價(jià)預(yù)備費(fèi)。7.1.2項(xiàng)目建設(shè)投資估算1、總投資項(xiàng)目總投資2400萬(wàn)元，其中：固定資產(chǎn)投資1920萬(wàn)元（含建設(shè)投資1888萬(wàn)元，建設(shè)期利息32萬(wàn)元），占總投資額80.00%。鋪底流動(dòng)資金480萬(wàn)元，占總投資額的20.00%。2、建設(shè)投資在建設(shè)投資1888萬(wàn)元中，包括：建筑工程投資280萬(wàn)元；設(shè)備投資1454萬(wàn)元；安裝費(fèi)用73.62萬(wàn)元；工程建設(shè)其它費(fèi)用投資21.50萬(wàn)元；基本預(yù)備費(fèi)88.88萬(wàn)元。建設(shè)投資、土建投資、設(shè)備投資見(jiàn)表7-1、表7-2、表7-3：表7-1建設(shè)投資估算表單位：萬(wàn)元序號(hào)項(xiàng)目估算價(jià)值比例（％）建筑工程費(fèi)設(shè)備購(gòu)置費(fèi)安裝工程費(fèi)其它費(fèi)用合計(jì)1工程費(fèi)用280.001454.0043.620.001777.6294.15%1.1主體工程260.001454.0043.621757.6293.09%1.1.1生產(chǎn)車(chē)間260.001454.0043.621757.6293.09%1.2輔助工程20.0020.001.06%1.2.1供配電工程10.0010.000.53%1.2.2供排水工程5.005.000.26%1.2.3綠化工程5.005.000.26%2工程建設(shè)其他費(fèi)用0.000.000.0021.5021.501.14%2.1可行性研究報(bào)告5.005.000.26%2.2項(xiàng)目安全預(yù)評(píng)價(jià)3.003.000.16%2.3項(xiàng)目環(huán)境影響評(píng)價(jià)13.5013.500.72%3預(yù)備費(fèi)0.000.000.0088.8888.884.71%3.1基本預(yù)備費(fèi)88.8888.884.71%3.2漲價(jià)預(yù)備費(fèi)0.000.00%4建設(shè)投資合計(jì)280.001454.0043.62110.381888.00100.00%比例（％）14.83%77.01%2.31%5.85%100.00%表7-2土建工程投資估算表序號(hào)項(xiàng)目單位工程量單位造價(jià)（元/）投資額（萬(wàn)元）備注1主體工程20002601.1生產(chǎn)車(chē)間平方米20001300260改造2輔助工程203.1供配電工程項(xiàng)1100000103.2供排水工程項(xiàng)15000053.3綠化工程項(xiàng)1500005合計(jì)平方米2000280表7-3設(shè)備工程投資估算表序號(hào)項(xiàng)目單位數(shù)量單價(jià)（元/）投資額（萬(wàn)元）備注1主要設(shè)備361454.001.1低壓真空燒結(jié)爐臺(tái)23600000720.00湖南新大1.2全自動(dòng)粉末一體成形機(jī)臺(tái)2600000120.00湖南新大1.3磁飽和分析儀臺(tái)150000050.00湖南中南大學(xué)1.4擠壓機(jī)臺(tái)9280000252.00廈門(mén)機(jī)械廠(chǎng)1.5壓力測(cè)壓機(jī)臺(tái)113000013.00湖南株洲1.6投影儀臺(tái)2400008.00湖南株洲1.7全自動(dòng)壓機(jī)臺(tái)10180000180.00江蘇揚(yáng)州1.845T液壓機(jī)臺(tái)118000018.00重慶東方1.9臥式金相儀臺(tái)112000012.00湖南株洲1.10干燥箱臺(tái)115000015.00上海1.11二帶鉬絲爐臺(tái)110000010.00湖南長(zhǎng)沙1.12雙管還原爐臺(tái)116000016.00湖南長(zhǎng)沙1.13拋光機(jī)臺(tái)113000013.00重慶大足1.14脫膠機(jī)臺(tái)117000017.00上海1.15除塵機(jī)臺(tái)25000010.00湖南長(zhǎng)沙2附屬設(shè)備3其他合計(jì)361454.003、流動(dòng)資金估算經(jīng)采用分項(xiàng)詳細(xì)估算法估算流動(dòng)資金，正常年份需流動(dòng)資金1599.99萬(wàn)元，其中鋪底流動(dòng)資金480萬(wàn)元（以全額流動(dòng)資金的30%計(jì)）。流動(dòng)資金估算如表7-4：表7-4流動(dòng)資金估算表單位：萬(wàn)元序號(hào)項(xiàng)目最低周轉(zhuǎn)天數(shù)周轉(zhuǎn)次數(shù)計(jì)算期（年）12345-9101流動(dòng)資產(chǎn)1699.972110.602110.602110.602110.601.1應(yīng)收賬款3012287.64356.17356.17356.17356.171.2存貨924.141146.161146.161146.161146.161.2.1原輔材料3012217.56271.95271.95271.95271.951.2.2燃料30124.255.325.325.325.321.2.3在產(chǎn)品409338.72418.89418.89418.89418.891.2.4產(chǎn)成品409363.61450.00450.00450.00450.001.3現(xiàn)金261453.0764.3764.3764.3764.371.4預(yù)付賬款606435.12543.90543.90543.90543.902流動(dòng)負(fù)債408.48510.61510.61510.61510.612.1應(yīng)付賬款3012221.81277.27277.27277.27277.272.2預(yù)收賬款1524186.67233.34233.34233.34233.343流動(dòng)資金(1-2)1291.491599.991599.991599.991599.994流動(dòng)資金當(dāng)期增加額1291.49308.507.2資金籌措7.2.1資金來(lái)源本項(xiàng)目總投資2400萬(wàn)元，其中：企業(yè)自籌1208萬(wàn)元，占總投資的50.33%；銀行貸款1000萬(wàn)元，占總投資的41.67%。申請(qǐng)財(cái)政補(bǔ)助資金192萬(wàn)元，占總投資的8%。7.2.2自籌資金落實(shí)情況項(xiàng)目自籌資金1208萬(wàn)元。項(xiàng)目單位于2011年4月6日于中國(guó)農(nóng)業(yè)發(fā)展銀行簡(jiǎn)陽(yáng)市支行出具了存款證明。顯示項(xiàng)目單位目前擁有1564萬(wàn)元存款，可以運(yùn)用于項(xiàng)目建設(shè)。能源保障自籌所需。7.2.3貸款資金落實(shí)情況項(xiàng)目貸款資金1000萬(wàn)元。中國(guó)農(nóng)業(yè)發(fā)展銀行簡(jiǎn)陽(yáng)市支行于2011年2月24日出具了項(xiàng)目貸款承諾書(shū)（簡(jiǎn)農(nóng)發(fā)銀函[2011]24號(hào)），經(jīng)過(guò)銀行決議，承諾向項(xiàng)目單位提供納米整體硬質(zhì)合金技術(shù)改造項(xiàng)目貸款1000萬(wàn)元，貸款期3年。7.2.4財(cái)政補(bǔ)助資金項(xiàng)目按照申報(bào)流程申請(qǐng)新興產(chǎn)業(yè)發(fā)展專(zhuān)項(xiàng)資金192萬(wàn)元。如果財(cái)政補(bǔ)助資金不足192萬(wàn)元，項(xiàng)目單位擬用自有資金補(bǔ)足差額。7.2.5項(xiàng)目總投資使用計(jì)劃與資金籌措表表7-5項(xiàng)目總投資使用計(jì)劃與資金籌措表序號(hào)項(xiàng)目合計(jì)計(jì)算期12345-9101總投資使用計(jì)劃2400.001920.00480.001.1固定資產(chǎn)投資1920.001920.001.1.1建設(shè)投資1888.001888.001.1.2建設(shè)期利息32.0032.001.2流動(dòng)資金480.000.00480.001.2.1其中：鋪底流動(dòng)資金480.000.00480.00規(guī)模總投資（1.1+1.2.1）2400.001920.00480.002資金籌措及使用2400.001920.00480.002.1項(xiàng)目資本金1208.00728.00480.002.1.1用于建設(shè)投資696.00696.002.1.2用于流動(dòng)資金480.00480.002.1.3用于建設(shè)期利息32.0032.002.2債務(wù)資金1000.001000.002.2.1用于建設(shè)投資1000.001000.002.2.2用于流動(dòng)資金0.002.2.3用于建設(shè)期利息0.002.3其他資金192.00192.002.3.1用于建設(shè)投資192.00192.002.3.2用于流動(dòng)資金0.002.3.3用于建設(shè)期利息0.00第八章項(xiàng)目效益評(píng)價(jià)第八章項(xiàng)目效益評(píng)價(jià)第八章項(xiàng)目效益評(píng)價(jià) 8.1財(cái)務(wù)評(píng)價(jià)8.1.1財(cái)務(wù)評(píng)價(jià)依據(jù)項(xiàng)目根據(jù)《新興產(chǎn)業(yè)發(fā)展專(zhuān)項(xiàng)資金申請(qǐng)報(bào)告編寫(xiě)提綱》和國(guó)家發(fā)改委《建設(shè)項(xiàng)目經(jīng)濟(jì)評(píng)價(jià)方法與參數(shù)》第三版中的有關(guān)規(guī)定和采用以市場(chǎng)價(jià)格體系為基礎(chǔ)的預(yù)測(cè)價(jià)格及國(guó)家有關(guān)部門(mén)財(cái)務(wù)制度規(guī)定進(jìn)行編制。相關(guān)基礎(chǔ)數(shù)據(jù)如下：項(xiàng)目計(jì)算期為10年，其中建設(shè)期1年，生產(chǎn)期9年；項(xiàng)目建成后第1年達(dá)產(chǎn)80%，第2年達(dá)產(chǎn)100%。貼現(xiàn)率按12%計(jì)；稅率：項(xiàng)目所得稅率按25%計(jì)。銷(xiāo)項(xiàng)稅率按17%計(jì)，進(jìn)項(xiàng)稅率按17%計(jì)；城建費(fèi)率按7%計(jì)；教育附加按3%計(jì)；該項(xiàng)目為技術(shù)改造項(xiàng)目，由于項(xiàng)目產(chǎn)品納米整體硬質(zhì)合金超細(xì)棒材在技改前的產(chǎn)量為0，因此項(xiàng)目不進(jìn)行“有無(wú)項(xiàng)目”對(duì)比分析，以新增性質(zhì)反映財(cái)務(wù)效益。8.1.2營(yíng)業(yè)收入、營(yíng)業(yè)稅金和附加估算1、營(yíng)業(yè)收入該項(xiàng)目計(jì)算期內(nèi)產(chǎn)品銷(xiāo)售單價(jià)，采用不含稅價(jià)。達(dá)產(chǎn)年產(chǎn)納米整體硬質(zhì)合金超細(xì)棒材55噸，每噸售價(jià)101.82萬(wàn)元，營(yíng)業(yè)收入為5600.1萬(wàn)元。2、營(yíng)業(yè)稅金及附加達(dá)產(chǎn)年?duì)I業(yè)稅金及附加38.64萬(wàn)元。項(xiàng)目營(yíng)業(yè)收入、營(yíng)收收入附加估算如表8-1：表8-1營(yíng)業(yè)收入、營(yíng)業(yè)稅金及附加和增值稅估算表單位：萬(wàn)元序號(hào)項(xiàng)目稅率合計(jì)計(jì)算期（年）12345-910生產(chǎn)負(fù)荷0%80%100%100%100%100%1營(yíng)業(yè)收入26880.480.004480.085600.105600.105600.105600.101.1超細(xì)整體硬質(zhì)合金棒材26880.480.004480.085600.105600.105600.105600.10單價(jià)（元/噸）1018200.0010182001018200101820010182001018200數(shù)量（噸）264.0004455555555銷(xiāo)項(xiàng)稅額17%4569.690.00761.61952.02952.02952.02952.022營(yíng)業(yè)稅金與附加185.470.0030.9138.6438.6438.6438.642.1營(yíng)業(yè)稅0.002.2消費(fèi)稅0.002.3城市維護(hù)建設(shè)稅7%129.840.0021.6427.0527.0527.0527.052.4教育費(fèi)附加3%55.630.009.2711.5911.5911.5911.593增值稅1854.710.00309.11386.40386.40386.40386.403.1銷(xiāo)項(xiàng)稅額17%4569.690.00761.61952.02952.02952.02952.023.2進(jìn)項(xiàng)稅額17%2714.980.00452.50565.62565.62565.62565.628.1.3總成本及經(jīng)營(yíng)成本估算1、單位產(chǎn)品生產(chǎn)成本估算單位產(chǎn)品生產(chǎn)成本為71.37萬(wàn)元/噸。單位成本構(gòu)成如下表：表8-2單位產(chǎn)品生產(chǎn)成本估算表序號(hào)項(xiàng)目單位消耗定額單價(jià)（元/單位）金額（元）年耗量一產(chǎn)品A1原輔材料593344326339201.1WC06”(碳化鎢)KG937530496610273135501.2CO粉（鈷粉）KG984434341423877701.3鉭KG12.443005332029326002燃料、動(dòng)力及水116006380002.1電度145000.8116006380003工資福利19898.181094399.94制造費(fèi)用88892.734889100.155副產(chǎn)品回收計(jì)算結(jié)果：?jiǎn)挝簧a(chǎn)成本萬(wàn)元/噸713734.912、項(xiàng)目總成本估算達(dá)產(chǎn)年總成本費(fèi)用4493.55萬(wàn)元。其中：外購(gòu)原材料費(fèi)和外購(gòu)燃料費(fèi)及動(dòng)力按單位產(chǎn)品生產(chǎn)成本估算表中的估算為準(zhǔn)。該項(xiàng)目新增用工40人，按人均年工資2.4萬(wàn)元計(jì)，福利按工資的14%計(jì)。維修費(fèi)按新增設(shè)備原值的3%計(jì)。固定資產(chǎn)折舊、無(wú)形資產(chǎn)和其他資產(chǎn)攤銷(xiāo)方式：工程折舊年限20年，建筑物20年，設(shè)備10年，無(wú)形資產(chǎn)10年、其他資產(chǎn)5年，。其他費(fèi)用按銷(xiāo)售收入的14%計(jì)。其中制造費(fèi)用為收入的5%，管理費(fèi)為收入的5%，營(yíng)業(yè)費(fèi)用為收入的4%。3、經(jīng)營(yíng)成本估算達(dá)產(chǎn)年經(jīng)營(yíng)成本費(fèi)用4273.98萬(wàn)元。項(xiàng)目成本費(fèi)用、折舊估算見(jiàn)表8-3、表8-4。表8-3總成本費(fèi)用估算表單位：萬(wàn)元序號(hào)項(xiàng)目合計(jì)計(jì)算期（年）12345-910生產(chǎn)負(fù)荷0%80%100%100%100%100%1外購(gòu)原輔材料費(fèi)15664.272610.713263.393263.393263.393263.392外購(gòu)燃料及動(dòng)力費(fèi)306.2451.0463.863.863.863.83工資及福利費(fèi)547.2109.44109.44109.44109.44109.444修理費(fèi)266.6553.3353.3353.3353.3353.335其他費(fèi)用3763.28627.2784.02784.02784.02784.025.1其他制造費(fèi)用1344.04224280.01280.01280.01280.015.2其他管理費(fèi)用1344.04224280.01280.01280.01280.015.3其他營(yíng)業(yè)費(fèi)用1075.2179.22242242242246經(jīng)營(yíng)成本（1+2+3+4+5）20547.643451.724273.984273.984273.984273.987折舊費(fèi)777.85155.57155.57155.57155.57155.578攤銷(xiāo)費(fèi)110.38110.3800009利息支出1606464320010總成本費(fèi)用合計(jì)（6+7+8+9）21595.873781.674493.554461.554429.554429.55其中：可變成本18125.753030.073773.923773.923773.923773.92固定成本3470.12751.6719.63687.63655.63655.63表8-4固定資產(chǎn)折舊、無(wú)形資產(chǎn)和其他資產(chǎn)攤銷(xiāo)估算表單位：萬(wàn)元序號(hào)項(xiàng)目合計(jì)折舊及攤銷(xiāo)年限計(jì)算期（年）123456789101房屋、建筑物20原值280.00280.00280.00280.00280.00280.00280.00280.00280.00280.00280.00當(dāng)期折舊費(fèi)119.7013.3013.3013.3013.3013.3013.3013.3013.3013.30凈值160.30266.70253.40240.10226.80213.50200.20186.90173.60160.302機(jī)器設(shè)備10原值14541454145414541454145414541454145414541454當(dāng)期折舊費(fèi)1243.17138.13138.13138.13138.13138.13138.13138.13138.13138.13凈值210.831315.871177.741039.61901.48763.35625.22487.09348.96210.833其他10原值43.6243.6243.6243.6243.6243.6243.6243.6243.6243.6243.62當(dāng)期折舊費(fèi)37.264凈值6.3639.4835.3431.2027.0622.9218.7814.6410.506.364無(wú)形資產(chǎn)10原值0.00當(dāng)期攤銷(xiāo)費(fèi)0.00凈值0.005其他資產(chǎn)1原值110.38110.38110.38110.38110.38110.38110.38110.38110.38110.38110.38當(dāng)期攤銷(xiāo)費(fèi)110.38110.38凈值0.000.006合計(jì)：原值1888.001888.001888.001888.001888.001888.001888.001888.001888.001888.001888.00合計(jì)：當(dāng)期折舊費(fèi)攤銷(xiāo)費(fèi)1510.510.00265.95155.57155.57155.57155.57155.57155.57155.57155.57合計(jì)：凈值377.491888.001622.051466.481310.911155.34999.77844.20688.63533.06377.498.1.4財(cái)務(wù)效益分析1、盈利能力分析（1）項(xiàng)目投資現(xiàn)金流量分析根據(jù)項(xiàng)目投資現(xiàn)金流量表，所得稅后項(xiàng)目財(cái)務(wù)內(nèi)部收益率為41.10%，大于12%的行業(yè)基準(zhǔn)收益率；財(cái)務(wù)凈現(xiàn)值2835.47萬(wàn)元，大于零；投資回收期3.54年，小于基準(zhǔn)回收期。因此，該項(xiàng)目的財(cái)務(wù)盈利能力可滿(mǎn)足要求。項(xiàng)目投資現(xiàn)金流量表如表8-5：表8-5項(xiàng)目投資現(xiàn)金流量表單位：萬(wàn)元序號(hào)項(xiàng)目合計(jì)計(jì)算期123456789101現(xiàn)金流入50138.370.004480.085600.105600.105600.105600.105600.105600.105600.106457.591.1營(yíng)業(yè)收入49280.880.004480.085600.105600.105600.105600.105600.105600.105600.105600.101.2補(bǔ)貼收入0.001.3回收固定資產(chǎn)余值377.49377.491.4回收流動(dòng)資金480.00480.002現(xiàn)金流出40383.591920.003962.634312.624312.624312.624312.624312.624312.624312.624312.622.1建設(shè)投資1920.001920.002.2流動(dòng)資金480.00480.002.3經(jīng)營(yíng)成本37643.560.003451.724273.984273.984273.984273.984273.984273.984273.984273.982.4營(yíng)業(yè)稅金及附加340.0330.9138.6438.6438.6438.6438.6438.6438.6438.642.5維持運(yùn)營(yíng)投資0.003所得稅前凈現(xiàn)金流量（1-2）9754.78-1920.00517.451287.481287.481287.481287.481287.481287.481287.482144.974累計(jì)所得稅前凈現(xiàn)金流量9754.78-1920.00-1402.55-115.071172.412459.893747.375034.856322.337609.819754.785調(diào)整所得稅2406.720.00166.88266.98274.98282.98282.98282.98282.98282.98282.986所得稅后凈現(xiàn)金流量（3-5）7348.06-1920.00350.571020.501012.501004.501004.501004.501004.501004.501861.997累計(jì)所得稅后凈現(xiàn)金流量7348.06-1920.00-1569.43-548.93463.571468.072472.573477.074481.575486.077348.06計(jì)算指標(biāo)：項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率（%）（所得稅前）52.29%項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率（%）（所得稅后）41.10%項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值（所得稅前）（ic=12%）￥4,072.95項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值（所得稅后）（ic=12%）￥2,835.74項(xiàng)目投資回收期（年）（所得稅前）3.09項(xiàng)目投資回收期（年）（所得稅后）3.54（2）利潤(rùn)與利潤(rùn)分配表分析根據(jù)附表7利潤(rùn)及利潤(rùn)分配表計(jì)算所得：達(dá)產(chǎn)年凈利潤(rùn)800.93萬(wàn)元?？偼顿Y收益率=平均息稅前利潤(rùn)/項(xiàng)目總投資=47.16%項(xiàng)目總投資收益率高于12%的行業(yè)標(biāo)準(zhǔn)，投資利潤(rùn)率可滿(mǎn)足投資者的要求。項(xiàng)目利潤(rùn)及利潤(rùn)分配表如表8-6：表8-6利潤(rùn)及利潤(rùn)分配表單位：萬(wàn)元序號(hào)項(xiàng)目合計(jì)計(jì)算期123456789101營(yíng)業(yè)收入26880.480.004480.085600.105600.105600.105600.105600.105600.105600.105600.102營(yíng)業(yè)稅金及附加185.470.0030.9138.6438.6438.6438.6438.6438.6438.6438.643總成本費(fèi)用21595.870.003781.674493.554461.554429.554429.554429.554429.554429.554429.554補(bǔ)貼收入05利潤(rùn)總額5099.140.00667.501067.911099.911131.911131.911131.911131.911131.911131.916彌補(bǔ)以前年度虧損07應(yīng)納稅所得額5099.140.00667.501067.911099.911131.911131.911131.911131.911131.911131.918所得稅1274.80.00166.88266.98274.98282.98282.98282.98282.98282.98282.989凈利潤(rùn)3824.340.00500.62800.93824.93848.93848.93848.93848.93848.93848.9310期初未分配利潤(rùn)0.000.00450.561171.401913.842677.883441.924205.964970.005734.0411可供分配的利潤(rùn)3824.340.00500.62800.93824.93848.93848.93848.93848.93848.93848.9312提取法定盈余公積金382.420.0050.0680.0982.4984.8984.8984.8984.8984.8984.8913可供投資者分配的利潤(rùn)3441.920.00450.56720.84742.44764.04764.04764.04764.04764.04764.0414應(yīng)付優(yōu)先股股利015提取任意盈余公積金016應(yīng)付普通股股利017各投資方利潤(rùn)分配：3441.920.00450.56720.84742.44764.04764.04764.04764.04764.04764.04其中：項(xiàng)目單位3441.920.00450.56720.84742.44764.04764.04764.04764.04764.04764.04××方018未分配利潤(rùn)3441.920.00450.56720.84742.44764.04764.04764.04764.04764.04764.0419息稅前利潤(rùn)5259.140.00731.501131.911131.911131.911131.911131.911131.911131.911131.9120息稅折舊攤前前利潤(rùn)6147.370.00997.451287.481287.481287.481287.481287.481287.481287.481287.482、銀行貸款清償能力分析本項(xiàng)目申請(qǐng)銀行3年期貸款1000萬(wàn)元，采用第4年一次性支付本金、每年支付利息的方式借貸。項(xiàng)目還本付息計(jì)劃如表8-7：表8-7借款還本付息計(jì)劃表單位：萬(wàn)元序號(hào)項(xiàng)目合計(jì)計(jì)算期12345-9101借款11.1期初借款余額01000100010001.2當(dāng)期還本付息11923264641032其中：還本10001000付息（6.4%）192326464321.3期末借款余額10001000100002借款22.1期初借款余額2.2當(dāng)期還本付息其中：還本付息2.3期末借款余額3借款合計(jì)10001000100003.1期初余額01000100010003.2當(dāng)期還本付息11923264641032其中：還本10000001000付息192326464323.3期末余額1000100010000計(jì)算利息備付率（%）1142.971768.613537.22指標(biāo)償債備付率（%）1819.272428.84151.40同時(shí)，項(xiàng)目還款能力通過(guò)計(jì)算利息備付率、償債備付率、資產(chǎn)負(fù)債表各指標(biāo)進(jìn)行分析評(píng)價(jià)。⑴利息備付率分析該項(xiàng)目利息備付率采用分年計(jì)算，各年度利息備付率見(jiàn)表8-8。表8-8各年度利息備付率統(tǒng)計(jì)表序號(hào)年度單位第1年第2年第3年第4年1息稅前利潤(rùn)萬(wàn)元731.501131.911131.912應(yīng)付利息萬(wàn)元64.0064.0032.003利息備付率倍1142.97%1768.61%3537.22%上述計(jì)算結(jié)果表明，該項(xiàng)目?jī)斶€期時(shí)利息備付率大于11倍，利息備付率高，說(shuō)明該項(xiàng)目利息償付的保證度大，償還風(fēng)險(xiǎn)小。⑵償債備付率分析該項(xiàng)目?jī)攤鶄涓堵什捎梅帜暧?jì)算，各年度償債備付率見(jiàn)表8-9。表8-9償債備付率計(jì)算表序號(hào)年度單位第1年第2年第3年第4年1息稅折舊攤銷(xiāo)前利潤(rùn)萬(wàn)元997.451287.481287.482所得稅萬(wàn)元166.88266.98274.983應(yīng)計(jì)利息萬(wàn)元6464324當(dāng)年還本萬(wàn)元0010005償債備付率倍1819.27%2428.84%4882.69%從表8-3看出，項(xiàng)目?jī)攤鶄涓堵蚀笥?8，償債備付率良好，說(shuō)明該項(xiàng)目還本付息的資金充足，償債風(fēng)險(xiǎn)小。(3)資產(chǎn)負(fù)債表分析根據(jù)附表10可以看出，項(xiàng)目建設(shè)第1年資產(chǎn)負(fù)債率42.79%，第2年資產(chǎn)負(fù)債率29.43%，第3年資產(chǎn)負(fù)債率10.30%，第4年資產(chǎn)負(fù)債率8.79%，每年資產(chǎn)負(fù)債率逐級(jí)減小，說(shuō)明項(xiàng)目建設(shè)資產(chǎn)狀況良好，有較強(qiáng)的償債能力。表8-10項(xiàng)目資產(chǎn)負(fù)債表單位：萬(wàn)元序號(hào)項(xiàng)目合計(jì)計(jì)算期123456789101資產(chǎn)62901.341920.003322.025132.164957.095806.026654.957503.888352.819201.7410050.671.1流動(dòng)資產(chǎn)總額51983.410.001699.973665.683646.184650.685655.186659.687664.188668.689673.181.1.1貨幣資金568.030.0053.0764.3764.3764.3764.3764.3764.3764.3764.371.1.2應(yīng)收賬款3137.000.00287.64356.17356.17356.17356.17356.17356.17356.17356.171.1.3預(yù)付賬款4786.320.00435.12543.90543.90543.90543.90543.90543.90543.90543.901.1.4存貨10093.420.00924.141146.161146.161146.161146.161146.161146.161146.161146.161.1.5其他33398.640.001555.081535.582540.083544.584549.085553.586558.087562.581.2在建工程1920.001920.001.3固定資產(chǎn)凈值8997.931622.051466.481310.911155.34999.77844.20688.63533.06377.491.4無(wú)形及其他資產(chǎn)凈值0.002負(fù)債及所有者權(quán)益62901.341920.003322.025132.164957.095806.026654.957503.888352.819201.7410050.672.1流動(dòng)負(fù)債總額4506.280.00421.40510.61510.61510.61510.61510.61510.61510.61510.612.1.1短期借款0.002.1.2應(yīng)付賬款2439.970.00221.81277.27277.27277.27277.27277.27277.27277.27277.272.1.3預(yù)收賬款2053.390.00186.67233.34233.34233.34233.34233.34233.34233.34233.342.1.4其他12.9212.922.2建設(shè)投資借款3000.001000.001000.001000.002.3流動(dòng)資金借款0.002.4負(fù)債小計(jì)7506.281000.001421.401510.61510.61510.61510.61510.61510.61510.61510.612.5所有者權(quán)益55395.06920.001900.623621.554446.485295.416144.346993.277842.208691.139540.062.5.1資本金20880.00920.001400.002320.002320.002320.002320.002320.002320.002320.002320.002.5.2資本公積0.002.5.3累計(jì)盈余公積金3451.380.0050.06130.15212.64297.53382.42467.31552.20637.09721.982.5.4累計(jì)未分配利潤(rùn)31063.680.00450.561171.401913.842677.883441.924205.964970.005734.046498.08計(jì)算指標(biāo)資產(chǎn)負(fù)債率（%）122.5242.7929.4310.308.797.676.806.115.555.08流動(dòng)比率（%）98.2324.7913.9314.0010.989.037.676.665.895.28速動(dòng)比率（%）380.5643.1242.1842.1842.1842.1842.1842.1842.1842.183、財(cái)務(wù)生存能力分析由資本金現(xiàn)金流量表（附表9）看出，資本金財(cái)務(wù)內(nèi)部收益率為71.71%，指標(biāo)良好；由財(cái)務(wù)計(jì)劃現(xiàn)金流量表（附表11）看出，經(jīng)營(yíng)活動(dòng)現(xiàn)金流入始終大于現(xiàn)金流出，企業(yè)通過(guò)經(jīng)營(yíng)活動(dòng)、投資活動(dòng)及籌資活動(dòng)產(chǎn)生的各年累積盈余資金均大于零，可見(jiàn)項(xiàng)目單位具有較強(qiáng)的財(cái)務(wù)生存能力。表8-11項(xiàng)目資本金現(xiàn)金流量表單位：萬(wàn)元序號(hào)項(xiàng)目合計(jì)計(jì)算期123456789101現(xiàn)金流入50138.3704480.085600.15600.15600.15600.15600.15600.15600.16457.591.1營(yíng)業(yè)收入49280.8804480.085600.15600.15600.15600.15600.15600.15600.15600.11.2補(bǔ)貼收入01.3回收固定資產(chǎn)余值377.49377.491.4回收流動(dòng)資金4804802現(xiàn)金流出42030.317604193.514643.65619.64595.64595.64595.64595.64595.64595.62.1項(xiàng)目資本金4807284802.2借款本金償還100000010002.3借款利息支付160326464322.4經(jīng)營(yíng)成本37643.5603451.724273.984273.984273.984273.984273.984273.984273.984273.982.5營(yíng)業(yè)稅金及附加340.03030.9138.6438.6438.6438.6438.6438.6438.6438.642.6所得稅2406.720166.88266.98274.98282.98282.98282.98282.98282.98282.982.7維持運(yùn)營(yíng)投資03凈現(xiàn)金流量（1-2）8108.06-760286.57956.5-19.51004.51004.51004.51004.51004.51861.99計(jì)算指標(biāo)：資本金財(cái)務(wù)內(nèi)部收益率（%）71.71%表8-12財(cái)務(wù)計(jì)劃現(xiàn)金流量表單位：萬(wàn)元序號(hào)項(xiàng)目合計(jì)計(jì)算期123456789101經(jīng)營(yíng)活動(dòng)凈現(xiàn)金流量8890.570830.571020.51012.51004.51004.51004.51004.51004.51004.51.1現(xiàn)金流入57658.6505241.696552.126552.126552.126552.126552.126552.126552.1265營(yíng)業(yè)收入49280.8804480.085600.15600.15600.15600.15600.15600.15600.1560增值稅銷(xiāo)項(xiàng)稅額8377.770761.61952.02952.02952.02952.02952.02952.02952.02952.021.1.3補(bǔ)貼收入01.1.4其他流入01.2現(xiàn)金流出48768.0804411.125531.625539.625547.625547.625547.625547.625547.625547.621.2.1經(jīng)營(yíng)成本37643.5603451.724273.984273.984273.984273.984273.984273.984273.984273.981.2.2增值稅進(jìn)項(xiàng)稅額4977.460452.5565.62565.62565.62565.62565.62565.62565.62565.621.2.3營(yíng)業(yè)稅金及附加340.03030.9138.6438.6438.6438.6438.6438.6438.6438.641.2.4增值稅3400.310309.11386.4386.4386.4386.4386.4386.4386.43所得稅2406.720166.88266.98274.98282.98282.98282.98282.98282.98282.981.2.6其他流出02投資活動(dòng)凈現(xiàn)金流量-2400-1920-4802.1現(xiàn)金流入02.2現(xiàn)金流出240019204802.2.1建設(shè)投資192019202.2.2維持運(yùn)營(yíng)投資02.2.3流動(dòng)資金4804802.2.4其他流出03籌資活動(dòng)凈現(xiàn)金流量240019204803.1現(xiàn)金流入240019204803.1.1項(xiàng)目資本金投入12087284803.1.2建設(shè)投資借款100010003.1.3流動(dòng)資金借款03.1.4債券03.1.5短期借款03.1.6其他流入1921923.2現(xiàn)金流出03.2.1各種利息支出03.2.2償還債務(wù)本金03.2.3應(yīng)付利潤(rùn)（股利分配）03.2.4其他流出04凈現(xiàn)金流量（1+2+3）8890.570830.571020.51012.51004.51004.51004.51004.51004.51004.55累計(jì)盈余資金33781.13574.571531.071511.572516.073520.574525.075529.576534.077538.578.1.5不確定性分析1、盈虧平衡分析按達(dá)產(chǎn)后年平均分析，年?duì)I業(yè)收入為5600.1萬(wàn)元，年固定成本為337.63萬(wàn)元，年變動(dòng)成本為3773.92萬(wàn)元，營(yíng)業(yè)稅金及附加為38.64萬(wàn)元?，F(xiàn)將反映盈虧平衡的生產(chǎn)量、營(yíng)業(yè)收入指標(biāo)計(jì)算如下：（1）生產(chǎn)量盈虧平衡點(diǎn)=固定成本÷（營(yíng)業(yè)收入-變動(dòng)成本-營(yíng)業(yè)稅金及附加）×100%=37.35%（2）圖8-1盈虧平衡分析圖2、敏感性分析表8-13敏感性分析表（稅前）變動(dòng)因素-10%-5%-3%基本方案

(FIRR)+3%+5%+10%銷(xiāo)售價(jià)格31.62%42.08%46.19%52.29%58.34%62.35%72.32%經(jīng)營(yíng)成本71.29%61.79%57.99%52.29%46.59%42.79%33.21%銷(xiāo)售量46.72%49.53%50.64%52.29%53.93%55.02%57.71%固定資產(chǎn)投資57.64%54.85%53.80%52.29%50.86%49.95%47.78%圖8-2敏感性分析圖從敏感性分析中可以看出，售價(jià)的變化對(duì)項(xiàng)目效益影響最大，經(jīng)營(yíng)成本次之，原始投資變化1最小。各項(xiàng)因素在正負(fù)10%變動(dòng)后，內(nèi)部收益率仍高于基準(zhǔn)率8%，證明該項(xiàng)目抗風(fēng)險(xiǎn)能力較強(qiáng)。8.1.6財(cái)務(wù)評(píng)價(jià)結(jié)論通過(guò)對(duì)項(xiàng)目盈利能力和不確定性分析的相關(guān)指標(biāo)測(cè)算，該項(xiàng)目有較強(qiáng)的盈利能力和抗風(fēng)險(xiǎn)能力。其經(jīng)濟(jì)效益明顯，財(cái)務(wù)評(píng)價(jià)可行。8.2社會(huì)效益評(píng)價(jià)8.2.1主要分析對(duì)產(chǎn)業(yè)發(fā)展的帶動(dòng)作用超細(xì)硬質(zhì)合金棒材不僅為項(xiàng)目帶來(lái)了經(jīng)濟(jì)效益，還為我省填補(bǔ)了納米級(jí)硬質(zhì)合金材料的空白，其可行性已從實(shí)踐中得到證實(shí)。通過(guò)幾年的研究與發(fā)展，項(xiàng)目單位已摸索出硬質(zhì)合金硬質(zhì)棒材生產(chǎn)管理等一套科學(xué)方法，積累了豐富的生產(chǎn)技術(shù)經(jīng)驗(yàn)，鍛煉出了一支高素質(zhì)的職工隊(duì)伍。并解決了硬質(zhì)合金棒材原料國(guó)產(chǎn)化問(wèn)題，為擴(kuò)大納米級(jí)硬質(zhì)合金棒材生產(chǎn)能力，提高硬質(zhì)棒材產(chǎn)品質(zhì)量及調(diào)整硬質(zhì)棒材產(chǎn)品結(jié)構(gòu)提供了保證。目前，根據(jù)國(guó)家產(chǎn)業(yè)政策，鎢工業(yè)必須從初級(jí)產(chǎn)品向深度加工產(chǎn)品方向發(fā)展，而硬質(zhì)合金硬質(zhì)棒材作為鎢的深加工產(chǎn)品，用途廣泛，市場(chǎng)潛力巨大，附加值高，可以帶動(dòng)原料供應(yīng)與下游工具制造的協(xié)同發(fā)展。項(xiàng)目的實(shí)施有助于建設(shè)自主創(chuàng)新能力，發(fā)揮科技對(duì)技術(shù)進(jìn)步的支撐作用，引導(dǎo)企業(yè)提高自主創(chuàng)新能力，推進(jìn)新興材料產(chǎn)業(yè)發(fā)展；且項(xiàng)目的實(shí)施有助于發(fā)展高端制造業(yè)，開(kāi)發(fā)與發(fā)展高新技術(shù)、高附加值產(chǎn)品，為國(guó)內(nèi)硬質(zhì)合金產(chǎn)業(yè)發(fā)展做出重要貢獻(xiàn)。項(xiàng)目實(shí)施后，實(shí)現(xiàn)銷(xiāo)售收入5600.1萬(wàn)元，實(shí)現(xiàn)凈利潤(rùn)839.93萬(wàn)元，達(dá)產(chǎn)期將年繳納各種稅收705.02萬(wàn)元，其中：所得稅279.98萬(wàn)元，增值稅386.40萬(wàn)元，銷(xiāo)售稅金及附加38.46萬(wàn)元，將大力促進(jìn)地方政府財(cái)政收入，推動(dòng)簡(jiǎn)陽(yáng)市經(jīng)濟(jì)發(fā)展。8.2.2解決就業(yè)另外，項(xiàng)目建成后可吸納社會(huì)勞動(dòng)力新增就業(yè)約40人。另外，項(xiàng)目建成后，在土建工程、運(yùn)輸、包裝、服務(wù)等相關(guān)產(chǎn)業(yè)，都將間接帶動(dòng)當(dāng)?shù)厝藛T就業(yè)。該項(xiàng)目帶動(dòng)作用顯著，具有廣泛的產(chǎn)業(yè)關(guān)聯(lián)度，可促進(jìn)各行業(yè)的進(jìn)步，有利于當(dāng)?shù)亟?jīng)濟(jì)和社會(huì)的發(fā)展。項(xiàng)目實(shí)施所有新增就業(yè)人員90%以上均從簡(jiǎn)陽(yáng)市本地招聘。8.2.3節(jié)能減排效果該項(xiàng)目在實(shí)施中全面促進(jìn)和落實(shí)國(guó)家節(jié)能減排的大政方針，所采用的技術(shù)方案和設(shè)備，使項(xiàng)目單位的產(chǎn)品實(shí)現(xiàn)每噸節(jié)電5%。項(xiàng)目技改后，購(gòu)置了噪聲值低的設(shè)備，并合理布置噪聲源位置，使噪音減少約10%。項(xiàng)目技改對(duì)產(chǎn)品提質(zhì)增效和節(jié)能減排效果均十分突出。通過(guò)各項(xiàng)節(jié)能措施的實(shí)施，項(xiàng)目單位可以將能耗水平降到較低指標(biāo)，能耗水平處于國(guó)內(nèi)先進(jìn)水平，貫徹執(zhí)行了各項(xiàng)國(guó)家和地方節(jié)能法律和各種規(guī)范，有利于為節(jié)約型社會(huì)的創(chuàng)建，同時(shí)，也為企業(yè)節(jié)約了生產(chǎn)成本，有助于企業(yè)競(jìng)爭(zhēng)力提高。目錄1建設(shè)項(xiàng)目概況 21.1項(xiàng)目背景及建設(shè)地點(diǎn) 21.2建設(shè)項(xiàng)目概況 51.3選址合理性及產(chǎn)業(yè)政策相符性 152建設(shè)項(xiàng)目周?chē)h(huán)境現(xiàn)狀 202.1建設(shè)項(xiàng)目所在地的環(huán)境現(xiàn)狀 202.2建設(shè)項(xiàng)目環(huán)境影響評(píng)價(jià)范圍及環(huán)境保護(hù)目標(biāo) 202.2.1地下水環(huán)境評(píng)價(jià)范圍 202.2.2環(huán)境空氣評(píng)價(jià)范圍 212.2.3聲環(huán)境影響評(píng)價(jià)范圍 212.2.4環(huán)境風(fēng)險(xiǎn)評(píng)價(jià)范圍 213建設(shè)項(xiàng)目環(huán)境影響及評(píng)價(jià) 223.1本項(xiàng)目污染物的排放情況 223.2環(huán)境保護(hù)目標(biāo)分布情況 273.3項(xiàng)目環(huán)境影響及評(píng)價(jià)結(jié)果 303.3.1施工期環(huán)境影響及評(píng)價(jià)結(jié)果 303.3.2運(yùn)營(yíng)期環(huán)境影響及評(píng)價(jià)結(jié)果 343.4污染物防治措施 403.4.1水污染控制措施 403.4.2大氣污染控制措施 413.4.3噪聲污染控制措施 413.4.4固體廢物處理處置措施 42HYPERLINK"file:///G:\\準(zhǔn)備修改傳百度文檔\\準(zhǔn)備上傳1111111\\可研報(bào)告\\明雅軒裝飾材料有限公司1210噸合成樹(shù)脂及涂料類(lèi)產(chǎn)品項(xiàng)