工程經(jīng)濟(jì)學(xué)課程設(shè)計(jì) 某機(jī)械廠技術(shù)改造項(xiàng)目經(jīng)濟(jì)評價

長沙學(xué)院課程設(shè)計(jì)說明書 工程經(jīng)濟(jì)學(xué)PAGE9PAGE12長沙學(xué)院課程設(shè)計(jì)說明書 工程經(jīng)濟(jì)學(xué)目錄TOC\o"1-3"\h\u16792第1章項(xiàng)目編制說明 1148681.1項(xiàng)目概況 1168551.1.2項(xiàng)目狀況 127071.2項(xiàng)目實(shí)施 1136341.2.2該技術(shù)改造項(xiàng)目的特點(diǎn) 1306541.2.3計(jì)算期的確定 2136021.3投資估算與資金籌措 218720第2章項(xiàng)目財(cái)務(wù)評價 3226752.1財(cái)務(wù)評價說明 3307522.2項(xiàng)目的三大指標(biāo)分析 3243772.2.1盈利能力指標(biāo)分析 326522.2.2償債能力指標(biāo)分析 547612.2.3財(cái)務(wù)生存能力指標(biāo)分析 672022.3“有項(xiàng)目”與“無項(xiàng)目”總成本費(fèi)用估算 76974第3章風(fēng)險(xiǎn)分析 88863.1盈虧平衡分析（量本利分析） 8123113.2敏感性分析 830855第4章財(cái)務(wù)評價結(jié)論 9311514.1結(jié)論 9221424.2主要技術(shù)經(jīng)濟(jì)指標(biāo)表 1041384.3評價依據(jù) 1024586附表 11附表1“有項(xiàng)目”與“無項(xiàng)目”總投資使用計(jì)劃與資金籌措表附表2有項(xiàng)目借款償還計(jì)劃及利息計(jì)算表附表3無項(xiàng)目借款償還計(jì)劃及利息計(jì)算表附表4有項(xiàng)目總成本費(fèi)用估算表附表5無項(xiàng)目總成本費(fèi)用估算表附表6有項(xiàng)目投資現(xiàn)金流量表附表7無項(xiàng)目投資現(xiàn)金流量表附表8有項(xiàng)目資本金現(xiàn)金流量表附表9無項(xiàng)目資本金現(xiàn)金流量表附表10投資回收期凈現(xiàn)金流量表附表11有項(xiàng)目利潤與利潤分配表附表12無項(xiàng)目利潤與利潤分配表第1章項(xiàng)目編制說明1.1項(xiàng)目概況1.1.1項(xiàng)目名稱某機(jī)械廠技術(shù)改造項(xiàng)目1.1.2項(xiàng)目狀況某新建項(xiàng)目，其可行性研究已完成市場需求預(yù)測、生產(chǎn)規(guī)模、工藝技術(shù)方案、建廠條件和廠址方案、環(huán)境保護(hù)、工廠組織和勞動定員以及項(xiàng)目實(shí)施規(guī)劃諸方面的研究論證和多方案比較。項(xiàng)目財(cái)務(wù)評價在此基礎(chǔ)上進(jìn)行。項(xiàng)目基準(zhǔn)收益率為12%，基準(zhǔn)投資回收期為14年即計(jì)算期。企業(yè)現(xiàn)狀：2003年，機(jī)械廠現(xiàn)有職工1504人，其中生產(chǎn)工人1053人，工程技術(shù)人員451人；現(xiàn)有固定資產(chǎn)原值為2859萬元，凈值為1352萬元，在建工程為957萬元，流動資金為2260萬元（其中借款1580萬元）；資本金957萬元。累計(jì)盈余資金為213萬元，現(xiàn)有長期借款900萬元。1.2項(xiàng)目實(shí)施1.2.1改造方案技術(shù)改造計(jì)劃。企業(yè)決定在“九五”期間引進(jìn)國外先進(jìn)技術(shù)，開發(fā)新產(chǎn)品拋丸器（C），以調(diào)整不合理的工藝流程，采用新工藝。技改后使A產(chǎn)品增加到25臺，B產(chǎn)品維持原來的產(chǎn)量，C產(chǎn)品設(shè)計(jì)生產(chǎn)能力300臺。1.2.2該技術(shù)改造項(xiàng)目的特點(diǎn)機(jī)械廠進(jìn)行技術(shù)改造稱為“有項(xiàng)目”，不進(jìn)行改造稱為“無項(xiàng)目”。1.“有項(xiàng)目”在不同程度上利用了企業(yè)原有的資產(chǎn)和資源，力求以增量調(diào)存量，以較小的新增投入取得較大的新增效益。2.該項(xiàng)目建設(shè)期內(nèi)建設(shè)與生產(chǎn)同步，一般不需停產(chǎn)建設(shè)。3.由于企業(yè)在項(xiàng)目實(shí)施時已具備一定的生產(chǎn)技術(shù)及管理基礎(chǔ)，所以建設(shè)期較短，該項(xiàng)目兩年即達(dá)產(chǎn)。4.“無項(xiàng)目”的生產(chǎn)情況假設(shè)為維持現(xiàn)有狀況。1.2.3計(jì)算期的確定機(jī)械廠進(jìn)行技術(shù)改造稱為“有項(xiàng)目”，不進(jìn)行改造稱為“無項(xiàng)目”。“有項(xiàng)目”和“無項(xiàng)目”的計(jì)算期為14年，2004年和2005年為建設(shè)期，2006年達(dá)產(chǎn)，根據(jù)擬定的實(shí)施進(jìn)度計(jì)劃來安排投資。1.3投資估算與資金籌措資金來源1.“有項(xiàng)目”資金來源項(xiàng)目總投資8957萬元，其中新增投資4388萬元；原有固定資產(chǎn)凈值為1352萬元,在建工程為957萬元，流動資金為2260萬元（其中借款1580萬元）（2003年末數(shù)據(jù)）。新增項(xiàng)目建設(shè)初投資為2270萬元，利息230萬元，其中流動資金1888萬元，新增流動資金部分來自銀行貸款為70%，企業(yè)自籌30%，申請投資公司貸款1250萬元。詳細(xì)見附表1和任務(wù)書附表2,自籌資金來源于企業(yè)折舊攤銷及未分配利潤(包括現(xiàn)有累計(jì)盈余資金213萬元及項(xiàng)目滾動方式積累資金)。流動資金總額4148萬元，達(dá)產(chǎn)所需流動資金4148萬元，其中新增1888萬元，原有流動資金2260萬元。流動資金估算采用分項(xiàng)詳細(xì)估算法進(jìn)行估算，具體計(jì)算：流動資金=流動資產(chǎn)—流動負(fù)債流動資產(chǎn)=應(yīng)收賬款+預(yù)付賬款+存貨+現(xiàn)金流動負(fù)債=應(yīng)付賬款+預(yù)收賬款流動資金本年增加額=本年流動資金—上年流動資金企業(yè)目前每百元銷售收入占用流動資金55元，預(yù)計(jì)本次技改后達(dá)產(chǎn)年將占用45元。2.“無項(xiàng)目”資金來源“無項(xiàng)目”資金主要來源于：現(xiàn)有固定資產(chǎn)原值為2859萬元，凈值為1352萬元，在建工程為957萬元，流動資金為2260萬元（其中借款1580萬元）；資本金957萬元，累計(jì)盈余資金為213萬元，現(xiàn)有長期借款900萬元。

第2章項(xiàng)目財(cái)務(wù)評價2.1財(cái)務(wù)評價說明1.本項(xiàng)目采用有無對比原則對項(xiàng)目的經(jīng)濟(jì)能力進(jìn)行分析。2.本項(xiàng)目財(cái)務(wù)評價分為融資前分析和融資后分析兩個層次，無項(xiàng)目和有項(xiàng)目的對比。融資前分析從項(xiàng)目投資總獲利能力角度，考慮項(xiàng)目方案設(shè)計(jì)的合理性，重在考慮項(xiàng)目的凈現(xiàn)金流量的價值是否大于其投資成本，為項(xiàng)目投資決策提供依據(jù)；融資后分析重在考慮資金籌措方案能否滿足要求，融資后分析包括項(xiàng)目的盈利能力分析、償債能力分析以及財(cái)務(wù)生存能力分析，進(jìn)而判斷項(xiàng)目方案在融資條件下的合理性。3.本項(xiàng)目采用等額本金法償還長期借款本金、流動資金借款本金和相應(yīng)的利息?？偝杀举M(fèi)用估算表（附表4和表5）、利潤及利潤分配表（附表11和表12）及借款償還計(jì)劃及利息計(jì)算表(附表2和表3)通過利息支出、當(dāng)年還本和稅后利潤互相聯(lián)系，通過三表聯(lián)算得出借款償還計(jì)劃；在每年借款償還后，再計(jì)提盈余公積金和確定利潤分配方案。2.2項(xiàng)目的三大指標(biāo)分析2.2.1盈利能力指標(biāo)分析財(cái)務(wù)基準(zhǔn)收益率為12%，計(jì)算期14年。“有項(xiàng)目”和“無項(xiàng)目”項(xiàng)目投資現(xiàn)金流量表見附表6和附表7，現(xiàn)根據(jù)該表格計(jì)算”有項(xiàng)目”投資財(cái)務(wù)內(nèi)部收益率，采用線性內(nèi)插法求項(xiàng)目內(nèi)部收益率.銷售收入減去總成本費(fèi)用和營業(yè)稅金及附加后的余額為營業(yè)利潤。所得稅為按營業(yè)利潤的33%。計(jì)征所得稅后的利潤為稅后利潤，按可供分配利潤的10%提取提取法定盈余公積。待項(xiàng)目長期借款全部償還后提取盈余公積金即”有項(xiàng)目”2016和2017兩年提取。增量利潤=“有項(xiàng)目”利潤-“無項(xiàng)目”利潤,本課題無項(xiàng)目為嚴(yán)重虧損項(xiàng)目所以無需對增量利潤進(jìn)行分析1.投資回收期靜態(tài)回收期=5-1+2134.84/2465.95=4.87年（息稅前）靜態(tài)回收期=7-1+17.67/1830.85=6.01年（息稅后）動態(tài)回收期=5-1+1906.2/2201.85=6.12年（息稅前）動態(tài)回收期=7-1+15.78/1634.76=8.53年（息稅后）無項(xiàng)目投資回收期為虧損項(xiàng)目投資回收期不存在。2.總投資收益率=7.12%<8%==25.08%3.資本金凈利潤率==19.39%=60.56%4.凈現(xiàn)值有項(xiàng)目項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值(NPV)=10794.73萬元（i=12%）（息稅前）有項(xiàng)目項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值(NPV)=6250.90萬元（i=12%）（息稅后）無項(xiàng)目項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值(NPV)=-698.14＜0（i=12%）(息稅前)無項(xiàng)目項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值(NPV)=-1219.01＜0（i=12%）(息稅后)5.內(nèi)部收益率有項(xiàng)目項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率（IRR）=44.38%（息稅前）有項(xiàng)目項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率（IRR）=38.24%（息稅后）無項(xiàng)目項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率（IRR）=9.34%<12%(息稅前)無項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率（IRR）=6.54%<12%(息稅后)以上盈利能力指標(biāo)分析可得“無項(xiàng)目”不可行；“有項(xiàng)目”可行。2.2.2償債能力指標(biāo)分析項(xiàng)目技術(shù)改造即“有項(xiàng)目”新增借款為3072萬元，其中長期借款1750萬元，流動資金借款1322萬元。項(xiàng)目原有借款2480萬元，流動資金借款1580，長期借款900。即“有項(xiàng)目”借款總額5552萬元，利用復(fù)利還本付息。（見附表2）項(xiàng)目技術(shù)改造前即“無項(xiàng)目”借款額為2480萬元，其中流動資金借款為1580萬元，長期借款為900萬元利用復(fù)利計(jì)算還本付息，見附表3。可用于償還借款的資金來源于凈利潤、折舊費(fèi)、攤銷費(fèi)、可分配利潤和其他資金。借款償還年限為10年04、05年只計(jì)息不還款，長期借款的利率為7.83%，流動資金借款為5.5%，還款方式采用等額本金法，即：每年償還的本金相同再加相應(yīng)的利息。無項(xiàng)目的利潤總額為小于0則計(jì)算中不計(jì)利潤。1.利息備付率=4.43>2=12.2＞22.償債備付率=1.12<1.3=2.36＞1.3無項(xiàng)目的利息備付率=4.43>2.0，償債備付率=1.12<1.3，說明項(xiàng)目償債能力差。有項(xiàng)目的利息備付率=12.2>2.0，有項(xiàng)目償債備付率=2.36＞1.3,說明項(xiàng)目償債能力強(qiáng)。3.資產(chǎn)負(fù)債率有項(xiàng)目資產(chǎn)負(fù)債率(LOAR)=期末負(fù)債總額/期末資產(chǎn)總額＞0在長期借款還清后可以不再計(jì)算資產(chǎn)負(fù)債率。適當(dāng)?shù)馁Y產(chǎn)負(fù)債率，表明企業(yè)經(jīng)營安全、穩(wěn)健、具有較強(qiáng)的籌資能力，也表明企業(yè)和債權(quán)人風(fēng)險(xiǎn)較小。對該指標(biāo)分析，應(yīng)結(jié)合國家宏觀經(jīng)濟(jì)狀況、行業(yè)發(fā)展趨勢、企業(yè)所處競爭環(huán)境等具體條件判定。以上償債能力指標(biāo)分析可得“無項(xiàng)目”不可行；“有項(xiàng)目”可行2.2.3財(cái)務(wù)生存能力指標(biāo)分析1.累計(jì)盈虧資金有項(xiàng)目累計(jì)盈虧資金13866.73(萬元)＞0(項(xiàng)目可行)無項(xiàng)目累計(jì)盈虧資金40.11(萬元)>0(項(xiàng)目可行)以上財(cái)務(wù)生存能力指標(biāo)分析可得“有項(xiàng)目”比“無項(xiàng)目”盈利能力強(qiáng)。2.3“有項(xiàng)目”與“無項(xiàng)目”總成本費(fèi)用估算總成本費(fèi)用系指在運(yùn)營期內(nèi)為生產(chǎn)產(chǎn)品提供服務(wù)所發(fā)生的全部費(fèi)用。等于經(jīng)營成本與折舊費(fèi)、攤銷費(fèi)、修理費(fèi)、財(cái)務(wù)費(fèi)（利息支出）和其他費(fèi)用之和。總成本費(fèi)用可按下列方法估算：總成本費(fèi)用=外購原材料、燃料和動力費(fèi)+工資及福利費(fèi)+折舊費(fèi)+攤銷費(fèi)+修理費(fèi)+財(cái)務(wù)費(fèi)用（利息支出）+其他費(fèi)用生產(chǎn)成本=直接材料費(fèi)+直接燃料和動力費(fèi)+直接工資+制造費(fèi)用=管理費(fèi)用+財(cái)務(wù)費(fèi)用1.工資及福利費(fèi)估算：全廠員工1504人，工資每年為8400元/人·年。2.折舊費(fèi)。新增固定資產(chǎn)綜合折舊率為7.8%，利用原有為5%（2015年初停止折舊）。新增固定資產(chǎn)為2050萬元，原有固定資產(chǎn)為1352萬元。固定資產(chǎn)折舊費(fèi)估算及攤銷見附表四和附表五。3.修理費(fèi)計(jì)算。修理費(fèi)按年折舊額的50%提取。

4.其他費(fèi)用。包括制造費(fèi)用、制造費(fèi)用、銷售費(fèi)用各占銷售收入3%。5.借款利息計(jì)算。長期借款的利率為7.83%，流動資金借款為5.5%；無項(xiàng)目時，流動資金借款年應(yīng)計(jì)利息為531.9萬元；有項(xiàng)目時，流動資金借款年應(yīng)計(jì)利息為995.5萬元，按現(xiàn)行財(cái)務(wù)制度規(guī)定，計(jì)入總成本費(fèi)用中。長期借款利息及還本付息計(jì)算見附表二和附表三。6.經(jīng)營成本=外購原材料、燃料動力費(fèi)+工資及福利費(fèi)+修理費(fèi)+其他費(fèi)用。

7.固定成本和可變成本估算：總成本費(fèi)用=固定成本+可變成本。固定成本=折舊費(fèi)+攤銷費(fèi)+修理費(fèi)+工資及福利費(fèi)+其他費(fèi)用通常把運(yùn)營期發(fā)生的全部利息（除流動資金借款利息）也作為固定成本。可變成本=外購原材料+燃料及動力費(fèi)+計(jì)件工資+流動資金借款利息

第3章風(fēng)險(xiǎn)分析3.1盈虧平衡分析（量本利分析）＝74.2%本項(xiàng)目的盈虧平衡點(diǎn)為74.2%，即銷售量或收入達(dá)到產(chǎn)量或預(yù)計(jì)收入的74.2%時，項(xiàng)目能保持盈虧平衡。3.2敏感性分析項(xiàng)目敏感性分析的指標(biāo)是敏感度,敏感度系數(shù)的計(jì)算為β=ΔA/ΔFβ——評價指標(biāo)A對于不確定因素F的敏感度系數(shù)ΔA——不確定因素F發(fā)生ΔF變化率時，評價指標(biāo)A的相應(yīng)變化率（%）ΔF——不確定因素F的變化率（%）“無項(xiàng)目”嚴(yán)重虧損不可行，下面就“有項(xiàng)目”的營業(yè)收入、經(jīng)營成本、建設(shè)投資的變化對凈現(xiàn)值的影響進(jìn)行敏感性分析。不確定因素-10%-5%基本方案5%10%凈現(xiàn)值（萬元）變化率營業(yè)收入14035.0223273.6510794.7341750.9050989.52經(jīng)營成本45107.1738809.7210794.7326214.8219917.37建設(shè)投資20677.7620297.5710794.7319537.1819156.98營業(yè)收入平均敏感度=（50989.52-14035.02）/10794.73/20%=17.12經(jīng)營成本平均敏感度=（45107.17-19917.37）/10794.73/20%=11.68建設(shè)投資平均敏感度=（20677.76-19156.98）/10794.73/20%=0.70顯然，凈現(xiàn)值對年?duì)I業(yè)收入變化的反應(yīng)最為敏感。

第4章財(cái)務(wù)評價結(jié)論4.1結(jié)論“無項(xiàng)目”的財(cái)務(wù)評價指標(biāo)基本上都不能滿足的要求，所以項(xiàng)目不可行?！坝许?xiàng)目”財(cái)務(wù)評價結(jié)論詳見財(cái)務(wù)評價結(jié)論匯總表（附表13）從主要指標(biāo)上看，財(cái)務(wù)評價結(jié)果均可行，而且生產(chǎn)的產(chǎn)品是國家急需的，所以項(xiàng)目是可以接受的。附表13財(cái)務(wù)評價指標(biāo)一覽表序號項(xiàng)目比較基準(zhǔn)計(jì)算結(jié)果是否可行整所得調(diào)稅前調(diào)整所得稅后1項(xiàng)目財(cái)務(wù)內(nèi)部收益率（%）1244.3838.24是2項(xiàng)目財(cái)務(wù)凈現(xiàn)值折現(xiàn)（萬元）>010794.736250.90是3靜態(tài)投資回收期（年）144.876.01是4動態(tài)投資回收期（年）146.128.53是5總投資收益率（%）25.08是6項(xiàng)目資本金凈利潤率（%）60.56是7借款償還期（年）10是8利息備付率>212.20是9償債備付率>1.32.36是各項(xiàng)經(jīng)濟(jì)指標(biāo)的計(jì)算結(jié)果表明某機(jī)械廠技術(shù)改造項(xiàng)目的財(cái)務(wù)效益是可行的，經(jīng)濟(jì)效益是合理的。

4.2主要技術(shù)經(jīng)濟(jì)指標(biāo)表主要技術(shù)經(jīng)濟(jì)指標(biāo)序號指標(biāo)單位數(shù)據(jù)1項(xiàng)目總投資萬元8957.002總成本費(fèi)用萬元101779.023經(jīng)營成本萬元96417.424營業(yè)稅金及附加萬元14230.425投資回收期年靜態(tài)6.01動態(tài)8.536利潤率%60.56%7內(nèi)部收益率%調(diào)整所得稅前44.38%調(diào)整所得稅后38.24%4.3評價依據(jù)1.國家計(jì)委、建設(shè)部《建設(shè)項(xiàng)目經(jīng)濟(jì)評價方法與參數(shù)》（第三版）；2.國家計(jì)委《投資項(xiàng)目可行性研究指南》；3.《工程經(jīng)濟(jì)學(xué)》（第二版）中國建筑工業(yè)出版社。

附表附表1“有項(xiàng)目”與“無項(xiàng)目”總投資使用計(jì)劃與資金籌措表附表2有項(xiàng)目借款償還計(jì)劃及利息計(jì)算表附表3無項(xiàng)目借款償還計(jì)劃及利息計(jì)算表附表4有項(xiàng)目總成本費(fèi)用估算表附表5無項(xiàng)目總成本費(fèi)用估算表附表6有項(xiàng)目投資現(xiàn)金流量表附表7無項(xiàng)目投資現(xiàn)金流量表附表8有項(xiàng)目資本金現(xiàn)金流量表附表9無項(xiàng)目資本金現(xiàn)金流量表附表10投資回收期凈現(xiàn)金流量表附表11有項(xiàng)目利潤與利潤分配表附表12無項(xiàng)目利潤與利潤分配表附表1“有項(xiàng)目”與“無項(xiàng)目”總投資使用計(jì)劃與資金籌措表單位:萬元序號項(xiàng)目有項(xiàng)目總投資無項(xiàng)目總投資期合計(jì)200420052006合計(jì)200420051總投資8957.004569.004569.001.1建設(shè)投資4579.003721.00858.002309.002309.001.2建設(shè)期利息230.0088.00142.000.000.001.3流動資金4148.002260.00998.00890.002260.002260.002資金籌措8957.005389.802337.601229.604569.004569.002.1項(xiàng)目資本金（自有資金）2273.001357.00649.00267.00957.00957.002.1.1用于建設(shè)投資750.00400.00350.000.00277.00277.002.1.2用于30%流動資金1523.00957.00299.00267.00680.00680.002.1.3用于建設(shè)期利息2.2債務(wù)資金(借款)5552.003580.001349.00623.002480.002480.002.2.1用于建設(shè)投資（長期借款）2650.002000.00650.00900.00900.002.2.2用于流動資金（流動資金70%借款）2902.001580.00699.00623.001580.001580.002.2.3用于建設(shè)期利息2.3其他資金1132.00512.00310.60310.001132.001132.00注：各年流動資金在年初投入，流動資金的借款利率為5.5%，經(jīng)查閱長期借款5年以上的為7.83%有項(xiàng)目的流動資金=2260（原有流動資金）+1888（新增流動資金）=4148，投入的時間不同見上表；有項(xiàng)目建設(shè)投資=1352（原有凈值）+957（原有在建項(xiàng)目）+2270（新增建設(shè)投資）=4579有項(xiàng)目1.12004年建設(shè)投資=1412+2309=3721；2005年建設(shè)投資為858見任務(wù)書附表22.1項(xiàng)目原有資本金為957，04年年初用于建設(shè)投資，則自有資金總額為957+1316=22732.2原有項(xiàng)目的流動資金借款為1580，長期借款為900，04年年初計(jì)入新建項(xiàng)目2.3其他資金包括累計(jì)盈余資金（213）及企業(yè)折舊攤銷和未分配利潤，分配方式如上表無項(xiàng)目1.1建設(shè)投資=凈值1352+在建工程957=2309；建設(shè)投資、流動資金在2004年一次投入項(xiàng)目；因?yàn)闊o建設(shè)期則無建設(shè)期利息。附表2有項(xiàng)目借款償還計(jì)劃及利息計(jì)算表單位:萬元序號項(xiàng)目合計(jì)正常生產(chǎn)期200420052006200720082009201020112012201320142015201620171年初欠款44643.013580.003823.505522.436014.385382.704751.004119.303487.602855.902224.201592.50960.80328.700.001.1流動資金欠款23839.411580.001666.902496.033290.582961.502632.402303.301974.201645.101316.00986.90657.80328.700.001.2長期欠款20803.602000.002156.603026.402723.802421.202118.601816.001513.401210.80908.20605.60303.000.000.002當(dāng)年利息支付2299.100.000.00237.00394.40352.50310.70268.90227.10185.30143.50101.7059.9018.100.002.1流動資金995.500.000.000.00181.00162.90144.80126.70108.6090.5072.4054.3036.2018.100.002.2長期借款1303.600.000.00237.00213.40189.60165.90142.20118.5094.8071.1047.4023.700.000.003當(dāng)年還本6317.000.000.00302.60631.70631.70631.70631.70631.70631.70631.70631.70631.70329.100.003.1流動資金3291.000.000.000.00329.10329.10329.10329.10329.10329.10329.10329.10329.10329.100.003.2長期借款3026.000.000.00302.60302.60302.60302.60302.60302.60302.60302.60302.60302.600.000.004年末尚欠41062.993823.505522.426014.375382.704751.004119.303487.602855.902224.201592.50960.80328.700.000.004.1流動資金22259.391666.902496.023290.572961.502632.402303.301974.201645.101316.00986.90657.80328.700.000.004.2長期借款18803.602156.603026.402723.802421.202118.601816.001513.401210.80908.20605.60303.000.000.000.00注：長期借款和流動資金借款都發(fā)生在04年年初,年末計(jì)息還款從06年開始等額還本付息。長期借款利率為7.83%,流動資金借款利率為5.5%建設(shè)期只計(jì)息不還款在06年達(dá)產(chǎn)開始還貸，每年付清利息并分10年等額償還建設(shè)期利息資本化后的全部借款資本；現(xiàn)金流量的發(fā)生時點(diǎn)遵循年末習(xí)慣法附表3無項(xiàng)目借款償還計(jì)劃及利息計(jì)算表單位:萬元序號項(xiàng)目合計(jì)正常生產(chǎn)期200420052006200720082009201020112012201320142015201620171年初欠款20542.302480.002637.402806.002524.502243.901963.301682.701402.101121.50840.90560.30279.700.000.001.1流動資金欠款12917.401580.001666.901758.601582.701406.801230.901055.00879.10703.20527.30351.40175.500.000.001.2長期欠款7624.00900.00970.501046.50941.80837.10732.40627.70523.00418.30313.60208.90104.200.000.002當(dāng)年利息支付1055.50178.60160.70142.90125.00107.1089.4071.5053.5035.6091.200.000.002.1流動資金531.9096.7087.0077.4067.7058.0048.4038.7029.0019.309.700.000.002.2長期借款523.6081.9073.7065.5057.3049.1041.0032.8024.5016.3081.500.000.003當(dāng)年還本2806.00280.60280.60280.60280.60280.60280.60280.60280.60280.60280.600.000.003.1流動資金1759.00175.90175.90175.90175.90175.90175.90175.90175.90175.90175.900.000.003.2長期借款1047.00104.70104.70104.70104.70104.70104.70104.70104.70104.70104.700.000.004年末尚欠12618.902524.502243.901963.301682.701402.101121.50840.90560.30279.700.000.000.004.1流動資金7911.901582.701406.801230.901055.00879.10703.20527.30351.40175.500.000.000.004.2長期借款4707.00941.80837.10732.40627.70523.00418.30313.60208.90104.200.000.000.00注：長期借款和流動資金借款都發(fā)生在04年年初,年末計(jì)息還款從06年開始等額還本付息。長期借款利率為7.83%,流動資金借款利率為5.5%附表4有項(xiàng)目總成本費(fèi)用估算表單位:萬元序號項(xiàng)目合計(jì)建設(shè)期投產(chǎn)及達(dá)產(chǎn)期200420052006200720082009201020112012201320142015201620171外購原輔材料57400.891913.623086.914366.704366.704366.704366.704366.704366.704366.704366.704366.704366.704366.704366.701.1鋼材預(yù)處理線34826.311065.031810.542662.562662.562662.562662.562662.562662.562662.562662.562662.562662.562662.562662.561.2帶式輸送機(jī)11880.33848.60848.60848.60848.60848.60848.60848.60848.60848.60848.60848.60848.60848.60848.601.3拋丸器10694.25427.77855.54855.54855.54855.54855.54855.54855.54855.54855.54855.54855.54855.542外購燃料動力6859.13226.57368.08522.04522.04522.04522.04522.04522.04522.04522.04522.04522.04522.04522.042.1鋼材預(yù)處理線4067.95124.40211.48311.01311.01311.01311.01311.01311.01311.01311.01311.01311.01311.01311.012.2帶式輸送機(jī)1430.31102.17102.17102.17102.17102.17102.17102.17102.17102.17102.17102.17102.17102.17102.172.3拋丸器1360.8854.44108.87108.87108.87108.87108.87108.87108.87108.87108.87108.87108.87108.873工資及附加17687.041263.361263.361263.361263.361263.361263.361263.361263.361263.361263.361263.361263.361263.361263.364修理費(fèi)1592.50113.75113.75113.75113.75113.75113.75113.75113.75113.75113.75113.75113.75113.75113.755折舊費(fèi)2502.50227.50227.50227.50227.50227.50227.50227.50227.50227.50227.50227.506攤銷費(fèi)（無形560.0022.0067.0067.0067.0067.0045.0045.0045.0045.0045.0045.00資產(chǎn)及遞延）7財(cái)務(wù)費(fèi)用2299.10237.00394.40352.50310.70268.90227.10185.30143.50101.7059.9018.100.007.1其中：利息支出2299.10237.00394.40352.50310.70268.90227.10185.30143.50101.7059.9018.100.007.1.1長期借款利息1303.60237.00213.40189.60165.90142.20118.5094.8071.1047.4023.700.000.007.1.2流動資金借款利息995.500.00181.00162.90144.80126.70108.6090.5072.4054.3036.2018.100.008其他費(fèi)用12759.12425.25686.07970.65970.65970.65970.65970.65970.65970.65970.65970.65970.65970.65970.659總成本費(fèi)用101779.024192.055812.677755.207925.407883.507819.707777.907736.107694.307652.507610.707296.407311.307311.3010經(jīng)營成本96417.423942.555518.177223.707236.507236.507236.507236.507236.507236.507236.507236.507236.507293.207311.30注：1.0原輔材料和燃料動力放入單價見附表1制造費(fèi)、管理費(fèi)、銷售費(fèi)用均按銷售收入的3%計(jì)算；經(jīng)營成本=總成本費(fèi)用-折舊費(fèi)-維簡費(fèi)-攤銷費(fèi)-利息支出；總成本費(fèi)用=1+2+3+4+5+6+7+8其他成本費(fèi)用是指在制造費(fèi)、管理費(fèi)、財(cái)務(wù)費(fèi)和營業(yè)費(fèi)（銷售費(fèi)用）中扣除工資及職工福利、折舊費(fèi)、修理費(fèi)、攤銷費(fèi)和利息支出后的費(fèi)用固定資產(chǎn)合計(jì)=2050（建設(shè)投資）+1352（原有凈值）=3402；新增固定資產(chǎn)綜合折舊率為7.8%，利用原有為5%；2015年初體止折舊即折舊年限為11年，采用平均年限法計(jì)算折舊；當(dāng)期折舊=2050*0.078+1352*0.05=227.5,本次技改無形資產(chǎn)及其他資產(chǎn)從2005年開始攤銷至2015年初止，年攤銷額為45；原有的部分110萬元計(jì)劃從2004年開始攤銷至2008年完，年攤銷額為22附表5無項(xiàng)目總成本費(fèi)用估算表單位:萬元序號項(xiàng)目合計(jì)建設(shè)期投產(chǎn)及達(dá)產(chǎn)期200420052006200720082009201020112012201320142015201620171外購原輔材料26790.691913.621913.621913.621913.621913.621913.621913.621913.621913.621913.621913.621913.621913.621913.621.1鋼材預(yù)處理線14910.361065.031065.031065.031065.031065.031065.031065.031065.031065.031065.031065.031065.031065.031065.031.2帶式輸送機(jī)11880.33848.60848.60848.60848.60848.60848.60848.60848.60848.60848.60848.60848.60848.60848.602外購燃料動力3171.94226.57226.57226.57226.57226.57226.57226.57226.57226.57226.57226.57226.57226.57226.572.1鋼材預(yù)處理線1741.63124.40124.40124.40124.40124.40124.40124.40124.40124.40124.40124.40124.40124.40124.402.2帶式輸送機(jī)1430.31102.17102.17102.17102.17102.17102.17102.17102.17102.17102.17102.17102.17102.17102.173工資及附加17687.041263.361263.361263.361263.361263.361263.361263.361263.361263.361263.361263.361263.361263.361263.364修理費(fèi)371.8033.8033.8033.8033.8033.8033.8033.8033.8033.8033.8033.805折舊費(fèi)743.6067.6067.6067.6067.6067.6067.6067.6067.6067.6067.6067.606攤銷費(fèi)（無形資產(chǎn)及遞延）110.0022.0022.0022.0022.0022.007財(cái)務(wù)費(fèi)用1055.500.000.00178.60160.70142.90125.00107.1089.4071.5053.5035.6091.200.000.007.1其中：利息支出1055.500.000.00178.60160.70142.90125.00107.1089.4071.5053.5035.6091.200.000.007.1.1長期借款利息523.600.000.0081.9073.7065.5057.3049.1041.0032.8024.5016.3081.500.000.007.1.2流動資金借款利息531.900.000.0096.7087.0077.4067.7058.0048.4038.7029.0019.309.700.000.008其他費(fèi)用5953.50425.25425.25425.25425.25425.25425.25425.25425.25425.25425.25425.25425.25425.25425.259總成本費(fèi)用55884.073952.203952.204130.804112.904095.104055.204037.304019.604001.703983.703965.803920.003828.803828.8010經(jīng)營成本53603.173828.803828.803828.803828.803828.803828.803828.803828.803828.803828.803828.803828.803828.803828.80注：原輔材料和燃料動力放入單價見附表1；制造費(fèi)、管理費(fèi)、銷售費(fèi)用均按銷售收入的3%計(jì)算固定資產(chǎn)合計(jì)=1352（原有凈值）利用原有為5%折舊；2015年初體止折舊即折舊年限為11年，采用平均年限法計(jì)算折舊原有的部分110萬元計(jì)劃從2004年開始攤銷至2008年完，年攤銷額為22其他成本費(fèi)用是指在制造費(fèi)、管理費(fèi)、財(cái)務(wù)費(fèi)和營業(yè)費(fèi)（銷售費(fèi)用）中扣除工資及職工福利、折舊費(fèi)、修理費(fèi)、攤銷費(fèi)和利息支出后的費(fèi)用經(jīng)營成本=總成本費(fèi)用-折舊費(fèi)-維簡費(fèi)-攤銷費(fèi)-利息支出附表6有項(xiàng)目投資現(xiàn)金流量表單位:萬元序號項(xiàng)目合計(jì)建設(shè)期投產(chǎn)及達(dá)產(chǎn)期200420052006200720082009201020112012201320142015201620171現(xiàn)金流入146815.504725.007623.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0015832.501.1營業(yè)收入141768.004725.007623.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.001.1.1鋼材預(yù)處理線86328.002640.004488.006600.006600.006600.006600.006600.006600.006600.006600.006600.006600.006600.006600.001.1.2帶式輸送機(jī)29190.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.001.1.3拋丸器26250.001050.002100.002100.002100.002100.002100.002100.002100.002100.002100.002100.002100.002100.001.2回收固定資產(chǎn)余值899.50899.501.3回收流動資金4148.004148.002現(xiàn)金流出10398.128139.429196.258319.058319.058319.058319.058319.058319.058319.058319.058319.058375.758393.852.1建設(shè)投資4579.003721.00858.002.2流動資金4148.002260.00998.00890.002.3經(jīng)營成本96417.423942.555518.177223.707236.507236.507236.507236.507236.507236.507236.507236.507236.507293.207311.302.4營業(yè)稅金及附加14230.42474.57765.251082.551082.551082.551082.551082.551082.551082.551082.551082.551082.551082.551082.552.4.1增值稅13176.30439.42708.561002.361002.361002.361002.361002.361002.361002.361002.361002.361002.361002.361002.362.4.2城市維護(hù)建設(shè)稅922.4030.7649.6070.1770.1770.1770.1770.1770.1770.1770.1770.1770.1770.1770.172.4.3教育費(fèi)附加131.724.397.0910.0210.0210.0210.0210.0210.0210.0210.0210.0210.0210.0210.023所得稅前凈現(xiàn)金流量（1-2）27440.66-5673.12-516.421588.752465.952465.952465.952465.952465.952465.952465.952465.952465.952409.257438.654累計(jì)所得稅前凈現(xiàn)金流量-5673.12-6189.54-4600.79-2134.84331.112797.065263.017728.9610194.9112660.8615126.8117592.7620002.0127440.665所得稅8500.3319.27344.88642.59586.43600.25621.31635.10648.90662.69676.48690.28794.00789.08789.086所得稅后凈現(xiàn)金流量18940.32-5692.39-861.30946.161879.521865.701844.641830.851817.051803.261789.471775.671671.951620.176649.577累計(jì)所得稅后凈現(xiàn)金流量-5692.39-6553.69-5607.53-3728.01-1862.31-17.671813.183603.235406.497222.968998.6310670.5812290.7518940.32增值稅率為17%；銷項(xiàng)稅額=銷售額*增值稅率；進(jìn)項(xiàng)稅額=(外購原材料+原料及動力費(fèi))*增值稅率調(diào)整所得稅=（營業(yè)收入+補(bǔ)貼收入-營業(yè)稅附加-息稅前總成本）*所得稅稅率=所得稅=利潤總額*所得稅稅率計(jì)算指標(biāo):項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率(FIRR)=44.38%(調(diào)整所得稅前);項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率(FIRR)=38.24%(調(diào)整所得稅后)項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值(FNPV)(ic=12%)=10794.73萬元(調(diào)整所得稅前);項(xiàng)目靜態(tài)投資回收期(從建設(shè)期算起)=4.87年(調(diào)整所得稅前)；項(xiàng)目動態(tài)投資回收期(從建設(shè)期算起)=6.12年(調(diào)整所得稅前)；項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值(FNPV)(ic=12%)=6250.90萬元(調(diào)整所得稅后);項(xiàng)目靜態(tài)投資回收期(從建設(shè)期算起)=6.01年(調(diào)整所得稅后)；項(xiàng)目動態(tài)投資回收期(從建設(shè)期算起)=8.53年(調(diào)整所得稅后)附表7無項(xiàng)目投資現(xiàn)金流量表單位:萬元序號項(xiàng)目合計(jì)建設(shè)期投產(chǎn)及達(dá)產(chǎn)期200420052006200720082009201020112012201320142015201620171現(xiàn)金流入69018.404725.004725.004725.004725.004725.004725.004725.004725.004725.004725.004725.004725.004725.007593.401.1營業(yè)收入66150.004725.004725.004725.004725.004725.004725.004725.004725.004725.004725.004725.004725.004725.004725.001.1.1鋼材預(yù)處理線36960.002640.002640.002640.002640.002640.002640.002640.002640.002640.002640.002640.002640.002640.002640.001.1.2帶式輸送機(jī)29190.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.001.2回收固定資產(chǎn)余值608.40608.401.3回收流動資金2260.002260.002現(xiàn)金流出64816.158872.374303.374303.374303.374303.374303.374303.374303.374303.374303.374303.374303.374303.374303.372.1建設(shè)投資2309.002309.002.2流動資金2260.002260.002.3經(jīng)營成本53603.173828.803828.803828.803828.803828.803828.803828.803828.803828.803828.803828.803828.803828.803828.802.4營業(yè)稅金及附加6643.98474.57474.57474.57474.57474.57474.57474.57474.57474.57474.57474.57474.57474.57474.572.4.1增值稅6151.88439.42439.42439.42439.42439.42439.42439.42439.42439.42439.42439.42439.42439.42439.422.4.2城市維護(hù)建設(shè)稅430.6430.7630.7630.7630.7630.7630.7630.7630.7630.7630.7630.7630.7630.7630.762.4.3教育費(fèi)附加61.464.394.394.394.394.394.394.394.394.394.394.394.394.394.393所得稅前凈現(xiàn)金流量（1-2）4202.25-4147.37421.63421.63421.63421.63421.63421.63421.63421.63421.63421.63421.63421.633290.034累計(jì)所得稅前凈現(xiàn)金流量-4147.37-3725.74-3304.11-2882.48-2460.85-2039.22-1617.59-1195.96-774.33-352.768.93490.56912.194202.225所得稅1195.2498.4298.4239.4845.3851.2664.4370.3376.1782.0888.0293.93109.04139.14139.146所得稅后凈現(xiàn)金流量3006.99-4245.7859323.21382.15376.25370.37357.20351.30345.46339.55333.61327.70312.59282.493150.897累計(jì)所得稅后凈現(xiàn)金流量-4245.7859-3922.57-3540.42-3164.17-2793.80-2436.60-2085.30-1739.84-1400.30-1066.69-738.98-426.40-143.903006.99調(diào)整所得稅=（營業(yè)收入+補(bǔ)貼收入-營業(yè)稅附加-息稅前總成本）*所得稅稅率=所得稅=利潤總額*所得稅稅率計(jì)算指標(biāo):項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率(FIRR)=9.34%(調(diào)整所得稅前);項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率(FIRR)=6.54%(調(diào)整所得稅后)，內(nèi)部收益率小于基準(zhǔn)收益率，所以此方案不可行。項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值(FNPV)(ic=12%)=-698.14萬元(調(diào)整所得稅前);項(xiàng)目靜態(tài)投資回收期(從建設(shè)期算起)=10.84年(調(diào)整所得稅前);項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值(FNPV)(ic=12%)=-1219.01萬元(調(diào)整所得稅后);項(xiàng)目靜態(tài)投資回收期(從建設(shè)期算起)=13.05年(調(diào)整所得稅后)；附表8有項(xiàng)目資本金現(xiàn)金流量表單位:萬元序號項(xiàng)目合計(jì)建設(shè)期投產(chǎn)及達(dá)產(chǎn)期200420052006200720082009201020112012201320142015201620171現(xiàn)金流入146815.504725.007623.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0015832.501.1營業(yè)收入141768.004725.007623.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.0010785.001.1.1鋼材預(yù)處理線86328.002640.004488.006600.006600.006600.006600.006600.006600.006600.006600.006600.006600.006600.006600.001.1.2帶式輸送機(jī)29190.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.002085.001.1.3拋丸器26250.001050.002100.002100.002100.002100.002100.002100.002100.002100.002100.002100.002100.002100.001.2回收固定資產(chǎn)余值899.50899.501.3回收流動資金4148.004148.002現(xiàn)金流出5793.397277.309755.449931.589903.509882.769854.759826.759798.749770.739742.739804.659512.039182.932.1項(xiàng)目資本金2273.001357.00649.00267.002.2借款本金償還6317.000.000.00302.60631.70631.70631.70631.70631.70631.70631.70631.70631.70329.100.002.2.1長期借款3026.000.000.00302.60302.60302.60302.60302.60302.60302.60302.60302.60302.600.000.002.2.2流動資金借款3291.000.000.000.00329.10329.10329.10329.10329.10329.10329.10329.10329.10329.100.002.3借款利息支付2299.100.000.00237.00394.40352.50310.70268.90227.10185.30143.50101.7059.9018.100.002.3.1長期借款1303.600.000.00237.00213.40189.60165.90142.20118.5094.8071.1047.4023.700.000.002.3.2流動資金借款995.500.000.000.00181.00162.90144.80126.70108.6090.5072.4054.3036.2018.100.002.4經(jīng)營成本96417.423942.555518.177223.707236.507236.507236.507236.507236.507236.507236.507236.507236.507293.207311.302.5營業(yè)稅金及附加14230.42474.57765.251082.551082.551082.551082.551082.551082.551082.551082.551082.551082.551082.551082.552.5.1增值稅13176.30439.42708.561002.361002.361002.361002.361002.361002.361002.361002.361002.361002.361002.361002.362.5.2城市維護(hù)建設(shè)稅922.4030.7649.6070.1770.1770.1770.1770.1770.1770.1770.1770.1770.1770.1770.172.5.3教育費(fèi)附加131.724.397.0910.0210.0210.0210.0210.0210.0210.0210.0210.0210.0210.0210.023利潤總額58.381045.081947.251777.051818.951882.751924.551966.352008.152049.952091.752406.052391.152391.152.6所得稅19.27344.88642.59586.43600.25621.31635.10648.90662.69676.48690.28794.00789.08789.084凈現(xiàn)金流量(1-2)-1068.39345.701029.56853.42881.50902.24930.25958.25986.261014.271042.27980.351272.976649.57計(jì)算指標(biāo)：資本金凈利潤率為60.56%附表9無項(xiàng)目資本金現(xiàn)金流量表單位:萬元序號項(xiàng)目合計(jì)建設(shè)期投產(chǎn)及達(dá)產(chǎn)期200420052006200720082009201020112012201320142015201620171現(xiàn)金流入69018.447254725472547254725472547254725472547254725472547257593.41.1營業(yè)收入66150472547254725472547254725472547254725472547254725472547251.1.1鋼材預(yù)處理線36960264026402640264026402640264026402640264026402640264026401.1.2帶式輸送機(jī)29190208520852085208520852085208520852085208520852085208520851.2回收固定資產(chǎn)余值608.4608.41.3回收流動資金226022602現(xiàn)金流出67139.756237.634401.794802.054790.054778.134773.404761.404749.544737.554725.494713.504784.214442.514442.512.1項(xiàng)目資本金9579572.2借款本金償還280600280.6280.6280.6280.6280.6280.6280.6280.6280.6280.6002.3借款利息支付1055.500178.6160.7142.9125107.189.471.553.535.691.2002.4經(jīng)營成本53603.173828.83828.83828.83828.83828.83828.83828.83828.83828.83828.83828.83828.83828.83828.82.5營業(yè)稅金及附加6643.98474.57474.57474.57474.57474.57474.57474.57474.57474.57474.57474.57474.57474.57474.572.5.1增值稅6151.88439.42439.42439.42439.42439.42439.42439.42439.42439.42439.42439.42439.42439.42439.422.5.2城市維護(hù)建設(shè)稅430.6430.7630.7630.7630.7630.7630.7630.7630.7630.7630.7630.7630.7630.7630.762.5.3教育費(fèi)附加61.464.394.394.394.394.394.394.394.394.394.394.394.394.394.393利潤總額3621.92298.23298.23119.63137.53155.33195.23213.13230.83248.73266.73284.63330.43421.63421.632.6所得稅1195.2398.4298.4239.4845.3851.2664.4370.3376.1782.0888.0293.93109.04139.14139.144凈現(xiàn)金流量(1-2)1878.65-1512.63323.21-77.05-65.05-53.13-48.40-36.40-24.54-12.55-0.4911.50-59.21282.493150.89計(jì)算指標(biāo)：資本金凈利潤率為17.65%附表10投資回收期凈現(xiàn)金流量表單位:萬元序號項(xiàng)目合計(jì)建設(shè)期投產(chǎn)及達(dá)產(chǎn)期200420052006200720082009201020112012201320142015201620171凈現(xiàn)金流量（稅前）27440.66-5673.12-516.421588.752465.952465.952465.952465.952465.952465.952465.952465.952465.952409.257438.652累計(jì)凈現(xiàn)金流量(稅前)-5673.12-6189.54-4600.79-2134.84331.112797.065263.017728.9610194.9112660.8615126.8117592.7620002.0127440.663凈現(xiàn)金流量（稅后）18940.32-5692.39-861.3946.161879.521865.701844.641830.851817.051803.261789.471775.671671.951620.176649.574累計(jì)凈現(xiàn)金流量(稅后)-5692.39-6553.69-5607.53-3728.01-1862.31-17.671813.183630.235433.497222.968998.6310670.5812290.7518940.325折現(xiàn)系數(shù)0.89290.79720.71180.63550.56740.50660.45230.40390.25670.3220.28750.25670.22920.20466折現(xiàn)值（稅前）10794.73-5065.53-461.111418.592201.852201.852201.852201.85996889.22794.04708.96633.01552.21521.957折現(xiàn)值（稅后）6250.9-5082.74-769.05844.821678.231665.881647.081634.76733.91650.26576.21510.51429.19371.341360.58累計(jì)折現(xiàn)值(稅前)-5065.53-5526.64-4108.05-1906.2295.652497.54699.355695.356584.577378.618087.578720.589272.7810794.739累計(jì)折現(xiàn)值(稅后)-5082.74-5851.79-5006.97-3328.74-1662.86-15.781618.982352.893003.153579.364089.874519.064890.46250.9項(xiàng)目基準(zhǔn)收益率為12%，計(jì)算期為14年，達(dá)產(chǎn)年為2006年;計(jì)算指標(biāo):項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率(FIRR)=44.38%(調(diào)整所得稅前);項(xiàng)目投資財(cái)務(wù)內(nèi)部收益率(FIRR)=38.24%(調(diào)整所得稅后)項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值(FNPV)(ic=12%)=10794.73萬元(調(diào)整所得稅前);項(xiàng)目靜態(tài)投資回收期(從建設(shè)期算起)=4.87年(調(diào)整所得稅前);項(xiàng)目動態(tài)投資回收期(從建設(shè)期算起)=4.87年(調(diào)整所得前)項(xiàng)目投資財(cái)務(wù)凈現(xiàn)值(FNPV)(ic=12%)=6250.9萬元(調(diào)整所得稅后);項(xiàng)目動態(tài)投資回收期(從建設(shè)期算起)=6.01年(調(diào)整所得稅后);項(xiàng)目靜態(tài)投資回收期(從建設(shè)期算起)=6.01年(調(diào)整所得稅后)附表11有項(xiàng)目利潤與利潤分配表單位:萬元序號項(xiàng)目合計(jì)建設(shè)期投產(chǎn)及達(dá)產(chǎn)期200420052006200720082009201020112012201320142015201620171營業(yè)收入141768472576231078510785107851078510785107851078510785107851078510785107851.1鋼材預(yù)處理線86328.002640.004488.006600.006600.006600.006600.006600.006600.006600.006600.006600.006600.006600.006600.