Investment Analysis Content: Financial Benefit Analysis of Invest ment Projects     Financial Data Forecast Time Value of Funds Significance of Financial Benefit Analysis Financial Benefit Analysis Indicators  Books you need to refer to in this chapter Financial Management – Assessment of Investment Projects, XX et al., XX University Press I. Analysis of Project Financial Benefits and Forecast of Financial Data  Project Financial Benefit Analysis – – – Concept: According to the current national financial and taxation system, market price system and relevant regulations, from the perspective of pr oject finance, the paper analyses and predicts the direct financial benefits and costs of the project, in order to evaluate and judge the financial feasibility of the proposed project, which is an important decision-making basis for determining the fate of project investment. The steps of financial benefit analysis are as follows: Analysis and Forecast of Basic Financial Data and Parameters of Projects  Prepare financial statements (financial cash flow statement, profit and loss distribution statement, source and use of funds, balance sheet, loan repayment plan)  Calculate financial analysis indicators (profitability, liquidity) based on basic statements Technology and Technolog Equipment analysis market research And prediction market analysis Production conditions Scale of production technical analysis Engineering Design and Selection analysis Basic finance Data evaluation Profits and Profits Distribution table cash Flow meter Profitability Analysis Source of funds Application table Solvency Analysis Investment Programs and Implementation progress Assets Debt statement Uncertainty analysis Analysis conclusion Loan repayment Schedule Capital flow Sex analysis I. Significance of Project Financial Benefit Analy sis and Forecast of Financial Data  Projects Financial Data Forecast – Total investment of a project: refers to the total investment cost of a construction project from the beginning of preparatory work to the completion and commissioning of the project, including construction invest ment and liquidity. Estimation Method of Total Investment in Fixed Assets  Estimation of Investment in Unit Productive Capacity-I2=X2 (I1/X1) – Or I2 = X2 (I1/X1) * CF (see Textbook P47 for symbolic m eaning) Productivity Index Estimation Method - I2 = I1 (X2/X1) n CF gen eral N empirical data take 0.6, CF is price conversion index, i f the price level of the two projects is different, it should be multiplied by the index. Financial Data Forecast (continued)  Total Cost Cost Direct raw materials direct Direct wages Cost Other direct expenditures Manufacturing Cost of Products Manufacturing Cost - Indirect Management cost Financial cost Selling expenses Period cost (excluding product costs, direct Deduction of current profits and los Financial Data Forecast (continued)  Projects Financial Data Forecast – Operating Cost = Total Cost Expense - Depreciation E xpense of Fixed Assets - Intangible Assets, deferred Assets Amortization Expense - Interest Expense of Liabilities – To calculate cash outflows during operation, non-cash outflows, such as depreciation and amortization, should be deducted from the total cost.  When evaluating the financial effect of project investment, the source of funds is not considered, so the interest expenditure is not included in the cash flow.  Examples: Total Cost Chart of a Chemical Fiber Project, Unit: 10,000 yuan 序 号 项目 1 2 3 4 5 6 7 7. 1 8 9 年份 合计 生产负荷(%) 外购原材料 22992 1 外购燃料、动力 29959 4800 工资及福利费 22005 修理费 43995 折旧费 2430 摊销费 20121 10848 财务费用 13005 其中:利息支出 36623 其他费用 2 投产期 4 5 70 1102 4 1436 320 1467 2933 316 3794 3503 867 2215 7 90 1417 3 1847 320 1467 2933 316 3340 3049 867 2526 3 达到设计能力 6 7 … 18 100 100 1574 100 8 15748 2052 15748 2052 320 1467 2052 2933 320 320 316 1467 2781 1467 2490 2933 867 2933 2648 316 4 316 Financial Data Forecast (continued) – Projects Sales Revenue and Tax Forecast  Annual sales = design production capacity in nor mal years * current production load (%)  Predicting the Sales Price of Products  Annual sales revenue = annual sales * product sa les price – Projects Profit Forecast: Annual Sales Profit = Annual Sales Revenue - Annual Total Cost Cost - Annual Sales Tax III. Time Value of Funds  Time Value of Funds – Reason Bookkeeping  Because of the existence of investment returns  Because of inflation  Beca

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