本文選題：太陽能熱水系統(tǒng)　切入點(diǎn)：成本分析　出處：《云南師范大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：太陽能熱水器給企業(yè)帶來的顯著節(jié)能效益，加上技術(shù)上成熟，最近幾年越來越受市場歡迎。但對其經(jīng)濟(jì)性缺少一個(gè)定量的分析與預(yù)測，而企業(yè)要進(jìn)行對系統(tǒng)有效的管理，就要對項(xiàng)目有個(gè)定量的認(rèn)識(shí)。針對此矛盾，本文借助云南德范綠源科技有限公司為石林某酒店設(shè)計(jì)和實(shí)施太陽能熱水系統(tǒng)的機(jī)會(huì)，對太陽能酒店熱水系統(tǒng)的價(jià)值進(jìn)行評估。針對所做工作具體開展了如下研究： （1）太陽能熱水系統(tǒng)投資風(fēng)險(xiǎn)的衡量，非上市公司的系統(tǒng)風(fēng)險(xiǎn)難以直接度量，利用證券市場反饋過來的信息，先算出太陽能行業(yè)上市公司的系統(tǒng)風(fēng)險(xiǎn)，再估算出此系統(tǒng)的β值。其結(jié)果表明：考慮負(fù)債成分下項(xiàng)目的β值為1.275。 （2）項(xiàng)目的必要報(bào)酬率，由第一步得知β值，長期國債利率視為無風(fēng)險(xiǎn)利率，GDP（9.8%）增長率作為市場平均報(bào)酬率，中國銀行長期貸款利率為6.55%，酒店資產(chǎn)負(fù)債率為36.6%。其結(jié)果表明：太陽能熱水系統(tǒng)所占用資金的必要報(bào)酬率為11.58%，加權(quán)平均資本成本為9.14%。 （3）通過系統(tǒng)實(shí)際運(yùn)行狀況，，每年可以節(jié)約費(fèi)用支出137,798元，多交所得稅34,450元，二氧化碳減排量124T/a，二氧化硫減排量1T/a，粉塵減排量0.5T/a。稅后每年現(xiàn)金凈流入量（相對燃油鍋爐熱水系統(tǒng)每年節(jié)約費(fèi)用支出）為111,460元，太陽能熱水系統(tǒng)稅后凈現(xiàn)值為239,315元，稅后動(dòng)態(tài)回收期為5.60年；稅后內(nèi)含報(bào)酬率為19.73%。 （4）通過杜邦財(cái)務(wù)分析，得出權(quán)益凈利率為27.37%，并對其作了敏感性分析，其結(jié)果為：安裝太陽能熱水系統(tǒng)相比于原燃油鍋爐熱水系統(tǒng)所帶來的凈利率對權(quán)益凈利率敏感度1.57%為最高，貸款利率敏感度只有0.19%為最低。對系統(tǒng)進(jìn)行本量利研究，其盈虧臨界點(diǎn)的產(chǎn)熱水量要達(dá)到39709噸，超過39709噸后才能帶來盈利。
[Abstract]:The remarkable energy-saving benefits brought to enterprises by solar water heaters, coupled with their technical maturity, have become increasingly popular in the market in recent years. However, there is a lack of a quantitative analysis and prediction of their economy, and enterprises want to manage the system effectively. In view of this contradiction, this paper uses Yunnan Defan Green Source Technology Co., Ltd. to design and implement a solar water heating system for a hotel in Shilin. Evaluate the value of the solar hotel hot water system. The following studies have been carried out in the light of the work done:. 1) to measure the investment risk of solar water heating system, the system risk of the non-listed company is difficult to measure directly. The system risk of the listed company in the solar energy industry can be calculated first by using the information feedback from the stock market. The 尾 value of the system is estimated. The result shows that the 尾 value of the project is 1.275 when the liability component is taken into account. (2) the necessary rate of return for the project. The first step is to know the value of 尾. The interest rate on long-term government bonds is regarded as a risk-free interest rate.) the growth rate is taken as the market average rate of return. The bank of China's long-term loan interest rate is 6.55 and the hotel's asset-liability ratio is 36.6. The results show that the necessary rate of return for the funds occupied by the solar water heating system is 11.58 and the weighted average capital cost is 9.14. Through the actual operation of the system, we can save 137,798 yuan in expenses and 34,450 yuan in income tax each year. Carbon dioxide emission reduction 124T / a, sulfur dioxide emission reduction 1T / a, dust emission reduction 0.5T / a. Net cash inflow after tax (cost savings per year relative to oil-fired boiler hot water system) is 111,460 yuan, and the net present value of solar water heating system after tax is 239,315 yuan. The dynamic payback period after tax is 5.60 years and the rate of return after tax is 19.73. Through the financial analysis of DuPont, the net interest rate of equity is 27.377.The sensitivity analysis is made. The results are as follows: the sensitivity of installing solar water heating system to the net interest rate brought by the original oil-fired boiler hot water system compared with that of the original oil-fired boiler hot water system is 1.57% is the highest. The sensitivity of loan interest rate is only 0.19% is the lowest. For the system, the critical point of profit and loss must reach 39709 tons of hot water, more than 39709 tons can bring profit.
【學(xué)位授予單位】：云南師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F426.6;F719

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