發(fā)布時(shí)間：2018-08-06 16:33

【摘要】：近年來,我國房地產(chǎn)項(xiàng)目發(fā)展迅速,對房地產(chǎn)投資者來說,投資建設(shè)前,對房地產(chǎn)項(xiàng)目進(jìn)行財(cái)務(wù)評價(jià)研究尤為重要,能否獲利,獲利大小以及財(cái)務(wù)風(fēng)險(xiǎn)強(qiáng)弱,都是房地產(chǎn)項(xiàng)目投資者十分關(guān)心的問題。項(xiàng)目投資是否成功,投資之前的評價(jià)研究是關(guān)鍵,而財(cái)務(wù)評價(jià)又是項(xiàng)目評價(jià)研究的核心,房地產(chǎn)投資項(xiàng)目作為項(xiàng)目投資的一個(gè)特殊領(lǐng)域,具有風(fēng)險(xiǎn)高、利潤大、周期長等特點(diǎn)。本文以濰坊長青國際房地產(chǎn)項(xiàng)目為研究對象,對該房產(chǎn)項(xiàng)目進(jìn)行財(cái)務(wù)評價(jià)研究,為投資者提供參考依據(jù)的同時(shí),也為其他房地產(chǎn)開發(fā)項(xiàng)目提供有益的啟示。本文研究結(jié)果表明濰坊長青國際房地產(chǎn)項(xiàng)目的建設(shè)符合國家產(chǎn)業(yè)政策,符合國家以及山東省行業(yè)發(fā)展規(guī)劃,符合濰坊市城市發(fā)展總體規(guī)劃,項(xiàng)目及項(xiàng)目建設(shè)單位符合行業(yè)準(zhǔn)入的有關(guān)規(guī)定,項(xiàng)目選址合理。項(xiàng)目建成后,可以為當(dāng)?shù)亟?jīng)濟(jì)帶來很大的推進(jìn)作用。該項(xiàng)目財(cái)務(wù)風(fēng)險(xiǎn)很低,但有一定的政策風(fēng)險(xiǎn)�？傮w而言,本項(xiàng)目是可行的。從本項(xiàng)目以上的幾個(gè)靜態(tài)指標(biāo)來看,銷售期,尤其是轉(zhuǎn)售年的投資利潤率很高,租賃期的投資利潤率偏低,總體年平均投資利潤率保持在13%以上,故從投資利潤率角度分析來看是可行的。此外,從階段性建設(shè)經(jīng)營期來看,從本項(xiàng)目以上的幾個(gè)動態(tài)指標(biāo)來看,本項(xiàng)目自有資金稅前和稅后的財(cái)務(wù)凈現(xiàn)值(FNPV)均大于零,稅前和稅后的財(cái)務(wù)內(nèi)部收益率(FIRR)均大于期望收益率10%。故從自有資金動態(tài)盈利角度分析,本項(xiàng)目是可行的。從風(fēng)險(xiǎn)評價(jià)角度看,該項(xiàng)目盈虧平衡點(diǎn)47.8%,在前期工程費(fèi)等條件確定的情況下,項(xiàng)目的銷售收入,如果能達(dá)到預(yù)期的47.8%,就可以收回投資,保本點(diǎn)比較低,說明本項(xiàng)目有很強(qiáng)的抗風(fēng)險(xiǎn)能力。
[Abstract]:In recent years, real estate projects in China have developed rapidly. For real estate investors, it is particularly important to study the financial evaluation of real estate projects before investment and construction. Are real estate project investors are very concerned about the problem. Whether the project investment is successful or not, the evaluation research before investment is the key, and the financial evaluation is the core of the project evaluation research. As a special field of project investment, the real estate investment project has the characteristics of high risk, large profit, long period and so on. This article takes the Weifang Changqing international real estate project as the research object, carries on the financial appraisal research to the real estate project, provides the reference basis for the investor, but also provides the beneficial enlightenment for the other real estate development project. The research results show that the construction of Weifang Changqing International Real Estate Project is in line with the national industrial policy, the national and Shandong industry development plan, and the Weifang urban development master plan. Project and project construction units comply with the relevant regulations of industry access, project location is reasonable. After the completion of the project, can bring a great role for the local economy. The financial risk of the project is very low, but there are certain policy risks. Overall, this project is feasible. From the above static indicators of this project, the investment profit margin of the sales period, especially the resale year, is very high, the investment profit margin of the lease period is low, and the overall average annual investment profit margin is over 13%. Therefore, it is feasible to analyze the investment profit rate. In addition, from the point of view of the period of stage construction and operation, from the above several dynamic indicators of the project, the (FNPV) before and after tax of the project's own funds is all greater than zero. Pre-tax and after-tax financial internal rate of return (FIRR) is greater than the expected rate of return of 10%. Therefore, from the point of view of self-capital dynamic profit analysis, this project is feasible. From the point of view of risk assessment, the break-even point of the project is 47.8.The sales income of the project can be recovered if it can reach the expected 47.8 percent, and the capital preservation point is relatively low. This shows that the project has a strong ability to resist risks.
【學(xué)位授予單位】：中國海洋大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F299.233.42

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