本文選題：達成公司　切入點：500kv電力變壓器　出處：《西北大學》2013年碩士論文

【摘要】：“十一五”以來,國家大力發(fā)展電力建設,尤其是以三峽水電工程和西電東送工程為龍頭的電力建設以及跨區(qū)電力聯網工程的實施,掀起了我國電力建設的又一輪高潮。電力市場的繁榮,為輸變電設備制造業(yè)提供了廣闊的市場�！笆濉逼陂g,預計兩大電網公司規(guī)劃投資3.05萬億元,年均投資額超過6000億元。龐大的電力建設資金給變壓器行業(yè)帶來了機遇和挑戰(zhàn),國內對高端電力變壓器的需求呈現快速上升趨勢。當前的市場形勢和行業(yè)中的競爭態(tài)勢為公司提供了前所未有的發(fā)展機遇。為了提升公司產品的生產檔次,力爭在新一輪電力建設高潮中,進一步發(fā)展壯大,公司提出了建設500kv電力變壓器生產項目,以滿足市場需要,擴大企業(yè)生產規(guī)模,提高企業(yè)的利潤和知名度,并由此引出了該項目融資方案的設計。 本文以達成電器公司為研究對象,以項目融資的相關理論作為本文研究的理論依據,運用文獻研究法,調查研究法和案例分析法,結合國家宏觀經濟環(huán)境和變壓器的行業(yè)環(huán)境對500千伏電力變壓器市場進行了分析和研究。在投資成本預測的基礎上,結合企業(yè)的實際情形,對該項目所需資金進行融資方案設計。本項目融資規(guī)模為30333萬元,其中,建設期固定資產投資16758萬元,新增流動資金投資12484萬元,建設期貸款利息1091萬元。在此規(guī)�；A上,設計了4種融資方案：方案1(所需資金全部從銀行借款)；方案2(通過發(fā)行短期融資券取得所需資金)；方案3(白有資金+銀行借款)；方案4(通過融資租賃方式),通過比較4種方案的資金成本,選擇方案3為本公司的最佳融資方案。 本文研究的重點在項目的投資預測、資金籌措、項目運營后收入的預測,財務盈利能力和清償能力分析等方面。依據融資規(guī)模和選擇的融資方案,項目所需資金來源為：自有資金8651萬元；從銀行借入長期借款13000萬元,借款年利率6.996%,建設期利息1091萬元,償還期限為3年；流動資金借款8682萬元。建設期第二年投產后,公司用實現的利潤加折舊償還長期借款本金7979萬元,余下的5021萬元在生產經營期第一年用實現的利潤償還,利息在建設期全部清償。項目運營后,年均實現凈利潤9158萬元。通過編制相關的財務報表,對本項目的盈利能力和清償能力進行定量分析,得出了該項目在財務上具有可行性和經濟效益比較好的結論。 本文的貢獻在于以該項目為核心,借助于項目融資的相關理論與方法,對企業(yè)擬建項目進行了系統(tǒng)的分析和研究。將項目管理,財務管理,企業(yè)戰(zhàn)略,管理運籌學等學科知識綜合運用到項目融資方案研究中,對擬建項目有了一個客觀的評價,這給一些規(guī)模較大的變壓器公司是否擴大500千伏變壓器的生產規(guī)模提供了一定的參考價值。
[Abstract]:Since the 11th Five-Year Plan, the state has made great efforts to develop electric power construction, especially the electric power construction led by the three Gorges Hydropower Project and the West to East Power Transmission Project, as well as the implementation of the inter-regional electric power interconnection project. The prosperity of the electricity market has provided a broad market for the power transmission and transformation equipment manufacturing industry. During the 12th Five-Year Plan period, it is expected that the two major power grid companies will plan to invest 3.05 trillion yuan. The average annual investment is more than 600 billion yuan. The huge power construction fund brings opportunities and challenges to the transformer industry. Domestic demand for high-end power transformers is rising rapidly. The current market situation and competition situation in the industry provide the company with unprecedented development opportunities. Striving to further develop and expand in the new round of power construction climax, the company has put forward the construction of 500kv power transformer production project to meet the needs of the market, expand the scale of enterprise production, and improve the profit and popularity of the enterprise. And thus leads to the project financing project design. In this paper, we take the Dafa Electric Company as the research object, take the related theory of project financing as the theoretical basis of this study, and use the literature research method, investigation research method and case analysis method. Combined with the national macroeconomic environment and the transformer industry environment, the 500 kV power transformer market is analyzed and studied. On the basis of the investment cost forecast, combined with the actual situation of the enterprise, The financing scale of the project is 303.33 million yuan, including 167.58 million yuan of fixed assets investment, 124.84 million yuan of new working capital investment and 10.91 million yuan of loan interest during construction period. Four financing options have been designed: option 1 (all required funds are borrowed from banks); option 2 (obtaining the required funds through the issuance of short-term financing bonds); option 3 (bankable bank loans); and option 4 (access through financial leasing). Comparing the funding costs of the four schemes, Option 3 is the company's best financing option. This paper focuses on the investment forecast, financing, income prediction, financial profitability and solvency analysis of the project. The sources of capital required for the project are: 86.51 million yuan of its own capital; 130 million yuan of long-term loans borrowed from banks, 6.996 yuan of annual interest rate, 10.91 million yuan of interest during construction, and a repayment period of 3 years; 86.82 million yuan of liquid capital; 86.82 million yuan of working capital. After the second year of construction, The company uses the realized profits plus depreciation to repay the long-term borrowing principal of 79.79 million yuan, and the remaining 50.21 million yuan in the first year of the production and operation period with the realized profits, and the interest is fully repaid during the construction period. After the project is operated, The average annual net profit is 91.58 million yuan. By compiling the related financial statements, the paper makes quantitative analysis on the profitability and liquidating ability of the project, and draws a conclusion that the project is financially feasible and has good economic benefit. The contribution of this paper is to take the project as the core, with the help of the relevant theories and methods of project financing, to make a systematic analysis and research on the proposed project. Management operations research and other disciplines are comprehensively applied to the project financing project research, and there is an objective evaluation of the proposed project. This provides some reference value for some larger transformer companies whether to expand the production scale of 500 kV transformers.
【學位授予單位】：西北大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F426.61;F406.7

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本文編號：1666063