大连理工大学软件学院 2011-2012 学年度第二学期大作业（论文）
课程名称： 大作业题目： 姓 专 学 名： 业： 号：
工程经济学 商业街开发项目财务分析
软件工程
E－mail : 班 电 级： 话：___________________
__________________________
Commercial street development Project financial analysis
(商业街开发项目财务分析)
1 preface
Background and advantages: with the improvement of people's living standard, people life quality request too more and more high, commercial street has a good traffic location, close to the traffic hub of the region, the residents can use all kinds of transportation is convenient arrived, a strong sense of accessibility and location advantages. City commercial location condition is its can bring efficiency and effectiveness maximization of the basic basis. Location conditions affect the city function, the
establishment of the bosom friend and urban general layout planning design, deeper said also affect the city commercial tourist market and radiation ability. The project located in DL city main road, which is the advantage of excellent people and traffic flow. Overview and environment: DL city is located in a northern coastal livable city, our block
in DL city development zone, where the road spacious and convenient traffic, near universities, has the good cultural atmosphere, and at the same time, near the residential area development zone, more convenient residents' consumption. The project covers an area of 200 mu(120 mu for sale,80 mu for rent) of which 100 mu of land is a businessman, 5 acres of land as a street. The total construction area is 250 thousand square metres , 3 ~ 4 a large shopping mall is given priority to, and underground parking. Has a certain development scale, and can bring about good social benefits social benefits and economic benefits.
2 The necessity of the project construction
According to China's economic situation, business circle construction became an important aspect of economic growth, promote consumption has become a national the expansion of domestic demand, promoting economic development and economic vitality reply one of the important measures. Through promoting consumption, the development of commercial construction not only can relieve, the improvement of people's life level, but also can promote the development of dozens of related
industries, and providing society with a large number of employment opportunities, and promote the further development of the national economy. In short, the real estate industry high correlation to economic growth influence big. The purpose of construction, to promote the healthy development of DL city commercial market, expand domestic demand, maintain a good momentum of growth in the national economy, and promote economic structural adjustment, improve the resident
consumption level and quality, expanding employment, promote the progress of science and technology and the
sustainable development has important significance.
3 market analysis and general schedule
market analysis：
In order to understand the market demand status in now days CSL county merchant market research, intention to understand the goal customer buying intention and purchase ability, so as to determine the project's market position. The content of the investigation have customers buy shops will, shops type, the area of the demand, the demand unit price and total price, expectations supporting facilities; Investigation to DMG
building materials within the household market merchant is given priority to, questionnaire survey and interviews combined form, sampling survey. Data show that merchants for food and beverage, financial institutions, leisure
entertainment, supermarkets, logistics center and the needs of the hotel is bigger, above 90%. Among them the demand of food mainly concentrated in fast food, special snacks and
middle-grade hotel; The hotel is in favour of quick type and three-star hotel, Leisure and recreational facilities are more preference fitness center and bath center and etc can satisfy the needs of daily life supporting. Therefore, the purpose of supporting facilities, not only be able to meet their daily life, the needs of work, and at the same time to use the purpose of location advantages attract peripheral passenger flow, foil popularity, thus increasing the project business atmosphere, increase project appreciation potential. The GNP of 36.9 million yuan, animal husbandry output value 33.57 million yuan, the industrial output value 14.88 million yuan, township and village enterprises the value of 4.68 million yuan. As the development of great western area , regional development rapidly. The current commercial county surrounding gathered the bank, digital special store and
catering entertainment institutions, business circle to increasingly prosperous. Future development space is quite large , the open the development prospect is good.
Project Schedule:
4 investment estimation and financing
Investment estimation :
The company invest 400 million yuan , 600 million yuan loans as debt capital from bank (from the third year , each year is equal principal and interest , three years to pay off , every year 600 * (1 + 10%) ^ 5/3= 322.102 million yuan), the bank loan interest rate rd = 10%, the income tax rate T = 20%, the financing charges fd is neglected.
Bank loan cost Kd = rd *（1-T）/（1-fd）= 10% *（1-20%）/ 1 = 8%
5 Financial benefit and cost counsel
On sales from the third year start, sales plan each year, a third of a year that sales of 50000 square meters , rent every year can be 10 million yuan. price of every square metre 10,000 yuan, so every year to sell and rent houses have given the for 50000 * 1 = 500 million yuan. Count up to 510 million yuan. Every year the principal and interest of the bank is 322.102 million yuan. The financial benefit is 510-322.1=187.9 million yuan every year
6 Financ
ial analysis
period for recovery of investment: Original investment F0 = 400 million yuan , started to sell each year after the net cash flow for 197.9 million yuan cumulative net cash flow comes as the year of sales is the third year, also is the fifth year in total progress.
5 t 0
Ft =0+0+187.9*3-400=163.7 > 0
Payback time Pt =5-1+（400-163.7*2）/197.9 ≈4.37 年
net present value set the discount rate is 10%, the project calculation period is 5 years net present value. NPV（10） =
N
t 0
Ft (1 i )
t
= -400 + 187.9 * (P/A10,5) = -400 +
( 187.9 * 3.7908) = 312.3 million yuan net present value NPV>0
internal rate of return NPV = -400 + 187.9 *
5 t 1
(1 i)
t
=0
If i=35% then NPV=-400+187.9*(P/A35 ,3) = -400+187.9*2.219=17.0 If i=40% then NPV=-400+187.9*(P/A40 ,3) = -400+187.9*2.035=-17.6 IRR=35%+(40%-35%)*17.0/(17.0+17.6)=37.46%.
Rate of return on investment Yearly payment of principal and interest is 322.102 million yuan, and the average principal is 200 million yuan every year ,
so the every year loan interest is 322.102-200=122.102 million yuan The Annual interest pre-tax profit is 122.102 + 187.9 = 300 million yuan The rate of return on investment（ROI）: ROI = Annual interest pre-tax profit/ total investment × 100% = 300/1000×100% = 30%
Rate of Return on Common Stockholders’ Equity Equity Capital is 400 million yuan . ROE= annual profit/Equity Capital × 100%=187.9/400 × 100% ≈ 47.0%
Current Ratio The Current assets is 400 million yuan. The bank reimbursement is 322.102 million yuan every year. Current Ratio = current assets/Total Current Liabilities =400/322.102=1.24
Interest Coverage Ratio Interest Coverage Ratio = Earnings Before Interest and Tax / The current deal with interest expense =400/(322.102-200)=3.28
Debt Service Coverage Ratio DSCR=（EBITDA-Tax）/PD=400/322.102=1.24
7 Summary
According to the analysis the result, this project has a lot of project feasibility. From the project investment payback period we can see, the
period for recovery of investment is short enough
years.
as 4.37
From the analysis of internal rate of return and the current ratio ,we got the data that the internal rate of return is only 37.46, the current ratio as high as 1.24, the Rate of Return
on Common Stockholders’ Equity is as high as 47.0%, so the
profits is high enough. So above the analysis, the project risk is low, and return is relatively high. So the project is feasible.
8 Cash flow statement and accumulated repayment table
大连理工大学软件学院 2011-2012 学年度第二学期大作业（论文）
课程名称： 大作业题目： 姓 专 学 名： 业： 号：
工程经济学 商业街开发项目财务分析
软件工程
E－mail : 班 电 级： 话：___________________
__________________________
Commercial street development Project financial analysis
(商业街开发项目财务分析)
1 preface
Background and advantages: with the improvement of people's living standard, people life quality request too more and more high, commercial street has a good traffic location, close to the traffic hub of the region, the residents can use all kinds of transportation is convenient arrived, a strong sense of accessibility and location advantages. City commercial location condition is its can bring efficiency and effectiveness maximization of the basic basis. Location conditions affect the city function, the
establishment of the bosom friend and urban general layout planning design, deeper said also affect the city commercial tourist market and radiation ability. The project located in DL city main road, which is the advantage of excellent people and traffic flow. Overview and environment: DL city is located in a northern coastal livable city, our block
in DL city development zone, where the road spacious and convenient traffic, near universities, has the good cultural atmosphere, and at the same time, near the residential area development zone, more convenient residents' consumption. The project covers an area of 200 mu(120 mu for sale,80 mu for rent) of which 100 mu of land is a businessman, 5 acres of land as a street. The total construction area is 250 thousand square metres , 3 ~ 4 a large shopping mall is given priority to, and underground parking. Has a certain development scale, and can bring about good social benefits social benefits and economic benefits.
2 The necessity of the project construction
According to China's economic situation, business circle construction became an important aspect of economic growth, promote consumption has become a national the expansion of domestic demand, promoting economic development and economic vitality reply one of the important measures. Through promoting consumption, the development of commercial construction not only can relieve, the improvement of people's life level, but also can promote the development of dozens of related
industries, and providing society with a large number of employment opportunities, and promote the further development of the national economy. In short, the real estate industry high correlation to economic growth influence big. The purpose of construction, to promote the healthy development of DL city commercial market, expand domestic demand, maintain a good momentum of growth in the national economy, and promote economic structural adjustment, improve the resident
consumption level and quality, expanding employment, promote the progress of science and technology and the
sustainable development has important significance.
3 market analysis and general schedule
market analysis：
In order to understand the market demand status in now days CSL county merchant market research, intention to understand the goal customer buying intention and purchase ability, so as to determine the project's market position. The content of the investigation have customers buy shops will, shops type, the area of the demand, the demand unit price and total price, expectations supporting facilities; Investigation to DMG
building materials within the household market merchant is given priority to, questionnaire survey and interviews combined form, sampling survey. Data show that merchants for food and beverage, financial institutions, leisure
entertainment, supermarkets, logistics center and the needs of the hotel is bigger, above 90%. Among them the demand of food mainly concentrated in fast food, special snacks and
middle-grade hotel; The hotel is in favour of quick type and three-star hotel, Leisure and recreational facilities are more preference fitness center and bath center and etc can satisfy the needs of daily life supporting. Therefore, the purpose of supporting facilities, not only be able to meet their daily life, the needs of work, and at the same time to use the purpose of location advantages attract peripheral passenger flow, foil popularity, thus increasing the project business atmosphere, increase project appreciation potential. The GNP of 36.9 million yuan, animal husbandry output value 33.57 million yuan, the industrial output value 14.88 million yuan, township and village enterprises the value of 4.68 million yuan. As the development of great western area , regional development rapidly. The current commercial county surrounding gathered the bank, digital special store and
catering entertainment institutions, business circle to increasingly prosperous. Future development space is quite large , the open the development prospect is good.
Project Schedule:
4 investment estimation and financing
Investment estimation :
The company invest 400 million yuan , 600 million yuan loans as debt capital from bank (from the third year , each year is equal principal and interest , three years to pay off , every year 600 * (1 + 10%) ^ 5/3= 322.102 million yuan), the bank loan interest rate rd = 10%, the income tax rate T = 20%, the financing charges fd is neglected.
Bank loan cost Kd = rd *（1-T）/（1-fd）= 10% *（1-20%）/ 1 = 8%
5 Financial benefit and cost counsel
On sales from the third year start, sales plan each year, a third of a year that sales of 50000 square meters , rent every year can be 10 million yuan. price of every square metre 10,000 yuan, so every year to sell and rent houses have given the for 50000 * 1 = 500 million yuan. Count up to 510 million yuan. Every year the principal and interest of the bank is 322.102 million yuan. The financial benefit is 510-322.1=187.9 million yuan every year
6 Financ
ial analysis
period for recovery of investment: Original investment F0 = 400 million yuan , started to sell each year after the net cash flow for 197.9 million yuan cumulative net cash flow comes as the year of sales is the third year, also is the fifth year in total progress.
5 t 0
Ft =0+0+187.9*3-400=163.7 > 0
Payback time Pt =5-1+（400-163.7*2）/197.9 ≈4.37 年
net present value set the discount rate is 10%, the project calculation period is 5 years net present value. NPV（10） =
N
t 0
Ft (1 i )
t
= -400 + 187.9 * (P/A10,5) = -400 +
( 187.9 * 3.7908) = 312.3 million yuan net present value NPV>0
internal rate of return NPV = -400 + 187.9 *
5 t 1
(1 i)
t
=0
If i=35% then NPV=-400+187.9*(P/A35 ,3) = -400+187.9*2.219=17.0 If i=40% then NPV=-400+187.9*(P/A40 ,3) = -400+187.9*2.035=-17.6 IRR=35%+(40%-35%)*17.0/(17.0+17.6)=37.46%.
Rate of return on investment Yearly payment of principal and interest is 322.102 million yuan, and the average principal is 200 million yuan every year ,
so the every year loan interest is 322.102-200=122.102 million yuan The Annual interest pre-tax profit is 122.102 + 187.9 = 300 million yuan The rate of return on investment（ROI）: ROI = Annual interest pre-tax profit/ total investment × 100% = 300/1000×100% = 30%
Rate of Return on Common Stockholders’ Equity Equity Capital is 400 million yuan . ROE= annual profit/Equity Capital × 100%=187.9/400 × 100% ≈ 47.0%
Current Ratio The Current assets is 400 million yuan. The bank reimbursement is 322.102 million yuan every year. Current Ratio = current assets/Total Current Liabilities =400/322.102=1.24
Interest Coverage Ratio Interest Coverage Ratio = Earnings Before Interest and Tax / The current deal with interest expense =400/(322.102-200)=3.28
Debt Service Coverage Ratio DSCR=（EBITDA-Tax）/PD=400/322.102=1.24
7 Summary
According to the analysis the result, this project has a lot of project feasibility. From the project investment payback period we can see, the
period for recovery of investment is short enough
years.
as 4.37
From the analysis of internal rate of return and the current ratio ,we got the data that the internal rate of return is only 37.46, the current ratio as high as 1.24, the Rate of Return
on Common Stockholders’ Equity is as high as 47.0%, so the
profits is high enough. So above the analysis, the project risk is low, and return is relatively high. So the project is feasible.
8 Cash flow statement and accumulated repayment table