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1、大连理工大学软件学院大连理工大学软件学院 2011-2012 2011-2012 学年度第二学期大作业（论文）学年度第二学期大作业（论文）课程名称：课程名称：工程经济学大作业题目：大作业题目：商业街开发项目财务分析姓姓名：名：专专业：业：软件工程学学号：号：E Email :mail :班班级：级：电电话：话：_Commercial street developmentCommercial street developmentProject financial analysisProject financial analysis(商业街开发项目财务分析)1 preface1 prefaceBa
2、ckground and advantages:Background and advantages:with the improvement of peoples living standard, people lifequality request too more and more high, commercial street hasa good traffic location, close to the traffic hub of the region,the residents can use all kinds of transportation is convenientar
3、rived,astrongsenseofaccessibilityandlocationadvantages. City commercial location condition is its can bringefficiency and effectiveness maximization of the basic basis.Locationconditionsaffectthecityfunction,theestablishment of the bosom friend and urban general layoutplanning design, deeper said al
4、so affect the city commercialtourist market and radiation ability. The project located inDL city main road, which is the advantage of excellent peopleand traffic flow.Overview and environment:Overview and environment:DL city is located in a northern coastal livable city, our blockin DL city developm
5、ent zone, where the road spacious andconvenient traffic, near universities, has the good culturalatmosphere, and at the same time, near the residential areadevelopment zone, more convenient residents consumption. Theproject covers an area of 200 mu(120 mu for sale,80 mu for rent)of which 100 mu of l
6、and is a businessman, 5 acres of land asa street. The total construction area is 250 thousand squaremetres , 3 4 a large shopping mall is given priority to, andunderground parking. Has a certain development scale, and canbring about good social benefits social benefits and economicbenefits.2 The nec
7、essity of the project construction The necessity of the project constructionAccording to Chinas economic situation, business circleconstruction became an important aspect of economic growth,promote consumption has become a national the expansion ofdomestic demand, promoting economic development and
8、economicvitality reply one of the important measures. Through promotingconsumption, the development of commercial construction notonly can relieve, the improvement of peoples life level, butalsocanpromotethedevelopmentofdozensofrelatedindustries, and providing society with a large number ofemploymen
9、t opportunities, and promote the further developmentof the national economy. In short, the real estate industry highcorrelation to economic growth influence big. The purpose ofconstruction, to promote the healthy development of DL citycommercial market, expand domestic demand, maintain a goodmomentu
10、m of growth in the national economy, and promoteeconomicstructuraladjustment,improvetheresidentconsumption level and quality, expanding employment, promotethe progress of science and technology and the sustainabledevelopment has important significance.3 market analysis and general schedule3 market a
11、nalysis and general schedulemarket analysismarket analysis：In order to understand the market demand status in now days CSLcounty merchant market research, intention to understand thegoal customer buying intention and purchase ability, so as todetermine the projects market position. The content of th
12、einvestigation have customers buy shops will, shops type, thearea of the demand, the demand unit price and total price,expectationssupportingfacilities;InvestigationtoDMGbuilding materials within the household market merchant isgivenpriorityto,questionnairesurveyandinterviewscombined form, sampling
13、survey. Data show that merchants forfoodandbeverage,financialinstitutions,leisureentertainment, supermarkets, logistics center and the needs ofthe hotel is bigger, above 90%. Among them the demand of foodmainlyconcentratedinfastfood,specialsnacksandmiddle-grade hotel; The hotel is in favour of quick
14、 type andthree-star hotel, Leisure and recreational facilities are morepreference fitness center and bath center and etc can satisfythe needs of daily life supporting. Therefore, the purpose ofsupporting facilities, not only be able to meet their daily life,the needs of work, and at the same time to
15、 use the purpose oflocation advantages attract peripheral passenger flow, foilpopularity, thus increasing the project business atmosphere,increase project appreciation potential.The GNP of 36.9 million yuan, animal husbandry output value33.57 million yuan, the industrial output value 14.88 millionyu
16、an, township and village enterprises the value of 4.68million yuan. As the development of great western area ,regional development rapidly. The current commercial countysurrounding gathered the bank, digital special store andcateringentertainmentinstitutions,businesscircletoincreasingly prosperous.
17、Future development space is quitelarge , the open the development prospect is good.Project Schedule:4 investment estimation and financing4 investment estimation and financingInvestment estimation :Investment estimation :The company invest 400 million yuan , 600 million yuan loansas debt capital from
18、 bank (from the third year , each year isequal principal and interest , three years to pay off , everyyear 600 * (1 + 10%) 5/3= 322.102 million yuan), the bank loaninterest rate rd = 10%, the income tax rate T = 20%, thefinancing charges fd is neglected.Bank loan costKd = rd *（1-T）/（1-fd）= 10% *（1-2
19、0%）/ 1 = 8%5 Financial benefit and cost counsel5 Financial benefit and cost counselOn sales from the third year start, sales plan each year, a thirdof a year that sales of 50000 square meters , rent every yearcan be 10 million yuan. price of every square metre 10,000 yuan,so every year to sell and r
20、ent houses have given the for 50000* 1 = 500 million yuan. Count up to 510 million yuan. Every yearthe principal and interest of the bank is 322.102 million yuan.The financial benefit is 510-322.1=187.9 million yuan everyyear6 Financial analysis6 Financial analysisperiod for recovery of investment:p
21、eriod for recovery of investment:Original investment F0 = 400 million yuan , started to sell eachyear after the net cash flow for 197.9 million yuan cumulativenet cash flow comes as the year of sales is the third year, alsois the fifth year in total progress.5t0Ft=0+0+187.9*3-400=163.7 0Payback time
22、Pt =5-1+（400-163.7*2）/197.9 4.37 年net present valuenet present valueset the discount rate is 10%, the project calculation periodis 5 years net present value.NPV（10） =t0Ft(1i)Nt= -400 + 187.9 * (P/A10,5) = -400 +( 187.9 * 3.7908) = 312.3 million yuannet present value NPV0internal rate of returnintern
23、al rate of returnNPV = -400 + 187.9 *t1(1i)5t=0If i=35% then NPV=-400+187.9*(P/A35 ,3) = -400+187.9*2.219=17.0If i=40% then NPV=-400+187.9*(P/A40 ,3) = -400+187.9*2.035=-17.6IRR=35%+(40%-35%)*17.0/(17.0+17.6)=37.46%.Rate of return on investmentRate of return on investmentYearly payment of principal
24、and interest is 322.102 millionyuan, and the average principal is 200 million yuan every year ,so the every year loan interest is 322.102-200=122.102 millionyuanThe Annual interest pre-tax profit is 122.102 + 187.9 = 300million yuanThe rate of return on investment（ROI）:ROI = Annual interest pre-tax
25、profit/ total investment 100%= 300/1000100% = 30%Rate of Return on Common Stockholders EquityRate of Return on Common Stockholders EquityEquity Capital is 400 million yuan .ROE= annual profit/Equity Capital100%=187.9/400100%47.0%Current RatioCurrent RatioThe Current assets is 400 million yuan.The ba
26、nk reimbursement is 322.102 million yuan every year.Current Ratio = current assets/Total Current Liabilities =400/322.102=1.24Interest Coverage RatioInterest Coverage RatioInterest Coverage Ratio = Earnings Before Interest and Tax /The current deal with interest expense =400/(322.102-200)=3.28Debt S
27、ervice Coverage RatioDebt Service Coverage RatioDSCR=（EBITDA-Tax）/PD=400/322.102=1.247 Summary7 SummaryAccording to the analysis the result, this project has a lotof project feasibility.From the project investment payback period we can see,theperiod for recovery of investmentis short enough as 4.37y
28、ears.From the analysis of internal rate of return and the currentratio ,we got the data that theinternalrate of returnis only37.46,the current ratio as high as 1.24,the Rate of Returnon Common Stockholders Equityis as high as 47.0%, so theprofits is high enough.So above the analysis, the project risk is low, and return isrelatively high. So the project is feasible.8 8Cash flow statement and accumulated repayment tableCash flow statement and accumulated repayment table
