大型通信工程项目投资分析——以A运营商4G工程为例
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摘要
在项目决策阶段做好充分的项目投资分析,选择在经济上最优、在财务上可行、在风险上最小的工程方案对工程项目的顺利开展是非常重要的。目前,针对运营商通信设施建设的项目投资分析尚处于空白阶段,还没有系统化的投资分析和风险评估方法。基于此,项目以A运营商4G工程为例,进行针对大型通信工程项目的投资分析。通过投资估算计算出项目的投资规模;通过项目投资利润率、投资利税率、财务净现值、财务内部收益率和财务净现值率五个财务评价指标对项目的盈利能力进行分析;通过静态投资回收期和借款偿还期对项目的财务清偿能力进行分析;通过敏感性分析法对项目的抗风险能力进行分析。通过分析得出项目具有很强的盈利能力、财务清偿能力和抗风险能力,具有很高的投资建设价值。
In the stage of project decision, it is very important to do well the project investment analysis, to select the best project in the economy, with the feasible finance and lowest risk. At present, the project investment analysis and research on the communication facilities construction is still blank, no systematical investment analysis and risk assessment meth-ods. Based on this, this project takes the A operator 4 G project as an example, carries on the analysis to the large-scale communication project investment. Through the investment estimation, the investment scale of the project was made. The profitability of the project was analyzed through five financial evaluation indicators, such as project investment profit mar-gin, investment profit and tax rate, financial net present value, financial internal rate of return and financial net present value rate; with the static investment payback period and loan repayment period, the project financial solvency was ana-lyzed; through the sensitivity analysis the project's ability to resist risks was analyzed. Through the above analysis, it is concluded that the project has strong profitability, financial solvency and ability to resist risks, and has significant value to invest.
In the stage of project decision, it is very important to do well the project investment analysis, to select the best project in the economy, with the feasible finance and lowest risk. At present, the project investment analysis and research on the communication facilities construction is still blank, no systematical investment analysis and risk assessment meth-ods. Based on this, this project takes the A operator 4 G project as an example, carries on the analysis to the large-scale communication project investment. Through the investment estimation, the investment scale of the project was made. The profitability of the project was analyzed through five financial evaluation indicators, such as project investment profit mar-gin, investment profit and tax rate, financial net present value, financial internal rate of return and financial net present value rate; with the static investment payback period and loan repayment period, the project financial solvency was ana-lyzed; through the sensitivity analysis the project's ability to resist risks was analyzed. Through the above analysis, it is concluded that the project has strong profitability, financial solvency and ability to resist risks, and has significant value to invest.
引文
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[2]徐明东,陈学彬.中国工业企业投资的资本成本敏感性分析[J].经济研究,2012(3):40-52.
[3]赵奎.企业绩效管控影响因素研究——基于钢铁集团主要关联子公司的实证研究[J].重庆文理学院学报(社会科学版),2015(4):113-118.
[4]汤涛.江西电信TD-LTE混合组网实验网工程项目成本管理研究[D].南京:南京邮电大学,2016.
[5]BARRY P J,ROBISON L J.Technical note:economic rates of return and investment analysis[J].The Engineering Economist,2014(3):231-236.
[6]陈小波.A市甲运营商3G业务发展战略及投资分析[D].重庆:重庆大学,2006.
[7]TIAN W.A review of sensitivity analysis methods in building energy analysis[J].Renewable and Sustainable Energy Reviews,2013(20):411-419.
[8]雷小红.基于实物期权方法对中国移动通信产业投资决策分析[D].武汉:华中师范大学,2013.
[9]BIERMAN J R H,SMIDT S.Advanced capital budgeting:Refinements in the economic analysis of investment projects[M].London:Routledge,2014:213-235.
[10]王桂林,黄露.重庆市融入国家“一带一路”战略的思考[J].重庆文理学院学报(社会科学版),2016(4):126-131.