经济全球化趋势下国际直接投资项目的财务分析与评价
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摘要
二十一世纪对中国企业的发展来讲，既是一个充满机遇和希望的时代，同时也是一个面临竞争与严峻挑战的时代。随着我国于2001年加入世界贸易组织，中国经济已开始全方位、多层次的对外开放，全面实现与国际接轨。国内市场与国外市场将融为一体。我国与世界各国特别是WTO成员国的经济联系将从以国际贸易为主的浅层次联系向以国际投资生产及生产要素国际流动配置为基础的深层次联系转变。为使我国经济适应经济全球化的发展，“走出去”的战略已被提到政府和企业决策的议事日程，而积极发展国际直接投资是实施“走出去”战略中的重要内容。
毫无疑问，在国际直接投资的经验方面，由于我国企业长期处于计划经济体制之中以及长期的对外封闭，使得我国企业既缺少国际直接投资的实践经验，又缺乏相应的理论知识，因而，在经济全球化的经济环境下运用一套系统的、科学的财务分析手段对国际直接投资项目进行全面的分析和评估。将对于加速我国企业对外投资决策科学化、规范化和投资管理市场化的进程、优化资源配置、降低投资风险、提高投资效益等具有重要的意义。
本文分为两大部分，共五章。第一部分(第1章——第4章)为国际直接投资财务分析与评价的现状及方法探讨，主要包括国际直接投资的现状分析、经济全球化趋势下国际直接投资财务分析的特点、国际直接投资财务分析与评价方法的探讨、国际直接投资的财务风险因素分析及管理方法。第二部分(第5章)为济南同济环境工程总公司对外投资项目的财务分析与评价。
第一部分简要阐述了本文的研究背景、内容和方法，较为详细地介绍了国际直接投资的宏观经济环境和由此对国际直接投资项目财务分析与评价方法产生的影响，以及国际与国内直接投资项目财务分析与评价方法的差异点，着重介绍了现阶段国际直接投资财务分析中值得重点关注的问题及重要数量指标的估算、调整与评价方法，进一步阐述了财务风险因素的客观存在及其管理方法。
西南交通大学硕士研究生学位论文 第＊页
第二部分重点说明了项目的结构框架、基本内容，并运用第一部分提出的理论
观点和评估方法对案例本身进行了财务分析与评价，最终得出评估结论。
国际直接投资的财务分析是一个内容广泛、丰富的课题。仍然需要我们在
将来的实践工作中总结经验。结合我国企业的实际情况。从宏观和微观上多方
面进行论证、比较和分析。在本文的写作过程中，虽然本人尽了很大的努力，
但因资料和自身水平的限制，仍有许多不尽人意之处，敬请各位导师和学长指
正。
For Chinese enterprises, 21st century, a promising era full of opportunities, might be as well a times in which the Chinese enterprises will experience competitions and rigorous challenges. With the entry to WTO in 2001, China has started further opening to the word in all the directions and at multi-levels to push the its economy onto the tracks of global economy. As a result, we will witness domestic and foreign market being combined into a common market. Economic links between China and foreign countries will be transformed into profound international investments and production elements internationally floating and allocating from simple international trade. To follow the trend of economy globalization, "going-out" strategy with encouraging foreign direct investment as core, has been put on the agendas of decision makers in the governments and enterprises.
Without doubt, our enterprises are lack of both practical experience and relevant knowledge of foreign direct investment, due to these enterprises long existing under the policy of planned economy and close-door to outside. Therefore, in the environment of economy globalization, applying a set of systematic and scientific financial analysis measures to analyze and evaluate foreign direct investment projects, has great significance for speeding up the rationalization and standardization of the investment decision-making, quickening the progress of market-oriented investment management, optimizing source allocation, minimizing the risks, and expanding benefits etc.
The article consists of two parts, five chapters. Part 1 (Chapter 1 to Chapter 4) describes current status of financial analysis and evaluation of foreign direct investment, discusses the measures of financial analysis and evaluation, mainly including analysis of foreign direct investment status, characteristics of financial analysis of foreign direct investment in the trend of economic globalization, discussion on the measures of financial analysis and evaluation of foreign direct
investment, analysis of financial risk factors of foreign direct investment and how to control the risks. Part 2 (chapter 5) exemplifies the financial analysis and evaluation to the oversea investment of Jinan Tongji Environment Engineering Company.
Part 1 specifies the research background, contents and methods for this article roughly, yet relatively expatiates the macro-economic environment of foreign direct investment and its impact on financial analysis and evaluation of foreign direct investment projects, as well as the differences of financial analysis and evaluation between foreign direct investment and domestic direct investment. This part also emphatically presents the issues worth of much attention when analyzing, namely, assessment, adjustment and evaluation methods for critical indices. What's more, the article makes the description of the objectivity of financial risks and how to control the risks. Part 2 focuses on the project's structural frame and items. A conclusion is drawn through financial analyzing and evaluating to the project by using the theory and methods proposed in Part 1.
Financial analysis of foreign direct investment is a complex subject that requires us to sum up practical experience, and in the light of our enterprises' situation, to demonstrate, compare and analyze on macro and micro basis. When writing this thesis, through I have done my endeavor, but because of limits of reference and ability, this article may not be perfect, I appreciate my tutors and elder schoolmates to point out mistakes in the article.
毫无疑问，在国际直接投资的经验方面，由于我国企业长期处于计划经济体制之中以及长期的对外封闭，使得我国企业既缺少国际直接投资的实践经验，又缺乏相应的理论知识，因而，在经济全球化的经济环境下运用一套系统的、科学的财务分析手段对国际直接投资项目进行全面的分析和评估。将对于加速我国企业对外投资决策科学化、规范化和投资管理市场化的进程、优化资源配置、降低投资风险、提高投资效益等具有重要的意义。
本文分为两大部分，共五章。第一部分(第1章——第4章)为国际直接投资财务分析与评价的现状及方法探讨，主要包括国际直接投资的现状分析、经济全球化趋势下国际直接投资财务分析的特点、国际直接投资财务分析与评价方法的探讨、国际直接投资的财务风险因素分析及管理方法。第二部分(第5章)为济南同济环境工程总公司对外投资项目的财务分析与评价。
第一部分简要阐述了本文的研究背景、内容和方法，较为详细地介绍了国际直接投资的宏观经济环境和由此对国际直接投资项目财务分析与评价方法产生的影响，以及国际与国内直接投资项目财务分析与评价方法的差异点，着重介绍了现阶段国际直接投资财务分析中值得重点关注的问题及重要数量指标的估算、调整与评价方法，进一步阐述了财务风险因素的客观存在及其管理方法。
西南交通大学硕士研究生学位论文 第＊页
第二部分重点说明了项目的结构框架、基本内容，并运用第一部分提出的理论
观点和评估方法对案例本身进行了财务分析与评价，最终得出评估结论。
国际直接投资的财务分析是一个内容广泛、丰富的课题。仍然需要我们在
将来的实践工作中总结经验。结合我国企业的实际情况。从宏观和微观上多方
面进行论证、比较和分析。在本文的写作过程中，虽然本人尽了很大的努力，
但因资料和自身水平的限制，仍有许多不尽人意之处，敬请各位导师和学长指
正。
For Chinese enterprises, 21st century, a promising era full of opportunities, might be as well a times in which the Chinese enterprises will experience competitions and rigorous challenges. With the entry to WTO in 2001, China has started further opening to the word in all the directions and at multi-levels to push the its economy onto the tracks of global economy. As a result, we will witness domestic and foreign market being combined into a common market. Economic links between China and foreign countries will be transformed into profound international investments and production elements internationally floating and allocating from simple international trade. To follow the trend of economy globalization, "going-out" strategy with encouraging foreign direct investment as core, has been put on the agendas of decision makers in the governments and enterprises.
Without doubt, our enterprises are lack of both practical experience and relevant knowledge of foreign direct investment, due to these enterprises long existing under the policy of planned economy and close-door to outside. Therefore, in the environment of economy globalization, applying a set of systematic and scientific financial analysis measures to analyze and evaluate foreign direct investment projects, has great significance for speeding up the rationalization and standardization of the investment decision-making, quickening the progress of market-oriented investment management, optimizing source allocation, minimizing the risks, and expanding benefits etc.
The article consists of two parts, five chapters. Part 1 (Chapter 1 to Chapter 4) describes current status of financial analysis and evaluation of foreign direct investment, discusses the measures of financial analysis and evaluation, mainly including analysis of foreign direct investment status, characteristics of financial analysis of foreign direct investment in the trend of economic globalization, discussion on the measures of financial analysis and evaluation of foreign direct
investment, analysis of financial risk factors of foreign direct investment and how to control the risks. Part 2 (chapter 5) exemplifies the financial analysis and evaluation to the oversea investment of Jinan Tongji Environment Engineering Company.
Part 1 specifies the research background, contents and methods for this article roughly, yet relatively expatiates the macro-economic environment of foreign direct investment and its impact on financial analysis and evaluation of foreign direct investment projects, as well as the differences of financial analysis and evaluation between foreign direct investment and domestic direct investment. This part also emphatically presents the issues worth of much attention when analyzing, namely, assessment, adjustment and evaluation methods for critical indices. What's more, the article makes the description of the objectivity of financial risks and how to control the risks. Part 2 focuses on the project's structural frame and items. A conclusion is drawn through financial analyzing and evaluating to the project by using the theory and methods proposed in Part 1.
Financial analysis of foreign direct investment is a complex subject that requires us to sum up practical experience, and in the light of our enterprises' situation, to demonstrate, compare and analyze on macro and micro basis. When writing this thesis, through I have done my endeavor, but because of limits of reference and ability, this article may not be perfect, I appreciate my tutors and elder schoolmates to point out mistakes in the article.
引文
1 陈漓高．《经济全球化与中国的对外开放》．经济科学出版社．2000．9
2 陈玲．《投资学》．经济科学出版社会．1997
3 程惠芳．《入世与国际直接投资发展》．世界图书出版社．1999
4 菲尔·荷马斯著．《投资评价》．机械工业出版社．1999
5 何清波．《国际企业财务管理》．经济科学出版社．1997
6 金晓彤．《经营理财与风险防范实务》．中国审计出版社．1999
7 柯大钢．《MBA公司理财》．西安交通大学出版社．2000．3
8 林文俏．《项目投资经济评价与风险分析》．中山大学出版社．1995．4
9 刘韬．《企业投资财务》．高等教育出版社．2000
10 刘友法．《世界经济与中国》．社会科学文献出版社．1998年
11 迈克尔·A·卡明斯等．《MBA 300把金钥匙》。企业管理出版社．2001
12 宋维佳．《投资项目评估学》．东北财经大学出版社．1998．12
13 宋常．《跨国理财问题研究》．中国人民大学出版社．1998年
14 V．B．巴维希．《多国企业资本预算惯例》．管理会计出版社．1981．8
15 王林生．《跨国经营理论与实务》．对外经济贸易大学出版社．1999
16 王化成．《国际财务管理》．中国审计出版社．1997
17 王硕家．《国际公司理财》．中国建筑工业出版社．1997
18 吴勤学．《入世后中国企业海外投资实务》．民主与建设出版社．2001
19 杨宇光．《经济全球化中的跨国公司》．上海远东出版社 1999．9
20 于俊年．《外投资项目可行性研究》。对外贸易出版社．1993
21 周惠珍．《投资次目评估案例分析》．东北财经大学出版社．2000
22 Anthory.M.Santomero.《Financial Markets,Instruments,and instituitions》 IRWIN/MCGRAW—HILL.2000.4
23 Frank.j.Fbozzi.《Investment Management》.2 second.Economicence perss.1999
24 Geoffrey.A.Hirt.《Fundamentals of investment》Management.
Ncgraw-Hill.1999
25 Joseph.W.Bartlett.《Fundamentals of Venture Capital》..Madison books.2001
26 James.C.Van home.《Financial Market Rates and Flows》.Prentice Hall.1993
27 Jurgen Eichberger,Ianr,Harper.《Financial Economics》.1996.5
28 James.L.Farrell.《Portfolio Management Theory and Application》2 second.Mcgraw-Hill.1999
29 Leogough.《25 Investment Classics》.Jillin Publishing House.2000
30 The essence of corporate Finanting (大卫史第文森).《公司理财》.改革出版社.1999
31 William.sharpe.《Investments》.Fifth Edition.Prentice.1997.9
32 Wlliam.A.Wnrd BarryJ.Deren Emmanael H.D'Silva.《项目分析经济学实践指南》．清华大学出版社．2001.5
2 陈玲．《投资学》．经济科学出版社会．1997
3 程惠芳．《入世与国际直接投资发展》．世界图书出版社．1999
4 菲尔·荷马斯著．《投资评价》．机械工业出版社．1999
5 何清波．《国际企业财务管理》．经济科学出版社．1997
6 金晓彤．《经营理财与风险防范实务》．中国审计出版社．1999
7 柯大钢．《MBA公司理财》．西安交通大学出版社．2000．3
8 林文俏．《项目投资经济评价与风险分析》．中山大学出版社．1995．4
9 刘韬．《企业投资财务》．高等教育出版社．2000
10 刘友法．《世界经济与中国》．社会科学文献出版社．1998年
11 迈克尔·A·卡明斯等．《MBA 300把金钥匙》。企业管理出版社．2001
12 宋维佳．《投资项目评估学》．东北财经大学出版社．1998．12
13 宋常．《跨国理财问题研究》．中国人民大学出版社．1998年
14 V．B．巴维希．《多国企业资本预算惯例》．管理会计出版社．1981．8
15 王林生．《跨国经营理论与实务》．对外经济贸易大学出版社．1999
16 王化成．《国际财务管理》．中国审计出版社．1997
17 王硕家．《国际公司理财》．中国建筑工业出版社．1997
18 吴勤学．《入世后中国企业海外投资实务》．民主与建设出版社．2001
19 杨宇光．《经济全球化中的跨国公司》．上海远东出版社 1999．9
20 于俊年．《外投资项目可行性研究》。对外贸易出版社．1993
21 周惠珍．《投资次目评估案例分析》．东北财经大学出版社．2000
22 Anthory.M.Santomero.《Financial Markets,Instruments,and instituitions》 IRWIN/MCGRAW—HILL.2000.4
23 Frank.j.Fbozzi.《Investment Management》.2 second.Economicence perss.1999
24 Geoffrey.A.Hirt.《Fundamentals of investment》Management.
Ncgraw-Hill.1999
25 Joseph.W.Bartlett.《Fundamentals of Venture Capital》..Madison books.2001
26 James.C.Van home.《Financial Market Rates and Flows》.Prentice Hall.1993
27 Jurgen Eichberger,Ianr,Harper.《Financial Economics》.1996.5
28 James.L.Farrell.《Portfolio Management Theory and Application》2 second.Mcgraw-Hill.1999
29 Leogough.《25 Investment Classics》.Jillin Publishing House.2000
30 The essence of corporate Finanting (大卫史第文森).《公司理财》.改革出版社.1999
31 William.sharpe.《Investments》.Fifth Edition.Prentice.1997.9
32 Wlliam.A.Wnrd BarryJ.Deren Emmanael H.D'Silva.《项目分析经济学实践指南》．清华大学出版社．2001.5