建设项目财务评价指标和折旧的研究及程序设计
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摘要
建设项目财务评价是项目可行性研究的重要组成部分，是项目决策科学化的重要手段。目前，进行项目财务评价时，主要依据国家计委、建设部1993年颁布的《建设项目经济评价方法与参数》(第二版)。但是在实际应用中，发现存在有些指标对统一问题的判断结论不一致、对互斥方案的评价方法过于繁琐等问题。此外，对影响财务评价结果的主要因素通货膨胀、固定资产折旧方式等分析的很少或不全面。本论文在大量实际调研和资料收集的基础上，对财务评价指标和折旧方法进行了研究，并用VB编程对新指标进行了应用。
对于互斥方案的评价，本文提出了一个新的评价指标—综合内部收益率(Combined Internal Rate of Return)，并进行了推导求证。同时对通货膨胀条件下的财务评价指标进行了进一步的研究，并提出了一些建议和方法。本文认为结合时间价值计提折旧可以从动态上反映企业真实的资金运动，在此基础上提出了一种新的折旧方法：综合时间折旧法。在程序设计方面，本文在实用性、完备性、网络化等方面作了大量的工作。
最后，通过一个具体案例对本文提出的财务评价指标和程序进行了实际检验和演示。结果表明，该评价指标和程序具有系统性、灵活性、简洁性和实用性。对其他建设项目的财务评价也具有一定的借鉴意义。
Of an important part of feasibility study, the financial evaluation of infrastructure project is the important means that makes decisions whether the project is scientific or not. At present, the guidelines of financial evaluation of a project are mainly based on the Methodology and Parameter of Economic Evaluation of a Project (MPEAP), the Second Edition issued in 1993 by State Planning Commission and Ministry of Construction. We do find that there are many problems of MPEAP when it is applied, such as inconsistent judgment of different criteria, the sophisticated evaluation criteria to a set of mutually exclusive projects. Therefore, MPEAP provides little comments about the major factors such as inflation and depreciation, which influences the results of financial evaluation. Based on much practice and data of collection, this paper gives study to financial evaluation criteria and the methods of depreciation, applying the new evaluation criteria by making the program with VB.
About the evaluation of a set of mutually exclusive projects, this paper proposes a new evaluation criterion - Combined Internal Rate of Return, which is proved by deducing formulas. At the same time, it gives more study to the financial evaluation criteria under inflation. Some suggestions and ways are advanced. A new method of depreciation-Combined method of depreciation on time, is put forward in this paper, which bases on that the depreciation combined time can really reflect the financial run of the enterprise dynamically. About design of the program, a lot of work is done on practicality, integrity and network.
At last, the new evaluation criterion and the program are tested by a real case. The result shows that they have systematicness, flexibility, succinctly and practicality. They are useful to financial evaluation of other infrastructure projects.
对于互斥方案的评价，本文提出了一个新的评价指标—综合内部收益率(Combined Internal Rate of Return)，并进行了推导求证。同时对通货膨胀条件下的财务评价指标进行了进一步的研究，并提出了一些建议和方法。本文认为结合时间价值计提折旧可以从动态上反映企业真实的资金运动，在此基础上提出了一种新的折旧方法：综合时间折旧法。在程序设计方面，本文在实用性、完备性、网络化等方面作了大量的工作。
最后，通过一个具体案例对本文提出的财务评价指标和程序进行了实际检验和演示。结果表明，该评价指标和程序具有系统性、灵活性、简洁性和实用性。对其他建设项目的财务评价也具有一定的借鉴意义。
Of an important part of feasibility study, the financial evaluation of infrastructure project is the important means that makes decisions whether the project is scientific or not. At present, the guidelines of financial evaluation of a project are mainly based on the Methodology and Parameter of Economic Evaluation of a Project (MPEAP), the Second Edition issued in 1993 by State Planning Commission and Ministry of Construction. We do find that there are many problems of MPEAP when it is applied, such as inconsistent judgment of different criteria, the sophisticated evaluation criteria to a set of mutually exclusive projects. Therefore, MPEAP provides little comments about the major factors such as inflation and depreciation, which influences the results of financial evaluation. Based on much practice and data of collection, this paper gives study to financial evaluation criteria and the methods of depreciation, applying the new evaluation criteria by making the program with VB.
About the evaluation of a set of mutually exclusive projects, this paper proposes a new evaluation criterion - Combined Internal Rate of Return, which is proved by deducing formulas. At the same time, it gives more study to the financial evaluation criteria under inflation. Some suggestions and ways are advanced. A new method of depreciation-Combined method of depreciation on time, is put forward in this paper, which bases on that the depreciation combined time can really reflect the financial run of the enterprise dynamically. About design of the program, a lot of work is done on practicality, integrity and network.
At last, the new evaluation criterion and the program are tested by a real case. The result shows that they have systematicness, flexibility, succinctly and practicality. They are useful to financial evaluation of other infrastructure projects.
引文
[1]吴慧强，等．投资项目评估实物．广东：广东经济出版社，1999．9．2～3
[2]杨华峰，等．投资项目经济评价．北京：中国经济出版社，1999．1．4～6
[3]国家计委、建设部．建设项目经济评价方法与参数(第二版)．北京：中国计划出版社，1998．1．62～63
[4]顾小晶．计算机在建设项目经济评价中的应用．华东经济管理，1998．4．23～24
[5]刘颖，等．论“建设项目经济评价支持系统”的改进．浙江金融，1998．4．23～24
[6]投资项目经济评价软件《普乐1-2-3》简介
[7]于守法．建设项目经济评价方法与参数应用讲座．北京：中国计划出版社，1995．10．68～70
[8]傅家骥，等．工业经济技术学(第三版)．北京：清华大学出版社，2000．3．86～112
[9]陈芳．浅析NPV法在项目评价中的应用．咸宁师专学报(自然科学版)，1998．8．78～80
[10]Frank Lefley. Strategic Methodologies of Investment Appraisal of AMT Projects :A Preview and Synthesis. The Engineering Economist. Summer 1996. Volume 41. No 4. 345～361
[11]Miroslaw M. Hajdasinski. Comments on "Using Heuristics to Evaluate Projects :The Case of Ranking Projects by IRR". The Engineering Economist, Winter 1997. Volume 42, No 2. 163～165
[12]Federico Pasin, etc. A Simple Method for Calculating the Imin Rate for an Investment Project. The Engineering Economist. Summer 1996. Volume 41. No 4. 365～369
[13]Joseph. C. Hartman. On the Equivalance of Net Present Value and Market Value Added as Measures of Project's Economic Worth. The Engineering Economist. 2000. Volume 45. Number 2. 159～165
[14]中国要防止可能出现的经济过热和通货膨胀．中经网(www.cei.gov.cn)．2001-03-05
[15]罗荣桂，等．通货膨胀条件下固定资产投资决策的经济分析方法．武汉工业大学学报，2000．6．69～71
[16]李明哲．中国通货膨胀的走势．技术经济．1995．12．56～59
[17]侯晓雁．浅谈通货膨胀对财务报表的影响．暨南学报：哲社版，1999．2．56～58
[18]马民强，等．浅谈通货膨胀对财务分析的影响及处理方法．煤炭经济研究．1992．2．43～44
[19](奥)赫尔穆特．弗里希著，蔡重直，译．现代通货膨胀理论．北京：中国经济出版
社，1993．4．11～23
[20]中国国际工程咨询公司，投资项目经济咨询评估指南．北京：中国经济出版社．2000．3．297～304
[21]刘清志．固定资产折旧方法对经济评价的影响．石油大学学报，1999．6．106～107
[22]Stephen A Ross, ect. Corporate Finance [M](4th-ed).McGraw-hill Book Company, 1996.10. 178～179
[23][美]J．L．里格斯著．工程经济学．北京：中国财政经济出版社，1989．11．264～269
[24]徐宇昕．建设项目财务评价和主要影响因素的研究．西安科技学院学位论文．2001．4
[25]Moshe Eben-Chaime. A Paramethric Weighing Approach for Project Selection under Risk. The Engineering Economist. 2000. Volume 45. Number 1. 61～73
[26]Squire L, and H. G. Vander Tak Baltimore. Economic Analysis of Projects. Johns Hopkinnns University Press, 1986.11. 35～47
[27]杨志远．投资决策中的计算机应用．华东经济管理，1998．8．85～87
[28]Evangelos Petroutsos. Mastering Visual Basisc 6. Publishing House of Electronics Industry, 1999.1. 1～29
[29]John Carter. Database Design and Programming-with Access, SQL and Visual Basic. Publishing House of Electronics Industry. 2001.2. 67～89
[30]Peter Coad. Object-Oriented Pattern. Commun ACM, 35(9)
[31]C Lamb, ect. The Object Soeter Database System. Communications of the ACM, 1991. 10. 50～63
[32]J Melton. Database Language SQL 3. ANSI. Database Committee(X3H2).Aug. 1994. 105～108
[33]崔淑梅，等．一种新的财务评价指标—综合内部收益率．当代经济研究，2001．12．152～153
[34]烟台三龙新型建材公司．夹芯扳项目可行性研究报告．2001．11
[2]杨华峰，等．投资项目经济评价．北京：中国经济出版社，1999．1．4～6
[3]国家计委、建设部．建设项目经济评价方法与参数(第二版)．北京：中国计划出版社，1998．1．62～63
[4]顾小晶．计算机在建设项目经济评价中的应用．华东经济管理，1998．4．23～24
[5]刘颖，等．论“建设项目经济评价支持系统”的改进．浙江金融，1998．4．23～24
[6]投资项目经济评价软件《普乐1-2-3》简介
[7]于守法．建设项目经济评价方法与参数应用讲座．北京：中国计划出版社，1995．10．68～70
[8]傅家骥，等．工业经济技术学(第三版)．北京：清华大学出版社，2000．3．86～112
[9]陈芳．浅析NPV法在项目评价中的应用．咸宁师专学报(自然科学版)，1998．8．78～80
[10]Frank Lefley. Strategic Methodologies of Investment Appraisal of AMT Projects :A Preview and Synthesis. The Engineering Economist. Summer 1996. Volume 41. No 4. 345～361
[11]Miroslaw M. Hajdasinski. Comments on "Using Heuristics to Evaluate Projects :The Case of Ranking Projects by IRR". The Engineering Economist, Winter 1997. Volume 42, No 2. 163～165
[12]Federico Pasin, etc. A Simple Method for Calculating the Imin Rate for an Investment Project. The Engineering Economist. Summer 1996. Volume 41. No 4. 365～369
[13]Joseph. C. Hartman. On the Equivalance of Net Present Value and Market Value Added as Measures of Project's Economic Worth. The Engineering Economist. 2000. Volume 45. Number 2. 159～165
[14]中国要防止可能出现的经济过热和通货膨胀．中经网(www.cei.gov.cn)．2001-03-05
[15]罗荣桂，等．通货膨胀条件下固定资产投资决策的经济分析方法．武汉工业大学学报，2000．6．69～71
[16]李明哲．中国通货膨胀的走势．技术经济．1995．12．56～59
[17]侯晓雁．浅谈通货膨胀对财务报表的影响．暨南学报：哲社版，1999．2．56～58
[18]马民强，等．浅谈通货膨胀对财务分析的影响及处理方法．煤炭经济研究．1992．2．43～44
[19](奥)赫尔穆特．弗里希著，蔡重直，译．现代通货膨胀理论．北京：中国经济出版
社，1993．4．11～23
[20]中国国际工程咨询公司，投资项目经济咨询评估指南．北京：中国经济出版社．2000．3．297～304
[21]刘清志．固定资产折旧方法对经济评价的影响．石油大学学报，1999．6．106～107
[22]Stephen A Ross, ect. Corporate Finance [M](4th-ed).McGraw-hill Book Company, 1996.10. 178～179
[23][美]J．L．里格斯著．工程经济学．北京：中国财政经济出版社，1989．11．264～269
[24]徐宇昕．建设项目财务评价和主要影响因素的研究．西安科技学院学位论文．2001．4
[25]Moshe Eben-Chaime. A Paramethric Weighing Approach for Project Selection under Risk. The Engineering Economist. 2000. Volume 45. Number 1. 61～73
[26]Squire L, and H. G. Vander Tak Baltimore. Economic Analysis of Projects. Johns Hopkinnns University Press, 1986.11. 35～47
[27]杨志远．投资决策中的计算机应用．华东经济管理，1998．8．85～87
[28]Evangelos Petroutsos. Mastering Visual Basisc 6. Publishing House of Electronics Industry, 1999.1. 1～29
[29]John Carter. Database Design and Programming-with Access, SQL and Visual Basic. Publishing House of Electronics Industry. 2001.2. 67～89
[30]Peter Coad. Object-Oriented Pattern. Commun ACM, 35(9)
[31]C Lamb, ect. The Object Soeter Database System. Communications of the ACM, 1991. 10. 50～63
[32]J Melton. Database Language SQL 3. ANSI. Database Committee(X3H2).Aug. 1994. 105～108
[33]崔淑梅，等．一种新的财务评价指标—综合内部收益率．当代经济研究，2001．12．152～153
[34]烟台三龙新型建材公司．夹芯扳项目可行性研究报告．2001．11