项目分析是提高企业项目投资决策科学性的必不可少的工作。投资项目财务评价就

是在投资决策之前,对拟建项目进行盈利能力、偿债能力及风险分析并试图从经济上对

其作出可行或不可行评价的一种方法,作为项目可行性评价的重要组成部分已经被广泛

应用于企业的经济活动实践中,是项目决策的重要依据。T公司作为一家以脂环族环氧

树脂为主要产品的化工生产企业,近期准备实施年产1000吨脂环族环氧树脂项目。本文

按照项目管理的规范,并根据项目财务评价理论体系中关于项目评价的方法和步骤,针

对T公司年产1000吨脂环族环氧树脂项目的投资进行财务可行性分析,为企业的投资决

策提供参考。

本文首先介绍了T公司年产1000吨脂环族环氧树脂项目的背景及建设方案,而后重

点进行了项目财务评价研究,包括对该项目的各项财务指标进行估算并在此基础上编制

了基本的财务报表,而后根据相关财务数据结合财务报表对该项目的盈利能力、偿债能

力及抵御风险能力进行了分析。在财务评估研究方法上主要采用了静态分析与动态分析

相结合、定性与定量相结合的方法。考虑到危险化学品生产企业的特殊性,也着重对项

目的建设方案包括市场需求、工艺设备、生产能力、能耗与环保、消防和安全、职业健

康等进行了分析。

通过本文的研究可以看出,该项目具备较好的盈利和偿债能力,也有一定的抵御风

险的能力,从财务评价的角度看该项目是积极可行的。

关键词:脂环族环氧树脂财务评价不确定性分析

Abstract

Project analysis is indispensable to enhance the rationality of decision-making in project

investment in the enterprise. The financial assessment of investment project refers to the

method by using which we can carry out analysis on the profitability, debt solvency ability

and risks of the project to be constructed and judges its economic feasibility or infeasibility

before the investment decision-making. As an important component in the project's feasibility

assessment, it has been widely applied in the economic activities in enterprises. Besides, it is

also an important basis for the project decision-making. T Company is a chemical production

enterprise which specializes in the products of cycloaliphatic epoxide resin. The company is

prepared to implement the project of producing 1,000 tons of cycloaliphatic epoxide resin

annually. According to the regulations of the project management and based on the steps and

approaches about project assessment in the theoretical system of project's financial

assessment, the paper carries out financial feasibility analysis on the project of producing

1,000 tons of cycloaliphatic epoxide resin annually, which provides reference for the

investment decision-making in the enterprise.

The paper first introduces the background and construction plan of the project of

producing 1,000 tons of cycloaliphatic epoxide resin annually in T Company; and then it puts

emphasis on studying the project's financial assessment, including estimating each financial

indicator of the project and making the basic financial report on this basis. Subsequently, in

accordance with relevant financial data,the paper combines the financial date to analyze the

profitability,debt solvency ability and risk defense ability of the project. In terms of the

financial assessment methods, the paper mainly combines static analysis and dynamic

analysis, qualitative assessment and quantity assessment. Considering the specialty of the

enterprise specializing in producing hazardous chemicals, the paper focuses on the

construction plan of the project, including market demands, processing equipment,

productivity, energy consumption and environment protection, fire protection, safety, career

health and so on.

We can see that the project has good profitability and debt solvency ability and risk

defense ability as well from the study in the paper. From the perspective of financial

assessment, the project is feasible.

Key Words: Cycloaliphatic epoxide resin; financial assessment; uncertainty analysis