汇编出版。保密的学位报告在解密后适 用本规定。 本学位报告属于 1、保密（ ），在 年解密后适用本授权书。 2、不保密（ ） （请在以上相应括号内打“√”） 作者签名： 日期： 年 月 日 导师签名： 日期： 年 月 日中文摘要 中文摘要 可行性研究是指在投资决策前，对与项目有关的市场、资源、工程技术、经 济、社会等各方面问题进行全面的分析、论证和评价，从而判断项目在技术上是 否可行，在经济上是否合理，并对多个方案进行优选的科学方法。可行性研究的 目的是使决策科学化、程序化，保证决策的可靠性，为项目的实施和控制提供依 据或参考。 随着近年房地产的迅猛发展，全国房地产市场进入新的竞争境界，项目在建 筑空间、环境空间与人文空间都展开激烈的竞争，成熟的开发模式成为项目成功 运作的关键。本文通过借鉴国内目前较为成熟的房地产可行性研究方法，结合万 祥置业目前的发展现状及厦门海峡城项目的地理位置和环境，探讨导入“托乐嘉 （TALEGA）”模式，引入开放式滨海街区生活概念，打造一个独特而创新的充满 人情味的新社区，将使项目更加具有竞争力、持久性和排它性。同时通过新概念 的引入，确立项目的比较优势，树立企业的形象和品牌，获得更高的收益。并由 此测算得出该地块的价值，从而提出投资的相关建议。 研究发现以“托乐嘉（TALEGA）”模式进行厦门海峡城项目的投资是可行 的，根据海峡城自身的地理环境资源，将其定位为“托乐嘉（TALEGA）”美式 开放街区模式，可以充分挖掘项目潜力，提升项目价值。同时，该项目的主要风 险在于土地增值税开征风险，要规避土地增值税开征的影响，应在宣布土地增值 税开征的过渡期间，项目公司提前采取土地过户交易，做大土地成本以规避土地 增值税。而规划方案与融资设计也是项目可行性研究中不可忽略的一环，通过分 期开发，合理的安排一期住宅项目的开发规模，实现资金的快速回笼，提高项目 的 IRR，达到效益的最大化。 关键词：托乐嘉；可行性研究；风险分析Abstract Abstract Feasibility study refers to the scientific method which means overall analysis, demonstration and appraise to questions of various fields such as the market, resource, engineering, economy, society related to the project before the investment decision, thus judges whether the project is feasible from the point of view of technology and reasonable in the economic angle, and carries on the optimal to many schemes. The goal of feasibility study is to make the decision-making scientific and procedure style, guarantee the decision-making the reliability, and provide the basis or the reference for the project implementation and the control. Recently with rapid development of real estate, the nation’s real estate comes to a new competetive stage. There are drastic competetions on construction space, enviornment space and humane space. The mature development mode becomes the key factor to the success of the project operation. By referring to the comparably mature feasibility study method of the real estate at present, combined with the present situation of Wanxiang Real Estate Limited Company, and the geographic position and environment of the Xiamen Channel City Project, the paper mainly discusses the more competetive, standing and exclusive character the project will get by introducing the the TALEGA mode accompanying with the concept of th open seaside block life, making a speculiar and innovative new community full of humanities. Simultaneously, the comparative strengthness of the project and the image and bland of the company will be erected through the introductions of the new concept; therefore, the higher revenue will be reached. Hence it measures the value of the land according to it, sequentially, put forward some correlative investment suggestion The study discovers that the investment on Xiamen Channel City Project with the TALEGA mode is capable. it will oriente the project as the USA open block of TALEGA mode according to the geography environment resource of the Channel City, and it may fully tap the project potential and promote the project value. Meanwhile, the main risk of the project consists in imposition risk of the land value added tax. We ought to avoid the land increment duty by the means of increasing the land cost through making the transaction of transferring the land ownership ahead of time. Furthermore, the layout scheme and financing schedule inevitably should not be ignored through the study. During this ache, we achieve the goal of quickening the厦门海峡城项目投资可行性研究 2 rate of capital return, enhancing the IRR of the project and realizing the maximization of benefit through exploiture by stages and by reasonable arrangement of housing residence exploiture scale. Finally, the paper summarizes the insufficiencies existing in the study and the some enlightens from it. Key words: TALEGA; Feasibility study; Risk analysis目 录 目 录 第一章 导论................................................................................................................1 第一节 研究背景.....................................................................................................1 第二节 项目概况......................................................................................................3 第三节 研究目标和报告结构.................................................................................5 第二章 项目可行性研究............................................................................................7 第一节 项目可行性研究 ..........................................................................................7 第二节 项目可行性研究的内容...........................................................................10 第三节 可行性研究的意义...................................................................................12 第四节 项目可行性研究的步骤...........................................................................13 第五节 研究模型.....................................................................................................14 第三章 项目市场分析..............................................................................................15 第一节 厦门概况....................................................................................................15 第二节 厦门房地产市场分析................................................................................16 第三节 2005年厦门土地市场供给分析...............................................................21 第四节 结论............................................................................................................22 第四章 海峡城项目分析与定位..............................................................................24 第一节 海峡城项目竞争市场调查........................................................................24 第二节 海峡城项目地块 SWOT 分析 ..................................................................28 第三节 产品规划定位方案...................................................................................30 第五章 项目财务分析..............................................................................................42 第一节 项目经济测算...........................................................................................42 第二节 融资方案的设计.......................................................................................46 第三节 项目投资风险评估与控制........................................................................48 第六章 结论与启示..................................................................................................51 第一节 主要结论...................................................................................................51 第二节 建议与启示...............................................................................................51