房地产项目融资渠道分析及结构优化研究(III)

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1、附表13财务现金流量表（自有资金）单位:万元年份12345678910现金流入0015742734273427342734273427343740.20产品销售收入15742734273427342734273427342734固定资产余值回收726.20流动资金回收280.00现金流出13006281621.702424.402325.852302.302278.741885.191885.192005.19建设投资(自有资金)1300628流动资金(自有资金)85流动资金(占用折旧)75经营成本1080.41449.41449.41449.41449.41449.41449.4

2、1449.4销售税金78.7136.7136.7136.7136.7136.7136.7136.7所得税0213.97226.18238.39250.60262.81262.81262.81职工福利费支出021.7222.9624.2025.4426.6826.6826.68借款本金偿还200370370370370120借款利息支出01781581218447101010净现金流量-1300-628-47.70309.60408.15431.70455.26848.81848.811735.01累计净现金流量-1300-1928-1975.70-1666.10-1257.95-8

3、26.24-370.99477.821326.633061.63折现系数0.89290.79720.71180.63550.56740.50660.45230.40390.36060.3220净现金流量现值-1160.71-500.64-33.95196.76231.60218.71205.93342.82306.09558.63累计净现金流现值-1160.71-1661.35-1695.31-1498.55-1266.95-1048.24-842.30-499.48-193.39365.23*计算结果：i0=0.12NPV＝365.23IRR＝15.54%Pb=7.4年Pb=9.

4、35年附表14财务现金流量表（甲方投资）单位:万元年份12345678910现金流入000105.87156.14164.56172.99181.42181.421147.46股利0105.87156.14164.56172.99181.42181.42181.42资产清理分配966.04固定资产余值290.48无形资产余值58.67自有流动资金34盈余公积金160.83折旧和摊销422.05现金流出520251.234甲方投资520251.234净现金流量-520-251-34105.87156.14164.56172.99181.42181.421147.46累计净现金流量-5

5、20-771.20-805.20-699.33-543.19-378.63-205.64-24.21157.211304.66折现系数0.89290.79720.71180.63550.56740.50660.45230.40390.36060.3220净现金流量现值-464.29-200.26-24.2067.2888.6083.3778.2573.2765.42369.45累计净现金流现值-464.29-664.54-688.74-621.46-532.86-449.49-371.24-297.96-232.54136.91*计算结果：i0=0.12NPV＝136.91IRR＝

6、15.12%Pb=8.13年Pb=9.63年各财务报表之间的关系投资估算表投资计划与资金筹措表折旧与摊销估算表销售收入及税金估算表成本费用估算表损益表资金来源与运用表借款及还本付息表资金负债表现金流量表四、项目财务分析指标•净现值（NetPresentValue,NPV）•内部收益率（IRR）(InternalRateofReturn)•投资回收期（Paybackperiod,P）b（一）净现值•计算公式：n∑()()−tNPV=CI−CO1+it0t=0nn∑∑()−t()−tNPV=CI1+i－CO1+it0t0t==00t现金流入现值和现金流出现值和•判断准则：NPV≥0项目

7、可接受；NPV<0项目不可接受。净现值计算示例年份012345CIt300300300300300COt1000NCFt＝CIt－COt-1000300300300300300－t（1＋i）10.90910.82640.75130.68300.6209－tNCFt（1＋i）-1000272.73247.93225.39204.90186.28－tΣNCFt（1＋i）-1000-727.27-479.34-253.94-49.04137.24上例中i=10%,NPV＝1