煤电一体化建设项目财务评价相关问题研究
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摘要
煤电一体化是产业纵向一体化的一种表现形式,又是适应市场经济要求的、体现专业化分工协作的、强强联合的一种组织形式。煤电一体化建设项目财务评价是判断项目可行性,为金融机构贷款、政府部门审批,乃至国内外私人资本介入等提供依据的重要方法和手段。
传统评价是在单一项目基础上的独立评价,迄今尚未开展针对煤电一体化建设项目的综合评价。本文以科学的、系统的、发展的观点提出了以内部转移价格为纽带的一体化的评价理论与方法,用以解决现实中煤电一体化项目的财务评价问题,对煤电一体化投资建设项目的经济评价具有现实意义。
本文较深入地研究了煤电一体化建设项目财务评价中的几个重要问题,内容包括:财务评价指标体系的构建、一体化项目的评价思路、财务风险评价,以及折旧方法和还本付息方式对财务评价的重要影响等。首先,在分析我国煤电项目经济特性及其财务评价现状与问题的基础上,论证了财务评价的必要性,初步奠定了我国煤电一体化建设项目财务评价的理论基础。其次,在现有评价理论的基础上构建了反映项目盈利能力、偿债能力、效益比率的财务评价指标体系;提出了利用内部转移价格为纽带进行煤电项目财务评价的方法,通过确定满足煤矿项目基本回报要求的煤炭产品内部转移价格,计算发电项目的内部收益率、净现值等判据指标,进一步分析整个项目的盈利能力、偿债能力和财务生存能力;对影响财务指标的风险进行了描述,延伸了传统盈亏平衡分析和敏感性分析的风险评价方法,使之更适用于一体化项目的财务评价。再次,以雨汪煤电一体化项目为例进行了实证研究,进一步论证了评价方法的实用性。最后,对一体化评价方法作了进一步补充,在研究中发现,由于在现有的财务评价中,折旧方法和还本付息方式具有可选择性,而实践证明不同的方式方法对评价的结论会产生重要影响,因此,在雨汪煤电项目财务评价的基础上,进一步分析了年限法、双倍余额递减法、年限总和法等不同折旧方法对财务评价结论的影响,以及等额还本付息、等额还本利息照付、气球式不等额、自由现金流式偿还本息方式对煤电项目财务评价指标的影响,并指导评价者根据评价目的有针对性的选择适宜的折旧方法和还本付息方式。
The coal-electricity integration is a form of industry vertical integration, is also a form which accords with market economy,incarnates specialization, and combines the big companies. The financial evaluation of coal-electricity integrative construction projects is necessary for determining the feasibility of the project, for loans from financial institutions, for government’s approval and for involvement of private capital at home and abroad.
The traditional evaluation is based on single project. Heretofore, integrative financial evaluation is not brought forward. In this paper, via the scientific,systemic, developed point of view, we bring forward the theory and method of integrative evaluation which is based on the internal transferring price. We can use this method to solve the problem of financial evaluation, which is meaningful for the actual economic evaluation of coal-electricity integrative construction projects.
In this paper, we study on a number of important issues about financial evaluation of coal-electricity integrative construction projects, including financial evaluation indicators system, methods of evaluation, risk evaluation and the important impact on financial evaluation brought by depreciation policy and debt-paying policy. At first, we analyze the economic characteristics of coal-electricity integrative construction projects, situation and open questions of financial evaluation. On this basis, we demonstrated the necessity of financial evaluation, and lay the theoretical foundation of the coal-electricity integrative construction projects financial evaluation initially. Furthermore,on the basis of present theory, an evaluation indicators system is summarized which image the profitability, solvency and benefit ratio. In this paper, we bring forward the evaluation method which is based on internal transferring price. At first, the coal project’s rate of return reaches the level required, and the internal transferring price is calculated. Then, by calculating the indicators of the electricity project such as IRR, NPV, we analyze the profit-getting ability, debt-paying ability and viability of the coal-electricity project. We also describe the financial evaluation risk, and improve the break-even analysis, sensitivity analysis in the integrative project evaluation so as to adapt integrative evaluation better. Thirdly, to Yuwang coal-electricity integrative project as an example, we make an empirical study and further demonstrate the practicality of the evaluation methods. Lastly, we make a supplement to the integrative evaluation. In the study,we found that the methods of depreciation and debt-paying are optional and impact the conclusion in the actual financial evaluation. On the basis of Yuwang financial evaluation, we analyze how the various methods of depreciation such as age depreciation method, double declining balance depreciation method, the total numbers of year depreciation method impact financial evaluation. We also analyze how the various methods of debt-paying, such as equal principal-interest paying, equal principal paying with actual interest paying , balloon paying and free cash flow paying, impact financial evaluation indicators. By the analysis, we provide the evaluators how to choose suitable methods of depreciation and debt-paying based on the purpose of evaluation.
传统评价是在单一项目基础上的独立评价,迄今尚未开展针对煤电一体化建设项目的综合评价。本文以科学的、系统的、发展的观点提出了以内部转移价格为纽带的一体化的评价理论与方法,用以解决现实中煤电一体化项目的财务评价问题,对煤电一体化投资建设项目的经济评价具有现实意义。
本文较深入地研究了煤电一体化建设项目财务评价中的几个重要问题,内容包括:财务评价指标体系的构建、一体化项目的评价思路、财务风险评价,以及折旧方法和还本付息方式对财务评价的重要影响等。首先,在分析我国煤电项目经济特性及其财务评价现状与问题的基础上,论证了财务评价的必要性,初步奠定了我国煤电一体化建设项目财务评价的理论基础。其次,在现有评价理论的基础上构建了反映项目盈利能力、偿债能力、效益比率的财务评价指标体系;提出了利用内部转移价格为纽带进行煤电项目财务评价的方法,通过确定满足煤矿项目基本回报要求的煤炭产品内部转移价格,计算发电项目的内部收益率、净现值等判据指标,进一步分析整个项目的盈利能力、偿债能力和财务生存能力;对影响财务指标的风险进行了描述,延伸了传统盈亏平衡分析和敏感性分析的风险评价方法,使之更适用于一体化项目的财务评价。再次,以雨汪煤电一体化项目为例进行了实证研究,进一步论证了评价方法的实用性。最后,对一体化评价方法作了进一步补充,在研究中发现,由于在现有的财务评价中,折旧方法和还本付息方式具有可选择性,而实践证明不同的方式方法对评价的结论会产生重要影响,因此,在雨汪煤电项目财务评价的基础上,进一步分析了年限法、双倍余额递减法、年限总和法等不同折旧方法对财务评价结论的影响,以及等额还本付息、等额还本利息照付、气球式不等额、自由现金流式偿还本息方式对煤电项目财务评价指标的影响,并指导评价者根据评价目的有针对性的选择适宜的折旧方法和还本付息方式。
The coal-electricity integration is a form of industry vertical integration, is also a form which accords with market economy,incarnates specialization, and combines the big companies. The financial evaluation of coal-electricity integrative construction projects is necessary for determining the feasibility of the project, for loans from financial institutions, for government’s approval and for involvement of private capital at home and abroad.
The traditional evaluation is based on single project. Heretofore, integrative financial evaluation is not brought forward. In this paper, via the scientific,systemic, developed point of view, we bring forward the theory and method of integrative evaluation which is based on the internal transferring price. We can use this method to solve the problem of financial evaluation, which is meaningful for the actual economic evaluation of coal-electricity integrative construction projects.
In this paper, we study on a number of important issues about financial evaluation of coal-electricity integrative construction projects, including financial evaluation indicators system, methods of evaluation, risk evaluation and the important impact on financial evaluation brought by depreciation policy and debt-paying policy. At first, we analyze the economic characteristics of coal-electricity integrative construction projects, situation and open questions of financial evaluation. On this basis, we demonstrated the necessity of financial evaluation, and lay the theoretical foundation of the coal-electricity integrative construction projects financial evaluation initially. Furthermore,on the basis of present theory, an evaluation indicators system is summarized which image the profitability, solvency and benefit ratio. In this paper, we bring forward the evaluation method which is based on internal transferring price. At first, the coal project’s rate of return reaches the level required, and the internal transferring price is calculated. Then, by calculating the indicators of the electricity project such as IRR, NPV, we analyze the profit-getting ability, debt-paying ability and viability of the coal-electricity project. We also describe the financial evaluation risk, and improve the break-even analysis, sensitivity analysis in the integrative project evaluation so as to adapt integrative evaluation better. Thirdly, to Yuwang coal-electricity integrative project as an example, we make an empirical study and further demonstrate the practicality of the evaluation methods. Lastly, we make a supplement to the integrative evaluation. In the study,we found that the methods of depreciation and debt-paying are optional and impact the conclusion in the actual financial evaluation. On the basis of Yuwang financial evaluation, we analyze how the various methods of depreciation such as age depreciation method, double declining balance depreciation method, the total numbers of year depreciation method impact financial evaluation. We also analyze how the various methods of debt-paying, such as equal principal-interest paying, equal principal paying with actual interest paying , balloon paying and free cash flow paying, impact financial evaluation indicators. By the analysis, we provide the evaluators how to choose suitable methods of depreciation and debt-paying based on the purpose of evaluation.
引文
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