能源技术经济
能源技術經濟
능원기술경제
ENERGY TECHNOLOGY AND ECONOMICS
2011年
10期
1-6
,共6页
电力项目%财务评价%项目投资内部收益率%资本金内部收益率%投资各方内部收益率
電力項目%財務評價%項目投資內部收益率%資本金內部收益率%投資各方內部收益率
전력항목%재무평개%항목투자내부수익솔%자본금내부수익솔%투자각방내부수익솔
power project%financial analysis%financial IRR of project investment%IRR of required equity fund for project%IRR for a specific investor
投资项目财务评价是可行性研究报告的核心内容之一，而内部收益率是判断项目财务可行性和预期盈利能力的主要指标。从内部收益率的经济含义入手，分析了项目投资内部收益率、项目资本金内部收益率和投资各方内部收益率3类内部收益率的适用条件和数量关系，认为项目投资内部收益率是项目融资前决策的首选指标，且只需计算所得税前指标；资本金内部收益率是项目融资决策分析的主要指标，当项目投资内部收益率大于银行利率时，资本金内部收益率大于项目投资内部收益率；当各股东（投资方）同股非同权或存在股权之外的收益分配时，需要计算投资各方内部收益率。
投資項目財務評價是可行性研究報告的覈心內容之一，而內部收益率是判斷項目財務可行性和預期盈利能力的主要指標。從內部收益率的經濟含義入手，分析瞭項目投資內部收益率、項目資本金內部收益率和投資各方內部收益率3類內部收益率的適用條件和數量關繫，認為項目投資內部收益率是項目融資前決策的首選指標，且隻需計算所得稅前指標；資本金內部收益率是項目融資決策分析的主要指標，噹項目投資內部收益率大于銀行利率時，資本金內部收益率大于項目投資內部收益率；噹各股東（投資方）同股非同權或存在股權之外的收益分配時，需要計算投資各方內部收益率。
투자항목재무평개시가행성연구보고적핵심내용지일，이내부수익솔시판단항목재무가행성화예기영리능력적주요지표。종내부수익솔적경제함의입수，분석료항목투자내부수익솔、항목자본금내부수익솔화투자각방내부수익솔3류내부수익솔적괄용조건화수량관계，인위항목투자내부수익솔시항목융자전결책적수선지표，차지수계산소득세전지표；자본금내부수익솔시항목융자결책분석적주요지표，당항목투자내부수익솔대우은행리솔시，자본금내부수익솔대우항목투자내부수익솔；당각고동（투자방）동고비동권혹존재고권지외적수익분배시，수요계산투자각방내부수익솔。
Financial analysis is one of the core components of the feasibility study report on an investment project, and its internal rate of return （IRR） is the key indicator to judge the financial feasibility and expected profitability of the project. This paper starts with the economic implication of IRR, and then analyzes the applicable conditions and quantitative relationships of the three types of IRRs, financial IRR of project investment, IRR of required equity fund for project, and IRR for a specific investor. The conclusions include： financial IRR of project investment is the primary indicator for decision-making prior to financing processes, which only requires calculations of the pre-income-tax indicators; IRR of required equity fund is the key indicator for the financing decision for the project, and this IRR is greater than the financial IRR of project investment when the latter exceeds the bank interest rate; 1RR for each specific investor should be calculated when the project＇s income is distributed among shareholders with the same share but different rights or in case there is an income distribution outside the equity.
