问题 问答题

某企业新建项目主要生产设备需要从国外进口,该设备的离岸价是500万美元,外汇牌价:1美元=7.80元人民币。其他有关费用参数为:国外运费费率6%,国外运输保险费费率3.5‰,进口关税税率10%,进口环节增值税税率17%,外贸手续费费率1.5%,银行财务费费率4‰,国内运杂费费率为2.5%。该项目还需从国内采购某成套工艺设备,设备原价1 200万元,运杂费费率1%。
国内某类似拟建项目建筑工程费和安装工程费占设备购置费的百分比分别为20%和 12%,综合调整系数f1=1.1,f2=1.2。拟建项目的工程建设其他费用为1 600万元,基本预备费费率10%,该项目建设期2年,工程费用拟分年投入,第1年投入70%,第2年投入30%,建设期各年价格上涨指数均为5%。
根据企业财务部和生产部的计划,预计新建项目年经营收入为6000万元,营业收入资金率为20%。
企业财务经理指出,目前企业的资本结构良好,负债/所有者权益=6/4。应继续保持该资本结构比例融资,即所需建设投资和流动资金中40%由企业自有资金提供,60%依赖银行借款。经与银行协议,本企业信誉良好,可以取得所需借款,但要求设备投资总额不得低于项目投入总资金的35%,贷款利率6%,按工程费用比例在建设期期初分年投入,建设期内不支付利息。
[问题]
1.试估算该项目的设备购置费。(保留小数点后两位)
2.建设投资的估算方法有哪些分别适用于项目决策分析与评价的哪个阶段本案例建设投资应该采用什么方法估算估算的建设投资额为多少
3.本案例需采用何种方法估算流动资金估算的流动资金为多少
4.估算该项目的建设期利息。
5.估算该项目的投入总资金。能否满足银行的贷款条件

答案

参考答案:1.该项目涉及进㈠设备购置费和国产设备购置费两部分。
(1)进口设备购置费=进口设备离岸价+进口从属费用+国内运杂费
①进口设备离岸价=500×7.80=3900万元
②国外运费=进口设备离岸价×国外运费费率=3 900×6%=234万元
③国外运输保险费=(进口设备离岸价+国外运费)×国外运输保险费费率
= (3900+234)×3.5‰=14.47万元
④进口关税=进口设备到岸价×人民币外汇牌价×进口关税税率
=(3900+234+14.47)×10%=414.85万元
⑤进口环节增值税=(进口设备到岸价×人民币外汇牌价+进口关税+消费税)×增值税税率
=(3900+234+14.47+414.85)×17%=775.76万元
⑥外贸手续费=进口设备到岸价×人民币外汇牌价×外贸手续费费率
=(3900+234+14.47)×1.5%=62.23万元
⑦银行财务费=进口设备货价×人民币外汇牌价×银行财务费费率
=3 900×4%=15.6万元
⑧国内运杂费=进口设备离岸价×人民币外汇牌价×国内运杂费费率
=3 900×2.5%=97.5万元
进口设备购置费=进口设备离岸价+进口从属费用+国内运杂费
=3900+(234+14.47+414.85+775.76+62.23+15.6)+97.5
=5514.41万元
(2)国内设备购置费=设备原价+设备运杂费=1200+1 200×1%=1 212万元
(3)设备购置费=进口设备购置费+国内设备购置费=5 514.41+1212=6 726.41万元
2.(1)建设投资的估算方法包括简单估算法和分类估算法,其中的简单估算法又包括单位生产能力估算法、生产能力指数法、比例估算法、系数估算法和指标估算法。
(2)简单估算法中除指标估算法之外的方法估算准确度相对不高,主要适用于投资机会研究和初步可行性研究阶段。指标估算法和分类估算法一般在项目可行性研究阶段采用。
(3)本案例中由于给出了某类似拟建项目建筑工程费和安装工程费占设备购置费的百分比,因此应采用以拟建项目的设备购置费为基数的比例估算法进行估算。
(4)该项目的建设投资应选用公式C=E(1+f1P2+f2P2)+I。其中,工程费用=E(1+f1P2+f2)P2)=6726.41×(1+1.1×20%+1.2×12%)=9174.82万元
基本预备费=(工程费用+工程建设其他费用)×基本预备费费率
=(9 174.82+1 600)×10%=1 077.48万元
第1年工程费用:I1=9174.82×70%=6 422.37万元
第1年涨价预备费:
PC1I1[(1+f)-1]=6422.37×[(1+5%)-1=321.12万元
第2年工程费用:I2)=9 174.82×30%=2 752.45万元
第2年涨价预备费:
PC2=I2[(1+f)2-1)=2 752.45×[(1+5%)2-1]=282.13万元
该项日的涨价预备费为:
PC=321.12+282.13=603.25万元
因此该项目的建设投资C=E(1十f1)P1+f2P2)+I
=9174.82+(1600+1 077.48+603.25)=12455.55万元
3.本案例应该采用扩大指标估算法估算流动资金。
流动资金=年营业收入额×营业收入资金率=6000×20%=1 200万元
4.负债融资:(12455.55+1 200)×60%=8193.33万元
第1年投入借款=8193.33×70%=5 735.33万元
第2年投入借款=8193.33×30%=2458万元
第1年借款利息:
Q1=5 735.33×6%=344.12万元
第2年借款利息:
Q2=(5 735.33+344.12十2 458)×6%=515.25万元
该项目的建设期利息为:
Q=344.12+515.25=856.37万元
5.项目总投资=建设投资+建设期利息+流动资金
=12455.55+856.37+1 200=14 511.92万元
该项目的设备投资总额6726.41>14 511.92×35%=5079.17万元,满足银行的贷款条件。

阅读理解

Reading comprehensionReading comprehension

       In the mid 1990's, people started doing business on the Internet. There were two kinds of companies

then.  First,  there were traditional companies.  They sold things in stores.   Then,   there were Internet

companies. They didn't have a store, and they only sold things on the Net.

       Traditional companies didn't want to lose any business. Quickly, they made their own websites and

began selling things on the Net. These are the so-called"brick and click"companies (砖块点击公司).

Many stores are made of brick. And you click on your mouse to buy things with your computer. That's

where the name"brick and click"comes from.

       By the late 1990's, competition among Internet companies was great. So e-business like amazon.

com, buy.com, and etoys.com were in trouble. Their profits (利润) were not very high. Many of these

businesses were losing much money. In 2000, many e-businesses went out of business.

       Why are brick and click companies, like Barnes and Walmart so successful? First, many customers

know and trust (相信) their names. Their websites are easy to remember. These companies also have a

lot of experience. In a word, they know how to run a successful business.

In the world of e-commerce (商业), companies are fighting for every dollar and every customer. Will

brick and click companies win the war? Only time will tell.

Answer the following questions according to what you read.

1. How many kinds of companies were there in the mid 1990's?

                                                                                                          

2. Did Internet companies sell things in stores or on the Net?

                                                                                                           

3. What did the traditional companies do to keep their business?

                                                                                                           

4. What gave Internet companies a lot of trouble by the late 1990's?

                                                                                                           

5. What can you learn from Barnes and Walmart if you have an Internet company?

                                                                                                           

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