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论文编号：	5210
作者编号：	2220110400
上传时间：	2013/6/5 12:34:37
中文题目：	A公司过滤膜生产线扩建项目融资研究
英文题目：	Research on Project Financing of Filtration Membrane Production Line Expansion of A Co.Ltd
指导老师：	于仲鸣 教授
中文关键字：	项目融资；可行性分析；融资风险分析；生产线扩建项目
英文关键字：	Project financing;Analysis of feasibility;Analysis of financing risk;Production line expansion project
中文摘要：	膜过滤作为一项高新分离技术，被广泛应用于生化分离、化工分离纯化、饮用水处理、中水回用以及污水处理等领域，为节能减排提供了技术手段。A公司是一家国内过滤膜生产企业，专门从事膜分离、膜材料的研究开发和膜过滤相关产品的生产及应用。随着市场的不断扩大，A公司的生产能力已经不能满足日益增长的市场需求，因此需要扩大生产以适应现状。 本文首先对A公司过滤膜生产线扩建项目在国内的应用状况进行了背景分析，对项目融资理论进行了简单的回顾，为该项目的融资提供理论基础。通过对A公司背景的分析，以及对膜产品市场的分析，明确了A公司的融资背景。在对该项目可能的融资方式进行了探讨后，确定了直接融资方式和可能的资金来源，最后制定了项目直接融资的流程，形成了A公司过滤膜生产线扩建项目融资的整体框架。接下来针对该项目的融资独特性进行了分析，通过对项目融资的可行性分析和可融资性分析，设计出该项目融资的具体方案。按照各个生产线分别进行投资预算，再采用盈亏平衡分析、净现值法和内部收益率分析以及投资回收期等计算等研究手段对该方案进行了定性分析。第五章运用了德尔菲法对项目风险进行一一识别和评估，然后对方案寿命期、投资额以及产品价格进行了敏感性分析，最后制定了风险应对方案。 根据分析，项目决策人决定采用银行商业贷款和自身筹款的方式对项目进行直接融资，可以看出该项目融资的投资回收期为3.08年，并且回报率呈平滑增长的趋势，具有良好的、长期的经济效益。同时，因为该项目的融资采用的融资方式简单，故项目所面临的风险体系也相对简单，完工风险、经营风险、应收款风险以及价格与汇率风险，都可以采用不同的担保方式进行规避，这样就可以为公司的生产线扩建项目的融资和良好运行发展提供了有利保障。
英文摘要：	Membrane filtration as a new separation technology is widely used in biochemical separation, chemical purification, drinking water treatment, water reuse and wastewater treatment etc., provides a promising method for the energy conservation and emissions reduction. The A company has engaged in the research and development of membrane materials and application for many years. With the expansion of the market, the A company's production capacity can't meet the increasing market demand and need to expand production. Firstly this dissertation studied the development and application of membrane filtration, and summarized the project financing methods and theory, which provides the theoretical basis for the A company project financing. Through research on project financing way of the production line expansion the financing solutions were founded. According to the company's own situation, we found that adopting commercial bank loans and self-funding would be a good scheme for the financing. We used sensitivity analysis, break-even analysis method and studied inside earnings ratio, financial net present value, investment pay-off period, which was used to evaluate the feasibility of the financing method. Meanwhile, we established the financing risk defense method through risk identification and assessment. This provides important data and reference for financing of the membrane production line expansion. Through the analysis, the product price floating had the greatest influence on the financing balance of the company, combined with risk control theory, a risk defensing system was put forward, which provides the advantageous safeguard for the company running.
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