硕士论文-动态资金效益指标在工程项目中应用的研究

上海交通大学硕士学位论文动态资金效益指标在工程项目中应用的研究姓名：冯涛申请学位级别：硕士专业：工商管理指导教师：田澎20050612•PV•TNPV•PVTNPV•NPVR•CTNPVR•MS-ExcelTHERESEARCHONAPPLICATIONOFDYNAMICCAPITALYIELDINDEXINENGINEERINGPROJECTABSTRACTThisthesisstudythefeasibilityandapplicationtoadoptaseriesofdynamicindexesinsteadofstaticfinancialindexintraditionalbudgetandfinalaccountingsystem,thenewdynamicindexcanindicatethetimevalueofmoneyandcostofcapital,sothatitcangreatlyimprovetheefficiencyofcapitalandbettercontrolthecostinproject.TheChineseeconomyisgettingmoreandmoremarket-oriented,andcompetitionsisgettingtougherandtougher.Thecompaniesareforcedtoadoptnewtechnologyandmanagementmethodtoreducethecost,maintaincompetitivenessinmarket.Inprojectmanagement,inmanyyeas’practice,peopleworkoutatargetcostcontrolandsystembaseonevaluationthebudgetandfinalaccountingmodel.Thecorevalueoftargetcostcontrolistoreducethecost,increasetheyieldwithsettingandcontrolthefinancialindexinprojectmanagement.Theindexdistributedtoeveryoneconcernedmakeprojectmanagerandallrelatedpersontakecareofcostcontrol,sothatthewholeprojectyieldtobeimproved.Buttheengineeringprojecthaslongperiodprojectlife,needconcentratedcapitalinputandlongcapitaloccupiedtime.Inpracticeoftargetcostcontrol,theefficiencyofcapitaliscrucialtothefinancialperformanceofwholecompany.Itisbecomingthefirstimportantfactorforenlargingearningsandprofitstothecompanythatifthecapitalcanbemanagedandcontrolreasonablyandefficiently.Therefore,capitalutilityshouldbethemaintargetintargetcostcontrolsystem.Theindexforcapitalmanagementispracticallyurgentlyneededintheevaluationsystem.Butintherealworld,onlytraditionalstaticfinancialindexeshavebeenusedinexistingbudgetandtargetcontrolsystem,whichcannotindicatethestatusofcapitalutilization.So,thisthesisgivesanidealtomodifytraditionaltargetcostcontrolsystemandbudgetandfinalaccountingindex,byintroducingtimevariableintotheconsiderationtomakecapitalutilizationevaluationpossible,usingtheconceptandmethodoftimevalueofmoneyininvestmenttheoryintopracticeofengineeringproject,consideringthevariousfinancialenvironment,bytheprincipleofmaximizingcapitalyield,thenewdynamicevaluationsystemwithindexandmathematicmodeliseventuallysetup,corecontentasfollows,•MathematicModelingbaseonPVIndexindicatingitemizedcashflow•TNPVindexindicatingProjectTotalNetPresentValue•PVCombinationIndexindicatingitemizedcashflowandTNPVindexindicatingProjectTotalNetPresentValuewithdynamicdiscountrate•MathematicModelbaseonNPVRIndexindicatingProjectNetPresentValueRate•CTNPVRindexindicatingProjectCapitalTimeNetPresentValueRate•TheMathematicModelingbaseonMicrosoftExcelThenewdynamicevaluationsystemmaystillneedtoimproveinpractice;afterall,itisarevolutionarychange.WithfurtherwidelyapplicationofInformationTechnologyinprojectandcompanymanagement,andincreasingrequirementfordynamicandaccuratefinancialmanagementinprojectmanagement,moreandmoredynamicindexwouldbedevelopedandadoptedinfuture.KEYWORDS:EngineeringProject,CapitalYieldEvaluation,DynamicIndex20054302005430:2005430MBA1431.1.••••1.2.MBA243,:2004MBA343()()()1.3.•••(1)(2)(3)(4)MBA4432.1.TCPRAB1234:1TCPRI1)TRTotalRevenue=I2)TCTotalCost=I3)TPTotalProfit=-I4)TRPR(TotalRevenueProfitRate)=/=TP/TRI5)TCPRTotalCostProfitRate=/=TP/TCMBA543TCPRRs,TCPR=Rs:(1)(2)(3)#112.2.TCPRTCPR:TP:TP=TR-TCTCPR=TP/TCTP:TC:TR:1234:TPTCPRMBA643•••2303MBA7433.1.••“”16.36%1×(1+6.36%)×5133801133803.2.3.3.123.4.MBA8433.5.3.5.13.5.2MBA9434.1.∑=+=NtttrCPV1)1(Ct=ttr)1(1+=1∑=++-=NtttrCCNPV10)1(NPV=C0=(NPV)4.2.•∑=++-=NtttrCCNPV10)1(NPV=C0=•∑=+=NtttrCPV1)1(Ct=tC0∑∑==+-+=NtttNtttrCoutrCinNPV11)1()1(NPV=Cin=Cout=tr)1(1+=1MBA1043t4.3.•t(Ct)=Ct*×(1g)tCt*=tg=tt(r)=(1r*)×(1g)1r*=t111*-⎟⎟⎠⎞⎜⎜⎝⎛++=grr∑=++-=NtttrCCNPV10)1(∑=++-=NtttrCC1**0)1(NPV*101*01**0)11()11()1(tNttNtttNtttCrgCgrCCrCCNPV×+++-=+++-=++-=∑∑∑===3189003000015000650030%6%12%[30000150006500(18900/3)]×(130%)(18900/3)=7840()3[(112%)/(16%)]1=5.7%18900[7840/(15.7%)][7840/(15.7%)2][7840/(15.7%)3]=2173()18900[7840×(16%)/(112%)][7840×(16%)2/(112%)2][7840×(16%)3/(112%)3]=2173()•t(Ct)=Ct*×(1g)tCt*=tg=tt(r)=(1r*)×(1g)1r*=t∑∑==+-+=NtttNtttrCoutrCinNPV11)1()1(∑∑==+-+=NtttNtttrCoutrCin1**1**)1()1(NPVC0MBA11436%12%5.7%rs(r*)=(1rs)×(1g)1∑∑==+-+=NtttNtttrCoutrCinNPV11)1()1(∑∑∑∑====++-++=+-+=NttttNttttNtttNtttgCoutgCinrCoutrCin1s*1s*1**1**)1()r1()1()r1()1()1(4.4.•(5%)•4-1MBA12434-2••••∑∑==+-+=NttttNttttrCoutrCinNPV11)1()1(trt=(1rt*)×(1gt)1rt*=tMBA13435.1.AB1234:5.2.PVTNPV#22MBA1443-PVTNPVPVI6)TNPV=TNPVTNPV:••••NPVNPVNPVMBA15435.3.PVTNPV10%4.4••••trt=(1rt*)×(1gt)1rt*=trt*rrtrt=(1rt*)×(1gt)1rtrt*rt*rt5.4.PVTNPVTNPV:PV:365)(1)1(ddtttrPPV-+=∑=-+=NtddtttrPTNPV1365)(1)1(dt=td1=0Pt=trt=t1.MBA16432.3.PVTNPV1TNPV2PV3PV4:TNPVPVTNPV5.5.NPVRCTNPVR(NPVR)•%100×=•MBA1743%100)1(1×+=∑=-NtttrCoutNPVNPVR:NPVRNPVRPVr2000-1-10.000.000.102000-1-1-50.00-50.002000-2-1-50.00-49.602001-1-1130.00118.152001-1-10.000.00NPV18.55NPVR0.19NPVR=NPV/?PV(Cout)=18.55/[(-50)+(-49.60)]=0.19PVr2000-1-10.000.000.102000-1-145.0045.002000-5-1-50.00-48.442000-6-160.0057.672001-1-1-50.00-45.442001-1-10.000.00NPV8.78NPVR0.09NPVR=NPV/?PV(Cout)=8.78/[(-48.44)+(-45