| 摘要: |
| 该文以成都市温江区土地综合整治项目为例，采用动态财务评价法，选取财务净现值、财务内部 收益率、投资回收期三项指标对其现金流量进行分析。结果表明，温江区土地综合整治项目财务净现值为 0.09亿元，财务内部收益率为18%，投资回收期为9年，项目经济可行性较好;节约的建设用地指标出让 收益约占总收益的84.85%;项目对地上附着物补偿费和城镇建设用地指标出让最敏感。 |
| 关键词: 土地综合整治 动态财务评价法 敏感性分析 投资决策 |
| DOI：10.7621/cjarrp.1005-9121.20120517 |
| 分类号: |
| 基金项目:国家自然科学基金委员会科学部主任基金项目（41140014） |
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| INVESTMENT DECISION OF LAND COMPREHENSIVE CONSOLIDATION PROJECTS BASED ON DYNAMIC FINANCE EVALUATION |
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ZOU Lilin 1 ， 1 ， 2 ， 3 ， 41, WANG Zhanqi1, Wang Jianying2, CHEN Zhantu3, LIU Zeming4
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1.Faculty of Earth Resources， China University of Geosciences， Wuhan 430074， China;2.School of Economics and Management， China University of Geosciences， Wuhan 430074， China;3.Nanning Academy of Social Sciences， Nanning 530022， China;4.Chengdu Land Reserve Center， Chengdu 610072， China
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| Abstract: |
| In order to accurately measure the economic benefits those are created by investment projects for the so- ciety or enterprise， and provide support for investment funds to make suitable investment decision. This paper took land comprehensive consolidation project in Wenjiang district of Chengdu province as an example， and applied the dynamic finance evaluation method to analyze its cash flow in the indexes of FNPV， FIRR and PBT. The results showed that the project was with a fairly good economic feasibility， the FNPV of it was 0.09 billion yuan， the FIRR was 18% and the PBT was 9 years. The profit from selling saving construction land quotas accounted for 84.85% of the total revenue. The project was highest sensitive to the compensation of ground structures and the profit of sell- ing urban construction land quotas. Therefore， this paper can provide references for the economic feasibility analy- sis of investment decision in land comprehensive consolidation projects. |
| Key words: land comprehensive consolidation dynamic finance evaluation method sensitive analysis investment decision |
