Project evaluation is to conduct a comprehensive technical and economic demonstration and evaluation of the plan, design and implementation scheme of the proposed investment project from the perspective of the enterprise as a whole on the basis of the feasibility study of the investment project in the direct investment activities, so as to determine the future development prospects of the investment project. The project evaluation, demonstration and evaluation put forward opinions from both positive and negative aspects, provided various warnings for decision-makers to select projects and implement plans, and strived to objectively and accurately collect and present the data and facts of resources, technology, market, finance, economy, society and other aspects related to project implementation to decision-makers in a true and complete way, So that they can be in a more favorable position and make correct and appropriate decisions realistically, and also lay the foundation for the implementation and comprehensive inspection of investment projects.
Basic principles of project evaluation
1. The principle of objectivity, science and impartiality;
2. Principle of comprehensive evaluation and comparison;
3. Principle of comparability between projects;
4. The principle of combining quantitative analysis with qualitative analysis;
5. Principle of combining technical analysis with economic analysis;
6. Principle of combining micro benefit analysis with macro benefit analysis.
Main contents
Assessment of investment necessity
Whether the project conforms to the industry planning; Analyze and compare the supply and demand of the product market and the product competitiveness through market research and prediction; Evaluate the role of investment projects in enterprise development; Economic analysis of planned investment scale.
Evaluation of construction conditions
Whether the resources are clear, and whether the projects using mineral resources as raw materials have the reports on resource reserves, grades, and mining values approved by relevant agencies; Whether engineering geology and hydrogeology are suitable for investment and plant construction; Whether there are reliable sources of raw materials, fuels, power and other supplies, and whether there are supply agreements; Whether the transportation is guaranteed and the transportation distance is economical and reasonable; Whether the cooperative supporting projects are implemented; Whether there is a governance plan for environmental protection; Whether the purchased complete set project has been compared with multiple schemes and whether the best scheme has been selected; Whether the selection of investment site is reasonable.
Technical evaluation
Whether the process, technology and equipment used in the investment and construction project are advanced and applicable under economic and reasonable conditions, whether they conform to the technology development policies of relevant countries, and whether they pay attention to energy conservation and raw materials to obtain maximum benefits; Whether the technology and equipment purchased are in line with the actual investment, whether they are matched, and whether multiple schemes are compared; Whether the new process, new technology and new equipment adopted by the investment project have been scientifically tested and identified, and whether the various means for inspecting raw materials and testing product quality are complete; Whether the product scheme and resource utilization are reasonable, and whether the product production program and process and equipment selection are coordinated; Comprehensive evaluation of technical solutions.
Evaluation of project economic data
1. Production scale and product scheme data;
2. Technical and economic indicators;
3. Product production cost estimation;
4. Sales revenue and tax estimation;
5. Profit forecast.
6. Financial benefit evaluation: mainly including investment payback period analysis, loan repayment period analysis, and fund liquidity analysis during the project operation period. In the investment payback period analysis, grasp the calculation method of static investment payback period, advantages and disadvantages, and dynamic investment payback period analysis method, advantages and disadvantages. In the analysis of loan repayment period, master the meaning, calculation method and the situation of equal repayment, equal repayment and maximum possible repayment. During the operation period of the project, the capital liquidity analysis should grasp the main indicators reflecting the capital liquidity ratio, including the meaning, function and calculation method of asset liability ratio, current ratio and quick ratio. Financial benefit evaluation is the most important part of project evaluation. It is to evaluate the financial costs and benefits in the whole life cycle according to the basic data of project finance and construction, so as to demonstrate whether the project is economically feasible. Generally speaking, financial benefit evaluation is the basic basis for deciding whether the project is feasible or not and whether the bank provides loans.
Financial evaluation of investment projects
Financial profitability analysis. Mainly calculate and analyze all investment payback period, investment profit rate, investment profit and tax rate, capital interest rate, financial net present value, financial net present value rate, financial internal rate of return and other evaluation indicators; Project liquidity analysis. Mainly calculate and analyze loan repayment period, asset liability ratio, current ratio, quick ratio and other evaluation indicators; Financial foreign exchange effect analysis. It mainly calculates and analyzes financial foreign exchange net present value, financial exchange cost and other evaluation indicators.
Evaluation of national economic benefits
Analysis of national economic profitability, that is, calculation and analysis of economic internal rate of return, economic net present value and other indicators; Economic foreign exchange effect analysis, that is, the analysis of economic foreign exchange net present value, economic exchange costs and other indicators; Auxiliary economic benefit analysis, mainly calculating and analyzing the employment effect and energy-saving effect of investment projects and the economic benefits of related projects; General assessment of environmental protection.
The evaluation of national economic benefits, also known as economic evaluation, is based on the long-term development goals of the national economy and social needs, using the method of cost and benefit analysis, and using economic parameters such as shadow price, shadow exchange rate, shadow wage and social discount rate, to calculate and analyze the cost that the national economy needs to pay for the project and its contribution to the national economy, Evaluate the rationality of the project investment behavior in the macro economy. Its functions include: First, the evaluation of national economic benefits is the need to rationally allocate the country's limited resources at the macroeconomic level. Second, the national economic benefit assessment is the need to truly reflect the project's net contribution to the national economy. Third, the evaluation of national economic benefits is the need for scientific investment decision-making.
Basic procedures
Basic procedures of project evaluation
1. Organization
The organizational arrangement is the first step of the project evaluation, that is, to organize strength and make plans.
2. Collect data
Investment banking institutions providing advisory services for direct investment should collect these data, verify them, and conduct further analysis and research; The investment bank should also further collect necessary data and materials through enterprise survey and project survey according to the assessment content and analysis requirements; According to the problems and doubts found in the investigation, further verify them through investigation; According to a large amount of data collected, they are processed, sorted, summarized and classified for review and analysis in the evaluation, as well as for the preparation of various questionnaires and text descriptions.
3. Review and analysis
The review and analysis started after the necessary information was collected, mainly including basic situation review and financial analysis. Specific contents include:
Enterprise and project overview review; Market and scale analysis; Technical and design analysis; Financial forecast; Financial benefit analysis; Economic benefit analysis.
4. Report preparation
Prepare the investment evaluation report according to the investigation and analysis results. The evaluation report shall compare and evaluate various schemes proposed in the feasibility study, confirm one of the best schemes, and put forward the evaluation conclusion of the investment project. The appraisal report shall be submitted to the highest investment decision-making body of the enterprise for approval according to the prescribed procedures.
Lanzhou Project Appraisal Consultation Lanzhou Zhiyuan Engineering Project Management Service Co., Ltd. recommended by the company
Evaluation method
I Cost-benefit analysis
It is mainly to compare the social costs paid for the project (that is, the costs paid by the state and society for the project) and the benefits provided by the project to the society, and to assess the extent of the project to the society after completion. The most important principle is that the total income of the project must exceed the total cost, that is, the ratio of benefit to cost must be greater than 1.
II Cost utility analysis
Utility includes efficiency, quality, use value, benefit, etc. These standards are often not quantitative and comparable. Therefore, it is difficult to express the criteria for evaluating utility in absolute value. It is usually expressed by relative values such as movement rate, utilization rate, maintenance rate and reliability. The cost utility analysis method mainly analyzes the unit cost of utility, that is, the cost necessary to obtain a certain utility, and the cost saved, that is, the net benefit. If there are multiple schemes with the same function or benefit, naturally the one with the lowest unit cost should be selected.
There are three cases of cost utility analysis:
1. When the cost is the same, the scheme with high efficiency should be selected;
2. When the utility is the same, the scheme with low cost should be selected;
3. When the utility increases and the cost increases, the scheme with low additional cost per unit for efficiency increase should be selected.
