【正文】 ..... 22 （三）總租賃與轉(zhuǎn)售收入的測(cè)算 .................................................................................................................................. 22 商業(yè)租賃與轉(zhuǎn)售收入測(cè)算 ........................................................................................................................................... 22 車位租賃與轉(zhuǎn)售收入測(cè)算 ........................................................................................................................................... 22 （四）稅金及附加 ............................................................................................................................................................. 22 銷售稅金及附加 ........................................................................................................................................................... 22 租賃及轉(zhuǎn)售稅金及附加 ............................................................................................................................................... 23 （五）成本費(fèi)用估算 ......................................................................................................................................................... 23 （六）財(cái)務(wù)分析 .................................................................................................................................................................. 23 損益表與項(xiàng)目靜態(tài)盈利能力分析 ............................................................................................................................... 23 現(xiàn)金流量表與項(xiàng)目動(dòng)態(tài)盈利能力分析 ....................................................................................................................... 25 （ 1）全部投資 現(xiàn)金流量表 .......................................................................................................................................... 25 （ 2）自有資 金 現(xiàn)金流量表 .......................................................................................................................................... 25 資金來源和運(yùn)用與資金平衡能力分析 ....................................................................................................................... 26 （七）不確定分析 ............................................................................................................................................................. 26 盈虧平衡分析 ............................................................................................................................................................... 26 敏感性分析 ................................................................................................................................................................... 26 （ 1）單因數(shù)敏感性分析 .............................................................................................................................................. 26 【 1】成本不變而 租金售價(jià)變化對(duì)收益的影響 ...................................................................................................... 26 〖 1〗租金售價(jià)變化對(duì)財(cái)務(wù)凈現(xiàn)值的影響 ......................................................................................................... 26 〖 2〗租金售價(jià)變化對(duì)財(cái)務(wù)內(nèi)部收益率的影響 ................................................................................................. 27 【 2】 租金售價(jià)不變而成本變化對(duì)收益的影響 ...................................................................................................... 27 〖 1〗成本變化對(duì)財(cái)務(wù)凈現(xiàn)值的影響 ................................................................................................................. 27 〖 2〗成本變化對(duì)財(cái)務(wù)內(nèi)部收益率的影響 ......................................................................................................... 28 （ 2）多因數(shù)敏感性分析 .............................................................................................................................................. 28 【 1】 租金售價(jià)上升 5%時(shí)成本變化對(duì)收益的影響 ................................................................................................. 28 〖 1〗租金售價(jià)上升 5%時(shí)成本變化對(duì)財(cái)務(wù)凈現(xiàn)值的影響 ................................................................................ 28 〖 2〗租金售價(jià)上升 5%時(shí)成本變化對(duì)財(cái)務(wù)內(nèi)部收益率的影響 ........................................................................ 29 【 2】 租金售價(jià)上升 10%時(shí)成本變化對(duì)收益的影響 ............................................................................................... 29 〖 1〗租金售價(jià)上升 10%時(shí)成本變化對(duì)財(cái)務(wù)凈現(xiàn)值的影響 .............................................................................. 29 〖 2〗租金售價(jià)上升 10%時(shí)成本變化對(duì)財(cái)務(wù)內(nèi)部收益率的影響 ...................................................................... 30 【 3】 租金售價(jià)下降 5%時(shí)成本變化對(duì)收益的影響 ................................................................................................. 30 〖 1〗租金售價(jià)下降 5%時(shí)成本變化對(duì)財(cái)務(wù)凈現(xiàn)值的影響 ................................................................................ 30 〖 2〗租金售價(jià)下降 5%時(shí)成本變化對(duì)財(cái)務(wù)內(nèi)部收益率的影響 ........................................................................ 31 【 4】 租金售價(jià)下降 10%時(shí)成本變化對(duì)收益的影響 ............................................................................................... 31 〖 1〗租金售價(jià)下降 10%時(shí)成本變化對(duì)財(cái)務(wù)凈現(xiàn)值的影響 .............................................................................. 31 〖 2〗租金售價(jià)下降 10%時(shí)成本變化對(duì)財(cái)務(wù)內(nèi)部收益率的影響 ...................................................................... 32 本項(xiàng)目預(yù)計(jì)實(shí)際收益分析 ........................................................................................................................................... 32 第 4 頁 共 48 頁 阿爾卡迪亞 地塊建設(shè)項(xiàng)目可行性研究報(bào)告 三、項(xiàng)目風(fēng)險(xiǎn)分析 ................................................................................................................................................................... 33 （一）空壓廠破產(chǎn)清理風(fēng)險(xiǎn) ........................................................................................................................................... 33 （二）土地出讓政策風(fēng)險(xiǎn) ................................................................................................................................................ 33 四、項(xiàng)目評(píng)估結(jié)論 ...............................................................................................................................