【正文】 盈利能力分析(1)項(xiàng)目投資盈利能力本項(xiàng)目投資現(xiàn)金流量表計(jì)算詳見表74。評(píng)價(jià)結(jié)果見下表：項(xiàng)目投資(融資前)指標(biāo)表序號(hào)指標(biāo)名稱單位指標(biāo)所得稅前所得稅后1財(cái)務(wù)內(nèi)部收益率FIRR%2財(cái)務(wù)凈現(xiàn)值FNPV(ic=12%)萬元131188838783投資回收期(動(dòng)態(tài))Pt年項(xiàng)目總投資收益率(ROI)：%經(jīng)測(cè)算，本項(xiàng)目所得稅前的項(xiàng)目投資內(nèi)部收益率(FIRR)%，高于行業(yè)基準(zhǔn)收益率（12%），本項(xiàng)目在財(cái)務(wù)上是可行的；所得稅前投資回收期(Pt)(含建設(shè)期)，在投資方設(shè)定的期限內(nèi)，項(xiàng)目能較快收回投資。(2)項(xiàng)目資本金盈利能力1)動(dòng)態(tài)分析指標(biāo)本項(xiàng)目資本金現(xiàn)金流量計(jì)算詳見表75。項(xiàng)目資本金(融資后)%。2)靜態(tài)分析指標(biāo)資本金凈利潤(rùn)率(ROE)：%項(xiàng)目主要經(jīng)濟(jì)數(shù)據(jù)及指標(biāo)詳見表710。(1)建設(shè)投資借款償債能力本項(xiàng)目建設(shè)投資向銀行申請(qǐng)項(xiàng)目借款36,599萬元，按最大償還能力計(jì)算，（含建設(shè)期3年），借款償還資金主要為項(xiàng)目未分配利潤(rùn)和折舊攤銷費(fèi)。借款償還計(jì)算詳見表66：借款還本付息表。根據(jù)測(cè)算，%，達(dá)產(chǎn)以后逐年降低，說明企業(yè)的償債能力很強(qiáng).(2)流動(dòng)資金借款償債能力，企業(yè)具有很好的流動(dòng)負(fù)債償還能力，說明本項(xiàng)目在計(jì)算期內(nèi)的財(cái)務(wù)狀況很好。項(xiàng)目資產(chǎn)和負(fù)債情況詳見表77：資產(chǎn)負(fù)債表。 財(cái)務(wù)生存能力分析考察項(xiàng)目在計(jì)算期內(nèi)的投資、融資和經(jīng)營(yíng)活動(dòng)所產(chǎn)生的各種現(xiàn)金流入和流出，判斷項(xiàng)目的財(cái)務(wù)生存能力。經(jīng)計(jì)算、分析，本項(xiàng)目達(dá)綱年后每年均有一定的盈余資金，整個(gè)計(jì)算期累計(jì)盈余資金為326,，說明本項(xiàng)目具有較好的財(cái)務(wù)可持續(xù)性，詳見表68：財(cái)務(wù)計(jì)劃現(xiàn)金流量表。(1)盈虧平衡分析(BEP)本項(xiàng)目完成后，%，項(xiàng)目即可保本，超過此數(shù)，項(xiàng)目即可盈利，表明本項(xiàng)目具有很高的邊際安全性。(2)敏感性分析選取產(chǎn)品銷售收入、產(chǎn)品經(jīng)營(yíng)成本和建設(shè)投資三個(gè)因素，作一定幅度的單因素升降變化，分別考慮它們對(duì)本項(xiàng)目所得稅前財(cái)務(wù)內(nèi)部收益率(FIRR)的影響程度，計(jì)算它們對(duì)財(cái)務(wù)內(nèi)部收益率(FIRR)的敏感度。分析結(jié)果詳見表711：敏感度系數(shù)與臨界點(diǎn)分析表；從以上分析可知，在這三個(gè)敏感性因素中，對(duì)財(cái)務(wù)內(nèi)部收益率影響最大的是產(chǎn)品銷售收入，當(dāng)產(chǎn)品銷售收入下降5%時(shí)，%,%；其次是產(chǎn)品經(jīng)營(yíng)成本，當(dāng)產(chǎn)品經(jīng)營(yíng)成本上升5%時(shí)，%，%；項(xiàng)目建設(shè)投資額的變化影響較小，當(dāng)投資額上升10%時(shí)，%。由于該項(xiàng)目為柳工主機(jī)廠的配套企業(yè)，因此，項(xiàng)目風(fēng)險(xiǎn)較小。 通過靜態(tài)與動(dòng)態(tài)計(jì)算、分析，可以看出： (1)從營(yíng)業(yè)收入、利潤(rùn)總額及上繳稅金來看，說明本項(xiàng)目的經(jīng)濟(jì)效益是好的。 (2)從資產(chǎn)負(fù)債率、流動(dòng)比率、速動(dòng)比率來看，說明項(xiàng)目計(jì)算期內(nèi)償債能力較強(qiáng)。 (3)從敏感性分析來看，項(xiàng)目對(duì)銷售收入和經(jīng)營(yíng)成本較敏感，要求企業(yè)切實(shí)關(guān)注產(chǎn)品售價(jià)與成本的變化，保持好一定的變動(dòng)比例關(guān)系。綜上所述，該項(xiàng)目在財(cái)務(wù)上是可行的，經(jīng)濟(jì)上是合理的，經(jīng)濟(jì)效益是很好的。 29their instruments are dressed up for winter.Finally, you will probably want to sit down in a cafe wo warm up an to plan tomorrow. You might join the snowmobile races – or maybe you should just sleep in!Unit 2COME AND EAT HERE (1)Wang Peng sat in his empty restaurant feeling very frustrated. It had been a very strange morning. Usually he got up early and prepared his menu of barbecued mutton kebabs, roast pork, stirfried vegetables and fried rice. Then by lunchtime they would all be sold. By now his restaurant ought to be full of people. But not today! Why was that? What could have happened? He thought of his mutton, beef and bacon cooked in the hottest, finest oil. His cola was sugary and cold, and his ice cream was made of milk, cream and delicious fruit. “Nothing could be better,” he thought. Suddenly he saw his friend Li Chang hurrying by. “Hello, Lao Li,” he called, “Your usual?” But Li Chang seemed not to hear. What was the matter? Something terrible must have happened if Li Chang was not ing to eat in his restaurant as he always did.Wang Peng followed Li Chang into a new small saw a sign in the window.Tired of all that fat? Want to lose weight?Come inside Yong Hui’s slimming restaurant.Only slimming foods served here.Make yourself thin again.Curiosity drove Wang Peng inside. It was full of people. The hostess, a very thin lady came forward. “Wele,” she said. “My name is Yong Hui. I’ll help you lose weight and be fit in two weeks if you eat here every day.” Then she gave a menu to Wang Peng. There were few choices of food and drink on it: just rice, raw vegetables served in vinegar, fruit and water. Wang Peng was amazed at this and especially at the prices. It cost more than a good meal in his restaurant! He could not believe his eyes. He threw down the menu and hurried outside. On his way home he thought about his own menu. Did it make people fat? Perhaps he should go to the library and find out. He could not have Yong Hui getting away with telling people lies! He had better do some research!At the library Wang Peng was surprised to find that his restaurant served far too much fat and Yong Hui’s far too little. Even though her customers might get thin after eating Yong Hui’s food, they were not eating enough energygiving food to keep them fit. They would bee tired very quickly. Wang Peng felt more hopeful as he drove back home. Perhaps with a discount and a new sign he could win his customers back! So he wrote:Want to feel fit and energetic?Come and eat here! Discounts today!Our food gives you energy all day!The petition between the two restaurants was on!COME AND EAT HERE (2)A week later, Wang Peng’s restaurant was nearly full and he felt happier. Perhaps he would be able to earn his living after all and not have to close his restaurant. He did not look forward to being in debt because his restaurant was no longer popular. He smiled as he weled some customers warmly at the door but the smile left his face when he saw Yong Hui walking in. She did not look happy but glared at him. “May I ask what you were doing in my restaurant the other day? I thought you were a new customer and now I know that you only came only to spy on me and my menu,” she shouted. “Please excuse me,” he calmly explained,“I wanted to know where all my customers had gone last week. I followed one of them and found them in your restaurant. I don’t want to upset you, but I found your menu so limited that I stopped worrying and started advertising the benefits of my food. Why don’t you sit down and try a meal?” Yong Hui agreed to stay and soon they were both enjoying the dumplings and breast of chicken cooked with garlic. When they were served the ice cream, Yong Hui began to look ill. “I feel sick with all this fat and heavy food,”she said,“I miss my vegetables and fruit.”Wang Peng was enjoying a second plate of dumplings so he sighed.“Yes,”he added,“and I would miss my dumplings and fatty pork. Don’t you get tired quickly?” “Well, I do have to rest a lot, ”admitted Yong Hui. “But don’t you think it would be better if you were a bit thinner? I’m sure you would feel much healthier.” They began to talk about menus and balanced diets. “According to my research, neither your restaurant nor mine offers a balanced diet,”explained Wang Peng.“I don’t offer enough fibre and you don’t offer enough body–building and energy–giving foods. Perhaps we ought to bine our ideas and provide a balanced menu with foods full of energy and fibre. ”So that is what they served raw vegetables with the hamburgers and boiled the potatoes rather than frying them .They served fresh fruit with the