Evaluation of investment projects
After obtaining information on investment projects, it is necessary to make a further more comprehensive and in-depth understanding of the investment project, analysis and comprehensive assessment, on the basis of which to form the basic judgment of the introduction of the project. The following is an article about the evaluation of investment projects that I share and organize for you, welcome to read and browse.
First, the project assessment object
The proposed introduction of investment projects, and the proposed investment-related matters.
The basic principles
(a) the principle of scientific. Indicator settings should have a clear scientific connotation, data selection should be objective, true, and in line with the current national regulations.
(B) the principle of orientation. The indicators should highlight the evaluation of the effectiveness of the "selection of capital", strengthen the optimization of industrial structure, technological innovation capacity, resource consumption, environmental protection, intensive land use, fulfillment of social responsibility and other content of the evaluation, and effectively guide the investment projects from the scale of the emphasis on the quality of the change.
(C) The principle of combining quantitative and qualitative analysis. The company's main goal is to provide the best possible service to its customers.
(d) The principle of combining technical and economic analysis.
(v) The principle of comparability between projects. Through comparison and selection of the best.
(vi) Principle of operability. The indicators of the assessment are practical and in line with the real needs.
(VII) the principle of combining economic benefits with social and ecological benefits. Investment attraction should consider both short-term interests and long-term development.
The content of the assessment and related indicators
(a) Project assessment indicator system
(b) Project assessment
Project assessment, the main purpose is to achieve the introduction of the project has a legal basis. The introduction of the project is mainly from the following aspects of the assessment.
1, whether the investment is in line with industrial policy, focusing on the introduction of the state to encourage the development of industry.
National industrial policy is the main policy basis for the introduction of the project. Investment is always realized in the form of specific industries. And which industries are encouraged, allowed, restricted and prohibited, the state has clear provisions.
National industrial policy is dynamic. Investment promotion to accurately grasp the current industrial policy is very important. The current significance and role of investment is mainly reflected in the promotion of scientific and technological innovation and industrial upgrading. The introduction of the project should be placed in the national key to encourage the development of industry. Specifically: (1) the current and future period has a large market demand, broad prospects for development, conducive to the development of the domestic market; (2) a high technological content, is conducive to the promotion of enterprise equipment renewal and industrial technological progress, improve competitiveness; (3) the existence of a domestic research and development from the realization of the industrialization of the technological base, is conducive to technological innovation, the formation of a new point of economic growth; (4) consistent with the sustainable development strategy, is conducive to resource conservation and improvement of industrial technology, and the introduction of the project. development strategy, is conducive to saving resources and improving the ecological environment.
Allowed projects with good comprehensive benefits can be considered for introduction under the premise that investment resources can be allocated. Restricted and prohibited projects should not be introduced in principle.
The current introduction of the project focuses on reference to the policy basis:
(1) national (central) policy
① "The current national key to encourage the development of industrial products and technology catalog"
② "Industrial Guidance Catalog for Foreign Investment" (revised in 2007)
③ "National High-tech Product Catalog"
④ "Industrial Restructuring Guidance Catalog"
"Industrial Restructuring Guidance Catalog Guidance Catalog for Industrial Structure Adjustment
⑤ Catalogue of Restricted Land Use Projects and Catalogue of Prohibited Land Use Projects
(2) Provincial Policies
(3) Local Encouragement Policies for Investments
2. The construction projects comply with the requirements of environmental protection, focusing on introduction of energy-saving and emission reduction, green and ecological projects, and promotion of the sustainable development of the economy, society and the environment.
(1) the state according to the degree of impact of construction projects on the environment, the environmental impact assessment of construction projects to implement categorized management. Some provinces implement the construction project environmental management of the total amount of major pollutants discharged front audit system. Among them, the main pollutants refer to the total amount of COD and SO2. Investment projects can be introduced, one of the prerequisites is the construction, production and operation process is in line with the national and provincial environmental protection aspects of the `relevant provisions.
(2) the provincial energy saving and emission reduction comprehensive work program requirements:
① the total amount of indicators as a precondition for the approval of the EIA.
② projects that do not obtain the total control indicators, are not approved for construction.
③ more than the total amount of pollutants control indicators, serious ecological damage or ecological restoration tasks have not been completed in the region, the implementation of regional or industry restrictions; more than the total amount of pollutants control indicators, key projects do not meet the target responsibility requirements of the region, the suspension of approval of new pollutant-emitting construction projects.
④ Strengthen the EIA approval to the higher level of the filing system and to the community announcement system.
⑤ Projects that do not meet the requirements of the total amount control target shall not be put into production.
(3) in negotiating the introduction of the project, you need to focus on understanding the construction project profile, the current environmental situation around the site of the construction project, the possible impact of the construction project on the environment, the environmental protection measures of the construction project and its technical and economic justification, and the construction project on the environmental impact of the economic benefits and losses. Specifically, it is to understand the project construction and production activities generated in the waste gas, waste water, waste residue, dust, malodorous gases, radioactive substances, as well as noise and vibration, electromagnetic radiation and other pollution and harm to the environment. New industrial enterprises and the technological transformation of existing industrial enterprises, should adopt a high resource utilization rate, low pollutant emissions of equipment and processes, the use of economically rational waste utilization technology and pollutant treatment technology.
(4) In view of the strong environmental protection expertise, we recommend that when negotiating the introduction of the project, investors are often required to provide the production process and environmental protection measures, environmental protection departments to make a technical assessment to determine whether the introduction of the project is feasible, as well as recommending the location of the project area.
(5) The project site should be avoided in environmentally sensitive areas. Environmentally sensitive areas, refers to the establishment of the law at all levels of nature, cultural protection, and construction projects of a type of pollution factors or ecological impact factors are particularly sensitive to the area, including:
① nature reserves, scenic spots, the world's cultural and natural heritage sites, drinking water supply protection zones;
② basic farmland reserves, basic grasslands, forest parks, Geoparks, important wetlands, natural forests, rare and endangered wildlife and plants natural concentrated distribution areas, important aquatic organisms, natural spawning grounds and baiting grounds, wintering grounds and migratory corridors, natural fisheries, resource scarcity of water areas, soil erosion prevention and control zones, eutrophication of the waters and so on;
③ residential, medical and health care, culture and education, scientific research, administrative offices, etc., as the main function of the area. Cultural relics protection units, with special historical, cultural, scientific and national significance of the protected area.
(6) environmental policy references involving investment projects:
① "Chinese People's **** and State Environmental Protection Law"
② "Chinese People's **** and State Environmental Impact Assessment Law"
③ "Classified Management Directory for Environmental Impact Assessment of Construction Projects"
3. Assessment of the benefits of the introduction of the project, with an emphasis on the introduction of high-quality, economically efficient projects.
Benefit assessment includes both direct economic benefit assessment and comprehensive benefit assessment. Among them, the indicators of economic benefit assessment mainly include the total investment of the project (including investment intensity), annual output value (or sales revenue), the proportion of export sales, tax contribution (including tax revenue from mu output), and the provision of employment opportunities.
(1) Total project investment (including investment intensity). One of the purposes of investment is to expand the scale of industry, the pursuit of certain economic growth. And input and output have a direct link. Therefore, the government attaches importance to the introduction of large investment projects. The introduction of large projects should give full consideration to the national requirements for intensive land use, that is, the requirements for investment intensity. Investment intensity refers to the amount of fixed asset investment per unit area within the project site. Calculation formula: investment intensity = total investment in fixed assets ÷ total land area of the project. Where: total investment in fixed assets of the project includes plant, equipment and land price. The land supply of the project is strictly enforced in accordance with the "Land Control Indicators for Construction of Industrial Projects" and the relevant land use indicators for construction of engineering projects. Industrial projects that do not meet the requirements of the "Industrial Project Construction Land Control Indicators" will not be supplied with land or the area of the project site will be reduced.(2) Annual output value (or sales revenue). This is an important indicator used to assess the contribution of the introduced project to the upgrading of industrial scale and economic development. Based on the intensive development, the introduction of "mu average production value (sales)" was added to measure the merits of the introduced projects.
(3) The proportion of foreign sales. The introduction of foreign investment projects is necessary to understand the enterprise product market and composition, especially the proportion of foreign sales. In recent years, due to the interests of local governments by the national export tax rebate policy and tax sharing mechanism and other factors, the local government of the proportion of foreign sales of the project investment attitude, from the past to welcome and support, to the current prudent assessment, and even not accepted.
(4) Tax contribution (including mu yield tax). This is one of the most important indicators for evaluating the quality of investment attraction, which includes mu-yield tax or mu average tax. Investment selection, will gradually shift from focusing on investment scale to focus on investment efficiency. There is a great deal of variability in the tax per mu of different industries.
(5) Provide employment opportunities. Investment is both an economic development project and a real livelihood project. Providing employment opportunities is one of the factors to consider when introducing a project. Considering employment, not simply referring to the introduction of labor-intensive enterprise projects, should also focus on technological innovation and other factors, should be considered from the introduction of technology-intensive, investment-intensive enterprise point of view to provide employment opportunities.
Comprehensive benefits, including the introduction of project spillover benefits, mainly through qualitative analysis and assessment. The assessment includes the technological advancement of equipment (scientific and technological innovation capability), R&D capability, brand and technology patents (independent intellectual property rights), industry status, industrial agglomeration and driving ability. The introduction of the project, to highlight the role of promoting scientific and technological innovation and industrial upgrading. Specifically include:
(1) core technology with independent intellectual property rights. Mastery of the core technology of enterprise development and independent intellectual property rights, the overall level of technology in the industry in a leading position. Enterprises should actively participate in or lead the development of international, national or industry technical standards.
(2) The ability to sustain innovation. Among similar enterprises, R&D investment accounts for a higher proportion of annual sales revenue, and there is a sound R&D organization or long-term stable cooperative relationship with domestic and foreign universities and research institutions. It has strong development potential in leading technology fields. Emphasize the cultivation, attraction and use of scientific and technological personnel and highly skilled personnel.
(3) Industry-driven and independent brand. In the development of the industry has a strong driving or driving potential. Focus on the management and innovation of the independent brand, through the development of competition, the formation of the enterprise's unique brand, and in the market to enjoy considerable visibility and high market share.
(4) Strong profitability and high management level. The enterprise has strong profitability, good overall financial condition, and a stable upward momentum in sales revenue and total profit. The company has established a relatively complete intellectual property management system and quality assurance system.
(5) has an innovative development strategy and innovative culture. Attaching importance to the innovation of business development strategy, and strive to create and form a corporate culture of innovation, technological innovation and independent brand innovation as an important element of business development strategy.
(6) has a sound technology development organization. Has established a national or provincial engineering technology research centers, enterprise technology centers, etc., R & D workplace is fixed, R & D personnel stable, R & D instruments and equipment advanced, R & D institutions operating at a high level of efficiency.
(C) to reach the assessment of investment-related matters
1, the assessment of the comprehensive strength of the investment company. The intention to invest in large projects, we must pay attention to the investment strength of the investment company to make an in-depth understanding and assessment. The comprehensive strength of the investment can be reflected in the following aspects, such as: the existing asset size of the investment company, the existing investment projects and layout, the industry, the authoritative investment appraisal institutions of the company's evaluation, the background of its parent company and so on. Generally speaking, the comprehensive strength of global top 500 companies, famous multinational companies, listed companies and industry leading companies is stronger. Through the evaluation of the comprehensive strength of the investment company, to grasp the main channels of financing its investment funds.
2, the assessment of the investment team. Investment projects can be successfully implemented, the investment team is very important. Project planning leadership wisdom and strategic vision, the investment team's social connections, the implementation of investment projects have a significant impact.
3, construction cycle assessment. Understanding the feasibility of the implementation of investment projects, there is a need to assess and analyze the construction cycle. Methods include: one is to compare the construction cycle of similar projects, the second is to routinely analyze the rationality of its investment plan implementation. The long construction cycle (more than 3 years) of the introduction of the project negotiation to be particularly cautious.
4, the investment project belongs to the assessment of the prospects for industrial development. In-depth study of the development trend of the industry, focusing on the introduction of projects with good development prospects.
5, investment motives and investment site assessment. In the project negotiation should pay attention to capture the investment motivation information, investment motivation and its investment site conditions are closely linked. To assess the scientific and rationality of the investment site.
(D) other
1, the conditions and ability to undertake self-assessment. Individual project investment site conditions have special requirements, such as water, electricity, land, wharves, waterways, steam, environmental protection and so on. The introduction of the project, pay attention to understand the actual needs of the investment site and local resources to match. Do not get carried away by big projects.
2, the assessment of competitors. According to the conditions of the investment site, the assessment of the introduction of the project competitors' resource advantages as well as the government's attitude towards the introduction of the project, and strive to know the enemy.
3, to enhance risk awareness. Project evaluation is to minimize the uncertainty of the project. From the beginning of the project negotiations, we must establish a sense of risk and uncertainty. The implementation of the project may appear in the problem, try to consider thoroughly, the development of the plan, from the worst place to consider, from the most beneficial preparation, so that the uncertainty of investment is minimized.
Four, how to carry out the assessment work?
(a) investors are asked to provide investment intentions (plans, proposals) book, investment intentions include the following:
1, the background and necessity of investment projects. Domestic and international status and technology development trends, the role and impact on industrial development, industrial relevance analysis, market analysis.
2, the basic situation of the investment company. Including the main business, sales revenue in the past three years, profits, taxes, fixed assets, assets and liabilities, bank credit rating, the parent company, the basic situation of the project leader and the profile of major shareholders.
3, investment estimates and financing, construction cycle.
4, production equipment and production process.
5, environmental protection and its governance measures.
6, the project financial analysis, economic analysis and the main indicators. Internal rate of return, investment profitability, payback period, loan repayment period and other indicators of the calculation and assessment, project risk analysis, economic and social benefits analysis.
7, creditworthiness and other report attachments.
(1) loan commitment issued by the bank (documents or signed loan agreements or contracts;
(2) local, departmental matching funds and other sources of funding documents;
(3) proof of their own funds and business operating conditions of the relevant documents (including profit and loss statements, balance sheets, cash flow statements);
(4) sources of technology and technical Advanced relevant documents;
(5) environmental impact assessment issued by the environmental protection department of the approval of the document;
(6) land, planning and other necessary documents;
(7) project approval or filing documents (within the validity of the project and less than two years); the project has been started need to provide the completion of the investment, progress of the project, as well as proof of production;
(7) project approval or filing documents (in effect and less than two years); has been started projects need to provide investment completion, progress of the project and production information;
< p> (8) the project unit of the project funding application report content and subsidiary documents responsible for the authenticity of the statement.8, investment site conditions.
9. Matters requiring government assistance or coordination.
(B) the introduction of negotiation, the collection of relevant information. By the investor to fill out the "Investment Project Consultation Registration Form":
(C) online search for relevant information on the investor's background, the authenticity of the investment project assessment;
(D) door-to-door visits, on-site visits, the investment strength of the investment company mapping survey;
(E) the feasibility of the investment project, if necessary, can be invited to professionals, connoisseurs research and demonstration.
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