1. Financial investment investment project profitability evaluation
Profitability analysis is to calculate financial internal rate of return, financial net present value, investment payback period and other indicators on the basis of cash flow statement and income statement.
1. 1 return on capital
The return on capital is between the total investment and the possible investment income of the project.
Ratio. The calculation formula is as follows:
Return on capital before tax = average book value of income before interest and income tax/total investment of the project.
After-tax return on capital = income before interest and income tax ×( 1- income tax rate)/average book value of total investment of the project.
The income before interest and income tax is the income deduction before interest, tax, depreciation and amortization of the project.
The difference after depreciation and amortization. In the concrete calculation, the life span of most projects spans many years, and the investment income and investment book value will change with time. In this case, the return on capital can be calculated year by year and then weighted average, or it can be calculated by the average income and average investment in the whole life cycle.
1.2 payback period method
Payback period method can be divided into static payback period method and dynamic payback period method.
(P 't .)
1.2. 1 static payback period
Static payback period is the time required to recover all the investment with the net income of the project without considering the time value of funds. Its calculation formula is:
Pt= the number of years when the cumulative net cash flow starts to appear positive-1+ (the absolute value of the cumulative net cash flow in the previous year/the net cash flow in this year)
1.2.2 Dynamic payback period
The dynamic payback period of investment refers to the net cash flow of investment projects in each year calculated according to the benchmark rate of return.
After converting into present value, the payback period is calculated, which is the fundamental difference between it and static payback period. Its calculation formula is:
P't = (years when the present value of accumulated net cash flow appears positive-1)+ absolute value of the present value of accumulated net cash flow in the previous year/present value of net cash flow in the year when it appears positive.
The shorter the payback period, the better the profitability of the project. Its standard is less than
Or equal to the benchmark payback period, the project is feasible. The value of the benchmark investment payback period can be determined according to the industry level or the requirements of investors. However, it should be noted that the votes calculated according to static analysis
The payback period is short, and decision makers may think the economic effect is acceptable. However, if the time factor is considered, the dynamic payback period calculated by discount method is longer than the static payback period, and the scheme may not be acceptable.
1.3 financial net present value (FNPV)
The financial net present value is the sum of the present value of the net cash flow in each year in the project calculation period calculated according to the set discount rate (ic). The calculation formula is:
n
Equivalent to -ED
Σ
FNPV= (CI-CO)t ( 1+ic)
t = 0
(ci- cash inflow; Common cash outflow; (ci-co)-net cash flow in t years;
T- years of calculation period)
The criteria for judging the feasibility of investment projects with financial net present value are: as long as FNPV≥
0, the investment project is feasible; Otherwise, the investment project is not feasible.
1.4 financial internal rate of return of the project
Financial internal rate of return (FIRR) refers to the discount rate that the sum of the present value of net cash flows in each year during the project life is equal to zero. Its expression is:
n
Equivalent to -ED
(CI-CO)t ( 1+FIRR) =0
Σ
t = 0
(The symbols in the formula have the same meaning as the above formula)
Internal rate of return is generally calculated by interpolation. The criteria for FIRR to judge whether an investment project is feasible are: when FIRR≥ic, the investment project is feasible; When firr
2. The solvency of investment projects
The solvency analysis focuses on the solvency of bank loans. It can be analyzed and evaluated by calculating interest reserve ratio, debt repayment reserve ratio and loan repayment period.
2. 1 interest reserve ratio
Interest reserve ratio refers to the pre-tax interest that can be used to pay interest during the loan repayment period.
Ratio of profit to current interest payable. Its calculation formula is:
Interest reserve ratio = (total profit+current interest payable)/current interest payable
(Current interest payable refers to all interest included in the total cost)
For enterprises operating normally, the interest reserve ratio should generally be > 2. Interest reserve ratio < 1, indicating that there is not enough funds to pay interest, and the debt risk is very high. It can be seen that the interest reserve ratio
The higher the interest payment, the greater the degree of protection and the smaller the risk.
2.2 Debt service reserve ratio
The debt service reserve ratio refers to the ratio between the funds available for debt service and the amount of debt service payable during the loan repayment period, and its formula is:
Debt service reserve ratio = funds available for debt service/the amount of debt service payable in the current period.
The amount available for repayment of principal and interest includes depreciation, amortization, after-tax profit and other income available for repayment. The amount of principal and interest payable in this period includes: the amount of principal, which is included in the total cost.
All interests.
For enterprises operating normally, the debt service reserve ratio should generally be > 1. The debt service reserve ratio is less than 1, which means that the funds available for debt service in that year are not enough to repay the current debt. As you can see, compensation
The higher the debt reserve ratio, the more funds can be used to repay the principal and interest, and the smaller the risk.
2.3 loan repayment period
The loan repayment period refers to the time required to repay the principal of the construction investment loan (including unpaid interest during the construction period) as depreciation, profit, amortization and other income after the project is put into operation under the relevant tax regulations and the specific financial situation of the enterprise. Its calculation formula is:
Loan repayment period = (number of years after loan repayment-1)+ (amount of repayment in current year/amount of income available for repayment in current year)
This indicator is applicable to projects that are repaid according to the maximum repayment ability and the principle of repayment as soon as possible.
3. Financial sustainability assessment
Financial sustainability evaluation is a complete evaluation of the financial quality and sustainability of the whole project.
Evaluation. It is necessary not only to evaluate the repayment ability of the project loan, but also to analyze the cash flow, asset-liability structure and liquidity of the whole financial plan of the project.
3. 1 cash flow analysis and evaluation of financial plan
The cash flow of financial plan is based on the analysis of financing plan, considering depreciation policy, financing plan, tax policy, debt repayment plan and dividend payment plan.
On this basis, the cash flow reflecting the enterprise's future financial plan, the cash flow ratio and other evaluation indicators are compiled, and its financial sustainability and cash payment risk are analyzed.
Possibility.
The analysis and evaluation of financial plan cash flow should compile financial plan cash flow statement, and analyze the financing cost and debt repayment plan of debt funds. At the same time, some auxiliary reports can be compiled, such as the fund source and application table, loan repayment schedule, dividend distribution schedule, foreign exchange flow table, etc.
3.2 Analysis and evaluation of assets and liabilities of financial plan
The analysis and evaluation of assets and liabilities of financial planning are generally carried out by compiling balance sheets.
All right. Calculate asset-liability ratio, current ratio, quick ratio and other indicators through the data in the table.
3.2. 1 Asset-liability ratio
Refers to the ratio of total liabilities to total assets of the project. The formula is:
Asset-liability ratio = (total liabilities/total assets) × 100%
The internationally recognized good asset-liability ratio is 60%, but the practice table (
The coil is directly connected to the neutral point of the transformer. For 6KV and 10KV distribution networks, the transformer windings are usually connected in a triangle without neutral point. At this time, a grounding transformer should be installed on the bus, and the neutral point led by the grounding transformer is connected with the arc suppression coil. Grounding transformer can be manufactured according to user's requirements.
It can be loaded and used as a transformer in a substation.
The arc suppression and overvoltage protection device is mainly composed of three-phase combined overvoltage protector TBP, high-voltage vacuum contactor JZ with split-phase control, microcomputer controller ZK, high-voltage current-limiting fuse assembly FUR and voltage transformer PT with auxiliary secondary winding. Arc suppression and overvoltage protection devices are installed on the bus bars of 6KV, 10KV and 35KV distribution rooms, and can be made into fixed switchgear, handcart switchgear and other cabinets according to the requirements of users and design institutes. The voltage transformer with auxiliary secondary winding in the device can also be used as a bus voltage transformer, and there is no need to configure a voltage transformer cabinet separately. The controller is equipped with RS485 and RS232 interfaces, which can be easily connected with the integrated automatic control system.
3.3 Operation and maintenance
The automatic tracking compensation device of arc suppression coil adopts pre-compensation mode. With the continuous expansion of power grid scale, the operation mode of power grid often changes. In terms of maintenance, grounding transformers and
Arc suppression coil should be conducted once a year, and the tuning test should be done. The insulation resistance of the cable connected between the grounding transformer and the bus shall be measured once a year, and the AC withstand voltage test shall be conducted once every three years. If the grounding transformer is protected by a circuit breaker, the protection device shall be rated every year. It is troublesome to operate and maintain.
3.4 Performance of eliminating arc grounding overvoltage
When the single-phase intermittent arc is grounded, the total current passing through the grounding fault point is high-frequency oscillating electricity.
Flow. The single-phase grounding in general operation is intermittent arc grounding → stable arc grounding → metal grounding. The duration and frequency of intermittent arc grounding can reach 0.2~2S.
300~3000HZ, then stable arc grounding, the duration can reach 2~ 10S, and finally the conductor at the fault point melts and becomes metal grounding. Intermittent arc grounding time is short, but it is the most harmful.
Large, arc grounding overvoltage can reach 3~4 times of phase voltage, and high frequency oscillation current can reach hundreds of amperes.
At present, the automatic tracking or tuning of all arc suppression coil designs is at the power frequency of the power grid.
(50 Hz). When the capacitive current component of the power grid reaches the maximum, the inductive current component of the arc suppression coil has not yet risen, but when the capacitive current component of the power grid decays to a steady state, the arc suppression coil will produce a large saturated high-frequency current. Therefore, the arc suppression coil can not really eliminate the arc grounding overvoltage, but only reduce the arcing rate and tripping times when the single-phase grounding fault occurs.
The arc suppression and overvoltage protection device can be used in the case of single-phase intermittent arc grounding of the system.
0. 1 sec or so, which can be quickly converted into metal grounding. At this time, the capacitive current component of the power grid has not reached the maximum value, and the energy of the arc grounding overvoltage can be reduced to below 400A and 2ms allowed by the overvoltage protector, thus quickly eliminating the arc grounding overvoltage.
4. Concluding remarks
With the large-scale technical transformation of urban and rural power grids in China, the urban 10KV distribution network will be cabled, and the suburban and rural 35KV and 10KV power grids will be further developed.
The harm caused by insulation accidents caused by arc grounding overvoltage is expanding.
It's huge.
Arc suppression coil compensation or automatic tracking compensation is widely used in China. The arc suppression and overvoltage protection device adopts mature overvoltage protector, microcomputer control technology and corresponding grounding circuit breaker to form an automatic device, which limits the overvoltage between the indirectly grounded power grid and the phase to a level slightly higher than the normal operating line voltage, so that this kind of power grid not only maintains the advantages of the original indirectly grounded system, but also limits various types of overvoltage to the lowest possible level, which better solves the threat of overvoltage to equipment and operation safety and improves the power supply reliability of this kind of power grid.