第三章投资项目收益分析一、内容简介本章主要讲述了项目投资分析的步骤，如何分析项目的基本财务数据和重要的财务报表。

二、学习目标1、了解项目评价的标准。

2、掌握项目投资分析的步骤。

3、准确理解现金流量表和财务平衡表。

4、初步掌握多项目的比较与选择。

三、要点提示1、加权平均资本成本2、风险补偿3、补偿余额4、开工率5、经营成本6、付现成本7、投资回收期8、净现金流量9、真实折现率10、名义折现率四、阅读指导阅读：《财务管理学》第四章第一节和第二节《财务管理分析》之第七章准备：Investment Analysis and Lockheed Tri Star案例阅读笔记课程重点课程难点疑难问题：体会：五、课堂学习（请仔细阅读笔记）__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ______________________________________________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ______________________________________________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ______________________________________________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ______________________________________________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ______________________________________________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ______________________________________________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________、投资费用及资金筹措。

、职工人数及工资总额。

、产品成本及其构成，固定成本和可变成本，以及投入物的单耗和价格依据等、项目建设时间及投产、达产进度。

___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________现金流量表，财务平衡表、损益表中的所得税计算、现金流量表应从实体的角度，站在股东和债权人的立场，而非从权益和银行的角度举例：资本结构，所得税后的收益要求，加权平均___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ______________________________________________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ______________________________________________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ______________________________________________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ ___________________________________ __________________________________________________________________________________________________________________________________________________________________________________________________________________本章已经学习完毕，请登陆网校，在“课程讨论室”参加讨论。

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学习提示：为了了解你对本单元基本内容的掌握情况，现在可以登陆网校，做一下本章的自测习题。