2. 1 Basic objectives of financial evaluation
The financial evaluation of venture capital projects mainly examines the profitability, solvency and foreign exchange balance of the project, so the objectives of financial evaluation are these three. Profitability is the main symbol reflecting the financial benefits of the project. Project profitability mainly refers to the profits and taxes generated after the project is completed and put into production. In the financial evaluation of the project, it is necessary to examine whether the proposed project is profitable and how profitable it is after it is completed and put into production. Whether it can meet the feasible standards of the project. Liquidity target mainly refers to the ability of the project itself to repay construction investment loans and debts. The foreign exchange balance target refers to the foreign exchange balance sheet of projects involving foreign exchange receipts and payments, such as product exports, and takes the foreign exchange balance of projects as a goal of financial benefit analysis.
2.2 Financial evaluation procedures
2.2. 1 financial data estimation
The financial evaluation of the project first needs to analyze and review the data put forward in the feasibility study report, and then compare it with the information held by the appraisers, and can be re-estimated if necessary. Therefore. The financial evaluation should also estimate the basic data such as the total investment and product cost of the project.
2.2.2 Prepare basic financial benefit analysis reports.
In the project evaluation, the basic financial benefit analysis report is based on the auxiliary evaluation report, which mainly reflects the profitability, solvency and financial foreign exchange balance of the project, including income statement, cash flow statement, capital source and application statement, balance sheet and foreign exchange balance statement. To evaluate a project, we should not only check whether the format of the basic report meets the specification requirements, but also check whether the listed data are accurate. If the format does not meet the requirements or the data is inaccurate, it should be re-compiled according to the financial data estimated by the appraisers.
2.2.3 Analysis of financial benefit indicators
Financial benefit indicators include indicators reflecting the profitability of the project and indicators reflecting the solvency of the project. Indicators reflecting the profitability of the project include static indicators (such as investment profit rate, investment profit and tax rate, capital profit rate, capital net profit and payback period, etc. ) and dynamic indicators, such as financial internal rate of return, financial net present value and dynamic payback period. ); Indicators reflecting the project's solvency include loan repayment period, asset-liability ratio, current ratio and quick ratio. Analysis and evaluation of financial benefit indicators, one is to check whether the calculation method is correct, and the other is to check whether the calculation results are accurate. If the calculation method is incorrect or the calculation result is incorrect, it needs to be recalculated.