摘 要
制造业全球化的趋势和我国汽车市场的迅速发展，为包括汽车转向器在内的
中国汽车零部件业提供了广阔的市场机会。一直以来，汽车欧亿·体育（中国）有限公司也是典型的规模
效益显著的欧亿·体育（中国）有限公司，也是突出的“烧钱”欧亿·体育（中国）有限公司，没有相当的资源能力，是难以在这
个欧亿·体育（中国）有限公司占据一席之地的，大的投入意味着大的风险。株洲易力达公司是国内最早
成功研制和批量生产电动助力转向器，并处于欧亿·体育（中国）有限公司领先地位的企业。为了迅速形
成系统配套、服务重点客户，快速推动电动助力转向器产业发展，株洲易力达准
备在中国北方这一汽车集中生产地区，投资实施天津易力达汽车转向器项目。项
目恰逢汽车产业稳定成长和技术升级的时代，同时也存在一定的财务压力和潜在
的经营风险。为此，论文拟对该项目从财务角度开展可行性分析。只有充分利用
资源，规避相应风险，保障持续运营能力，本项目才能在竞争中脱颖而出，为我
国汽车产业真正地走向高端技术和强劲发展做出应有的贡献。

本文引用和消化了项目财务分析及其相关理论，并对项目的相关背景进行介
绍，界定了项目开展和分析目标。尝试从欧亿·体育（中国）有限公司市场环境和发展趋势入手，开展天
津易力达汽车转向器项目的市场分析，确定北方市场容量、发展趋势，并估计项
目占据北方市场10%的份额，为该项目的建立和建设明确产业的基本发展方向和
能力规模，由此确立了天津易力达转向器项目财务分析的基本框架。随后，本文
建立了项目的财务分析体系，即：按照项目特点和目标，进行项目基本财务数据
的预估测算；延引项目各个基础的经济数据预测，进行获益能力的分析测算；按
照项目形成的资源利用能力，进行项目的偿债能力和生存能力的分析预测；根据
各项资源配置体现的财务指标，进行不确定性分析，找出影响经营的核心要素，
评估财务影响程度，进行风险测试；并提出项目存在的与财务风险有关的问题，
提出项目实施的具体建议。

本文通过对项目系统性的财务可行性分析，评估项目的经营和财务风险，从
财务角度评估论证，得出该项目可行的结论，并为项目今后的发展提出了成本管
控、市场开发、减少质量损失等几点意见以供参考。希望借此找到当前汽车转向
器能力扩张和产业成长的可行之道，期待本文为我国汽车零部件产业的技术投入、
资源整合提供一定的路径借鉴。

关键词：天津易力达；汽车转向器；财务分析；敏感性分析

Abstract
The significant trend of Manufacturing globalization, or the growth of China’s auto
demand provide a broad market opportunity to Chinese auto parts industry, including
automotive steering systems. Automotive industry has always been a typical industry
with significant economies of scale, but it is also a prominent burn industries. No
considerable resource capacity, it is difficult to occupy a place in this industry, more
investment equals more risk. Zhuzhou Elite is one of the first companies successfully
developed and mass production of electric power steering system, and has been the
industry leading enterprise. Times not only gives us opportunities of rapidly growing
industrial projects, but also brings significant financial pressures and potential
operational risks. In order to quickly form a supporting system, service key customers,
and promote electric power steering industry develepment, Zhuzhou Elite prepared to
reach for northern areas of the vehicle centralized production, the implementation of
Tianjin Elite automotive steering project in investment. To this end, this paper intends
to conduct a feasibility analysis of the project from a financial perspective. Only fully
using resources and supporting continuous operation capabilities, the project can be
standing out in the competition and makes a due contribution for Chinese auto
industry to the real high-end and development.
This article refers to and digests the project financial analysis and its related theories,
meanwhile makes a relevant introduction for project background, defines project
development and analyzes objectives boundaries. It tries to start from industry market
environment, technology environment and development trends to analyze project
environment of automotive steering in Tianjin Elite, make sure the capacity of the
northern market and development trends, and estimate the project has proposed 10%
of market share. It points out industry where to be improved and the ability of the
scale for the creation of the project, which established the basic framework of
financial analysis for Tianjin Elite steering project, and established financial analysis
system, namely: according to the project characteristics and objectives, it estimated
basic financial data of the project; Based on the estimates of various basic indicators,
it made a project profitability analysis and forecasting; it made analysis and
forecasting for solvency and viability of the project; prefer to the financial indicators,
which various resource capacities have reflected, it identified a key factor, which
makes influence on the project obviously, and makes the risk of changes in the test,
reflects the influence of the financial uncertainty and the level of change; and it
proposed other related problems which present within project itself and financial risk,
it also raise specific proposals to implementation of the project.
Through systematic financial analysis to assess operational and financial risks of the
project, it got the feasibility of the conclusion in the aspect of financial assessment, it
put forward some advice for reference in the future development. It hopes to find the
viable options of industry growth and capacity expansion for the current automotive
steering systems, and also looks forward to having the opportunity to provide a
reference path to technology investment and integration of resources in Chinese auto
parts industry.
Key Words:Tianjin Elite; Auto Steering; Financial Analysis; Sensitivity Analysis.