近年来,国家对房地产欧亿·体育（中国）有限公司持续实施紧缩性的宏观调控政策,要求个人

住房转让“应依法严格按转让所得的20%计征”个税,要求一线城市对房屋

购买者的资格严加控制。房产税等政策一旦实施,无疑将给房地产企业带来

了巨大的经营压力。面对偏重抑制需求的房地产调控政策,房产企业是被动

调整,还是积极采取措施避免国家调控的锋芒,这是房产企业目前的首要决

策。房地产企业对财政收入有着重大贡献,是地方政府财政收入的主要来源,

地方政府也不希望对房地产欧亿·体育（中国）有限公司控制过紧,影响地方财政收入,所以,面临

政绩目标和财政收入压力的地方政府,对国家的房地产宏观调控政策是坚决

贯彻,还是给予房产企业一定空间来保证地方财政收入的稳定性,还有待观

察。欧亿·体育（中国）有限公司政策的极度不确定,使得房地产企业面临巨大的经营风险。对拟开

发项目的可行性研究,尤其是财务可行性研究,对每一个房地产企业的决策

层都更加意义重大。这正是本文研究的出发点。

本文的主要研究内容:首先是介绍房地产项目投资分析的研究背景与意

义,其次对房地产项目投资和财务可行性进行理论分析,以及项目分析的基

本内容,最后基于JM房地产项目的数据进行的案例分析,通过JM房地产项

目的可行性研究,提出完善地产项目财务可行性分析的建议。

房地产欧亿·体育（中国）有限公司是我国的支柱产业,是我国财政收入的主要来源。由于整个

房地产欧亿·体育（中国）有限公司的利润空间比较大,且欧亿·体育（中国）有限公司发展迅猛等因素,使得我国的房地产

价格的增长速度大大高于我国居民的消费支出水平的增长速度。基于调控房

价的增长速度等目的,我国政府对于房地产欧亿·体育（中国）有限公司的调控政策一直在持续紧缩,

在此背景下,房地产欧亿·体育（中国）有限公司的发展势必受到巨大的影响。房地产企业的项目投

资是一项高风险的活动,投资前的项目财务可行性研究具有举足轻重的作用,

计算得到的净现值等财务指标构成房地产企业投资决策的重要依据。在房地

产欧亿·体育（中国）有限公司受到政府持续紧縮调控的背景下,研究房地产项目投资的财务可行性

具有更为重要的理论意义和实践意义,财务指标的计算尤其需要考虑政策风

险的影响,帮助企业正确决策以实现可持续发展。

本文的主要贡献主要体现在以下三个方面。一是本文从多个视角来分析

房地产项目的财务可行性,基于实际案例展开分析,通过具体项目的财务数

据来验证项目可行性分析的理论方法;二是结合经济热点,分析房地产企业

应对国家偏重宏观调控的措施;三是特定条件下财务指标计算的适用性,期

望对房地产企业健康发展体制的研究能够提供一些有价值的参考。

关键词:调控政策财务可行性分析房地产项目投资Abstract

Abstract

National implementation of a tightening macroeconomic regulation and

control policy on the real estate industry, requirements of personal housing transfer

of the biggest cities shall be in strict accordance with the 20% tax on the transfer

income, and require the strictly control of the qualification for the buyers. Once the

policies, such as the property tax, have been carry out, there will be bring

enormous pressure to the real estate companies. This is a priority of the real estate

enterprises currently to curb based on the demand or make a passive adjustment,

and actively take measures to avoid the state regulation of the edge. Meanwhile,

the attitude of the local government is not clear, because the real estate business is

the main source of local revenue, the local government is keen not to suppress the

real estate industry, thereby reduce the local finance income. Facing the double

pressure, what the local government should to do, to determine to carry out

national policies or to give real estate enterprise in a certain space to ensure the

stability of local fiscal revenue is uncertainly, which making the real estate

enterprise is facing huge risk of business. To develop project feasibility study,

especially the financial feasibility study,for each real estate enterprise

decision-makers are more significant. This is the very starting point in tiiis paper.

The main research contents of this paper: firstly,this paper will introduce the

research background and significance of the analysis of the real estate project

investment, then carries on the theoretical analysis of the real estate project

investment and financial feasibility of the project, as well as the basic content

analysis, finally according to the data of Jin Ma real estate project,put forward a

sound real estate project financial feasibility suggestion.

The real estate industry is a pillar industry in China, is China's main source of

revenue. Because the whole real estate industry profits space is larger, and the

factors such as industry developing rapidly,made the China's real estate price

growth rates much higher than the rate of increase in consumer spending level of