摘要

LW水厂项目由郑州自来水投资控股有限公司承建,是郑州市十二五期间

的重点供水工程,项目总投资将近十亿元,利用南水北调优质水源,设计日供

水能力为40万吨。该项目作为市政工程的一个独立经营水厂,在履行社会责任的

同时也必须兼顾实现经济效益,创新和运用供水工程建设的新理念,对供水工

程的预期经济效益进行全面且有针对性的分析评价,目的是为LW水厂项目提

供有价值的管理意见,也为供水工程的建设和运营提供参考和借鉴。

预计至2015年底,郑州市供水日需求量将达到162万立方米,而现有日供

水能力仅为106万立方米,所以LW水厂项目的市场需求前景良好。项目建设

投资主要包括净水厂的建设、清水管线的铺设、设备购置、工器具购置、工程

建设其他费、基本预备费和建设期贷款利息等。项目工程总造价为99883.65万

元,根据郑州市实际情况,LW水厂项目选择地方财政拨款、项目信用贷款、

企业资本金三种筹资方式,其中市财政项目资本金37.56%,即37512.52万元,

余下56.33%部分,即56268.80万元由郑州水司通过项目信用贷款的办法解决,

企业资本金只有很少一部分。

LW水厂项目的投资回收期为13.02年,按照6%折现率计算的净现值为

9862.54万元,项目的内含报酬率为6.89%,项目的总资产收益率达到8旧%,

资本金净利润率也超过了 12.57%,都优于欧亿·体育（中国）有限公司基准数据。同时项目的盈亏平衡

分析表明项目达到设计供水能力52.52%时即可达到盈亏平衡状态,敏感性分析

则表明项目内部收益率对自来水价格最为敏感。LW水厂项目的日供水能力能要

达到18.38万立方米以上即可实现盈利,并且项目的市场风险、经济风险、政策

风险、环境风险都在可控范围之内。

总之,只要控制好项目总投资、优选资金成本低筹措方案、保证经营现金

流入,LW水厂项目建成之后,既可以优化郑州市供水布局提高郑州南部居民的

生活和健康水平,又可以保障主要财务指标合理、预期经济效益可观。

关键词:供水工程经济效益内含报酬率

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Abstract

Abstract

LW waterworks project, builted by Zhengzhou Water Investment Holding co,

LTD,is one of the key water supply projects of Zhengzhou during the Twelfth Five

Year Plan period. The total investment of the project is nearly one billion yuan. It use

the haigh-quality water from south-north water diversion. Its water supply capacity is

400000 tons. As a independent waterworks of municipal project,it should undertake

social responsibilities and get economic benefit.The project applies new idea of water

supply project construction. This paper conducts a comprehensive and targeted

analysis and evaluation of the expected economic benefits for the water supply

project,the purpose is to provide valuable for LW waterworks project management,

so as to provide a reference for construction, operation and mangement of water

supply project

It is expected that by the end of 2015,the demand of water supply in zhengzhou

will reach 1.62 million cubic meters, but the existing daily water supply capacity is

only 1.06 million cubic meters, so LW waterworks project has good prospects for the

market demand. The project construction investment mainly includes the consfruction

of waterworks, water pipe lying, purchase of equipment and other instruments,

engineering construction, basic reserve funds and loan interest,etc. The total cost is

998.8365 million yuan. Considering the state of zhengzhou, LW waterworks projects

choose three financing ways—local finance allocates funds, credit loans,enterprise

capital. The city finance capital is 375.1252 million yuan in total, takes 37.56%.

Zhengzhou water company will get the rest 56.33%, that's562.688 million yuan.The

enterprise capital of only takes a little share.

The payback period of LW waterworks project is 13.02 years. According to the

6% discount rate to calculate the net present value is 98.6254 million yuan, the

internal return rate of the project is 6.89%, the total assets return rate is 8.47%,net

capital profit rate is more than 12.57%, all the data are better than the industry

benchmark. The project break-even analysis shows that the project can achieve

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