随着国家对教育、医疗等非经营性项目投融资体制机制的改革和“放管服”的 日益推进，逐渐放开了许多公共服务领域的投融资体制机制，极大地带动了一大批 社会投资方公私合营的模式主动投资教育、医疗等公共服务领域，教育项目不断涌 现新的投融资模式，教育项目的经营性模式不断成熟。在此背景下，本研究选题的 研究对象虽然是教育项目，但其高采取校企合作的模式，属于市场化办学的模式， 该项目实际上市依靠配套建设的住宅区实现投资回报，不属于纯粹的教学设施项目 只有通过商业化、市场化运作的办学项目才能够带来客观的财务回报，从而吸引社 会投资者参与相关项目建设。 本文对某高职学院新校区建设项目的财务可行性进行了评价研究，为投资决策 提供支持和依据。经过对项目设计财务分析模型，构建完善合理的财务评价指标， 对项目的财务可行性进行了系统的分析和评价，本文认为:第一，本项目引入社会投 资人参与教育基础设施项目建设，兼有教育项目和房地产开发项目的双重属性，项 目符合相关政策和规划，具有政策可行性。第二，项目从财务评价分析结果来看， 项目内部收益率 9.58%，高于基准收益率（6%），财务净现值为 4582 万元，远远大 于 0，动态投资回收期 9.96 年，具有较强的财务可行性。最后，项目对不确定性因 素的变动不敏感，同时，盈亏平衡点较低，可以较好地保障项目的盈利水平。项目 的风险因素发生的概率和损失量不大，项目识别和制定了科学合理的风险防范和应 对措施，可以有效降低项目的风险，项目风险处于可控范围，具有较强的抗风险能 力。 关键词：新校区；房地产；财务；可行性II The Financial feasibility study of Construction Project of a professional college new campus Abstract With the reform of education, medical and other non operating project financing system and put under control growing, gradually opening up the system of investment and financing mechanism of many public services, greatly promote a large number of social investment public-private investment mode of active education, health care and other public services. Educational projects are emerging new modes of financing, education of project management maturity model. Under this background, the research object of this research is the education project, but its high take the mode of school enterprise cooperation, the market belongs to the training mode, to achieve the actual return on investment projects listed rely on supporting the construction of residential areas, does not belong to the pure teaching facilities project only through commercialization, market-oriented operation of the education project to be able to bring the objective financial returns, in order to attract social investors involved in the project construction. In this paper, the evaluation of the financial feasibility of the new campus construction project of a higher vocational college. Through the analysis model for the project design construction finance, financial evaluation index system of perfect and reasonable financial feasibility of the project are analyzed and evaluated, this thesis thinks: first, the introduction of social education project investors to participate in the construction of infrastructure projects, has the dual natures of education project and real estate development projects, the project in accordance with the relevant policies and with policy planning, feasibility. Second, the analysis results from the project financial evaluation, the project internal rate of return is 9.58%, higher than the benchmark rate of return (6%), the financial net present value is 45 million 820 thousand yuan, far greater than 0, the dynamic investment payback period of 9.96 years, with strong financial feasibility. Finally, the project is not sensitive to the change of the uncertainty factors, and the profit and loss balance point is low, which can guarantee the profit level of the project. The probability and loss of small risk factors of the project, project identification and formulate measures to prevent and deal with the risk of scientific and reasonable, can effectively reduce the risk of the project, the project risk is within a controllable range, with a strong anti risk ability. Key words: new campus; real estate; finance; feasibilityI 目录 第一章 绪论···························································································1 1.1 研究背景及意义··················································································1 1.1.1 研究背景·························································································1 1.1.2 研究意义·························································································1 1.2 国内外研究综述··················································································1 1.2.1 国外研究综述···················································································1 1.2.2 国内研究综述···················································································2 1.3 研究内容与方法··················································································4 1.3.1 研究内容·························································································4 1.3.2 研究方法·························································································4 1.3.3 技术路线·························································································5 第二章 相关基本理论和研究方法······························································· 5 2.1 项目财务可行性概述············································································6 2.2 项目财务可行性评价的基本方法·····························································6 2.2.1 静态盈利能力评价指标的计算方法······················································· 6 2.2.2 动态盈利能力评价指标的计算方法······················································· 7 2.2.3 偿债能力评价指标与计算方法····························································· 8 2.2.4 不确定性分析···················································································9 第三章 某高职学院新校区项目建设内容与运营模式····································· 10 3.1 某高职学院建设内容·········································································· 10 3.1.1 教学设施区····················································································10 3.1.2 配套住宅区····················································································10 3.2 项目的投资方······························································