| Facing the trend of integrative world economy , in order to achieve market advantages in the keen national and international competitions , Chinese enterprises must be operated to enhance core competitive ability according to current international practice of modern management. This object has been continuously pursued by managers of Chinese enterprises. What the discourse research about how to remove bottleneck and revive sunken assets is a new effective approach which can enhance the ability of core competitive and anti-risk. Enterprises should keep an eye on pursuing the best deposition of resources and improving capital utilization ratio while expanding the scale of production. This research shall provide one way of investment decision that can excavate the latent power of enterprises with less investment and more efficiency, and may be another important way of maximizing profits. By adopting the investment evaluation method of construction project to evaluate construction project of enterprise and through the means of removing bottleneck and reviving sunken capital ,we can invest less increment capital and activate the huge existing capital of enterprises, which can enhance capability of core competitive and anti-risk. From three levels: "bottleneck and sunken assets", "analysis on individual case of petrochemical enterprise", "apocalypse of individual case", the thesis makes a conclusion that active investment strategy by removal of bottleneck and revival of sunken assets is new way of making investment decision. The thesis consists of 3 chapters.The main problems and viewpoints of every chapters are discussed as follow:Chapter1, "Bottleneck and Sunken Assets", includes three parts. First , the discourse introduce concept of bottleneck and sunken assets: on the one hand, bottleneck include resource bottleneck between scarcity of resource and increasing demand for energy sources, also include bottleneck existing in internal value chain of enterprises, indicating that research subject is the internal bottleneck . On the other hand, research on sunken assets include its concept, cause of formation and three interpretation that sunken assets is one of assets, unused assets and sunken assets. Then this part of research analyze that internal bottleneck is important reason for formation of sunken assets. Finally, the discoursion put forward investment strategy that activate sunken assets by removal of bottleneck. Strategy can be divided into five procedures: deciding value chain, identifying bottleneck, finding and evaluating sunken assets, make project investment evaluation and making investment decision. Chapter2,"Analysis on Individual Case of Refinery", is discussed as follow: According to" 5 procedures", we can analyze the project of expansion and reconstruction of 65,000 ton EO/EG of Fushun Ethylene Chemical Co ltd. Firstly, determine value chain on the basis of theory of value chain. Secondly, identify bottleneck according to characteristic. Thirdly, find sunken assets on the basis of bottleneck identifying. Fourthly, build a evaluation system of project investment, and use CF, FIRR, NPV and TDP analysis mold to make investment evaluation from 8 aspects: 1)product market evaluation and prediction ; 2)choosing evaluation parameter; 3)investment and financial estimation; 5)calculation of sale, tax and profit; 6)analysis of ability of payoff; 7)uncertainty analysis; 8)conclusion of investment evaluation on project. Fifthly, project decision making, namely removal of sunken assets. Chapter3,"Apocalypse on Individual Case". At first, apocalypse on the theory of value chain will introduce concept of value chain. The aim of management is to meet market demand and obtain most profit. Management of value chain concerns two aspects: technology investment and organization harmony. Technology investment reflect that management of value chain require removal of tache which can't make profit or restrict the ability of the whole chain's creating profit. Second,...
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