| Financial evaluation of investment projects is an important part in technical economic feasibility evaluation. The perfection of financial evaluation indicator system will have a significant impact on the outcome of technical economic feasibility evaluation of investment project. Because of some deficiencies, this important economic means have not been properly applied, and it due role have not been fully played.This thesis effectively supplements and improves the existing financial evaluation indicator system from the following three aspects. Firstly, using the existing indicators such as net present value, internal rate of return and net present value index to evaluate mutually exclusive projects, the outcome may be incompatible. The thesis analyzes the theoretical basis of these indicators, identifies the causes of the incompatibility, and establishes the decision-making criteria on the evaluation of mutually exclusive projects. Secondly, in view of the current financial evaluation indicators has weakness for risk adjust, the thesis puts forward a new risk-adjusted method of financial evaluation on the basis of researching the existing risk-adjusted methods, which is named "year-by-year risk-adjusted method" in the thesis. And then, the thesis discusses the application of the method in practice. Thirdly, as the break-even analysis theory is usually applied to evaluation short-term investments, the thesis improves the traditionally bread-even analysis method in a creative way, and applies it in long-term investment evaluation fields. So the thesis also establishes the dynamic break-even analysis mathematical model for both single-product and multi-product situation.By demonstration analysis in the thesis, it can be seen that the improved financial evaluation indicator system of investment projects can provide stockholders and other related people with more comprehensive and accurate information, which will help investors making the correct investment decisions. |
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