Capital Budgeting Research On400,000Tons Terminals

In recent years, accompanied by large ships and the rapid development of specialization, building a more professional, large and deep-water wharf became the indisputable consensus for various ports. Large-scale investment is vigorous.China pointed out in the "12th Five-Year" national transport development plan that the coastal port cargo throughput is expected to increase to7.8billion tons, the formation of rational distribution, efficient service, environmentally safe, so that the structure of ports and terminals constantly optimize plans440new deep-water berths, focusing on promoting the construction of crude oil, ore, coal, container and other.Increase of the pier expansion of the scale of investment, speed up the rapid development of China’s ports, improve China’s comprehensive strength, but such a massive expansion of the pier and ship to match supply and demand of the phase equilibrium, marked with a big question mark. The terminal project as an important national infrastructure projects long construction period, it will inevitably need to profitability analysis, solvency analysis and uncertainty analysis methods such as financial evaluation, to assess the financial viability of the project investment.This article defines the concept of large-scale terminals, investment characteristics and investment motives, analysis of the macroeconomic situation and the shipping economy, explains the benefits and risks of investment in China’s large terminal. Conduct NIBS analysis for build40million tons of terminals, the net present value method, internal rate of return method, breakeven analysis, sensitivity analysis of large amounts of data analysis and calculation results show that the presence are difficult to support investment in the initial cost, China is still a large number of port blind expansion, the vast scale of the phenomenon of excess capacity. The theory research is enriched by the study of large terminal investment expansion, as well as the actual expansion of investment decision-making basis.