某公司投资管理模式调研与优化培训教材

单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,2013/12/26,2013,年,12,月,中国石化投资管理模式调研与优化,主,要,要,内,内,容,容,案例,试,试算,指标,体,体系,结论,建,建议,指标,体,体系,投资,项,项目,的,的优,选,选排,队,队采,取,取通用,指,指标,体,体系和板块,指,指标,体,体系。,在集,团,团公,司,司层,面,面，应,用,用通,用,用指,标,标体,系,系，,对,对投,资,资项,目,目执,行,行跨,板,板块,比,比选,排,排队,。,。在事,业,业部,及,及企,业,业层,面,面，应,用,用板,块,块指,标,标体,系,系，,进,进行,项,项目,排,排队,。,。,通用,指,指标,体,体系,由,由发展,计,计划,部,部组织,制,制订,。,。板,块,块指,标,标体,系,系由各事,业,业部结合,板,板块,业,业务,特,特点,，,，在,发,发展,计,计划,部,部的,指,指导,下,下组,织,织制,订,订。,指标,权重,内部收益率,(,FIRR,),40%,净现值,(FNPV),20%,投资收益率,40%,排队,比,比选,指,指标,设,设置,指标,体,体系,内部,收,收益,率,率：项,目,目的,现,现金,流,流入,现,现值,总,总额,与,与流,出,出现,值,值总,额,额相,等,等时,的,的折,现,现率,。,。,净现,值,值：项,目,目的,净,净现,金,金流,量,量以,资,资金,成,成本,为,为贴,现,现率,的,的折,现,现值,。,。,投资,收,收益,率,率：项,目,目年,均,均净,利,利润,与,与投,资,资总,额,额的,比,比值,。,。,1.,指标,设,设置,（一,）,）通用,指,指标,体,体系,指标,体,体系,指标,体,体系,的,的设,置,置思,路,路,1.,动态,指,指标,与,与静,态,态指,标,标相,结,结合,，,，以,动,动态,指,指标,为,为主,动态,指,指标,：,：内,部,部收,益,益率,、,、净,现,现值,，,，占,60%,权重,。,。,静态,指,指标,：,：投,资,资收,益,益率,，,，占,40%,权重,。,。,动,态,态,指,指,标,标,是,是,世,世,界,界,通,通,行,行,的,的,项,项,目,目,评,评,价,价,指,指,标,标,，,，,本,本,指,指,标,标,体,体,系,系,也,也,体,体,现,现,了,了,这,这,一,一,原,原,则,则,。,。,2.,相,对,对,指,指,标,标,与,与,绝,绝,对,对,指,指,标,标,相,相,结,结,合,合,，,，,以,以,相,相,对,对,指,指,标,标,为,为,主,主,相,对,对,指,指,标,标,：,：,内,内,部,部,收,收,益,益,率,率,、,、,投,投,资,资,收,收,益,益,率,率,，,，,占,占,80%,权重。,绝对指,标,标：净,现,现值，,占,占,20%,权重。,相对指,标,标反映,项,项目盈,利,利能力,，,，体现,投,投资规,模,模约束,下,3.,内部收益率与投资收益率相结合，各有侧重,相互补充,内部收益率：体现收付实现制，反映资金时间价值，是项目评价的首选指标。,投资收益率：体现权责发生制，约束投资规模，追求项目利润。,两个收益率指标从各自角度，协同指明了投资效益导向。,与跨国,公,公司项,目,目评价,指,指标的,对,对比,指标体,系,系,大多数,公,公司使,用,用,NPV,、投资,回,回收期,、,、,IRR,作为项,目,目决策,指,指标。,不选择,“,“投资,回,回收期,”,”的原,因,因：,上下游,板,板块项,目,目有差,异,异。上,游,游标准,为,为,6,年，下,游,游为,10,年。,项目的,投,投资回,收,收期十,分,分集中,，,，定量,化,化赋值,后,后容易,误,误导。,因此，,投,投资回,收,收期更,适,适合作,为,为否决,性,性的风,险,险控制,指,指标，,不,不宜作,为,为项目,排,排队比,选,选指标,。,。,其中，,P,j,：第,j,个项目,综,综合得,分,分,W,i,：第,i,个指标,的,的权重,F,ij,：第,j,个项目,i,个指标,的指标,分,分值,n,：参,与,与排序,关,关键指,标,标,个数,越大越优型指标得分公式,：,：,越小越优型指标得分公式,：,：,其中：,F,ij,：,j,项目,i,指标的得分,x,i,：,j,项目,i,指标的指标值,(x,i,),max,(x,i,),min,：,i,指标的,最小数值,指标体系,2.,项目得分,依据项目得分,，,，进行项目排,队,队。其中，项,目,目得分根据指,标,标得分加权汇,总,总。,项目得分公式,指标得分公式,指标体系,指标得分,指标值,最小值,最大值,越大越优型指,标,标的计分规则,例如：,内部收益率,、,净现值,、,投资收益率,指标体系,指标得分,指标值,最小值,最大值,越小越优型指,标,标的计分规则,例如：投资回,收,收期,指标体系,3.,应用范围,（,1,）用于盈利性项,目,目的排队比选,新开项目的排,队,队比选,在建项目的跟,踪,踪评估,为低盈利的战,略,略项目提供调,整,整依据,（,2,）为非盈利项目,提,提供决策参考,涉及安全隐患,、,、矿区改造、,碧,碧水蓝天等项,目,目,明确非盈利项,目,目的机会成本,专家论证、领,导,导决策、纳入,排,排队、算清代,价,价,指标,权重,通用指标,内部收益率,(,FIRR,),40%,净现值,(FNPV),20%,投资收益率,30%,开发项目,新增经济可采储量,5%,开发成本,5%,排队比选指标,设,设置,指标体系,1.,油田板块,（二）板块指标体系,指标,权重,通用指标,内部收益率,(,FIRR,),40%,净现值,(FNPV),20%,投资收益率,30%,能力建设项目,百万吨炼油综合能力投资,5%,吨油加工费,5%,其它项目,待定,排队比选指标,设,设置,指标体系,2.,炼化板块,指标,权重,通用指标,内部收益率,(,FIRR,),40%,净现值,(FNPV),20%,投资收益率,30%,能力建设项目,市场占有率,5%,原料保供率,5%,其它项目,待定,排队比选指标,设,设置,指标体系,3.,化工板块,通过专家打分,，,，按照高，中,，,，低三档各得,5%,、,3%,、,1%,。,指标,权重,通用指标,内部收益率,(,FIRR,),40%,净现值,(FNPV),20%,投资收益率,30%,单个加油站,预计投营第,13-,第,24,个月累计经营量,5%,吨油投资,5%,单个加气站,预计投营,12,个月经营量,5%,每万方投资,5%,成品油管道,沿途覆盖区域合计经营量（万吨,/,年）,4%,每公里造价投资（万元,/,公里）,3%,吨设计输油量投资（万元,/,吨）,3%,油库建设,沿途覆盖区域合计经营量（万吨,/,年）,5%,每万方库容造价投资（万元,/,公里）,5%,排队比选指标,设,设置,指标体系,4.,销售板块,指标,权重,内部收益率,(,FIRR,),40%,净现值,(FNPV),20%,投资收益率,30%,单位油气完全成本,5%,投资回收期,5%,排队比选指标,设,设置,指标体系,5.,海外油气,主 要 内,容,容,案例试算,指标体系,结论建议,案例试算,为了确保排队,比,比选指标体系,的,的适用性，收,集,集了,121,个投资项目的,可,可研数据，进,行,行了指标体系,的,的应用试算。,其,其中，胜利油,田,田,29,个，炼油板块,66,个，销售板块,26,个。,（一）试算结果,案例试算,试 算 结,果,果,案例试算,序号,项目名称,企业,总投资,（亿元）,年均利润,（亿元）,内部收益率,净现值,投资收益率,项目,得分,指标,值,(%),名次,得分,指标值,(,亿元,),名次,得分,指标值,(%),名次,得分,1,40,万吨,/,年润滑油加氢异构装置,茂名,4.82,5.76,35.00,17,40.72,27.47,6,71.84,119.43,2,95.68,68.93,2,200,万吨,/,年渣油加氢装置及系统配套,荆门,14.67,7.73,45.00,8,55.81,30.52,3,79.82,52.67,11,42.19,55.16,3,连续重整增产芳烃,高桥,0.50,0.47,42.00,12,51.28,2.45,29,6.40,93.64,3,75.01,51.80,4,C2,回收装置及配套设施,天津,3.43,2.45,45.00,8,55.81,10.92,13,28.56,71.61,7,57.36,50.98,5,新建硫回收装置,清江石化,0.32,0.40,20.31,53,18.57,0.95,50,2.49,124.83,1,100.00,47.93,6,3#,柴油加氢装置柴油质量升级改造,上海石化,0.75,0.51,45.00,8,55.81,1.91,38,4.98,68.32,8,54.73,45.21,7,埕东油田埕,50-1,块,馆陶组,7,砂组滚动建,产,胜利油田,0.27,0.03,74.30,1,100.00,0.14,91,0.37,10.66,84,8.53,43.49,8,加工高硫高酸原油适应性改造,齐鲁,17.15,7.91,28.00,30,30.17,28.21,4,73.77,46.16,17,36.97,41.61,9,2#,焦化装置优化改造项目,镇海,0.70,0.42,38.00,15,45.25,2.20,34,5.76,60.02,10,48.08,38.48,10,油品质量升级改造工程,金陵,49.89,12.30,25.51,39,26.41,38.24,1,100.00,24.65,34,19.74,38.46,11,1,万标立变压吸附氢气回收装置,海南,0.76,0.34,46.06,7,57.41,1.42,44,3.72,45.42,18,36.38,38.26,12,催化汽油吸附脱硫装置扩能改造项目,金陵,2.75,1.18,43.00,11,52.79,5.52,19,14.43,42.87,20,34.33,37.74,13,酮苯装置提高蜡资源利用率及配套系统改造,燕山,0.75,0.37,43.27,9,53.20,1.23,47,3.20,49.21,13,39.42,37.69,14,一催化安全隐患治理及节能技术改造,齐鲁,14.04,5.71,28.93,27,31.57,21.46,9,56.12,40.68,22,32.58,36.89,15,胜一区沙二,1-3,聚驱后,复合驱扩大试验,胜利油田,0.44,0.27,34.10,20,39.37,0.77,59,2.00,61.73,9,49.44,35.92,16,湟源中心油库,青海公司,2.30,2.00,17.00,71,13.57,2.50,28,6.54,86.80,4,69.53,34.55,17,垦,20-9,块产能建设工程,胜利油田,0.47,0.07,55.50,2,71.64,0.29,77,0.77,16.00,53,12.81,33.93,18,150,万吨,/,年,S Zorb,催化汽油吸附脱硫装置（新）,茂名,2.45,1.14,31.00,24,34.69,9.43,14,24.67,46.40,15,37.16,33.68,19,150,万吨,/,年催化汽油吸附脱硫装置,茂名,2.46,1.14,31.00,24,34.69,9.43,14,24.67,46.30,16,37.08,33.64,20,炼厂干气,PSA,氢气回收项目,湛江东兴,0.49,0.19,41.80,13,50.98,0.91,53,2.39,38.12,23,30.53,33.08,试算结果汇总,表,表,案例试算,序号,项目名称,企业,总投资,（亿元）,年均利润,（亿元）,内部收益率,净现值,投资收益率,项目,得分,指标值,(%),名次,得分,指标值,(,亿元,),名次,得分,指标