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Content and writing requirements of feasibility study report

Content and writing requirements of feasibility study report

Feasibility study is to investigate, analyze and compare the main contents and supporting conditions of the project, such as market demand, resource supply, construction scale, process route, equipment selection, environmental impact, fund raising and profitability. And predict the possible financial, economic and social environmental impact after the completion of the project, so as to put forward whether the project is worth investing and how to carry out construction consultation. Feasibility study should be predictable, fair, reliable and scientific.

At present, the main problem of feasibility study in China is that the research and demonstration depth of engineering technical scheme is not enough. According to the common practice abroad, the research depth in the feasibility study stage should reach the level of determining the scheme. Therefore, the demonstration of engineering technical scheme is required to reach the level of basic design or conceptual design, which is basically equivalent to the level that China's preliminary design should reach, and a clear list of equipment is put forward; Second, financial evaluation focuses on projects, which is significantly different from the common practice of using the theory and method of enterprise financial management to make capital budget management and investment and financing decisions for investment projects abroad, and improperly uses the concept of "national economic evaluation" in economic evaluation, resulting in a series of misunderstandings; Third, there is a big gap with foreign countries in market analysis and organizational analysis, and the research depth is seriously insufficient; Fourth, it does not pay attention to the comparison and selection of multiple schemes and project risk analysis, or the content and depth of analysis are seriously insufficient, and there is a lack of unified planning and strategic demonstration of risk management at all stages of the project cycle.

I. Basis and requirements of feasibility study

(A) the basis for the feasibility study

The feasibility study of the proposed project must be completed under the guidance of relevant national plans, policies and regulations, and at the same time, there must be corresponding technical data. The main basis of feasibility study mainly includes: ① long-term planning of national economic and social development, departmental and regional planning, guiding principles of economic construction, tasks, industrial policies, investment policies, technical and economic policies and national and local laws and regulations; (2) the approved project proposal and the intentional agreement signed after the approval of the project proposal; (3) Resource report, land development and consolidation planning, regional planning and industrial base planning approved by the state. Traffic project construction should have relevant river basin planning and road network planning; ④ National import and export trade policies and tariff policies; ⑤ Basic information of natural, economic and social conditions of the proposed site; ⑥ Laws, regulations, standards and quota data on engineering technology and economy of relevant countries, regions and industries; ⑦ Provisions on feasibility study and economic evaluation of construction projects promulgated by the state; (8) Market research report containing various market information.

(2) General requirements of feasibility study

Feasibility study is of great significance to the whole project construction process and even the whole national economy. In order to ensure the scientificity, objectivity and impartiality of the feasibility study, and effectively prevent mistakes and omissions, in the feasibility study, (1) first of all, it is necessary to conduct investigation and study in an objective and fair position and do a good job in collecting basic data. For the collected basic data, it is necessary to demonstrate and evaluate according to the objective actual situation, truthfully reflect the objective economic laws, and draw the conclusion whether the project is feasible from the objective data through scientific analysis. (2) The content and depth of the feasibility study report must meet the standards stipulated by the state, and the basic content should be complete, accounting for as much data as possible to avoid shoddy and formalism. In practice, we should master the following four points: ① first demonstrate, then make a decision; (2) Deal with the relationship among the three stages of project proposal, feasibility study and evaluation, and stop the research if any stage is not feasible; (3) investigation and research should be carried out from beginning to end. We must master reliable data to ensure the comprehensiveness, importance, objectivity and continuity of data selection; (4) Comparison and optimization of multiple schemes. For foreign-related projects, or projects that must be in line with foreign countries under the pressure of external factors such as WTO entry, the content and depth of feasibility study should also be in line with international standards as much as possible. (3) In order to ensure the quality of the feasibility study, we should ensure that the consulting and design units have enough work cycles to prevent irresponsible and hasty actions due to various reasons.

The specific work cycle shall be determined through consultation between the entrusting unit and the consulting and design unit when signing the contract.

(3) The main contents of the feasibility study

The contents and key points of feasibility study of various investment projects vary greatly due to the characteristics of the industry, but generally they should include the following contents:

1. The necessity of investment. Mainly based on the market survey and forecast results, as well as related industrial policies and other factors, demonstrate the necessity of project investment and construction. In the demonstration of the necessity of investment, we should first analyze the investment environment and conduct a comprehensive analysis and demonstration of various elements that constitute the investment environment; Secondly, we should do a good job in market research, including market supply and demand forecast, competitiveness analysis, price analysis, market segmentation, positioning and marketing strategy demonstration.

2. Technical feasibility. Mainly from the technical point of view of project implementation, the technical scheme is designed reasonably, and compared and evaluated. The research content and depth of technical feasibility of different projects in different industries vary greatly. For industrial projects, the technical demonstration of feasibility study should reach the depth that can clearly put forward the equipment list; For various non-industrial projects, the demonstration of technical scheme should also reach the depth of the preliminary design of the current engineering scheme, so as to be in line with international practice.

3. Financial feasibility. Mainly from the perspective of the project and investors, design a reasonable financial plan, budget funds from the perspective of enterprise finance, evaluate the financial profitability of the project, make investment decisions, and evaluate the investment income, cash flow plan and solvency of shareholders from the perspective of financing subjects (enterprises).

4. Organizational feasibility. Make a reasonable project implementation schedule, design a reasonable organization, select experienced managers, establish a good cooperative relationship, and make a suitable training plan to ensure the smooth implementation of the project.

5. Economic feasibility. This paper mainly measures the value of the project from the perspective of resource allocation, and evaluates the benefits of the project in achieving regional economic development goals, effectively allocating economic resources, increasing supply, creating jobs, improving the environment and improving people's lives.

6. Social feasibility. This paper mainly analyzes the social impact of the project, including political system, principles and policies, economic structure, legal ethics, religious nationalities, women and children and social stability.

7. Risk factors and countermeasures. This paper mainly evaluates the market risk, technical risk, financial risk, organizational risk, legal risk, economic and social risk and other risk factors of the project, and formulates countermeasures to avoid risks, so as to provide basis for risk management in the whole process of the project. The contents of the above feasibility study are applicable to all kinds of investment projects in different industries. At present, China lacks a unified and standardized method for the content and depth of feasibility study of various investment projects. At present, the provisions of various feasibility studies formulated by various regions and departments are basically based on the contents of the feasibility study of industrial projects, and are basically compiled according to the Handbook for Preparing Feasibility Study Reports of Industrial Projects of UNIDO. At present, China is in urgent need of a unified law, which puts forward the content and depth requirements of feasibility study for all industries, so as to standardize the whole feasibility study and avoid the embarrassing situation that all kinds of non-industrial project feasibility studies have to refer to industrial projects.

The content of general project feasibility study should set up a special chapter to discuss the investment necessity, technical feasibility, financial feasibility, organizational feasibility and risk analysis. For industrial projects, several chapters should be set up to study the technical feasibility of raw material supply scheme, site selection, process scheme, equipment selection, civil engineering, general layout, auxiliary engineering, safety production and energy-saving measures. For non-industrial projects, we should pay attention to the economic and social evaluation of the project, focusing on the sustainability and economic, social and environmental impact of the project.

In the feasibility study, the consulting engineer should reasonably determine the scope and depth of the feasibility study according to the characteristics of the project, and should carry out the consulting work according to the following steps: ① understand the owner's intention; ② Defining the research scope; ③ Set up a project team; (4) collecting data; ⑤ Field investigation; ⑥ Scheme comparison and evaluation; ⑦ Write a report.

Second, the main work of consulting engineers in the feasibility study

The following focuses on industrial projects as an example to introduce the main work that consulting engineers should undertake in the feasibility study.

(A) market analysis and marketing strategy research

Market analysis and marketing strategy are the premise of feasibility study and the key to determine investment objectives, scope, scale, technology and site selection. Through market analysis, making sales plans and marketing strategies, and looking for new market opportunities are the important work contents of consulting engineers in feasibility study.

1. Market analysis.

Market analysis is a systematic analysis and evaluation of related product markets and market environment, which mainly includes: market segmentation, consumption behavior research, competitiveness analysis, competitive products and sales strategy research, as well as their interdependence, product life cycle analysis, and related social, ecological and economic factors. For non-productive (non-industrial) projects, market analysis mainly focuses on the demand analysis of economic and social development. For example, transportation projects mainly analyze the requirements of social development for transportation volume, transportation mode, quality and time. For production projects, the main purpose of market analysis is to find and seek new products needed by the market, explore new uses of new products and existing products, explore potential markets, study the trends of consumers and competitors, analyze market capacity and predict market growth rate, and study the company's marketing and promotion strategies. Market analysis must understand the quantity and quality of products and by-products of the project, as well as the technical and geographical constraints. Commonly used demand forecasting methods include trend extrapolation method, consumption level method, consumption coefficient method (or end-use method), leading index method, regression analysis method, consumer visit method and so on.

2. Marketing strategy.

Feasibility study should be based on the objectives of the project and the principles of investment and financial decision-making, and put forward sales ideas on the basis of appropriate sales research. The sales concept should include the strategic scope and actual scope of sales, sales means, sales quantity and price, sales network, sales plan and expense budget. The purpose of making project marketing strategy is to study the methods and activities needed to achieve the project objectives, such as novel products, low cost, noble quality, distinctive features and increasing market share. The key points of making project marketing strategy are market structure target evaluation, customer analysis and market segmentation; Analysis of sales channels and marketing networks; Competitiveness analysis; Socioeconomic environment analysis, sales forecast, market prospect and risk analysis. On the basis of determining the marketing strategy, determine the product scheme and production scale of the project, predict the sales revenue and estimate the sales expenses.

(2) Construction conditions and site selection

1. Raw material supply and other construction conditions.

The source, cost and supply stability of basic raw materials needed for production are one of the key factors that determine the project scale and economic benefits. Therefore, the feasibility study must analyze the source, quantity, quality, delivery cycle, cost, transportation mode, capacity and expenses of the required materials and personnel in detail. Multi-scheme analysis should be carried out when necessary.

The selection of raw materials mainly depends on the technical requirements of the project and the supply market of raw materials, but the decisive factors should be environmental factors, such as resource depletion, pollution problems and project objectives (such as minimizing supply risks and investment costs). ). By analyzing the demand, source, cost and risk of raw materials, according to the production scale and process indicators, the types of raw materials are divided, the demand is determined, the possible sources are studied, and the cost is estimated.

Other construction conditions such as fuel, transportation, social culture, policy and legal environment should also be considered in the feasibility study.

2. Site selection.

Whether the site selection is reasonable or not directly affects the success or failure of the whole project. The location of the project will be involved in every stage in the early stage: in the opportunity research stage, the location is only a rough geographical consideration; The pre-feasibility study stage is site selection, that is, selecting a suitable area according to the factory conditions; In the feasibility study stage, it should be site selection, that is, through on-site geological exploration, hydrological, meteorological and geological data are collected and analyzed to determine the project site selection.

The site selection in the feasibility study stage includes the analysis and evaluation of the factory, site and environment. The factors considered mainly include: ① natural environment, geographical conditions and engineering requirements; ② Assess the impact of the project on the ecological environment; ③ Local socio-economic environment, encouragement or restriction policies and local development planning; (4) Infrastructure conditions, such as water, electricity, steam, transportation, communication, three wastes treatment, etc. ⑤ Project development and marketing strategy. Site selection should analyze the impact of site selection on construction investment and production cost, including land cost, construction projects and off-site projects. Through the comparison of construction investment, the general plan is optimized.

(3) Process technical scheme

1. Design and evaluation of technical scheme.

In the feasibility study, various process routes should be designed and selected according to the input characteristics of product quality, variety requirements and raw materials, combined with the ecological and environmental protection requirements such as "three wastes" emission standards and the requirements of advancement, reliability and economy. The technical scheme design in the feasibility study stage is mainly conceptual design, which is equivalent to the current "preliminary design" in China. This paper puts forward the preliminary scheme of process design and evaluates the technical scheme of process route. The principles of design and evaluation are: ① the principle of advancement. The technology adopted is advanced in product level, technology level and equipment level; ② The principle of adaptability. The technology adopted should be considered according to the country and place where the factory is built.

The resource conditions in this area are suitable for the quality of local talents; The technical level should be adapted to the actual level of local economic and technological development; ③ The principle of safety and reliability. The adopted technology should be mature, reliable and safe, and have no harm or adverse impact on operators and the environment; ④ The principle of legal adaptability. The technology adopted shall not violate the laws and regulations, development plans and relevant policies of the local government. The methods of technical evaluation mainly include: comparison table method, value engineering method, comprehensive cost efficiency method, break-even point method, equipment life cycle cost method, profit and loss method, etc.

2. Civil engineering.

The content of civil engineering varies from project to project and must be related to the specific sites and facilities that may be needed. The feasibility study should plan the civil engineering related to the project and estimate its cost, including site preparation and renovation, factory buildings and other housing construction, public facilities, transportation, discharge and treatment of "three wastes", site roads, fire fighting and other infrastructure.

3. Factory layout.

After determining the process and production flow, and finally determining the list of production equipment and personnel, according to the process requirements and site conditions, rationally arrange all kinds of production workshops, public facilities and service facilities, and draw the following charts: ① The general layout of the factory area, indicating the main structure and the locations of transportation facilities such as buildings, roads and railways, and various public works and service facilities; (2) Schematic diagram of the production line, indicating the production process, equipment, geometric dimensions, location and space requirements; (3) Material flow chart, showing the material flow, utilities, emissions and the flow between intermediate products and final products in all parts of the factory; (4) Transportation road map, showing the final physical distribution map of utilities pipelines, consumption and communication facilities.

(4) Project organization and implementation plan

1. Project organization and management.

Efficient and streamlined project operation organization and reasonable staffing, especially the quality of key positions, are important conditions to ensure the successful implementation and operation of the project. According to the characteristics of production technology, equipment management, production organization and product marketing planning, we should design a reasonable organization and establish relevant management systems. The organizational setup mainly depends on the scale, type, development strategy and policy of the project, as well as the needs and conditions during the construction and operation period of the project, and the following factors should be considered: the organizational structure of the project and the enterprise should aim at the best coordination and control of all project stakeholders to ensure the profitable operation of the project; The establishment of the organization constitutes a part of the project investment and production cost, and the related expenses and costs should be clarified; The organization should be dynamic and can be constantly adjusted according to the development of the project.

The organization of general industrial enterprises can be divided into three levels; The top management is responsible for the long-term planning, budgeting, coordination and control of the project; The middle operation layer is responsible for the specific operation of the project, such as production organization, sales, financial management, etc. Supervise the management and be responsible for supervising the daily business activities.

2. Project implementation plan.

The purpose of project implementation planning is to determine the specific time schedule of project implementation and analyze the technical and financial impact to ensure the smooth implementation of the project. Compilation of implementation plan, including project progress and construction organization. Gantt chart (also called crossing chart) is usually used to prepare the project implementation plan. In the process of making the project implementation plan, the implementation stages should be determined according to the resources and activity time required for each stage, the types of on-site and off-site work that the project must perform, the logical sequence of work tasks, and the time required to complete each task, and the implementation progress plans for different stages should be worked out.

3. Human resource allocation.

The allocation of human resources in the project is the key to ensure the successful implementation of the project. The feasibility study should put forward the needs of the project for various technical and management personnel, including management supervisors at all levels, engineering and technical personnel, skilled workers and unskilled workers. When deploying personnel, we should fully consider the labor legislation, working conditions, quota, wages, insurance, occupational safety, medical and health care, social security and other factors in the country where the project is located, compile staffing tables at different stages of the project, analyze the sources of human resources, formulate recruitment plans and the number of external experts, formulate personnel training plans, and estimate labor costs.

(5) Environmental impact assessment

Feasibility study should make a comprehensive, comprehensive, systematic and practical evaluation of the possible environmental impact of the project, which is often very important for the social, economic, technical and financial feasibility of the project. Environmental impact analysis includes the impact of the project on the surrounding areas, especially on the local population, animals and plants.

1. Analysis of environmental factors.

The analysis of environmental impact factors should be based on the laws and regulations of the country where the project is located and the emission standards of three wastes. On the basis of environmental background investigation, the impact of project implementation on local environment should be analyzed. The main purposes are as follows: ① To conduct a comprehensive analysis of the environmental impact consequences of the project on the natural and human settlements; (2) To study and understand the scope and extent of new environmental impacts of various projects; ③ Incorporate the requirements of environmental laws and regulations into the feasibility study; ④ Determine measures to reduce negative environmental impact and increase positive impact; ⑤ Analyze various environmental problems that need further study; ⑥ Conduct necessary qualitative and quantitative analysis and research on various environmental impacts, and determine the main advantages and disadvantages of the project scheme in terms of environment.

2. Cost-benefit evaluation of environmental impact.

That is to say, the application of cost-benefit evaluation is to quantitatively analyze the quantifiable part of environmental impact according to the analysis principles and methods of environmental impact economics. The analysis method mainly adopts the cost-benefit analysis model, such as the "extended cost-benefit analysis and test model" of the United Nations Environment Development Programme, and the environmental cost-benefit value method, that is, the "willingness to pay" for improving the environment or the "acceptance of compensation" for environmental deterioration, and the cost or benefit is expressed in monetary form; Direct monetary methods, such as "cost saving (or cost impact) method", methods based on direct investigation, such as "possible payment method" and "possible ranking method"; Methods based on indirect market, such as characteristic pricing method.

(vi) Social impact assessment

According to the requirements of international financial organizations such as the World Bank, the social evaluation of the project should be carried out in the feasibility study stage, and the contribution and influence of the project to the realization of national and regional social development goals, as well as the mutual adaptability between the project and society. The main contents involve population, employment, resettlement, fair distribution, culture and history, women, ethnic religion, living standards and quality of residents, social infrastructure and so on. The evaluation focuses on the communities around the project, and the impact of the project on technological progress, time saving, regional and departmental development, economic layout and industrial structure should also be considered. Evaluation indicators include employment effect, income distribution benefit, resource conservation index, fair distribution, poverty alleviation effect, women's participation, system development and sustainability. At present, social evaluation has not been included in the procedure and scope of feasibility study in the preliminary consultation and demonstration of investment projects in China. In order to be in line with international standards, we should consider strengthening social evaluation in feasibility study;

(vii) Financial evaluation

There is a certain gap between the current financial evaluation of investment projects in China and the usual practices abroad, which is manifested in separating the project from the enterprise, separating the financial evaluation of the project from the capital budget and financial management activities of the whole enterprise, and analyzing it according to the logical process of so-called investment estimation, fund raising, profitability analysis and solvency analysis, which highlights the financial management thinking in the planned economy era. The general contents of financial evaluation should include:

1. Project investment cash flow forecast.

According to the principle of comparison, according to the requirements of the product scheme, construction scale, technology and technical scheme of the project, the possible cash flow generated by the project investment is estimated: ① The project investment estimation includes equipment purchase, installation, civil engineering and other engineering expenses, various capital expenditures and current assets investment before production; (2) product sales revenue or project service revenue forecast; ③ Forecast of various operation and maintenance expenses during the project operation period. According to the estimation and forecast results, the cash flow of the investment scheme is obtained. It should be pointed out that according to the internationally accepted financial management practice, the investment estimate here does not include "construction period interest". In fact, the interest during the construction period is incalculable at this stage.

2. Financial evaluation of investment scheme.

According to the cash flow forecast results of the project investment scheme, auxiliary reports such as fixed assets investment estimation table, liquidity estimation table, main output and investor price list, unit product production cost table, fixed assets depreciation table, intangible assets and deferred assets amortization estimation table, operating cost estimation table, sales income and sales tax calculation table are compiled, and on this basis, the cash flow statement of the project investment is compiled, the income before interest and tax (EBIT) of each year is calculated, and the financial profitability of the project investment is evaluated. The calculation of financial indicators here is equivalent to the calculation of financial evaluation indicators before investment income tax in the current financial evaluation of investment projects in China. The main purpose is to analyze the profitability of the project itself, make investment decisions for the proposed project, and choose investment projects from the perspective of the financial feasibility of the project itself without considering "human factors" such as depreciation, income tax and financing scheme.

3. Financial evaluation of financing scheme.

For projects with feasible financial evaluation of investment scheme, we should further analyze the financing scheme and choose the best financing scheme. The object of investment scheme analysis is the project itself, and the object of financing scheme analysis is the financing subject of the project. If the financing subject of the project is not the project company established by the project itself, it is necessary to analyze the whole enterprise on which the project depends. The main analysis contents include: ① According to the assets and liabilities structure and credit status of the financing subject, analyze various possible financing channels and financing methods; (2) According to the profitability of the project itself and the financial situation of the whole financing subject, analyze the level of financial leverage that should be adopted, conduct financial leverage analysis, and choose the proportion of asset-liability structure and financing scheme; ③ According to the financing plan, calculate the financing cost and prepare the cash flow statement of the financing plan. In addition to the forecast results of the cash flow of project investment, the table should also include the cash flow of the complete financial plan of the project financing subject caused by the loan repayment of principal and interest, dividend distribution and tax payment during the construction period and the production and operation period, and analyze the financial sustainability; ④ Calculate the after-tax cash flow, and evaluate the profitability of equity investment and its impact on shareholders' wealth appreciation (which is similar to the current financial indicators after calculating the income tax on self-owned funds or equity investment in China); ⑤ Analyze the solvency of the financing subject.

(viii) Economic assessment

Economic evaluation evaluates the cost and benefit of the project from the perspective of resource allocation and analyzes the economic feasibility of the project. In the economic evaluation, the investors of the project are divided into three categories: tradable goods, non-tradable goods and other inputs (including houses). Calculate the shadow price through opportunity cost, calculate the economic evaluation indicators such as net present value and internal rate of return of the project through social discount rate evaluation, and conduct other economic evaluations.

The essential difference between financial evaluation and economic evaluation is that financial evaluation is to evaluate a project from the perspective of financial management and cash receipts and payments, which involves related issues of "money", while economic evaluation is to evaluate a project from the perspective of resource allocation, which involves whether resources are used reasonably. Broadly speaking, financial evaluation includes macro and micro levels. Micro-financial evaluation refers to the financial evaluation of investment schemes and financing schemes at the aforementioned project level. Macro-level financial evaluation should evaluate the monetary income contribution of the project to national income, GDP and other related macro-level financial issues from the perspective of national economy. Accordingly, economic evaluation should also include both micro and macro levels. Micro-level economic evaluation is project-level economic evaluation. Its theoretical basis is based on microeconomics such as equilibrium, willingness to pay, consumer surplus, opportunity cost, etc., and the shadow price system reflecting the "real economic value" of resources in a specific region is derived to evaluate the optimal allocation of resources at the micro level of projects in a specific region. Generally, UNIDO method and L-M method (also known as OECD method) are adopted. Macro-economic evaluation should be based on the macro-regional economic impact of the project, and major projects should be based on the whole national economy. The impact of the evaluation project on the resource allocation of the region and the whole national economy, such as the impact on the upgrading of regional industrial structure, the impact on cultivating regional key industries, the impact on national economic security, the impact on improving international competitiveness and developing national economy, and the impact on the balanced development of regional economy, etc.

At present, in the relevant documents of project evaluation in China, the economic evaluation at the project level (mainly focusing on microeconomic analysis) is called national economic evaluation, which is not only a serious misunderstanding of the economic evaluation method itself, but also misleading people's practice of project evaluation, which is not conducive to people's further exploration of how to truly evaluate some major projects from the macro and national economic levels. China's current project evaluation method system needs to be innovated urgently.

(9) Risk analysis

Risk is the possibility or opportunity that people encounter danger, loss or injury in their activities, the subjective and personal prediction of uncertainty, or the possible result of deviating from the expected goal. For a project, the goal of risk management is to make the project successful, create a calm and stable environment for the implementation of the project, reduce the project cost, avoid losses and waste, minimize or eliminate external interference, and make the project put into production smoothly and have stable benefits. Risks that should be considered in the project decision-making stage include: investment environment risk, geological risk, design and technology risk, resource risk, market risk, raw material risk, layout safety risk, engineering construction risk, human resource risk, capital risk, exchange rate risk and force majeure risk. In financial evaluation, uncertainty and risk analysis should be carried out on the influence of various risk factors on financial evaluation indicators, including break-even analysis, sensitivity analysis, probability analysis and decision tree analysis. We should identify risk factors according to certain methods, analyze the impact of risk factors on project objectives, classify risk levels, evaluate the impact results of risks, and put forward targeted risk avoidance countermeasures according to the specific characteristics of different types of risks. At present, China lacks risk management planning in the whole process of pre-project demonstration and project management. In order to be in line with international standards and improve the level of project investment decision-making and project management in China, we must attach importance to risk analysis in the feasibility study stage.