财务模型在项目投资全周期动态管理中的应用

Application of Financial Model in the Dynamic Management of the Whole Cycle of Project Investment

大量PPP项目已进入投后管理阶段,财务模型在项目投资管理中的实践应用重点逐渐从投资决策向实施过程管控倾斜。本文介绍财务模型三维管理体系,即基准测算、年度滚动测算、季度(或月度)滚动测算,并以财务模型中各项现金流入、流出因子为抓手,深入分析影响投资收益指标的现金流全周期动态管理要点,以及各个管理要点在三维管理体系中的主要管控节点。此外,本文还介绍实施过程中发生偏差时(相比于基准测算),年度滚动测算和季度滚动测算的管控原则。

A large number of PPP projects have entered the stage of post-investment management,and the focus of practical application offinancial models in project investment management has gradually shifted from investment decision to implementation process control.This paper introduces the three-dimensional management system offinancial model,namely benchmark measurement,annual rolling measurement,quarterly(or monthly)rolling measurement,and takes the cash inflow and outflow factors in the financial model as the starting point,in-depth analysis of the cashflow dynamic management key points that affect the investment return index,as well as the main control nodes of each management key points in the three-dimensional management system.In addition,this paper also introduces the control principles of annual rolling measurement and quarterly rolling measurement when deviation occurs in the implementation process(compared with the baseline measurement).