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自1987年国家计委颁布《建设项目经济评价方法与参数》以来,煤炭拟建项目的财务预测效果均不理想,绝大多数严重亏损,投资项目无偿还能力。就煤炭井工开采项目而言,财务内部收益率达不到1985年全国煤炭开采业的平均水平(3%)。这种局面应该引起人们的关注。一、“新煤新价”在财务评价中的引入随着经济体制改革的深入,基本建设资金来源已逐步从无偿占有转变为有偿使用。国家能源投资公司作为一个经济实体,对国有资金承担着保值、增值的责任。受国家政策资金的约束,项目决策时就必然考虑投资的回收及利润的大小,从而对煤炭基建投资提出了限期偿还及保值、增值的要求。新井建设需要大笔贷款,而目前煤炭生产的实际情况和价格政策,是无法偿还这笔债务的。从而提出了对新建矿井的新煤赋予新价。“新煤新价”使新煤收入除负担煤炭生产必需的支出外,还能够偿还债务或达到某一特定的要求。
Since the State Development Planning Commission promulgated the “Method and Parameters for Economic Evaluation of Construction Projects” in 1987, the financial forecast results of proposed coal projects are not satisfactory, most of them are seriously deficient and their investment projects have no ability to repay. In the case of coal mining, the internal rate of return on finance has not reached the national average of 3% for coal mining in 1985. This situation should arouse people’s attention. I. Introduction of New Price of New Coal in Financial Evaluation With the deepening of economic restructuring, the capital of capital construction has gradually shifted from unpaid possession to paid use. As an economic entity, the State Energy Investment Corporation is responsible for the preservation and appreciation of state-owned funds. Due to the constraints of national policy funds, investment recovery and profit inevitably must be considered in the project decision-making. Therefore, the requirements for periodical reimbursement, preservation and appreciation of coal infrastructure investment are put forward. The construction of new wells requires a large loan, and the current actual situation of coal production and price policy is unable to repay the debt. It is proposed that new price should be given to new coal in new mines. “The new price of new coal” enables new revenues to be paid off or to meet certain requirements, in addition to the necessary expenditures for coal production.