摘要：房地产投资项目具有投资金额多，投资回收期长，受政策影响大的特点，这就决定了其在取得高收益的同时不可避免地存在着较高的投资风险，因而，在进行房地产投资时，投资决策的科学与否其就成了其成功的关键。而房地产投资项目的可行性研究就是指在投资者进行项目投资活动前，对与项目有关的市场、收益、技术、法规等项目影响因素进行具体调查、研究、评估，确定有利和不利的因素，分析确定项目是否可行，评估项目经济效益和社会效益，从而项目投资主体提供决策支持意见。因此，如何减少投资决策的失误，提高房地产企业的经济效益和促进城市土地的合理使用，为项目带来更大的经济效益和社会效益，作为房地产投资决策重要依据的项目财务可行性研究就显得尤为重要。

　　　本文综合运用文献研究法、数据研究法和综合归纳法等研究方法，结合统计学、管理学和财务管理学等理论知识来进行研究工作。论文先以天润城房地产投资项目的财务可行性研究为课题，分析了项目可行性的国内外研究现状，提出了项目可行性研究的现实背景和意义，进而在阐述投资项目可行性研究相关理论的基础上，介绍了天润城房地产投资开发项目的基本情况，继而设计出项目的规划方案，然后对天润城项目进行了投资估算和财务效益分析，最后得出了财务可行性研究结论。 

关键词： 房地产；投资项目；财务可行性研究

Abstract：Real estate investment project has the investment amount, investment payback period of long, of the characteristics of big affected by policy decides that it is to achieve high yield at the same time, inevitably there is a high investment risk, therefore, in the real estate investment, investment decision-making and scientific or not is the key to its success. And real estate investment project feasibility study is to point to in before investors make investment activity, the project related market, income, technology, laws and regulations and so on factors affecting specific investigation, research, assessment, and determine the favorable and unfavorable factors, the analysis determine whether the project is feasible, economic benefit and social benefit assessment project, which provides decision-making support for project investment main body. Therefore, how to reduce the investment decision-making errors, improve the economic benefits of real estate enterprises and promote the rational use of urban land for the project to bring greater economic benefits and social benefits, as a real estate investment decision-making important basis for the project financial feasibility study is particularly important. 

　　　In this paper, the integrated use of literature research, data, method and comprehensive induction and other research methods, combined with the theory of statistics, management and financial management knowledge to carry out research work. Paper first to city tianrun real estate investment project financial feasibility study for the project, the project feasibility analysis of research status both at home and abroad, puts forward the realistic background and significance of project feasibility study, investment project feasibility study and the paper, on the basis of relevant theories, introduces the city tianrun real estate investment and development basic situation of the project, project planning and design, and then to tianrun city project investment estimation and financial benefit analysis, finally it is concluded that the financial feasibility study. 

Keywords  Real estate  Investment projects  Financial feasibility study