新能源投资项目基准收益率确定方法研究

发布时间：2018-06-06 16:14

本文选题：新能源 + 基准收益率　；参考：《华北电力大学》2013年硕士论文

【摘要】：随着我国经济体制的不断变革,企业投资决策主体地位逐渐确立,投资决策的正确与否对企业至关重要。在企业决策的过程中,通常使用净现值和内部收益率方法作为依据。以上两种方法都涉及到基准收益率这个参数,它是项目财务内部收益率指标的基准和判据,也是企业判断项目是否可行的重要依据,因此基准收益率的测算和选取就显得尤为重要。《建设项目经济评价方法与参数》(第三版)中虽然公布了主要行业的基准收益率,但为了更好的指导企业进行准确的投资决策,企业应在行业基准收益率的基础上,结合外部经济现状与企业发展战略,确定符合企业实际的基准收益率。目前我国企业投资项目很多都集中在新能源领域,全球性能源短缺、环境污染等问题更加剧了新能源的投资热潮。投资者要取得新能源投资的成功,必须做出正确的决策,首要问题就是科学确定新能源投资项目的决策依据——基准收益率。故本文围绕新能源投资项目,就基准收益率的确定方法进行研究,为新能源投资和管理提供参考依据。本文首先介绍了国内外基准收益率的研究现状,接着对项目投资决策理论基础进行了回顾。其中,重点回顾了项目财务评价方法的演变及其发展,分析了基准收益率的影响因素及其常用测算方法,包括资本资产定价模型法、加权平均资金成本法、典型项目模拟实测法和德尔菲专家调查法,并研究比较了这些方法的优缺点,为新能源投资项目基准收益率的测算奠定理论基础。然后本文从新能源投资的特点出发,提出了适用于新能源投资项目的测算方法,构建了相应的测算模型。在此基础上,通过分析国债利率,对无风险收益率进行了测算；利用股票市场上市公司的数据,测算出了市场平均风险投资收益率和行业风险系数；采用风险等级法确定了风险报酬率,最终对新能源投资项目的基准收益率进行了合理测算,并就基准收益率提出了相应的建议。
[Abstract]:With the constant change of our country's economic system, the status of the main body of the enterprise's investment decision is gradually established, and whether the investment decision is correct or not is of great importance to the enterprise. The method of net present value (NPV) and internal rate of return (IRR) are usually used in the process of enterprise decision. The above two methods both involve the parameter of benchmark rate of return, which is the benchmark and criterion of project financial internal rate of return, and is also the important basis for enterprises to judge whether the project is feasible or not. Therefore, the measurement and selection of the benchmark rate of return is particularly important. The methods and parameters of Economic Evaluation of Construction projects (3rd Edition) published the benchmark return rate of major industries, but in order to better guide enterprises to make accurate investment decisions, enterprises should base on the industry benchmark rate of return. Combined with the external economic situation and enterprise development strategy, to determine the actual enterprise benchmark rate of return. At present, many investment projects of Chinese enterprises are concentrated in the field of new energy, global energy shortage, environmental pollution and other problems have exacerbated the new energy investment boom. If investors want to succeed in new energy investment, they must make a correct decision, and the most important problem is to scientifically determine the decision basis of new energy investment projects-the benchmark return rate. Therefore, this paper focuses on the new energy investment project, and studies the method of determining the benchmark rate of return, which provides a reference for the investment and management of new energy. This paper first introduces the research status of benchmark rate of return at home and abroad, and then reviews the theoretical basis of project investment decision. Among them, the evolution and development of project financial evaluation methods are reviewed, and the influencing factors of benchmark rate of return and their commonly used calculation methods are analyzed, including capital asset pricing model method, weighted average capital cost method. The typical project simulation measurement method and Delphi expert investigation method are studied and compared, and the advantages and disadvantages of these methods are compared, which lays a theoretical foundation for the calculation of the benchmark return rate of new energy investment projects. Then, according to the characteristics of new energy investment, this paper puts forward the calculation method suitable for new energy investment projects, and constructs the corresponding calculation model. On this basis, the risk-free rate of return is calculated by analyzing the interest rate of national debt, and the market average return rate of venture capital and the industry risk coefficient are calculated by using the data of listed companies in the stock market. The risk return rate is determined by using the risk grade method, and the benchmark return rate of the new energy investment project is calculated reasonably, and the corresponding suggestions on the benchmark return rate are put forward.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F424.7

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