【作者】 李昊；

【导师】 刘亚铮；

【作者基本信息】 中南大学 ， 技术经济及管理， 2003， 硕士

【摘要】 作为投资效果评价的比较和计算基础，折现率直接影响了项目经济评价的结论，间接影响了项目投资效果的实现，从而开展折现率设定的研究既具有重大的现实意义，也具有一定的学术价值。 本文围绕项目经济评价中折现率设定这一中心议题，以技术经济理论及其它相关理论为基础，运用“提出问题——分析问题——解决问题”的逻辑方法，首先阐明问题研究的背景和思路，评述折现率设定的理论和方法。其次，就折现率设定现状进行总结和归纳，据此从折现率的计算、选择和调整三个角度对折现率设定中存在的问题和原因做出了系统分析。在此基础上，综合全文研究，提出了在项目经济评价中应以动态的观点和方法合理设定折现率的主张，设计了一个财务折现率设定程序，对财务折现率的效益风险和筹融资风险的调整和社会折现率的改进做出了探析。更多还原

【Abstract】 The discounting rate which acts as the basis of comparison and calculation in evaluating the investment result produces a directly effect on the conclusion of the economic evaluation of investment result and an indirectly effect on the achievement of the investment result. So then, carrying about the research on the discounting rate’s setting is of both academic and practical value.This paper synthesizes the theories of techno-economics and other methods and applies the syllogism to analyze how to set the discounting rate rationally in the economic evaluation of investment result. First, it looks into the backgrounds and the trains, then commentaries the theories of the discounting rate’s setting; Second, based on an summary of the discounting rate’s present conditions, it makes a systematic research on the matters and causes exiting in the process of setting the discounting rate from the angles of calculating, selecting and adjusting; Grounded in all this theories and analysis, this paper concludes that dynamic method and point should be adopted in setting the discounting rate rationally in the economic evaluation of investment effects and designs an program to set the discounting rate . It then discusses how to adjust the discounting rate through an insight into the loaning and price variation risk, and makes an analysis on the social discounting rate.更多还原