本文選題：新能源 + 基準收益率�。� 參考：《華北電力大學(xué)》2013年碩士論文

【摘要】：隨著我國經(jīng)濟體制的不斷變革,企業(yè)投資決策主體地位逐漸確立,投資決策的正確與否對企業(yè)至關(guān)重要。在企業(yè)決策的過程中,通常使用凈現(xiàn)值和內(nèi)部收益率方法作為依據(jù)。以上兩種方法都涉及到基準收益率這個參數(shù),它是項目財務(wù)內(nèi)部收益率指標的基準和判據(jù),也是企業(yè)判斷項目是否可行的重要依據(jù),因此基準收益率的測算和選取就顯得尤為重要。 《建設(shè)項目經(jīng)濟評價方法與參數(shù)》(第三版)中雖然公布了主要行業(yè)的基準收益率,但為了更好的指導(dǎo)企業(yè)進行準確的投資決策,企業(yè)應(yīng)在行業(yè)基準收益率的基礎(chǔ)上,結(jié)合外部經(jīng)濟現(xiàn)狀與企業(yè)發(fā)展戰(zhàn)略,確定符合企業(yè)實際的基準收益率。目前我國企業(yè)投資項目很多都集中在新能源領(lǐng)域,全球性能源短缺、環(huán)境污染等問題更加劇了新能源的投資熱潮。投資者要取得新能源投資的成功,必須做出正確的決策,首要問題就是科學(xué)確定新能源投資項目的決策依據(jù)——基準收益率。故本文圍繞新能源投資項目,就基準收益率的確定方法進行研究,為新能源投資和管理提供參考依據(jù)。 本文首先介紹了國內(nèi)外基準收益率的研究現(xiàn)狀,接著對項目投資決策理論基礎(chǔ)進行了回顧。其中,重點回顧了項目財務(wù)評價方法的演變及其發(fā)展,分析了基準收益率的影響因素及其常用測算方法,包括資本資產(chǎn)定價模型法、加權(quán)平均資金成本法、典型項目模擬實測法和德爾菲專家調(diào)查法,并研究比較了這些方法的優(yōu)缺點,為新能源投資項目基準收益率的測算奠定理論基礎(chǔ)。然后本文從新能源投資的特點出發(fā),提出了適用于新能源投資項目的測算方法,構(gòu)建了相應(yīng)的測算模型。在此基礎(chǔ)上,通過分析國債利率,對無風(fēng)險收益率進行了測算；利用股票市場上市公司的數(shù)據(jù),測算出了市場平均風(fēng)險投資收益率和行業(yè)風(fēng)險系數(shù)；采用風(fēng)險等級法確定了風(fēng)險報酬率,最終對新能源投資項目的基準收益率進行了合理測算,并就基準收益率提出了相應(yīng)的建議。
[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.
【學(xué)位授予單位】：華北電力大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F424.7

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本文編號：1987338