公共投资决策过程中社会贴现率的确定  

The Determination of Social Discount Rate in the Process of Public Investment Decision-making

作　　者：尚卫平[1] 黄耀军[2] 

机构地区：[1]南京经济学院统计系,江苏南京210003 [2]厦门大学财金系,福建厦门361005

出　　处：《财经研究》2002年第7期64-67,74,共5页Journal of Finance and Economics

摘　　要：社会贴现率的确定是决定公共投资项目能否正确取舍的关键环节。现有的两种方法—资本的社会机会成本方法和社会时间偏好率方法 ,试图从不同的角度来得到社会贴现率 ,但都不甚理想。而市场利率由于在偏好揭示、利率形成、风险报酬等方面的缺陷 ,又不能直接替代社会贴现率。所以 ,现实的选择是 :以资本的社会机会成本方法为指导 ,设法算出私人消费与投资的比例及税收的影响 ,再通过加权平均的方式算出社会贴现率。The determination of the social discount rate is a key step in choosing a public investment project. Neither of the two existing ways--the social opportunity cost of capital and the social time preferences, which try to determine the social discount rate from different angles, is satisfactory. The market rate of interest can not directly substitute the social discount rate for its defect on preference revealing, interest forming, the reward of risk, etc. So, a realistic choice is to work out the proportion of private consumption to private investment and the affection of revenue, with the guidance of the way of the social opportunity cost of capital, and then to get the social discount rate by calculating the weighted mean.

关 键 词：公共投资决策过程 社会贴现率 机会成本 时间偏好 确定 

分 类 号：F830.59[经济管理—金融学]