海外油气项目国别基准收益率研究  

Research on Country-specific Benchmark Rate of Return for Overseas Oil and Gas Projects

作　　者：米楠 Mi Nan(SINOPEC Economics&Development Research Institute Company Limited,Beijing 100029,China)

机构地区：[1]中国石化集团经济技术研究院有限公司,北京100029

出　　处：《当代石油石化》2022年第5期11-15,共5页Petroleum & Petrochemical Today

摘　　要：我国原油对外依存度逐年增加,开展高质量的国际能源合作仍是今后的主要趋势,然而在海外油气投资中风险与机遇并存。因此,海外油气项目经济评价中基准收益率指标愈发重要,不同国家的油气项目承担的风险不同,相应地,不同国家的油气项目基准收益率指标应根据其国别风险水平而变化。文章首先从定性角度论述了国别风险产生的原因,并分析短期内在五大区域油气资源丰富的国家投资油气项目将面临的中高等级的国别风险;其次从定量角度,沿袭加权平均资本成本法(WACC)法的思路,测算各国国别风险溢价,由此得到各国股权投资和全投资基准收益率的测算模型。China's dependence on foreign crude oil has been increasing year by year.The development of high-quality international energy cooperation is still the main trend in the future.However,risks and opportunities coexist in overseas oil and gas investment.Therefore,benchmark yield indicators in the economic evaluation of overseas oil and gas projects are becoming more and more important.Oil and gas projects in different countries bear different risks.Correspondingly,the benchmark yield indicators of oil and gas projects in different countries should be different according to their country risk levels.At present,the indicators should be refined further.This paper first analyzes the causes of country risks from a qualitative perspective,and analyzes the medium and high-level country risks that will be faced by investing in oil and gas projects in the five regions with rich oil and gas resources in the short term.From a quantitative point of view,this paper follows the WACC method to estimate the country-specific risk premium,and obtains the calculation model of the country-specific benchmark yield indicators of equity investment and the total project investment.

关 键 词：海外投资 油气行业 经济评价 基准收益率 

分 类 号：F416.22[经济管理—产业经济]