国际能源投资项目基准收益率研究——基于CAPM模型  

Research on Benchmark Yieldof International Energy Investment Projects

作　　者：杨海平[1] 李慧[1] YANG Hai-ping;LI Hui(Shandong Electric Power Engineering Consulting Institute Co.Ltd.,Jinan 250013,China)

机构地区：[1]山东电力工程咨询院有限公司,济南250013

出　　处：《山东工商学院学报》2023年第5期99-105,共7页Journal of Shandong Technology and Business University

摘　　要：以国内企业自身财务数据为基础,利用变异系数模型、相关系数模型将企业对应国内能源行业的风险系数转化为以美国为基准的风险系数;进一步引入无风险收益率、市场风险溢价率、国家风险溢价率,构建国际能源投资项目资本金内部收益率基准测算模型,用于测算风电、光伏项目资本金财务内部收益率基准,为企业国际能源项目投资提供投资决策依据。Based on the financial data of domestic enterprises,the coefficient of variation model and correlation coefficient model are used to convert the risk coefficient of the corresponding domestic energy industry of the enterprise into a risk coefficient based on the United States;Further introduce risk-free return rate,market risk premium rate,and national risk premium rate,and construct a benchmark calculation model for the internal rate of return on capital for international energy investment projects.This model is used to calculate the financial internal rate of return on capital for wind power and photovoltaic projects,providing investment decision-making basis for enterprises in international energy projects.

关 键 词：CAPM模型 国家风险溢价 资本金财务内部收益率 国际投资 

分 类 号：F832.48[经济管理—金融学]