投资决策中基本折现率的确定及其调整

探讨了公司在项目投资决策中折现率的确定问题。提出了在公司项目投资决策中确定折现率应该采取的步骤:运用资本资产定价模型得到基本折现率,在此基础上考虑特定风险、股东要求的最低收益率、融资限额等因素,对基本折现率进行调整和改进,从而得到进行项目投资决策需要的财务折现率。

Establishment and modification of the basal discount r ate for investment decision-making

The paper discusses how to decide the discount rate when a company is making an investment decision. It points out the steps the companies should adopt when they want to fix the discount rate during the stage of investment decision. Firstly, the article points out that the basal discount rate can be established on the basis of the CAPM model. Furthermore, the article suggests that the basal discount rate should be adjusted and mended according to such elements as the specific risks of the specific items, the Hurdle Rate, the restriction to the sums of money. Then, the discount rate used for decision-making is finally established.