投资项目风险、外部性与投资资本内部定价

从业绩评价角度,以委托代理理论作为分析工具,研究投资项目风险、外部性对投资资本内部定价的影响。研究结论表明:投资资本的最优内部"价格"与用于决策的企业资本成本一般不同,投资项目风险、外部性对其有重要影响;当平均投资收益率等于边际投资收益率时,只有投资项目风险对投资资本内部定价有影响;投资失败的赔偿制相比有限责任制,会减弱投资项目风险和外部性对投资资本"定价"的影响。这一研究为正确地制定投资资本的内部价格和合理地评价投资业绩提供了理论基础。

Risk of the Investment Project,Externality and the Inner Pricing of the Investment Capital

The paper studies the impacts that risk of the investment project and the externality makes on the inner pricing of the investment capital from the angle of performance evaluation on the basis on theory of trust-agency.Finally it obtains the conclusions that:(1) the optimal inner price which differs from the cost of capital of the decision-making to large extent affected by the risk of the investment project and externality;(2) only the risk of investment project has an effect on the inner pricing of the investment capital when the average earning rate of investment is equal to marginal earning rate of the investment;(3) compared with the regime of limited responsibility,the compensation regime of the failure investment will reduce the impact that the investment project and externality makes on the pricing of investment capital.This research provides the theoretical foundation for correctly making the internal pricing decision of investment capital and rationally evaluating the investment performance.