A Study of the Assessment Process of the Reasonable Discount Rate for the Public Infrastructure Capital Budgeting
|關鍵字:||折現率;公共建設;投資風險;discount rate;public infrastructure project;investment risk|
The discount rate is one of the most important factors to establish the capital budgeting of public infrastructure investment project. It usually takes the gauge of the self-liquidation ability and BOT privatization feasibility for considerations. However, the related executive institutions frequently employ different evaluation methods to calculate the discount rate and different discount rates are applied. The regulators wish to have objective evaluation criterion to assess the projects. Therefore, it is necessary to have an objective evaluation process of the discount rate for the public infrastructure capital budgeting relating to the market interest rate level. The public infrastructure investments are classified into three types in this study by their performance characteristics. The first type is the projects that could internalize the external benefits by users？HH？HH payments, i.e., the self-liquidated ones. The second type is the infrastructure projects that provide services to the public and might collect the payments through nonprofit organizations. The third type is the infrastructure investment plans that must be totally financing from governments. The study is trying to establish the objective assessment processes of the reasonable discount rate for the capital budgeting of public infrastructure investment concerning the investment risk characteristics and capital intensity of the aforementioned three types.
|Appears in Collections:||Research Plans|
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