【摘要】 影响投资项目财务评价的关键因素是折现率。折现率的大小是衡量投资项目取舍的一般标准。根据投资评价折现率与净现值的关系，投资折现率在数量上有一个度的问题，这个度就是各投资项目的资金成本。由于投资评价折现率是投资项目可接受的最低投资收益率，按“成本效益原则”，投资项目评价应以资金成本作为评价的基准折现率。同时，在投资项目评价时还应考虑其他因素对基准折现率的修正。非盈利项目可以基准折现率作为评价的折现率，而盈利项目的评价折现率必须大于基准折现率。投资项目的风险对投资评价折现率的修正，是在基准折现率基础上加上投资风险附加率。企业应根据其投资项目所预测的财务结构和资金成本，综合考虑其他各项影响因素，确定投资评价折现率。更多还原

【Abstract】 The discount rate in financial evaluation is a critical factor evaluating an investment project by which the project is accepted or not.Based on the relation between net present value and discount rate, a degree of discount rate in quantity exists which reflects the capital cost of the project. According to cost-effectiveness principle, the capital cost should be used as a basic discount rate (BDR) because the discount rate is the lowest acceptable return rate of investment. Other factors must be considered in financial evaluation by which the BDR is revised.The BDR is used as a discount rate in financial evaluation of nonprofit projects, but the rate of profit project must exceed its BDR.The BDR should be revised both by investment risk,which implies that the additional risk rate must be added to the BDR, and by inflation factor. Enterprises should decide the discount rate by forecasting financial structure and capital cost and considering other factors influencing decision-making.更多还原