摘要
国际石油合作项目中基准收益率的确定方法探讨大多数聚焦于综合考虑油气公司本身的资金成本和国家风险溢价,而针对项目特有风险溢价的探讨相对较少。如果不区分项目所处阶段、是否担任作业者、能否发挥集团或国家优势、资金占用情况、销售风险和财税稳定性条款,在同一国家均采用相同的基准收益率则略显得科学性不足。从海外项目本身特点出发,纳入以上影响因素,以中国国有油气企业境内开发项目为参照,探索海外项目宏观和微观层面风险溢价的确定方法,以提高海外油气项目的投资决策水平。
Most of the discussions on the determination methods of the hurdle rate of return in international oil cooperation projects focus on the comprehensive consideration of the capital cost of oil and gas companies and the country risk premium,while the discussion on the project specific risk premium is relatively less.It is not scientific to apply the same hurdle rate of return in the same country without distinguishing project stage,operator or not,group or country advantage,capital availability,sales risk,and fiscal stability terms.Based on the characteristics of overseas projects and the domestic development projects of state-owned oil and gas enterprises in China,this paper explores the determination method of risk premium both at macro and micro levels to improve the investment decision-making level of overseas oil and gas projects.
作者
姚维晶
YAO Weijing(China National Offshore Oil Corporation Research Institute Ltd.)
出处
《国际石油经济》
2021年第5期86-92,共7页
International Petroleum Economics
关键词
海外油气投资
基准收益率
国家风险溢价
项目特有风险溢价
overseas oil&gas investment
hurdle rate of return
country risk premium
specific risk premium of project
