摘要
内部基准收益率(简称基准收益率)是衡量资产价值与建设项目经济价值的重要参数,其取值受宏观经济情况,市场景气程度以及行业发展水平等因素影响,随时间呈动态变化,也因项目的不同而存在差别。光伏发电属于可再生能源发电中十分重要的部分,但由于该行业发展的年限较短,光伏电站建设项目的基准收益率尚缺乏针对行业特点的测算方法。融合资本资产定价模型(CAPM)和加权平均资本成本(WACC)方法,得到适用于项目的权益资本成本和适用于具体项目的基准收益率。并以某屋顶分布式光伏电站项目为例,计算得到该项目的基准收益率为4.50%,符合当前光伏项目4%~8%的基准收益率水平,说明采用该方法计算光伏发电项目的基准收益率是可行的。
The benchmark internal rate of return is an important parameter for measuring the value of assets and the economic value of construction projects and is influenced by such factors as macroeconomic conditions,market prosperity,and industry development level.It dynamically changes over time and varies depending on the project.Photovoltaic power generation is a very important part of renewable energy generation,but the benchmark return rate of photovoltaic power station construction projects still lacks calculation methods tailored to industry characteristics due to the short development period of the industry.This paper obtains the equity capital cost applicable to the project and the benchmark internal rate of return applicable to specific projects based on the CAPM method by combining the Capital Asset Pricing Model(CAPM)and Weighted Average Cost of Capital(WACC)theory.Taking a rooftop distributed photovoltaic power station project as an example,it calculates and gets 4.50%of the benchmark internal rate of return for the project,which is in line with the current benchmark internal rate of return level of 4%to 8%for photovoltaic projects,indicating that using this method to calculate the benchmark internal rate of return for photovoltaic power generation projects is feasible.
作者
邓钰暄
冯晓丽
孙仁金
贺美
DENG Yuxuan;FENG Xiaoli;SUN Renjin;HE Mei(School of Economics and Management,China University of Petroleum(Beijing),Beijing 102249,China)
出处
《油气与新能源》
2024年第3期66-69,85,共5页
Petroleum and new energy
基金
国家自然科学基金面上项目“能源绿色转型的路径与优化:基于生态足迹的视角”(72273151)。
关键词
内部基准收益率
光伏电站
资本资产定价模型
加权平均资本成本
Benchmark internal rate of return
Photovoltaic power station
Capital asset pricing model
Weighted average cost of capital model
