公共项目决策的财务指标及风险修正研究

随着国民经济的发展,公共项目投资再采用传统财务指标进行决策,已不能满足公共项目投资的实际需求。为此,此文在阐述公共项目传统财务指标的基础上,针对传统财务决策指标存在的假设条件与实际情况不符、缺乏对项目变更权利的考虑、选取折现率忽略了项目的不确定性缺陷进行分析与研究,提出风险修正的财务决策指标,即风险大小的度量、对折现率的风险修正及风险修正的NPV计算。并通过实例验证采用风险修正的财务决策指标对公共项目投资进行决策更加有效。

Research on the Public Project Decision- making Financial Index and Risk Modification

With the development of national economy, it can＇ t satisfy the needs of public investment projects if to make decisions use the traditional financial indicators. Therefore, in this paper, based on expounding the public project traditional financial indicators, it analyzed and researched the problem that inconformity of assumptions and reality in traditional financial decision index, lack of consideration for project change right, defects of ignoring the project uncertainty when selecting the discount rate, proposed financial decision -making index for the risk revision, namely the size of risk measure and the correction of pack now rate and risk modified NPV calculation. Risk revised financial decision index is more effective for public project investment decision making is verified through the example.