The Research On Risk Discount Rate Of Shaanxi Relics Tourism Project Finance

Project finance means building the funds for a specific project .It pays the investments by the benefit of itself,ensures capital risk and assumes the responsibility of return .Whether shaanxi province relics project can adopt finance means is determined by the economic strength of relics project ,and the economic strength depend on the risk discount rate .Aimed at the big size of investment,the long period return ,high risk and invedtment richness of shaanxi relics tourist project. this p aper fully demonstrates the investment envioronment of shaanxi tourism and the risk of relics tourist project,Through campming project finance and traditional financing ,it measures the rate of returns for risk investment of shaanxi relics tourist project.The risk discount rate of shaanxi relics tourist project finance is based on the theory of capital asset pricing model ,and accorded with capital market joined in the project .Founded upon the research of risk-free rate(Rf) ,capital market average advantage rate (Rm),risk coefficient (β) and etc. This discount is the basic payoff that can reflect risk and earning in relics tourist project correctly.To define this risk discount rate has a practical significance for large relics tourism project ,Also ,it is instructive to the negotirfim befor the project ,the control of risk periold of exercise and the completion of the project.