A Study On The Calculation Of Discount Rate In Quantitative Evaluation Of Value For Money

In order to solve the problem of lack of government funds in infrastructure construction,the state strongly encourages and supports the implementation of the PPP model.Whether or not to use PPP mode should be evaluated for value for money.In the public sector benchmarking method,it is necessary to estimate the present value of government costs under the PPP model and the traditional model,and the magnitude of the discount rate has a great influence on the present value.At present,there is no set of fixed and reasonable discount rate determination methods.The value of discount rate is different from the actual ones,so that the quantitative evaluation results of value for money are not reasonable.Based on the theory of value-for-money quantitative evaluation and discount rate,this paper analyzes the risk situation under the two models based on the data of the fourth batch of PPP demonstration projects released by the Ministry of Finance,and recognizes the different risks faced by the government under the traditional model and PPP model.PPP mode is less risky,and the discount rate of the PS value should be greater than the discount rate of the PPP value.By comparing the three methods commonly used to determine the discount rate by analyzing the quantitative evaluation of value for money,the impact of risk on the discount rate determination was introduced,and the pricing model of capital assets with risk was determined.The difference and relation between discount rate and enterprise value evaluation discount rate were analyzed,and the new model parameters were measured by reference to the determination method of enterprise value assessment discount rate.Among them,the risk-free rate of return should be based on the duration of the PPP project to select a suitable long-term national bond interest rate.With reference to the determination method of Rm,the return rate of net assets of utility is taken as the market average return rate.The value of beta is solved by reference to the comparative company law in the enterprise value assessment.A represents the proportion of risk borne by the government.In the traditional model,the government assumes all the risks of the project,so the value of A is 1.In the PPP model,the government assumes part of the risk,and the value range of A should be[ 0,1] And...Thepaper also makes an empirical study on the PPP project of Mujiagou Ecological Wetland in Xinle City,Hebei Province,and proves that the method is objective and reasonable.