经济因素对项目投资效益的影响

THE EFFECT OF ECONOMIC FACTORS ON THE PROJECT INVESTMENT

对于投资和风险都大的投资项目，可以用投资收益率（ＲＯＩ）法评价其回收效益。本文以房产投资项目为例分析了各种经济因素对ＲＯＩ的影响。结果表明：对项目的ＲＯＩ正影响最大的是杠杆率，其次是折旧期和折旧率；对项目的ＲＯＩ负影响最大的是项目寿命，其次是借贷利率；企业所得税税率的影响不定；而股息率的影响则是很小的。

The return on investment(ROI) can be used for evaluating the return of the project with large investment and risk. This paper based on a real estate analyses the effect of various economic factors on the ROI. The results show: the biggest positive factor effect on the ROI is the leverage rate, then the depreciation period and the discount rate; the biggest negative factor effect on the ROI is the project life, the following one is the debt rate: the effect of tax rate is uncertain, and the effect of the dividend rate is negligible.