项目经济评价中的环境价值——基于现金流量折现模型的理论探讨

Discussion on Environmental Value in the Projects Appraisement——Based on the Cash Flow Discounting Model

该文主要探讨了在项目评价的时点上引入包含环境价值的财务完全价格的意义和时段上折现率的理论问题;讨论了项目评价中如何协调社会折现率理论上的伦理层面和经济层面之间的矛盾,最后提出应摒弃单一的综合社会折现率,将环境因素与非环境因素视为两个不同的经济部门分别采用不同的折现率处理,采用两部门的净现值加和来作为项目决策的判据。

This paper focuses on the significance of introducing the full price, which includes the environmental value, into the project appraisement, and the theory of social discounting rate. In addition, the paper also discusses how to coordinate the ethic factor and economic factor of the theory of social discounting rate. Finally, it points out that the comprehensive and single social discounting rate should be discarded in the project appraisement, the environmental and non - environmental factors should be treated as two different economic sections in the same project, and the sum of the NPV of the two departments should be adopted as the basis to make the decision.