基于WACC的电力能源投资评价体系研究

Research on Investment Evaluation System for Power Energy Based on Weighted Average Cost of Capital

现行电力行业项目投资评价体系主要参考2006年颁布的《建设项目经济评价方法与参数》(第三版),投资评价标准过于单一,没有反映市场风险和项目自身风险带来的影响,不适用于市场化经济进程。通过分析资本资产定价模型(CAPM)中无风险收益率、市场预期收益率、风险系数等影响因素,确定权益资本成本。根据项目融资方案,确定债务资本成本,利用加权平均资本成本(WACC)模型,构建基于加权平均资本成本的电力能源投资评价体系,用于测算燃煤、燃机、光伏、风电、水电等多种电力能源类型的项目资本金内部收益率和项目投资内部收益率基准。以光伏项目为例,展示国内不同区域投资评价指标计算过程,并与同行业企业进行指标对比分析,整体符合市场实际。研究结果可应用于经济增加值和平准化度电成本计算,为项目投资决策提供依据和参考。

The current project investment evaluation system for power industry mainly refers to the Economic Evaluation Methods and Parameters of Construction Projects(the third edition) issued in 2006.This single investment evaluation standard does not reflect the impact of market risks and project risks,so it is not suitable for the process of market-oriented economy.The cost of equity capital is determined by analyzing the factors of risk-free rate of return,market expected rate of return and risk coefficient in the capital asset pricing model(CAPM).The cost of debt capital is determined according to project financing plan,and the weighted average cost of capital(WACC) model is used to build an investment evaluation system for power energy based on the weighted average cost of capital to calculate the benchmark internal rate of return of project capital and internal rate of return of project investment for various types of power energy such as coal power,gas power,photovoltaic,wind power and hydropower.Photovoltaic project is taken as an example to show the calculation process of investment evaluation indexes in different regions in China,and the indexes are in line with market reality through the comparison with those of the enterprises in the same industry.The research results can be applied to the calculation of economic value added and levelized cost of energy,providing basis and reference for project investment decision.