文章基本信息

标题：Discount rate for government projects: the case of government real estate in Estonia. Diskonteerimismäära leidmine riiklikele investeerimisprojektidele Eesti riigi kinnisvara näitel
本地全文：下载
作者：Priit Sander ; Oliver Lukason ; Kaia Kask 等
期刊名称：Discussions on Estonian Economic Policy
印刷版ISSN：1736-5597
出版年度：2011
卷号：19
期号：1
语种：English
出版社：Mattimar OÜ and Berliner Wissenschafts-Verlag GmbH
摘要：Government often faces decisions, which concern choosing between projects carrying different risk level and timing of cash flows. For calculating government real estate investment discount rate, we can apply social opportunity cost approach and derived from that the capital asset pricing model (CAPM). Several aspects have to be addressed when using CAPM: liquidity of assets, transaction costs and selection of appropriate comparative sector. Taking into account mentioned aspects, government discount rate for real estate investment in the long term investment horizon was found to be 8.9% according to CAPM. In case the lessee of real estate is government, then given discount rate overestimates payment risk level and actual discount rate should be between the price of loans taken by government and discount rate found using CAPM
关键词：government projects;discount rate;real estate;CAPM