Research On Benchmark Rate Of Return In Wind Power Investment Projects

In the energy strategic planning released by the Ministry of science and technology,the focus of new energy development in the future was locked in the four major industries,that is,nuclear power,wind power,solar energy and biomass energy.As one of the most potential new energy sources,not only does the wind power play an important role in the diversification of energy security and energy supply,but also play a significant role in economic growth,air pollution control and greenhouse gas emission reduction.Thus,wind power has become one of the main driving factors leading renewable energy power.At present,many investment projects in our country are concentrated in the new energy field.Moreover,global energy shortages,environmental pollution and other issues more drama new energy investment boom.Benchmark rate of return,as an important index of the project financial evaluation,plays a essensial role in the macro and micro investment decisions.At the macro level,the benchmark rate of return is an important economic lever,it is much higher,the less feasible project;given it lower,the more feasible project.At the micro level,the benchmark rate of return,a measure of investment in the program evaluation criteria,is of great significance in the dynamic evaluation of investment projects.When the financial internal rate of return of construction project is greater than or equal to the benchmark rate of return,it is considered that the project is economically feasible.In the calculation of net present value and annual cost of the project,the benchmark rate of return is regarded as the discount rate.For decision making of the independent scheme,the net present value or the internal rate of return is often used.This paper intends to use CAPM and OJ model to measure the cost of equity capital in wind power investment projects,and then use the weighted average cost of capital to calculate the benchmark rate of return.Then combined with the relevant financial data of the wind power industry listed companies in recent years,calculate the benchmark rate of return of wind power investment projects,so that to provide a strong investment decision-making basis for wind power investment in the future,and put forward relevant suggestions.