贴现率原是用未到期的票据向银行融通资金时,银行扣取自贴现日至到期日之间的利息率。经济学家将贴现率用来衡量未来收入和支出折算成现值的一个桥梁。贴现率越高,则同样一元钱发生在将来的收入或支出折算成今天的货币价值就越小;在经济学中贴现率是一个中性概念,它的高低是市场上对货币的供需形势及中央银行的货币政策决定的,并无所谓好坏。
而市场利率由于在偏好揭示、利率形成、风险报酬等方面的缺陷,又不能直接替代社会贴现率。
The market rate of interest can not directly substitute the social discount rate for its defect on preference revealing, interest forming, the reward of risk, etc.
该工程的经济内部收益率为13.41%,大于社会贴现率12%,所以该工程在经济上是合理的。
Its economic internal rate of return is 13.41%, larger than its social discount rate 12%, therefore, the project is economically rational.
从理论上说,这种贴现率代表着社会对现在消费的贴水。
Ideally, the discount rate represents the premium that the society puts on present consumption.
应用推荐