Social discount rate:
Social discount rate is an important general parameter in the national economic evaluation of the project, which is the discount rate for calculating the net present value of the economy and the benchmark value for measuring the internal rate of return of the economy. It is the main criterion of project economic feasibility and scheme comparison.
The social discount rate represents the estimation of the opportunity cost and time value of funds from a national perspective. Using the appropriate social discount rate to evaluate the national economy of construction projects is helpful to rationally use construction funds, guide the investment direction and regulate the investment scale. Promote the rational allocation of funds between short-term and long-term projects.
According to the level of investment income, opportunity cost of capital, supply and demand of capital, reasonable investment scale and the actual situation of national economic evaluation of the project in a certain period of time in China, the social discount rate of 1994 is 12%.
Shadow exchange rate and shadow exchange rate conversion coefficient:
Shadow exchange rate, that is, the shadow price of foreign exchange, is an important general parameter for the national economic evaluation of the project. It reflects the estimation of foreign exchange value from the national perspective and is used for the conversion of foreign exchange and RMB in the national economic evaluation of the project. At the same time, it is also a criterion for economic exchange or foreign exchange cost saving. The value of shadow exchange rate directly affects the import and export selection of project comparison, and affects the selection of product import substitution projects and product export projects.
Shadow exchange rate conversion coefficient (SER) is the ratio coefficient between shadow exchange rate and floating exchange rate. In the project evaluation, the floating exchange rate is multiplied by the shadow exchange rate conversion coefficient to get the shadow exchange rate. According to China's current foreign exchange supply and demand, import and export structure and exchange cost, the conversion coefficient of shadow exchange rate is 1.08.