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1、成本收益分析Cost-BenefitAnalysisPublicFinanceMcGraw-Hill/Irwin©2005TheMcGraw-HillCompanies,Inc.,AllRightsReserved.IntroductionCost-benefitanalysisisasetofpracticalproceduresforguidingpublicexpendituredecisions.FutureValue（终值）：PresentDollarsintotheFutureSupposeyouinvest$100today
2、inthebank...Attheendofyear1,itisworth(1+.05)x$100,or$105Attheendofyear2,itisworth(1+.05)x$105,or$110.25Theinterestcompoundsovertime,thatis,theinterestisalsoearninginterest.FutureValue: PresentDollarsintotheFutureDefineR=initialinvestmentamountr=rateofreturnoninvestmentT=y
3、earsofinvestmentThefuturevalue(FV，终值)oftheinvestmentis:PresentValue（现值）: FutureDollarsintothePresentSupposesomeonepromisestopayyou$100oneyearfromnow.Whatisthemaximumamountyoushouldbewillingtopaytodayforsuchapromise?PresentValue: FutureDollarsintothePresentThepresentvalueo
4、fafutureamountofmoneyisthemaximumamountyouwouldbewillingtopaytodayfortherighttoreceivethemoneyinthefuture.PresentValue: FutureDollarsintothePresentDefineR=amounttobereceivedinfuturer=rateofreturnoninvestmentT=yearsofinvestmentThepresentvalue(PV)oftheinvestmentis:PresentVa
5、lue: FutureDollarsintothePresentInpreviousequation,risoftenreferredtoasthediscountrate（贴现率）,and(1+r)-Tisthediscountfactor（贴现因子）.Finally,considerapromisetopayastreamofmoney,$R0today,$R1oneyearfromnow,andsoon,forTyears.PresentValue: FutureDollarsintothePresentPresentvalueis
6、anenormouslyimportantconceptA$1,000,000payment20yearsfromnowisonlyworthtoday:$376,889ifr=.05$148,644ifr=.10PrivateSectorProjectEvaluation私人部门的项目评估Supposetherearetwoprojects,XandY.Eachentailscertainbenefitsandcosts,denotedasBX,CX,BY,andCY.Needtoask:Istheprojectadmissible（可
7、行）?Istheprojectpreferable（最好）?PrivateSectorProjectEvaluationAdmissible:Arethebenefitsgreaterthanthecosts?Preferable:Arethenetbenefitsthehighest?Mostprojectsinvolveastreamofbenefitsandcostsovertime.PrivateSectorProjectEvaluationDefine:BenefitsfromprojectiattimetCostsfrompr
8、ojectiattimetThenthepresentvalueofprojectiis:PrivateSectorProjectEvaluationThepresentvaluecriter
