에너지․자원 및 인프라 해외사업에 대한 공공기관 예비타당성조사의 재무적 할인율 산정에 관한 탐색적 연구

[Purpose]This study examines the process of calculating the financial discount rate to be used in the preliminary feasibility study of energy, resources and infrastructure cross－border projects executed by public institutions, and presents a range of financial discount rates that can be used for policy decision making in relation to discount rate application. [Methodology]We examined each variable used in the calculation of the financial discount rate of the preliminary feasibility study, which currently focused on the domestic projects, and changed each variable to a suitable estimate in the cross－border projects and presented the financial discount rate of the feasibility study. [Findings]The financial discount rate of the preliminary feasibility study currently used is 4.5%(real, WACC basis), while the financial discount rate more appropriate for infrastructure projects ranged from 3.50 to 3.73%(real, WACC basis) and ranged from 5.72 to 7.00% in the case of energy and natural resource projects, depending on the capital structure and analysis period. [Policy Implications]It is necessary to discuss the financial discount rate separately to reflect the specificity of the investment area and industry. In comparison with the current discount rate, infrastructure business is lower and energy and resource business is higher than current level. In the preliminary feasibility study, it is necessary to make policy decision based on these considerations.