CAJ | 학술논문

当前，建筑节能服务公司在实施基于合同能源管理的建筑节能项目过程中存在一个主要障碍，就是建筑节能服务公司和客户在如何确定项目的节能效益分享期限上很难达成共识。合同能源管理模式下的建筑节能项目运行期的确定既要考虑节能服务公司的利益，还要考虑项目移交给客户后的节能收益。从风险和收益角度出发，针对节能项目经营期（即合同期）和项目移交给客户后的经营期两个阶段，分别采用了不同的贴现率，对节能服务公司的净现值计算采用了基于CAPM模型确定的风险校正贴现率，而对客户的净现值分析则采用考虑银行贷款利率和通货膨胀率的贴现率。在此基础上，构建了建筑节能服务公司的项目经营期决策模型，为科学合理地确定节能项目的经营期提供了理论基础。
당전，건축절능복무공사재실시기우합동능원관리적건축절능항목과정중존재일개주요장애，취시건축절능복무공사화객호재여하학정항목적절능효익분향기한상흔난체성공식。합동능원관리모식하적건축절능항목운행기적학정기요고필절능복무공사적이익，환요고필항목이교급객호후적절능수익。종풍험화수익각도출발，침대절능항목경영기（즉합동기）화항목이교급객호후적경영기량개계단，분별채용료불동적첩현솔，대절능복무공사적정현치계산채용료기우CAPM모형학정적풍험교정첩현솔，이대객호적정현치분석칙채용고필은행대관리솔화통화팽창솔적첩현솔。재차기출상，구건료건축절능복무공사적항목경영기결책모형，위과학합리지학정절능항목적경영기제공료이론기출。
At present, Building Energy Management Corporation and its customers, the two sides find it hard to agree on the period of sharing the energy-saving benefit under the energy performance contracting. To determine the operation period of energy - saving projects involves considering both the BEMCo＇s operating income and the consumer＇s energy-efficient benefits under the energy performance contracting. Both from risks and benefits, this paper proposes employing two different discount rates respectively for the two stages before and after the transfer of energy-saving projects. BEMCo＇s NPV is calculated by referring to risk-adjusted discount rate which is based on CAPM, and consumer＇s NPV is calculated on discount rate which is estimated by taking account of loan interest rate and rate of inflation. On this basis, a calculating model for energy-saving project operation period is established. The research results can be used to help Building Energy Management Corporation to determine a reasonable energy - saving project operation period.