基于实际PPP项目评判经验,发现以金融机构同期贷款利率作为资金成本率并与测算的项目内涵报酬率进行比较,因为两指标存在非对等关系,会误导项目财务可行性评判。为解决上述非对等关系,探索提出项目内涵成本率概念。以项目内涵成本率为基准,评判本项目内涵报酬率及项目财务可行性。 Based on the actual experience of PPP project evaluation, we find that the loan interest rate of the same period of the financial institution is used as the capital cost rate and compared with the measured project’s intrinsic rate of return. Because the two indexes have non-reciprocal relations, they will mislead the project’s financial feasibility assessment. In order to solve the above non-reciprocal relationship, this paper explores the concept of cost-rate of project connotation. Based on the connotation cost rate of the project, the connotation rate of return on the project and project financial feasibility are judged.