关键词: 项目久期, 融资结构久期, 现金流, 利率风险

Abstract: The degree of matching between project investment and financing is not only related to the cost of project capital, but also reflects the hedging of interest rate risk of the project. Based on the concept of bond duration, this paper proposes the concept and calculation method of project duration and financing structure duration. Taking the investment and financing of a specific project as a case study, this paper carries on the investment and financing duration matching, each stage cash flow matching evaluation to the bond financing scheme drawn up by the case company for the independent project, and finds the financing cost optimization space from the market interest rate curve, and finds the optimized financing scheme from the investment and financing duration difference and the investment and financing cash flow difference. This concludes that the matching of project duration and financing structure duration is an important means to reduce the interest rate risk of the project;and the financing structure should be selected by synthesizing the duration of financing structure and the duration of project, and the size of cash flow.

Key words: project duration, financing structure duration, cash flow, interest rate risk