【中文版】

基准收益率是指投资者在投资过程中，为了规避风险而追求的最低收益率。简单来说，它代表了投资者对投资项目所要求的最低回报率。

在投资决策中，基准收益率通常被用作评估投资项目是否具有可行性的标准。投资者会根据投资项目的风险水平、资金成本、市场环境等因素来确定基准收益率。一般来说，高风险的投资项目需要更高的基准收益率来弥补其风险。

基准收益率也可以被用来比较不同投资项目之间的收益水平。通过将不同项目的基准收益率进行比较，投资者可以更好地了解各个项目的盈利前景和风险水平，从而做出更明智的投资决策。

在确定基准收益率时，投资者还需要考虑资金的时间价值、资金成本、机会成本等因素。同时，基准收益率也可能会随着市场环境和投资者风险偏好的变化而发生变化。

总之，基准收益率是投资者在投资过程中评估投资项目可行性和比较不同项目收益水平的重要工具，对于做出明智的投资决策具有重要意义。

【英文版】

Benchmark rate of return refers to the minimum rate of return that investors require in order to invest in a project, in order to compensate for the risk involved. In other words, it represents the minimum expected return on investment for the investor.

In investment decision-making, the benchmark rate of return is usually used as a criterion to evaluate the feasibility of an investment project. Investors determine the benchmark rate of return based on factors such as the project's risk level, cost of capital, market environment, etc. Generally speaking, high-risk investment projects require higher benchmark rates of return to compensate for their risk.

The benchmark rate of return can also be used to compare the收益水平 between different investment projects. By comparing the benchmark rates of return for different projects, investors can better understand the profit prospects and risk levels of each project, and make more informed investment decisions.

When determining the benchmark rate of return, investors also need to consider factors such as the time value of money, cost of capital, opportunity cost, etc. At the same time, the benchmark rate of return may also change with market conditions and investors' risk preferences.

In summary, the benchmark rate of return is an important tool for investors to evaluate the feasibility of investment projects and compare the returns between different projects. It is crucial for making informed investment decisions.