当今航运市场竞争加剧和市场格局发生了变化 ,船舶改造项目投资是适应市场变化的技术改造投资 ,应进行科学的投资决策分析 ,控制投资风险。在投资分析中 ,贴现率的选择对财务分析有举足轻重的影响 ,如何选择贴现率是十分关键的控制环节。本文从财务风险控制角度 ,详细阐述了在船改项目财务分析中 ,贴现率的构成和选择 In today’s shipping market, the competition is aggravating and the market structure has changed. Investment in ship reconstruction projects is a technological transformation investment that adapts to market changes. Scientific investment decision analysis should be conducted to control investment risks. In the investment analysis, the choice of discount rate has a decisive influence on the financial analysis. How to choose the discount rate is a crucial control link. From the perspective of financial risk control, this paper elaborates on the composition and choice of discount rate in the financial analysis of a ship-to-ship project