无风险回报率

或许，无风险回报率的概念将不复存在，我们将需要新的资本配置模型。

Perhaps , the concept of the risk free rate will cease to exist and new models of capital allocation will be required .

资本资产定价模型认为，如果投资者承担的风险超过获得无风险回报率所需承担的风险，投资者将获得溢价。

The CAPM holds that an investor earns a premium for taking risk greater than that available from the risk-free rate .

传统的做法是将地方政府债券收益率当作无风险回报率，其beta值为零。

The convention is to use the yield on local government debt as the risk-free rate , which has a beta of zero .

除非潜在回报率高于无风险回报率，否则投资者就不会承担任何风险。

The investor would not bear any risk unless the potential rate of return is greater than the risk-free rate .

如果作为参考的无风险回报率其实是有风险的，那么资本资产定价模型和资本市场线等模型的应用可能就需要重新考虑。

If the reference risk-free rate has risk , then the application of models such as the CAPM and the CML may need revisiting .

或者信用分析师可能会认为，某些公司的信用风险比政府更低，因而经过精挑细选的公司债券可以提供必要的无风险回报率。

Or perhaps credit analysts may conclude certain companies have a lower credit risk than governments and thus selected corporate paper could provide the necessary risk-free rate .

回顾一下美英商业地产收益率与无风险回报率之间极小（或为负数）的息差，就可以清除看出，价格的回调势在必行。

Looking back at the razor-thin ( or negative ) spreads between commercial real estate yields and the risk-free rate in the US and UK , it is clear that a price correction was needed .

20年后，经通胀调整后的标准普尔指数回报率接近6%，而具有可比性的无风险国债回报率甚至不到负18%。

By 20 years out , the inflation - adjusted S & P return would be nearly 6 per cent , while the comparable risk-free T-Bill return would be worse than negative 18 per cent .

单只证券的表现不仅基于盈利趋势和预测，还取决于投资者对相关产业起落无常的信心、市场整体状况、对风险的感知，以及当前的无风险投资回报率。

The performance of individual securities is based not only on earning trends and forecasts , but on mercurial investor sentiment toward the related industry , the market as a whole , perception of risk and the current returns of risk-free investments .