无风险收益率

在这种形势下，股票溢价（股票收益率超过无风险收益率的部分）变得异常之高。

In such an environment , the equity premium ( the excess return that equity produces over the risk-free rate ) has become exceptionally elevated .

信用利差是信用债券收益率超过无风险收益率的部分，是投资者承担企业违约风险而要求的超额收益率。

Credit Spread is the excess return of credit bond yield over risk-free rate , which is compensated for the default risk of the company investors bear .

EVA计算中无风险收益率指标选取方法的探讨

View on How to Choose No-Risk Return Rate in EVA Application

但是，图泽补充道，CDS的这些变化提出了三个问题：首先，现在我们真的可以把美国国债收益率视为恰当的无风险收益率吗？

But , these CDS swings , Tozer adds , raise three questions : firstly , can we really consider Treasuries an appropriate risk free rate today ?

CAPM、APT等经济模型中都使用了&无风险收益率概念，但我国目前无论在学术界还是在实务界对无风险收益率的选择都相去甚远。

Risk-free return rate is often used in CAPM , APT and other economic models , but there are many differences on how to choose it not only in scholar area but also in practical area around China .

关于我国无风险收益率选择研究

Research on Choosing Risk-free Return Rate in China

在最后，最终的步骤是找出一条，穿过无风险收益率的切线。

Then finally , the final step is to find what is the tangency line that goes through the riskless rate .

风险中性的世界是一个假想的世界，在风险中性世界中所有风险资产的预期收益率等于无风险收益率。

The world of risk neutral is an imaginary world in which the expected return rate of all risky assets equals to risk-free return rate .

并利用得到的定量关系式，讨论了投资策略与无风险收益率及风险投资期望收益率之间定性关系；

And with the quantitative relations , we study the qualitative relations between the investment strategies and riskless investment income rate and risk investment income rate .

本文提出了在借鉴美国投资者无风险收益率选择成功经验的基础上通过分析研究，努力找到符合标准并在我国适用的无风险收益率。

The article brings forward that qualified and useful risk-free return rate can be found through researching on the basis of analyzing the successful utilization in America .

但是在许多实证研究中，由于选择的业绩评价指标、市场基准收益率以及无风险收益率等参数的不统一，这使得各学者对于同一时期基金业绩表现的研究结果不一。

Due to the difference adaption of the estimation indexes such as the fiducial rate of market return and the rate of return without risk in many empirical researches , the results is quite different .

建立简单的衍生证券投资组合模型，利用HJB方程，讨论了在一定假设条件下衍生证券最优投资问题，得到相关投资策略与无风险投资收益率及风险投资期望收益率之间定量关系。

The simple portfolio investment model is given , with the HJB equation . The optimal portfolio investment problem is discussed under some given supposition , the quantitative relations are gotten between the investment strategies and riskless investment income rate and risk investment income rate are gotten .

股票收益率与无风险债券收益率之间的差被称为股权风险溢价（Rm&Rf）。

The difference between the return rate on stock and the return rate on the risk-free securities is equity risk premium Rm-Rf .

眼下应当禁止所有银行以及货币市场基金之类的存款机构支付高于无风险国债收益率的利率。

It is time to prohibit all banks and depository institutions like money market funds from paying more than the risk-free government bill rate .

就第一个问题而言，即美国国债是否真的提供了良好的“无风险”收益率，我个人认为，的确有必要从投资角度重新考虑。

On the first issue namely whether US Treasuries really offer a good " risk-free " rate I personally think that there does need to be an investment rethink .

但是除非资产经理们愿意开始囤积这种黑色的东西，否则更现实的结论是，我们可能正步入一个根本不存在真正“无风险”收益率的世界。

But unless asset managers are ready to start loading up on the black stuff , the more realistic conclusion is that we could be moving into a world where there is no real " risk free " rate at all .

在风险中性条件下，债权人要求无风险利率的收益率最大化。

On the other side , the investors ask for risk-free interest payment in the risk neutral world .

风险资产投资组合的投资资金数额的理论表达式与实证结果都表明：随着无风险资产瞬时收益率的上升，投资于风险资产组合的资金数额占目标值的比率也随之增加。

Both the theory and empirical results show that : with the increase of instantaneous rate of return of risk-free assets , the ratio that risky asset investment to target number decreases .

对于转换价格高于标的股票市场价格的可转债，用无风险债券的收益率加一定的风险溢价作为其贴现率进行贴现。

For those CBs whose underlying stock prices are lower than their conversion prices , we discount the CB with a risk-adjusted rate which is composed by the risk-free interest rate and a safety premium .

美国股市平均估值显示的实际回报率为6.5%至7%，这意味着大约4个百分点的“股票风险溢价”回报率与无风险政府债券收益率之差。

The average valuation of the US stock market corresponds to a real return of 6 ? - 7 per cent , which implies an " equity risk premium " a margin of return over risk-free government bonds of about 4 percentage points .