股权风险溢价

为此，本文将研究中国股权风险溢价问题。

This paper will study the Chinese equity risk premium .

A股市场股权风险溢价的历史及启示

Enlightenment of Equity Risk Premium of A - shares

野村（Nomura）驻香港亚洲策略师、全球股票策略主管库尔茨（MichaelKurtz）指出，股权风险溢价目前远高于长期均值。股权风险溢价是股票收益率与国债等风险较低的资产收益率的差额。

Michael Kurtz , Asia strategist and head of global equity strategy at Nomura in Hong Kong , points out that the equity risk premium , which measures the return offered by stocks compared with less-risky assets such as Treasurys , is far higher than its long-term average .

股权风险溢价是股票价格水平的决定性因素。

An Empirical Analysis of Influencing Factors of Listed Company Equities Transfer Premium ;

非有效市场股权风险溢价的确定&基于投入产出分析

Determination of Equity Risk Premium in An Inefficient Market : Based on Input-output Analysis

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 .

本文首先分析了股权风险溢价的产生以及理论解释，然后在此基础上讨论了测算中国股权风险溢价时应该注意的问题。

This article first analyzes the emergence of equity risk premium and its theoretical explanation . Then , it discusses relating problems when calculating Chinese equity risk premium .

这样的结果可以通过展示来丰富理论，作为改善环境风险管理的金融市场的信号，公司的投资是一个相对较小风险，值得更适合的债务结构和较低的股权风险溢价。

Such findings should enrich theory by showing that improved environmental risk management signals the financial markets that the firm represents a less risky investment that deserves less expensive debt and lower equity risk premiums .

然而，如果全球储蓄过剩发生逆转，而日益上升的投资需求成为世界经济的长期特征，那么股权风险溢价可能就没有什么收缩的空间。

Yet if the global savings glut goes into reverse while rising investment demand becomes an enduring feature of the world economy , there may be little room for risk premiums on equities to shrink .

其次，鉴于上述理论在国外良好的实用性，我们进一步讨论这些国外的理论在研究中国股票市场股权风险溢价时的实用性，并得出这些理论应用于中国股票市场的局限性；

Secondly , whereas these theories are applied very well abroad , I will discuss the practicability of these theories when we use in Chinese stock market , then I will draw a conclusion that there is some localization when these theories are applied in Chinese stock market .