风险收益率

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

此法的特点是使用一个较全风险收益率为低的租期率。

The basis of term and reversion is to use a lower rate on term .

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 .

本文通过对投资资产的经济意义分析，建立了组合投资的多目标规划模型，引入单位风险收益率求解此模型。

By analysing the economic significance of capital invested , The auther establishes a multiple object programming modelling of portfolio investment .

本文主要关注基于风险收益率的房地产投资风险评价方法研究。

The thesis is mainly concerned with research on the evaluation methodology of investment risk for real estate based on risk return rate .

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 .

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 .

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 .

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 .

给定行程速度变化系数的四杆机构设计风险收益抵换率

Design of Quick Return Mechanism s Risk - Return Tradeoff Ratio

结果发现：在同样的样本数据下，由两种模型的解描绘的风险-收益率有效前沿图非常相似；

The results show that risk-return efficient frontiers have very similar shapes .

在对不良贷款支持证券定价时采用了资本资产定价模型以确定发行证券的风险收益贴现率。

We use the capital asset pricing model to price the risk-adjusted discount rate .

其次，提出采用资本资产定价模型，确定发行证券的风险收益贴现率。

Secondly , the risk-adjusted discount rate is determined with the capital asset pricing model .

风险收益抵换率

Risk - Return Tradeoff Ratio

本文基于投资风险与收益率的关系，展开了一系列真人实验，并进行了代理人模型模拟。

We designed a series of experiments as well as an agent based model on the risk return relationship .

同时，分析了老鼠仓交易引发的投资者之间对风险资产收益率过程信念的不一致。

At the same time , analyze the difference of belief about the risk asset return process among investors .

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 .

最后，根据现金流和风险收益贴现率，研究发行证券的定价。

At last , making use of the cash-flow and the risk-adjusted discount rate , the price of the securities issued is ascertained .

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 .

并且与成熟市场不同的是，在中国市场上个体流动性风险对收益率的影响比系统流动性风险的影响要更显著。

What is different from empirical evidence in developed markets is that individual liquidity risk has more significant effect on stock return than systematic liquidity risk in both Chinese stock markets .

今年春天的一天，白宫经济学家贾里德·伯恩斯坦在向奥巴马总统作简要介绍时，深入探讨了诸如不同形式信贷风险的收益率之类的晦涩话题。

In briefing President Barack Obama one day this spring , White House economist Jared Bernstein delved into such arcane as the yields on different forms of credit relative to the risk .

国内外大量实证研究表明，风险证券收益率的分布具有厚尾特征。在这种情况下，风险证券价格的暴涨暴跌等极端事件发生的概率将比在正态分布条件下发生的概率大得多。

Many empirical researches have indicated that distributions of return of risky securities are heavy-tailed on condition of which the probability of extreme cases is much bigger than on condition of normal distribution .

股票组合和个股的检验都表明系统风险与收益率之间不存在正相关关系，β值不能解释组合和个股的风险。

The check from stock group and single stock expresses that there is no positive relation between system risk and profit ratio , and β value can not be used to explain risks of group and single stock .

最后建立了极大极小模型，给出了在此模型下开放式基金投资组合的最优解和风险资产收益率常值相关的最优解的表达式。

The last we establish the minimax model . We offer the optimum investment combination of the open fund with this model and also get the optimal portfolios on the assumption that the risk assets are constant correlated .