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ACCA FM知识点：实际利率和名义利率
文章来源：ACCA全球官网
发布时间：2021-10-28 15:03
阅读：1147次
实际利率(Effective Interest Rate/Real interest rate)是指剔除通货膨胀率后储户或投资者得到利息回报的真实利率。
名义利率，是央行或其它提供资金借贷的机构所公布的未调整通货膨胀因素的利率，即利息（报酬）的货币额与本金的货币额的比率。即指包括补偿通货膨胀（包括通货紧缩）风险的利率。
General inflation and specific inflation
It is important to grasp the difference between general inflation and specific inflation.General inflation is measured by a published measure,such as the eurozone Harmonised Index of Consumer Prices(HICP).Specific inflation means that specific project variables such as selling price,variable costs and fixed costs inflate at different rates,such as 5%for selling price,4%for variable costs and 6%for fixed costs.
Real and nominal costs of capital
The real cost of capital(r)and the nominal cost of capital(i)are related by general inflation(h)in the Fisher formula,provided in the examination formulae sheet:【点击免费下载>>>更多ACCA学习相关资料】
(1+i)=(1+r)(1+h)
If the real cost of capital is 4.0%and the general rate of inflation is 4.8%,the nominal cost of capital is 9.0%:
(1+0.040)(1+0.048)=1.08992 or 9.0%
Since costs of capital are normally given in nominal terms,it is more usual to calculate the real cost of capital by deflating the nominal cost of capital by the general rate of inflation:
(1+0.090)/(1+0.048)=1.04 or 4%
The calculated real cost of capital is 4%.
相关阅读：【ACCA FM知识点：通货膨胀对现金流的影响】
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