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ACCA FM知识点：无风险收益率

文章来源：ACCA全球官网

发布时间：2021-11-10 15:23

阅读：771次

在现实世界中，没有无风险资产这样的东西。短期政府债务是一种相对安全的投资，但在实践中，它可以作为无风险资产的可接受替代品。

为确保数据的一致性，在将CAPM应用于在英国资本市场上交易的股票时，英国国库券的收益率被用作无风险收益率的替代。请注意，这里使用的是国库券的收益率，而不是国库券的利率。国库券的收益率（有时称为到期收益率）是国库券的债务成本。

由于CAPM应用于给定的金融体系，无风险收益率（短期政府债务的收益率）将根据所考虑的国家资本市场而变化。无风险收益率也不是固定的，而是会随着经济环境的变化而变化。

The risk-free rate of return

In the real world,there is no such thing as a risk-free asset.Short-term government debt is a relatively safe investment,however,and in practice,it can be used as an acceptable substitute for the risk-free asset.

To ensure consistency of data,the yield on UK treasury bills is used as a substitute for the risk-free rate of return when applying the CAPM to shares that are traded on the UK capital market.Note that it is the yield on treasury bills which is used here,rather than the interest rate on treasury bills.The yield on treasury bills(sometimes called the yield to maturity)is the cost of debt of the treasury bills.

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Because the CAPM is applied within a given financial system,the risk-free rate of return(the yield on short-term government debt)will change depending on which country’s capital market is being considered.The risk-free rate of return is also not fixed,but will change with changing economic circumstances.

相关阅读：【ACCA FM知识点：资本资产定价模型】

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