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ACCA FM知识点：股权风险溢价

文章来源：ACCA全球官网

发布时间：2021-11-10 15:31

阅读：505次

研究并没有找到资本市场的平均回报E(rm)，而是集中于寻找(E(rm)–Rf)的合适值，即资本市场平均回报与风险之间的差值——免费回报率。这种差异称为股权风险溢价，因为它代表投资于股权（整个资本市场上的股票）而不是投资于无风险资产所需的额外回报。

The equity risk premium

Rather than finding the average return on the capital market,E(rm),research has concentrated on finding an appropriate value for(E(rm)–Rf),which is the difference between the average return on the capital market and the risk-free rate of return.This difference is called the equity risk premium,since it represents the additional return required for investing in equity(shares on the capital market as a whole)rather than investing in risk-free assets.

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In the short term,share prices can fall as well as increase,so the average capital market return can be negative rather than positive.To smooth out short-term changes in the equity risk premium,a time-smoothed moving average analysis can be carried out over longer periods of time,often several decades.In the UK,when applying the CAPM to shares that are traded on the UK capital market,an equity risk premium of between 3.5%and 4.8%appears reasonable at the current time(Watson,D.and Head,A.(2016)Corporate Finance:Principles and Practice,7th edition,Pearson Education Limited,Harlow p266).

相关阅读：【ACCA FM知识点：资本资产定价模型】

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