摘要
本文将有风险的投资项目的收益率看成由无风险利率和风险报酬率两部分组成,首先描述了项目未来现金流的不确定性,接着从资金时间价值角度给出项目收益率的定义。由于考虑了资金的时间价值,所以折现率被引入到标准离差率中,成为表示项目风险的一个参数。基于传统风险调整方法的思路,我们建立了含有风险报酬率的项目收益率经验方程,从而找到适合该项目的折现率,并利用该折现率模拟计算项目的净现值。
The rate of return for risky investment can be divided into two parts： the riskless rate and the risk premium. This pa- per firstly describes the uncertainty of the net cash flow of the risky investment, then defines the rate of return of risky invest- ment. After the risk-adjusted discount rate is introduced into a calculation of the coefficient of variation, this paper builds an empirical equation including the rate of return for the risky investment based on the traditional risk-adjusted method. By solv- ing the equation, we can calculate the risky-adjusted discount rate and the net present value of the risky investment.
出处
《投资研究》
北大核心
2013年第5期149-156,共8页
Review of Investment Studies
基金
2013年北京第二外国语学院校级项目支持(13Bb014)
关键词
风险报酬率
折现率
净现值
Risk premium
Discount rate
Net present value
