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Maxy · 2023年04月07日

请问ERP全称是什么来着，麻烦B解释一下多谢~

  1. CFA II
  2. Corporate Issuers

NO.PZ2022101402000003

问题如下：

Which of the following statements concerning cost of capital factors is least likely correct?

选项：

A.

Developed economies typically have more established, liquid capital markets with greater capital availability than those of developing economies.

B.

The ERP demanded by investors tends to increase during recessions and decrease during expansionary times.

C.

The lower a company’s marginal income tax rate, the greater the tax benefit associated with using debt in the capital structure.

解释：

C is correct.

The higher a company’s marginal income tax rate, the greater the tax benefit associated with using debt in the capital structure

如题

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王琛_品职助教 · 2023年04月10日

嗨，从没放弃的小努力你好：


1

ERP 的全称是 Equity risk premium 股权风险溢价，是指投资者持有高风险的权益类资产，相比于无风险资产，所要求的针对市场的系统性风险的风险补偿，ERP = Rm - rf

请参考基础班讲义墨迹版 P124

2

选项 B 说：投资者要求的 ERP，在经济衰退时往往会增加，在扩张时期则会减少

说法正确，可以从风险补偿的角度理解

经济衰退，投资权益类资产的风险增加，所以要求的风险补偿增加

经济扩张，投资权益类资产的风险减少，所以要求的风险补偿减少

请参考基础班讲义墨迹版 P90

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

白泽 · 2024年04月13日

所以要求的ERP和ERP不一样，经济衰退的时候，ERP减少，但要求的ERP 增加

王琛_品职助教 · 2024年04月15日

嗨，从没放弃的小努力你好：


@白泽

所以要求的ERP和ERP不一样，经济衰退的时候，ERP减少，但要求的ERP 增加

1

也可以这么分析

ERP 实际上有两种理解角度

2

这道题是分析影响 ERP 的因素，我们站在「要求回报率」 required return 的角度理解

如果是使用历史估计法计算 ERP，我们则要站在「实际报酬率」 realized return 的角度理解

详细分析，也请参考：https://class.pzacademy.com/qa/125618

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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