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坏呼呼嘿嘿 · 2023年07月06日

请问这题知识点是啥？

  1. 其他

NO.PZ2022122601000063

问题如下：

Minglu Li is an analyst for REDD and specializes in the consumer credit industry. Last year (2012), Li and her team gathered data to determine the expected return for the industry, shown in Exhibit 1.


After considering a number of approaches, Li and her team decided to use the bond-yield-plus-risk-premium method. Based on Exhibit 1 and the method used by Li's team, the expected return for the consumer credit industry in 2012 was closest to:

选项：

A.12.4%

B.12.2%

C.12.8%

解释：

Correct Answer: B

The bond-yield-plus-risk-premium method sets the expected return to the yield to maturity on along-term government bond plus the equity risk premium (12.2% = 3.8% + 8.4%).

中文解析：

债券收益+风险溢价法是指长期政府债券到期时的预期收益率加上股票风险溢价(12.2% = 3.8% + 8.4%)。

请问这题知识点是啥？

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4 个答案

源_品职助教 · 2024年01月15日

嗨，努力学习的PZer你好：



因为bond-yield-plus-risk-premium方法的起点是要一个偏向无风险的债券资产的收益。

4.4对应的是2A的公司债，还有一定的信用风险，所以不选。


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源_品职助教 · 2023年07月11日

嗨，从没放弃的小努力你好：


因为bond-yield-plus-risk-premium的标的就是BOND

所以要选BOND对应的收益率。

2%是一个短期的真实收益率，类似BILL,而非BOND


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wangyihan · 2024年01月13日

这一题为什么没有选择4.4呢

源_品职助教 · 2023年07月10日

嗨，爱思考的PZer你好：


就本题而言，只需要知道股权的BUILDING BLOCK方法是先找出到债券的收益率，然后加上各种股票相对于债券的风险溢价，便能得到要求回报率。

本题中，把股票相对于债券多出的收益率直接给到我们了，就是8.4%

所以用3.8% + 8.4%即可。

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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！

坏呼呼嘿嘿 · 2023年07月10日

为什么用3.8% 不是2%

源_品职助教 · 2023年07月07日

嗨，从没放弃的小努力你好：


这题是用BUILDING BLOCK的方法计算债券的收益率

对应讲义P116开始的内容。

只不过本题思路比较简单，把所有类型的风险意见看做了一个整体8.4%

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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！

坏呼呼嘿嘿 · 2023年07月09日

麻烦给详细解释一下这知识点

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