问题如下图:
选项:
A.
B.
C.
解释:
老师您好!结合答案解释和其它提问的回复,我觉得我对这部分的理解有很大的问题,想借此机会彻底厘清:
1、所谓名义(nominal)利率,就是市场上能够观察到的公示(stated)利率,即本题目中所列示的geometric return均为名义利率,我的理解对吗?
2、要求回报率(required rate)就是折现率,也是企业的融资成本,也能反应机会成本,我的理解对吗?
3、要求回报率也是名义利率,即市场上可观察到的公示(stated)的利率,我的理解对吗?
4、书中的公示:required interest rate on security =Nominal risk-free interest rate+risk premium,nominal risk-free interest rate=real risk-free rate+expected inflation rate都是算术形式,几何形式是(1+required interest rate on security) =(1+Nominal risk-free interest rate)(1+risk premium),(1+nominal risk-free interest rate)=(1+real risk-free rate)(1+expected inflation rate)。required rate是8%,nominal risk-free rate是2.5%,5.8%又是什么?
5、前面题目中的公示:
arithmetic :real return+inflation rate=nominal return
geometric:(1+real return)(1+inflation rate)=(1+nominal return)
5.8%是这个公示计算出来的real rate,这个real rate怎么理解?这里的nominal return和real return到底谁是required return?
我觉得自己在这里的概念有些混乱,希望老师能一次性回答我的如上问题。辛苦您了!