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risk free rate

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问题如下：

A company that wants to determine its cost of equity gathers the following information:

Using the capital asset pricing model (CAPM) approach, the cost of equity (%) for the company is closest to:

选项：

A.12.6%. B.7.5%. C.13.1%.

解释：

Solution

C is correct. CAPM: Cost of equity = Risk-free rate + Beta × Market risk premium = 3.5% + 1.6 × (6.0%) = 13.1%

The 10-year risk-free rate is appropriate based on the long-term duration of the cash flows from the project.

B is incorrect. Deducting the risk-free rate from the market risk premium would lead to:

3.5% + 1.6 × (6.0% – 3.5%) = 7.5%

A is incorrect. If the 90-day T-Bill rate is used as the risk-free rate, the answer will be:

3.0% + 1.6 × (6.0%) = 12.6%

这里的无风险利率为什么用3.5，题目里也没提到是long term project呀

嗨，从没放弃的小努力你好：

这道题其实考的有点细了，而且出的不太好，不是典型题目，咱了解一下即可

出题人是根据原版书 P12 最后一段文字改编的题目

原文是讨论 CAPM 公式中无风险利率的选取原则

一般情况，无风险利率的选取，应该结合所评估项目的期限

"In general, the selection of the appropriate risk-free rate should be guided by the duration of projected cash flows"

比如，现在要评估一个年限 10 年的项目，那么就选取 10 年期国债的利率，作为无风险利率，去计算股权成本

"for the evaluation of a project with an estimated useful life of 10 years, the rate on the 10- year Treasury bond would be an appropriate proxy to use."

即国债的期限，要和评估项目的年限匹配

但是出题人改编题目时，应该是忘了提到，项目的期限是 10 年这一重要条件

所以咱们看解析，其实也是从这个角度在解释

一般情况下，考查 CAPM，直接根据公式计算即可，不会在无风险利率这里出陷阱

这道题既然 Practise Exam 里涉及了，咱们做过题目了解即可

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

risk free rate

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