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hmj · 2025年03月22日

请问折现率变大变小是根据什么?

NO.PZ2024010503000017

问题如下:

The term “dismal theorem” refers to the idea that:

选项:

A.potentially catastrophic outcomes should be valued to negative infinity. B.moral considerations related to future climate change warrant low discount rates. C.the probability of total civilizational collapse causes the discount rate to increase dramatically.

解释:

A is correct. The dismal theorem suggests that standard cost–benefit analysis is inadequate to deal with the potential downside losses from climate change. However small the probability, as long as we cannot completely rule out scenarios of climate-induced civilizational collapse, their expected value must be thought of as being equal to negative infinity. Economist Nicholas Stern argued that moral considerations warrant using a low discount rate when assessing future climate damages to place adequate value on the lives and welfare of future generations.

具体的知识点在哪里

1 个答案

pzqa38 · 2025年03月24日

嗨,从没放弃的小努力你好:


折现率的知识书上没具体介绍,因为这个CFA-ESG证书是默认考完CFA的学员进行的后续学习,我给您补充一下


1. 折现率与绝对估值法

① 折现率(Discount Rate)是金融和经济学中的一个重要概念,表示未来现金流的现值与其未来值之间的折扣。简单来说,折现率用于将未来的金额转换为现在的价值。折现率越高,未来现金流的现值越低;折现率越低,未来现金流的现值越高。

折现率通常出现在现金流折现模型中,用于对投资项目、金融资产、公司价值的现值评估。

② 折现现金流模型(绝对估值法)Discounted Cash Flow Model

PV:现值(Present Value)

FV:未来值(Future Value)

r:折现率(Discount Rate)

n:时间段(通常以年为单位)

③ 影响折现率的因素

影响折现率大小的核心取决于投资的风险水平,风险越高,折现率越大;风险越低,这效率越小。折现率的组成部分包括:

无风险利率

通货膨胀

投资风险溢价

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努力的时光都是限量版,加油!

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