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hakulove · 2025年04月02日

Real rate of return 后面为啥要加after inflation

  1. CFA III
  2. 机构IPS

NO.PZ2019100901000015

问题如下：

The Prometheo University Scholarship Endowment (the Endowment) was established in 1950 and supports scholarships for students attending Prometheo University. The Endowment’s assets under management are relatively small, and it has an annual spending policy of 6% of the five-year rolling asset value.

Formulate the investment objectives section of the investment policy statement for the Endowment

选项：

解释：

The mission of the Prometheo University Scholarship Endowment is to provide scholarships for students attending the university. In order to achieve this mission, the Endowment must maintain the purchasing power of the assets in perpetuity while achieving investment returns sufficient to sustain the level of spending necessary to support the scholarship budget. Therefore, the investment objective of the endowment should be to achieve a total real rate of return (after inflation) of at least 6% with a reasonable level of risk.

我的理解，after inflation 不就是nominal rate of return 了吗？这样写 to achieve nominal rate of return (6% real rate of return + HEPI) 是不是更好？

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1 个答案

Lucky_品职助教 · 2025年04月02日

嗨，从没放弃的小努力你好：


“Real rate of return”后面加 “after inflation”是合理且准确的表述，和 “nominal rate of return”有本质区别，不能像你提议的那样改写。

“Real rate of return” 本身就指扣除通货膨胀影响后的回报率，强调的是资产实际购买力的增长情况。加上 “after inflation” 是进一步明确这一概念，确保表述清晰。实际回报率能真实反映资产价值的增长是否能跟上物价上涨速度，对于像 Prometheo University Scholarship Endowment 这样需要维持资产购买力以持续提供奖学金的机构来说至关重要。

“Nominal rate of return”是未考虑通货膨胀因素的回报率，它只反映了投资金额的表面增长。而 “Real rate of return” 是用 “Nominal rate of return” 减去通货膨胀率得到的，能体现资产实际的增值能力。比如，投资获得了 8% 的名义回报率，但同期通货膨胀率为 3%，那么实际回报率就是 5% 。在本题中，捐赠基金要维持资产购买力并满足 6% 的支出政策，就需要至少实现 6% 的实际回报率，而不是名义回报率。

原表述 “to achieve a total real rate of return (after inflation) of at least 6%” 明确了投资目标是在扣除通货膨胀因素后达到 6% 的回报率，这样能直接与捐赠基金维持资产购买力和满足支出需求的目标相匹配。如果写成 “to achieve nominal rate of return (6% real rate of return + HEPI)”，不仅表述复杂，还容易混淆概念，因为它没有直接针对捐赠基金真正需要的实际回报率进行设定，无法准确体现投资目标。

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