摘要
资产评估行业内对无风险收益率的测算缺乏统一规范,不同的样本选择和收益率计算规则选取会导致测算结果出现一定差异,引起相关监管部门的关注。本文首先明确折现率中无风险收益率测算原则,然后从无风险资产、国债种类、到期收益率计算规则和到期收益率采用成交价的时间范围等四个方面,论述了估算无风险收益率时应该遵循的规范。另一方面,文章对无风险收益率现行的两种主要估算方法,即传统平均法和收益曲线法进行了对比分析,总结了两类测算方法各自的比较优势,厘清了两者存在差异的原因,为评估人员在实务中的操作提供参考。
It is unfortunately that there is so far lack of unified regulation on the estimating of risk-free return rate in China appraisal industry.Different ways of sample selections and calculating rules regarding the estimation of risk-free rate may lead to certain great differences in arriving at the final results,which has brought great concerns from relevant regulatory authorities.This article,however,firstly clarifies some basic principles regarding the riskfree return rate estimating measurement in the discount rate,and then discusses the standardized procedure from four aspects,that should be followed when estimating risk-free return rate which including risk-free assets determination,types of treasury bonds selected,rules for calculating yield to maturity rate and the time range for adopting transaction price for calculating yield to maturity rate.On the other hand,the article compares and analyzes the two main estimation methods of risk-free return rate,namely the“Traditional Average Method”and“The Yield Curve Method”,summarizes the comparative advantages of the two measurement methods,elucidates the reasons to produce differences between them,and expect to provides guideline reference for practical appraisal operation.
作者
张懿
赵强
赵林
刘剑桥
Zhang Yi;Zhao Qiang;Zhao Lin&Liu Jianqiao(China Alliance Appraisal Co.,Ltd.,Beijing 100073)
出处
《中国资产评估》
2021年第7期51-56,64,共7页
Appraisal Journal of China
关键词
无风险收益率
测算方法
risk-free return rate
estimation method
