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Reading 5 The Time Value of Money Los a: Interpret interest rates as required rate of return, discount rate, or opportunity cost; 对于利率的不同角度的理解 均衡利率是投资者要求的必要收益率 Equilibrium interest rates are the required rate of return for a particular investment, in the sense that the market rate of return is the return that investors and savers require to get them to willingly lend their funds. 利率也称为折现率 Interest rates are also referred to as discount rates and, in fact, the terms are often used interchangeably. If an individual can borrow funds at an interest rate of 10%, then that individual should discount payments to be made in the future at that rate in order to get their equivalent value in current dollars or other currency. 利率也可以看成是放弃当前消费的机会成本 Interest rates can also be viewed as the opportunity cost of current consumption. If the market rate of interest on one-year securities is 5%, earning an additional 5% is the opportunity forgone when current consumption is chosen rather than saving (postponing consumption). Los b: Explain an interest rate as the sum of a real risk-free rate, expected inflation, and premiums that compensate investors for distinct types of risk; 实际无风险利率名义无风险利率 实际无风险利率在一段时间内无通货膨胀和无风险情况下的利率。或者可以这样理解：在物件不变从而购买力不变的情况下 无风险利率，或是在有通货膨胀下扣除通胀补偿后的利率。 名义无风险利率是包含对通胀补偿的利率。 设一个国家的商品只有大米，年初大米1.00元/斤，年末大米1.50元/斤. 设年初借款1000元，年末还款1500元，在不考虑违约风险情况下，求其名义利率和实际利率。这个例子中，通胀率是50％ 名义利率＝ 1500/ 1000-1=50% 实际利率＝ (1500/1.50)/(1000/1.00)-1=0% 实际利率与名义利率之间的关系 注意，上述公式是近似的公式，在期望通胀率比较小的时候是适用的。精确的公式如下： 1+ nominal risk-free rate=(1+ real risk-free rate )×(1+ expectation of inflation rate) 下面再来看风险的类型 风险的概念 风险是指在一定条件下和一定时期内可能发生的各种结果的变动程度。一个事物的结果有两种以上，这个事物就是有风险的。 风险的特点 1、风险是事件本身的不确定性，具有客观性。特 定投资风险大小是客观的，而是否去冒风险是主观的。 2、风险的大小随时间的延续而变化，是“一定时期内”的风险 3、风险和不确定性有区别，但在实务领域里都视为“风险”对待。 4、风险可能给人们带来收益，也可能带来损失。人们研究风险一般都从不利的方面来考察，从财务的角度来说，风险主要是 指无法达到预期报酬的可能性 三种风险 (1) Default risk is the risk that a borrower will not m