第一步是尽可能精确地界定股票风险溢价的范畴。
The first step is to define the equity risk premium more exactly.
为补偿投资者所冒的市场风险，股票投资的回报率必须高于国库券，高出的幅度即称为股票风险溢价。
The extra return that the overall stock market or a particular stock must provide over the treasury bills to offset the market risks for the investors.
在世纪之交许多假设都认为是这样，因为已经兑现的股票风险溢价在过去收益很高，在未来也是如此。
At the turn of the century many assumed that, because the achieved ERP had been high in the past, it would be so in the future.
一个更为严密的论证考虑了证券的风险溢价，即投资者对持有股票所应要求的额外回报。
A more sophisticated argument revolves around the equity risk-premium, the extra return investors should demand for holding shares.
从风险溢价的历史来看，股票投资者未来的收益将会是什么呢？
Given the history of the risk premium, what will the future reward for equity investors be?
信用利差(即高于无风险利率的风险溢价)被放大到前所未有的程度，并且导致股票市场充斥着恐慌情绪。
Credit spreads-that is to say, the risk premium over and above the riskless rate of interest-widened to unprecedented levels and eventually the stock market also was overwhelmed by panic.
尽管这一数据低于历史平均水平，但仍意味着股票投资者能获得风险溢价。
Although this figure is lower than the historical average, it still means that equity investors will earn a risk premium.
在1999年购买股票的投资者并没赚到风险溢价。
Investors who bought shares in 1999 did not earn a risk premium.
如果无风险收益为零，那么全部股票收益将被当作风险溢价。
If the risk-free return is zero, then the entire return from equities will count as a risk premium.
另一种方法，看看在风险溢价来计算如何挥发的股票已与债券相比，最近的时期。
Another way to look at the risk premium is to calculate how volatile stocks have been compared with bonds over recent periods.
对于股票市场2010年的展望取决于中央银行会否退出市场，以及这对于利率和风险溢价的影响。
The outlook for stocks in 2010 depends on whether central Banks move out of the markets and what that means for interest rates and risk premiums.
结果表明，我国A股股票的实际风险溢价为负，股票市场存在较大的投机性泡沫。
Our research showed that the real risk premium of A shares was negative and there speculate bubbles in the Chinese stock market during 1997~2001.
使用四个不同的指标衡量公司的投资者基础，我们证明对于被忽视的股票而言，特质风险溢价更大，对于引人注目的股票而言，特质风险溢价更小或经济上不显著。
Using four different proxies for a firm's investor base we demonstrate that idiosyncratic risk premiums are larger for neglected stocks and smaller or economically insignificant for visible stocks.
使用四个不同的指标衡量公司的投资者基础，我们证明对于被忽视的股票而言，特质风险溢价更大，对于引人注目的股票而言，特质风险溢价更小或经济上不显著。
Using four different proxies for a firm's investor base we demonstrate that idiosyncratic risk premiums are larger for neglected stocks and smaller or economically insignificant for visible stocks.
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