股票风险溢价 Equity Risk Premium Gupiao fengxian yijia 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。国库券为政府发行的短期债券，风险极低，其回报率被视为可代表无风险投资回报率。
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.
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