03 // 双向 STEM 与金融计算器 // 金融理财、企业估值与 SAAS 指标计算器ER = Rf + β × (Rm - Rf)

资本资产定价模型 (CAPM) 预期收益计算器

利用 CAPM 公式 ER = Rf + β(Rm - Rf) 求解股权预期回报率、无风险利率、贝塔系数 β 或市场回报率。

ER = Rf + β × (Rm - Rf)

选择要计算的未知量（或直接在任意输入框中输入数值）：当前求解: E(R) (%) — Expected Cost of Equity

Expected Cost of Equity计算结果

CAPM required annual return in percent

135

Risk-Free Rate

10-year sovereign Treasury yield in percent

015

Asset Beta

Systematic covariance sensitivity relative to the market index

-14

unit

Expected Market Return

Expected total annual return on the broad equity market

325

计算结果 · Expected Cost of Equity (E(R) (%))

10.6

分步代入计算过程

01Canonical Law: ER = Rf + β × (Rm - Rf)

02Given Inputs (Base Units): Rf (%) = 4.2, β = 1.28, Rm (%) = 9.2

03Solve for E(R) (%) (Expected Cost of Equity): E(R) (%) = 10.6

The Capital Asset Pricing Model (CAPM) prices an asset's required return ER as the sum of the risk-free rate Rf plus systematic beta exposure β multiplied by the equity market risk premium (Rm - Rf).

常见参考标准值

Market Index Benchmark (β = 1.0)E(R) = Rm

Broad market portfolio carries beta of exactly 1.00

Equity Risk Premium (Rm - Rf)4.5% – 5.5%

Damodaran implied US equity risk premium range

Defensive Consumer / Utilitiesβ = 0.45 – 0.75

Lower cyclicality reduces required cost of equity

20 行数值对照表

Expected Cost of Equity (E(R) (%)) · Risk-Free Rate (Rf (%))

对比变量：

Capital Asset Pricing Model (CAPM) Calculator — Risk-Free Rate → Expected Cost of Equity
#	Risk-Free Rate (Rf (%))	Expected Cost of Equity (E(R) (%))	Δ %
01	1.554	11.3409	+6.99%
02	1.8635	11.2542	+6.17%
03	2.1729	11.1676	+5.35%
04	2.4824	11.0809	+4.54%
05	2.7919	10.9943	+3.72%
06	3.1014	10.9076	+2.90%
07	3.4108	10.821	+2.08%
08	3.7203	10.7343	+1.27%
09	4.0298	10.6477	+0.45%
10	4.2 当前	10.6	0.00%
11	4.6487	10.4744	-1.19%
12	4.9582	10.3877	-2.00%
13	5.2677	10.301	-2.82%
14	5.5772	10.2144	-3.64%
15	5.8866	10.1277	-4.46%
16	6.1961	10.0411	-5.27%
17	6.5056	9.9544	-6.09%
18	6.8151	9.8678	-6.91%
19	7.1245	9.7811	-7.73%
20	7.434	9.6945	-8.54%

这个工具对您有帮助吗？

常见问题解答 (FAQ)

如何使用在线资本资产定价模型 (CAPM) 预期收益计算器工具？+

输入已知参数或拖动滑块，即可在浏览器中实时计算并可视化资本资产定价模型 (CAPM) 预期收益计算器（基于关系式 ER = Rf + β × (Rm - Rf)）。利用 CAPM 公式 ER = Rf + β(Rm - Rf) 求解股权预期回报率、无风险利率、贝塔系数 β 或市场回报率。

可以导出或打印资本资产定价模型 (CAPM) 预期收益计算器的结果吗？+

可以。支持一键复制数据、打印计算工作表或导出高清 SVG、PNG 和 CSV 文件。

我可以清空资本资产定价模型 (CAPM) 预期收益计算器中的示例数据并从空白状态开始吗？+

可以。点击工具顶部的“清空 / 空白开始”按钮即可重置所有输入项，随时也可一键重新加载示例数据。