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全球电信产业曾经历从1G到3G的技术变革,即将跨入4G时代。在金融领域里,随着金融基础设施的不断完善和全球金融市场的发展,作为金融风险定价最关键的一环——无风险利率,也在经历从1G到3.5G的演进。无风险利率演进路径的国际经验能够给我国金融改革以借鉴和启示。无风险利率是基准利率体系关键一环尽管在金融市场发展初期,证券定价就需要确定适当的利率对现金流进行折现,但由于市场尚不完
The global telecommunications industry has experienced technological changes from 1G to 3G and is about to enter the 4G era. In the financial field, with the continuous improvement of the financial infrastructure and the development of the global financial market, the risk-free interest rate, which is the most critical part of the financial risk pricing, is also experiencing an evolution from 1G to 3.5G. The international experience of the path of evolution of risk-free interest rate can give reference and inspiration to China’s financial reform. Risk-free interest rate is a key part of the benchmark interest rate system Although the early stages of financial market development, securities pricing needs to determine the appropriate interest rate discounted cash flow, but because the market is not complete