爱同学2023-02-27 14:40:50
爱同学怎么理解去杠杆和加杠杆呢？为什么把βEquity转化成β资产，叫做去杠杆呢？反之又叫加杠杆？
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roushan2023-02-27 20:45:48
roushan去杠杆是指将上市公司的beta equity转换为资产beta asset。去除财务杠杆对beta的影响。
加杠杆是指根据求得的beta asset重新计算非上市公司的权益beta*equity
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为什么βequity体现了财务杠杆呢？A=E+L, 为什么βequity既体现了财务风险又体现了经营风险呢？
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equity beta 衡量的是股东所承担的风险，也就是包含财务风险的 equity risk，如果一个公司不借债，那么βasset和βequity相等。
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所以βasset包括了借债的风险和equity的风险呀，因此βasset应该大于βequity呀。。
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Unlevered beta (a.k.a. Asset Beta) is the beta of a company without the impact of debt. It is also known as the volatility of returns for a company, without taking into account its financial leverage. It compares the risk of an unlevered company to the risk of the market. It is also commonly referred to as “asset beta” because the volatility of a company without any leverage is the result of only its assets.
Levered beta (or “equity beta”) is a measurement that compares the volatility of returns of a company’s stock against those of the broader market. In other words, it’s a measure of risk, and it includes the impact of a company’s capital structure and leverage. Equity beta allows investors to gauge how sensitive a security might be to macro-market risks.
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