185****19972025-06-02 15:39:42

第一题的答案解释是：The term premium is the additional compensation investors require for holding longer-maturity bonds, which are exposed greater uncertainty in future interest rates and inflation. The term premium can be inferred from the yield curve, it cannot be directly calculated using only the spot curve. Although the spot curve provides information about the expected future interest rates, it does not isolate the term premium from other factors such as credit and liquidity risk. Therefore, the calculation of the term premium requires more than just the spot curve.上面这句话如何理解？是说用收益率曲线可以计算期限溢价。但是用即期利率不能够计算期限溢价吗？如果是的话，请解释这是为什么呀？分别举例说明。