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1·This paper will study the Chinese equity risk premium.

为此，本文将研究中国股权风险溢价问题。

2·The first step is to define the equity risk premium more exactly.

第一步是尽可能精确地界定股票风险溢价的范畴。

3·This article first analyzes the emergence of equity risk premium and its theoretical explanation. Then, it discusses relating problems when calculating Chinese equity risk premium.

本文首先分析了股权风险溢价的产生以及理论解释，然后在此基础上讨论了测算中国股权风险溢价时应该注意的问题。

4·They argued that the equity-risk premium, as the name suggests, was a reward for risk and could not be guaranteed.

他们辨称股权风险溢价就像这个名字所提示的是一种高风险带来的高收益，是不确定的。

5·The UK National Institute highlights a higher price for risk, which would increase the effective cost of capital, involving a higher equity premium in the stock market.

英国国家经济社会研究院(National Institute of Economic and Social Research)则强调了风险价格的上升——这会增加资本的有效成本，包括股市溢价上升。

6·A more sophisticated argument revolves around the equity risk-premium, the extra return investors should demand for holding shares.

一个更为严密的论证考虑了证券的风险溢价，即投资者对持有股票所应要求的额外回报。

7·A higher risk premium for the equity market has already been priced in.

股市已将更高的风险溢价计入股价中。

8·Given the history of the risk premium, what will the future reward for equity investors be?

从风险溢价的历史来看，股票投资者未来的收益将会是什么呢？

9·Although this figure is lower than the historical average, it still means that equity investors will earn a risk premium.

尽管这一数据低于历史平均水平，但仍意味着股票投资者能获得风险溢价。

10·Asset pricing is considered as the core of modern finance; it involves puzzles such as the equity premium puzzle and the risk-free rate puzzle, which have attracted an extensive research interest.

资产定价既是现代金融的核心，也是许多困惑之所在，其中最著名的就是股权溢价之谜和无风险利率之谜。