Risk Premium Là Gì


What is a mặc định Risk Premium?

A mặc định risk premium is effectively the difference between a debt instrument’s interest rate và the risk-free rate. The default risk premium exists khổng lồ compensate investors for an entity’s likelihood of defaulting on their debt.

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What determines the default risk premium?

Default risk premiums essentially depend on a company or an individual’s creditworthiness. There are a variety of factors that determine creditworthiness, such as the following:

Credit history

If a person or company has regularly made interest payments on time on past obligations, it signals to lenders that the entity is trustworthy. If the entity has taken on incremental debt obligations (i.e., increasing amounts of debt every time debt was taken on) và managed lớn stay on đứng đầu of interest payments, lenders will consider the entity more trustworthy as well.

A good credit history inclines lenders to lớn allow the entity to lớn borrow more money, và at lower interest rates. Because the entity’s probability of default is relatively low, the default risk premium charged will be correspondingly low. The opposite is also true. A poor credit history will make lenders demand a higher default risk premium.

Liquidity và profitability

Lenders may also examine an entity’s financial position. For example, if a business is applying for a loan from a bank, the bank might examine some of the business’ recent financial statements. If the business seems to lớn be generating reliable month-over-month revenue, effectively managing costs & producing profits, banks are more inclined khổng lồ charge a lower mặc định risk premium.

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Examining the business’ balance sheetand cash flow statement provides insight into the business’ liquidity and ability khổng lồ meet monthly interest payment obligations. Conversely, poor liquidity & profitability will solicit a higher mặc định risk premium.

Asset ownership

Assets make borrowers attractive khổng lồ banks, as the loans can be collateralized against them. For example, if a business owns a $5-million building và would lượt thích to take on a $5 million loan to finance its operations, a bank might use the building as collateral. In such a situation, the bank would be able lớn claim ownership of the building in the event that the business was no longer able to make the loan repayments.

Collateralization commonly underpins mortgage agreements. Banks can take ownership of a property if the borrower fails to lớn make the loan payments. Owning lots of collateralizable assets usually enables borrowers lớn secure larger loans, but may not directly affect the mặc định risk premium.

What are the components of an interest rate?

From the perspective of a bond investor, the minimum required returnhe/she will expect is equal lớn the sum of the following:


Default Risk Premium – compensates investors for the business’ likelihood of defaultLiquidity Premium – compensates investors for investing in less liquid securities such as bondsMaturity Premium – compensates investors for the risk that bonds that mature many years into the future inherently carry more risk

More resources

CFI offers the Financial Modeling & Valuation Analyst (FMVA)™ certification program for those looking khổng lồ take their careers khổng lồ the next level. Khổng lồ learn more about related topics, kiểm tra out the following CFI resources:

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