股票风险溢价(ERP)

Country 国家 GDP (十亿为单位) 穆迪评级 调整后违约利差 股票风险溢价(ERP) 国家风险溢价 企业所得税率
Abu Dhabi 阿布扎比 415.00 Aa2 0.56% 6.65% 0.69% 55.00%
Albania 阿尔巴尼亚 13.04 B1 5.08% 12.21% 6.25% 15.00%
Andorra (Principality of) 安道尔公国() 3.01 Baa2 2.15% 8.60% 2.64% 10.00%
Angola 安哥拉 124.21 B3 7.34% 14.99% 9.03% 30.00%
Argentina 阿根廷 637.59 B2 6.21% 13.60% 7.64% 30.00%
Armenia 亚美尼亚 11.54 B1 5.08% 12.21% 6.25% 20.00%
Aruba 阿鲁巴岛 3.00 Baa1 1.80% 8.18% 2.22% 25.00%
Australia 澳大利亚 1,323.42 Aaa 0.00% 5.96% 0.00% 30.00%
Austria 奥地利 416.60 Aa1 0.45% 6.51% 0.55% 25.00%
Azerbaijan 阿塞拜疆 40.75 Ba2 3.39% 10.13% 4.17% 20.00%
Bahamas 巴哈马群岛 12.16 Baa3 2.48% 9.02% 3.06% 0.00%
Bahrain 巴林 35.31 B2 6.21% 13.60% 7.64% 0.00%
Bangladesh 孟加拉国 249.72 Ba3 4.06% 10.96% 5.00% 25.00%
Barbados 巴巴多斯 4.80 Caa3 11.28% 19.83% 13.87% 30.00%
Belarus 白俄罗斯 54.44 B3 7.34% 14.99% 9.03% 18.00%
Belgium 比利时 492.68 Aa3 0.68% 6.80% 0.84% 29.00%
Belize 伯利兹 1.84 B3 7.34% 14.99% 9.03% 28.21%
Benin 贝宁 9.27 B1 5.08% 12.21% 6.25% 30.00%
Bermuda 百慕大 6.20 A2 0.96% 7.14% 1.18% 0.00%
Bolivia 玻利维亚 37.51 Ba3 4.06% 10.96% 5.00% 25.00%
Bosnia and Herzegovina 波斯尼亚和黑塞哥维那 18.17 B3 7.34% 14.99% 9.03% 10.00%
Botswana 博茨瓦纳 17.41 A2 0.96% 7.14% 1.18% 22.00%
Brazil 巴西 2,055.51 Ba2 3.39% 10.13% 4.17% 34.00%
Bulgaria 保加利亚 56.83 Baa2 2.15% 8.60% 2.64% 10.00%
Burkina Faso 布吉纳法索 12.87 B2 6.21% 13.60% 7.64% 28.00%
Cambodia 柬埔寨 22.16 B2 6.21% 13.60% 7.64% 20.00%
Cameroon 喀麦隆 34.80 B2 6.21% 13.60% 7.64% 33.00%
Canada 加拿大 1,653.04 Aaa 0.00% 5.96% 0.00% 26.50%
Cape Verde 佛得角 3.20 B2 6.21% 13.60% 7.64% 28.00%
Cayman Islands 开曼群岛 1.90 Aa3 0.68% 6.80% 0.84% 0.00%
Chile 智利 277.08 A1 0.79% 6.94% 0.98% 26.00%
China 中国 12,237.70 A1 0.79% 6.94% 0.98% 25.00%
Colombia 哥伦比亚 309.19 Baa2 2.15% 8.60% 2.64% 33.00%
Congo (Democratic Republic of) 刚果(民主共和国) 37.24 B3 7.34% 14.99% 9.03% 35.00%
Congo (Republic of) 刚果共和国) 8.72 Caa2 10.16% 18.46% 12.50% 28.00%
Cook Islands 库克群岛 1.20 B1 5.08% 12.21% 6.25% 0.00%
Costa Rica 哥斯达黎加 57.06 B1 5.08% 12.21% 6.25% 30.00%
Côte d’Ivoire 科特迪瓦 40.39 Ba3 4.06% 10.96% 5.00% 25.00%
Croatia 克罗地亚 54.85 Ba2 3.39% 10.13% 4.17% 18.00%
Cuba 古巴 81.60 Caa2 10.16% 18.46% 12.50% 24.00%
Curacao 库拉索岛 1.00 A3 1.35% 7.63% 1.67% 22.00%
Cyprus 塞浦路斯 21.65 Ba2 3.39% 10.13% 4.17% 12.50%
Czech Republic 捷克共和国 215.73 A1 0.79% 6.94% 0.98% 19.00%
Denmark 丹麦 324.87 Aaa 0.00% 5.96% 0.00% 22.00%
Dominican Republic 多米尼加共和国 75.93 Ba3 4.06% 10.96% 5.00% 27.00%
Ecuador 厄瓜多尔 103.06 B3 7.34% 14.99% 9.03% 25.00%
Egypt 埃及 235.37 B3 7.34% 14.99% 9.03% 23.00%
El Salvador 萨尔瓦多 24.81 Caa1 8.46% 16.37% 10.41% 30.00%
Estonia 爱沙尼亚 25.92 A1 0.79% 6.94% 0.98% 20.00%
Ethiopia 埃塞俄比亚 80.56 B1 5.08% 12.21% 6.25% 30.00%
Fiji 斐济 5.06 Ba3 4.06% 10.96% 5.00% 20.00%
Finland 芬兰 251.88 Aa1 0.45% 6.51% 0.55% 20.00%
France 法国 2,582.50 Aa2 0.56% 6.65% 0.69% 33.00%
Gabon 加蓬 14.62 Caa1 8.46% 16.37% 10.41% 30.00%
Georgia 乔治亚州 15.16 Ba2 3.39% 10.13% 4.17% 31.00%
Germany 德国 3,677.44 Aaa 0.00% 5.96% 0.00% 15.00%
Ghana 加纳 47.33 B3 7.34% 14.99% 9.03% 25.00%
Greece 希腊 200.29 B3 7.34% 14.99% 9.03% 29.00%
Guatemala 危地马拉 75.62 Ba1 2.82% 9.43% 3.47% 25.00%
Guernsey (States of) 根西岛(的状态) 0.50 Aa3 0.68% 6.80% 0.84% 0.00%
Honduras 洪都拉斯 22.98 B1 5.08% 12.21% 6.25% 25.00%
Hong Kong 香港 341.45 Aa2 0.56% 6.65% 0.69% 16.50%
Hungary 匈牙利 139.14 Baa3 2.48% 9.02% 3.06% 9.00%
Iceland 冰岛 23.91 A3 1.35% 7.63% 1.67% 20.00%
India 印度 2,597.49 Baa2 2.15% 8.60% 2.64% 35.00%
Indonesia 印尼 1,015.54 Baa2 2.15% 8.60% 2.64% 25.00%
Iraq 伊拉克 197.72 Caa1 8.46% 16.37% 10.41% 15.00%
Ireland 爱尔兰 333.73 A2 0.96% 7.14% 1.18% 12.50%
Isle of Man 英国属地曼岛 7.40 Aa2 0.56% 6.65% 0.69% 0.00%
Israel 以色列 350.85 A1 0.79% 6.94% 0.98% 23.00%
Italy 意大利 1,934.80 Baa3 2.48% 9.02% 3.06% 24.00%
Jamaica 牙买加 14.77 B3 7.34% 14.99% 9.03% 25.00%
Japan 日本 4,872.14 A1 0.79% 6.94% 0.98% 30.86%
Jersey (States of) 泽西岛(的状态) 1.00 Aa3 0.68% 6.80% 0.84% 20.00%
Jordan 约旦 40.07 B1 5.08% 12.21% 6.25% 20.00%
Kazakhstan 哈萨克斯坦 159.41 Baa3 2.48% 9.02% 3.06% 20.00%
Kenya 肯尼亚 74.94 B2 6.21% 13.60% 7.64% 30.00%
Korea 韩国 1,530.75 Aa2 0.56% 6.65% 0.69% 25.00%
Kuwait 科威特 120.13 Aa2 0.56% 6.65% 0.69% 15.00%
Kyrgyzstan 吉尔吉斯斯坦 7.56 B2 6.21% 13.60% 7.64% 10.00%
Latvia 拉脱维亚 30.26 A3 1.35% 7.63% 1.67% 20.00%
Lebanon 黎巴嫩 51.84 B3 7.34% 14.99% 9.03% 15.00%
Liechtenstein 列支敦斯登 6.70 Aaa 0.00% 5.96% 0.00% 12.50%
Lithuania 立陶宛 47.17 A3 1.35% 7.63% 1.67% 15.00%
Luxembourg 卢森堡 62.40 Aaa 0.00% 5.96% 0.00% 26.01%
Macao 澳门 62.40 Aa3 0.68% 6.80% 0.84% 12.00%
Macedonia 马其顿 50.36 Ba3 4.06% 10.96% 5.00% 10.00%
Malaysia 马来西亚 314.50 A3 1.35% 7.63% 1.67% 24.00%
Maldives 马尔代夫 4.60 B2 6.21% 13.60% 7.64% 0.00%
Malta 马耳他 12.54 A3 1.35% 7.63% 1.67% 35.00%
Mauritius 毛里求斯 13.34 Baa1 1.80% 8.18% 2.22% 15.00%
Mexico 墨西哥 1,149.92 A3 1.35% 7.63% 1.67% 30.00%
Moldova 摩尔多瓦 8.13 B3 7.34% 14.99% 9.03% 12.00%
Mongolia 蒙古 11.49 B3 7.34% 14.99% 9.03% 33.00%
Montenegro 黑山共和国 4.77 B1 5.08% 12.21% 6.25% 9.00%
Montserrat 蒙特塞拉特 1.50 Baa3 2.48% 9.02% 3.06% 27.98%
Morocco 摩洛哥 109.14 Ba1 2.82% 9.43% 3.47% 31.00%
Mozambique 莫桑比克 12.33 Caa3 11.28% 19.83% 13.87% 32.00%
Namibia 纳米比亚 13.24 Ba1 2.82% 9.43% 3.47% 32.00%
Netherlands 荷兰 826.20 Aaa 0.00% 5.96% 0.00% 25.00%
New Zealand 新西兰 205.85 Aaa 0.00% 5.96% 0.00% 28.00%
Nicaragua 尼加拉瓜 13.81 B2 6.21% 13.60% 7.64% 30.00%
Nigeria 尼日利亚 375.77 B2 6.21% 13.60% 7.64% 30.00%
Norway 挪威 398.83 Aaa 0.00% 5.96% 0.00% 23.00%
Oman 阿曼 72.64 Baa3 2.48% 9.02% 3.06% 15.00%
Pakistan 巴基斯坦 304.95 B3 7.34% 14.99% 9.03% 30.00%
Panama 巴拿马 61.84 Baa2 2.15% 8.60% 2.64% 25.00%
Papua New Guinea 巴布新几内亚 21.09 B2 6.21% 13.60% 7.64% 30.00%
Paraguay 巴拉圭 29.73 Ba1 2.82% 9.43% 3.47% 10.00%
Peru 秘鲁 211.39 A3 1.35% 7.63% 1.67% 29.50%
Philippines 菲律宾 313.60 Baa2 2.15% 8.60% 2.64% 30.00%
Poland 波兰 524.51 A2 0.96% 7.14% 1.18% 19.00%
Portugal 葡萄牙 217.57 Baa3 2.48% 9.02% 3.06% 21.00%
Qatar 卡塔尔 167.61 Aa3 0.68% 6.80% 0.84% 10.00%
Ras Al Khaimah (Emirate of) Ras Al Khaimah(酋长国) 5.20 A2 0.96% 7.14% 1.18% 0.00%
Romania 罗马尼亚 211.80 Baa3 2.48% 9.02% 3.06% 16.00%
Russia 俄罗斯 1,577.52 Ba1 2.82% 9.43% 3.47% 20.00%
Rwanda 卢旺达 9.14 B2 6.21% 13.60% 7.64% 30.00%
Saudi Arabia 沙特阿拉伯 683.83 A1 0.79% 6.94% 0.98% 20.00%
Senegal 塞内加尔 16.37 Ba3 4.06% 10.96% 5.00% 30.00%
Serbia 塞尔维亚 41.43 Ba3 4.06% 10.96% 5.00% 15.00%
Sharjah 沙迦 5.00 A3 1.35% 7.63% 1.67% 20.00%
Singapore 新加坡 323.91 Aaa 0.00% 5.96% 0.00% 17.00%
Slovakia 斯洛伐克 95.77 A2 0.96% 7.14% 1.18% 21.00%
Slovenia 斯洛文尼亚 48.77 Baa1 1.80% 8.18% 2.22% 19.00%
Solomon Islands 所罗门群岛 1.30 B3 7.34% 14.99% 9.03% 30.00%
South Africa 南非 349.42 Baa3 2.48% 9.02% 3.06% 28.00%
Spain 西班牙 1,311.32 Baa1 1.80% 8.18% 2.22% 25.00%
Sri Lanka 斯里兰卡 87.17 B1 5.08% 12.21% 6.25% 28.00%
St. Maarten 圣马丁 1.50 Baa2 2.15% 8.60% 2.64% 35.00%
St. Vincent & the Grenadines 圣文森特和格林纳丁斯 0.77 B3 7.34% 14.99% 9.03% 20.00%
Suriname 苏里南 3.32 B2 6.21% 13.60% 7.64% 36.00%
Swaziland 斯威士兰 3.72 B2 6.21% 13.60% 7.64% 28.00%
Sweden 瑞典 538.04 Aaa 0.00% 5.96% 0.00% 22.00%
Switzerland 瑞士 678.89 Aaa 0.00% 5.96% 0.00% 18.00%
Taiwan 台湾 970.90 Aa3 1.80% 8.18% 2.22% 20.00%
Tajikistan 塔吉克斯坦 7.15 B3 2.82% 9.43% 3.47% 20.00%
Tanzania 坦桑尼亚 52.09 B1 5.08% 12.21% 6.25% 30.00%
Thailand 泰国 455.22 Baa1 1.80% 8.18% 2.22% 20.00%
Trinidad and Tobago 特立尼达和多巴哥 22.10 Ba1 2.82% 9.43% 3.47% 25.00%
Tunisia 突尼斯 40.26 B2 6.21% 13.60% 7.64% 25.00%
Turkey 土耳其 851.10 Ba3 4.06% 10.96% 5.00% 22.00%
Turks and Caicos Islands 特克斯和凯科斯群岛 1.50 Baa1 1.80% 8.18% 2.22% 0.00%
Uganda 乌干达 25.89 B2 6.21% 13.60% 7.64% 30.00%
Ukraine 乌克兰 112.15 Caa2 10.16% 18.46% 12.50% 18.00%
United Arab Emirates 阿拉伯联合酋长国 382.58 Aa2 0.56% 6.65% 0.69% 55.00%
United Kingdom 联合王国 2,622.43 Aa2 0.56% 6.65% 0.69% 19.00%
United States 美国 19,390.60 Aaa 0.00% 5.96% 0.00% 25.00%
Uruguay 乌拉圭 56.16 Baa2 2.15% 8.60% 2.64% 25.00%
Venezuela 委内瑞拉 250.00 C 18.00% 28.10% 22.14% 34.00%
Vietnam 越南 223.86 Ba3 4.06% 10.96% 5.00% 20.00%
Zambia 赞比亚 25.81 Caa1 8.46% 16.37% 10.41% 35.00%

原始的excel文件:下载

Last updated: January 2019

All credits go to Aswath Damodaran.

0%