什么是无风险利率？

中文版：

无风险利率，也被称为无风险收益率，是指在没有任何风险和不确定性条件下，投资者可以期望获得的回报率。在理想情况下，无风险利率代表了资金的时间价值，即资金随时间推移而自然增值的部分。

无风险利率通常与特定的金融工具或投资产品相关联，如国债。由于国债是由国家发行，具有极高的信用等级，因此通常被视为无风险的投资。无风险利率的确定对于金融市场和投资者来说具有重要意义。

在金融理论中，无风险利率被用作衡量其他投资风险的基准。投资者通常会要求更高的回报率来补偿更高的风险，因此，无风险利率可以被视为投资的最低可接受回报率。

此外，无风险利率还用于金融衍生品定价、资产估值、风险管理等多个方面。它是金融市场的核心参数之一，对于维护金融市场的稳定和发展具有重要意义。

英文版：

What is the Risk-Free Rate?

The risk-free rate, also known as the risk-free return, refers to the expected return that investors can achieve under conditions of no risk and uncertainty. In an ideal scenario, the risk-free rate represents the time value of money, which is the natural appreciation of capital over time.

The risk-free rate is typically associated with specific financial instruments or investment products, such as government bonds. Since government bonds are issued by the state and have a very high credit rating, they are often considered risk-free investments. The determination of the risk-free rate is crucial for financial markets and investors.

In financial theory, the risk-free rate serves as a benchmark for measuring the risk of other investments. Investors typically demand higher returns to compensate for higher risks, thus the risk-free rate can be seen as the lowest acceptable return on investment.

Furthermore, the risk-free rate is also used in various aspects such as pricing financial derivatives, asset valuation, and risk management. It is one of the core parameters in financial markets and plays a significant role in maintaining the stability and development of financial markets.