真心求教，为什么equity beta是leveraged beta，而asset beta是unleverage beta！！！

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由公式：
Unlevered Beta = Levered Beta / (1 + (1 - T) x (D/E))
asset beta = equity beta / (1+(1-t)*D/E)


所以 asset beta=Unlevered Beta
        equity beta=Levered Beta
真心不太明白，谢谢大家
     

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关键词：Leveraged Leverage equity Lever Asset equity

外加一句，网上查到的都是asset Beta吗？都是没有杠杆的吗？真的很困惑

咳咳，楼主的因果逻辑真是让人拙计啊……我从别的地方转发一些看法供你参考。

Equity beta = how volatile a given stock's price movements tend to be relative to the overall market's movements. Takes into account the company's capital structure (so if a company loads up on debt you will see that it tends to be more volatile than it would otherwise be as it trades in the stock market).

Asset beta = how volatile the underlying business is, irrespective of capital structure. You calculate asset beta by stripping out the capital structure impacts on the equity beta.

asset beta = equity beta / (1+(1-taxrate)*(debt/equity ratio))

An asset beta is important because you can compare companies and not have the comparison be affected by capital structure choices. What is frequently done to figure out a company's discount rate is to take the average asset beta of the company's peers and then re-adjust that asset beta into an equity beta based on what you think the right long-term capital structure is.



刚刚复习功课的时候也在这里纠结了半天，下面说一下我理解的这两个概念，解释不充分或者不对的地方欢迎补充更正：1，equity beta和asset beta能够联系到一起的公式是：asset beta=equity beta *{E/[E+D*(1-t)]}+debt beta*{D(1-t)/[E+D(1-t)]这个公式里debt beta是经常被视为0的，所以公式可以简化为asset beta=equity beta *{E/[E+D*(1-t)]}（ps: E=equity D=debt t=tax)2，equity beta同时考虑business risk（也就是operating risk，是同一行业环境下反映的不同企业的运营风险）和 financial risk（是gearing ratio，不同行业有不同的financial risk）。考虑的是overall market's movements.      asset beta只包括 business risk是不考虑资本结构的，不考虑企业的debt部分产生的benefit.
链接：https://www.zhihu.com/question/28638038/answer/48500118