| 时段 | 时点个数 | 预期股权回报 | 股权风险溢价(ERP) | |||
| 平均值 | 中位数 | 平均值 | 中位数 | |||
| 标普500 | 1961~2018 | 58 | 10.19% | 8.86% | 4.190% | 3.87% |
| 1961~2003 | 43 | 10.89% | 10.18% | 3.840% | 3.58% | |
| 2004~2018 | 15 | 8.20% | 8.20% | 5.180% | 5.20% | |
| 沪深300 | 2004~2018 | 15 | 9.629% | 7.975% | 6.050% | 4.197% |
| 2006~2018 | 13 | 8.013% | 7.427% | 4.487% | 4.148% | |