Q n it is convenient to call the prospective yield of the investment.

Q n 方便称为投资的预期收益率。

In this chapter we shall consider in more detail some of the factors which determine the prospective yield of an asset.

在本章中，我们将更详细地考虑一些决定资产预期收益率的因素。

Now, prospective yield wholly depends on the expectation of future effective demand in relation to future conditions of supply.

现在，预期收益率完全取决于与未来供应条件相关的未来有效需求的预期。

If, therefore, an act of saving does nothing to improve prospective yield, it does nothing to stimulate investment.

因此，如果储蓄行为无助于提高预期收益率， 那么它也无助于刺激投资。

In point of fact, all sorts of considerations enter into the market valuation which are in no way relevant to the prospective yield.

事实上，各种与预期收益率无关的市场估值考虑因素。

Though the rentier would disappear, there would still be room, nevertheless, for enterprise and skill in the estimation of prospective yields about which opinions could differ.

尽管食利者会消失，但在估计可能存在不同意见的预期收益方面，企业和技能仍有空间。

We must ascertain the rate of interest from some other source, and only then can we value the asset by 'capitalising' its prospective yield.

我们必须从其他来源确定利率，只有这样我们才能通过“资本化”其预期收益率来对资产进行估值。

The creation of new wealth wholly depends on the prospective yield of the new wealth reaching the standard set by the current rate of interest.

新财富的创造完全取决于新财富的预期收益率达到当前利率设定的标准。

New investment during the previous five years had been, indeed, on so enormous a scale in the aggregate that the prospective yield of further additions was, coolly considered, falling rapidly.

事实上，过去五年的新投资总量规模如此之大，以至于进一步增加的预期收益正在迅速下降。

The first is the entrepreneur's or borrower's risk and arises out of doubts in his own mind as to the probability of his actually earning the prospective yield for which he hopes.

第一个是企业家或借款人的风险， 是由于他自己对他实际获得他希望的预期收益的可能性的怀疑而产生的。

It must be arrived at, therefore, by calculating the discounted value of the additional prospective yield which would be obtained at some later date if it were not used now.

因此，它必须通过计算如果现在不使用的话将在以后某个日期获得的额外预期收益的贴现值来得出。

The disillusion comes because doubts suddenly arise concerning the reliability of the prospective yield, perhaps because the current yield shows signs of falling off, as the stock of newly produced durable goods steadily increases.

幻想破灭是因为对预期收益率的可靠性突然产生了怀疑，也许是因为随着新生产的耐用品库存稳步增加，目前的收益率显示出下降的迹象。

Thus unless the pure rate of interest were to be held at a negative figure, there would still be a positive yield to skilled investment in individual assets having a doubtful prospective yield.

因此，除非将纯利率保持在负值，否则对预期收益率存疑的个别资产进行熟练投资仍会产生正收益率。

Moreover, it involves in part a duplication of a proportion of the entrepreneur's risk, which is added twice to the pure rate of interest to give the minimum prospective yield which will induce the investment.

此外，它部分涉及企业家风险的一部分的重复，将其添加到纯利率的两倍以给出将诱导投资的最小预期收益。

It is of this fallacy that it is most difficult to disabuse men's minds. It comes from believing that the owner of wealth desires a capital-asset as such, whereas what he really desires is its prospective yield.

正是由于这种谬误，才最难消除人心。它来自于这样一种信念，即财富所有者想要的是资本资产本身，而他真正想要的是它的预期收益。

Owing to the operation of compound interest combined with the likelihood of obsolescence with the passage of time, there are many individual investments of which the prospective yield is legitimately dominated by the returns of the comparatively near future.

由于复利的运作以及随着时间的流逝而过时的可能性，有许多个人投资的预期收益率合理地由相对近期的回报所支配。

Moreover, this condition sets a limit to the instability resulting from rapid changes in the prospective yield of capital-assets due to sharp fluctuations in business psychology or to epoch-making inventions-though more, perhaps, in the upward than in the downward direction.

此外，这种情况限制了由于商业心理的急剧波动或划时代的发明而导致的资本资产预期收益的快速变化所导致的不稳定性——尽管向上的方向可能比向下的方向更多。

For it is not sensible to pay 25 for an investment of which you believe the prospective yield to justify a value of 30, if you also believe that the market will value it at 20 three months hence.

因为如果您认为市场将在三个月后将其估值为 20，那么为您认为预期收益率可以证明 30 的价值的投资支付 25 是不明智的。

In the case of another important class of long-term investments, namely public utilities, a substantial proportion of the prospective yield is practically guaranteed by monopoly privileges coupled with the right to charge such rates as will provide a certain stipulated margin.

对于另一类重要的长期投资，即公用事业，预期收益的很大一部分实际上是由垄断特权以及收取提供一定规定保证金的利率的权利保证的。