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CPS1053 DU zhixiu
risk factors. The account reference rate is calculated from the opportunity cost
of the loan, and the return rate of financial instruments such as bonds, equity
investments, and deposits is selected. The CIR-CCAPM reference rate
examines the risk premium from the perspective of the asset portfolio return
rate and considers the term risk of the interest rate. In theory, the difference
between the two should be whether the interest rate term risk is considered
or not. The interest rate based on the CIR model is 0.0462, which is higher than
the account reference rate, which may be the main reason for the large
difference between the two values.

References
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3. United Nations. (2015) Financial Production, Flows and Stocks in the
System of National Accounts.
4. Antonio Colangelo, Robert Inklaar. (2012) Bank output measurement in
the Euro area: a modified approach the Euro area: a modified approach.
The Review of Income and Wealth.
5. Breeden, Douglas T., and Robert H. Litzen berger. (1978).Price of State
Contingent Claims Implicit in Option Prices, The Journal of Business.
6. Breeden, Douglas T. (1979). An Intertemporal Asset Pricing Model with
Stochastic Consumption and Investment Opportunities, Journal of
Financial Economics.
7. Cox,J.C., Ingersoll, J. E. and Ross,S. A.(1985). A theory of the structure of
interest rates. Econometrica.
8. Xu Xianchun. (2002). Treatment of financial media services in GDP
accounting. Forum on Statistics and Information.
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10. Du zhixiu. (2017). Study on FISIM accounting, statistical research.

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