资本资产定价模型

基于相对财富和习惯形成的资本资产定价模型

CAPM based on relative wealth and habit formation

在信息对称、市场完美的假设下，资本资产定价模型认为影响权益资本成本的是系统风险，通过对系统风险定价可以估计权益资本成本。

Under both hypothesis of information symmetry and ideal market , CAPM regards system risk as the influential factor of equity capital cost . We can estimate equity capital cost via pricing system risk .

论资本资产定价模型与MM理论的相关性及其应用

The Coherency Between the Capital Asset Pricing Model and Miller 's Capital Structure Theory and its Application

a.资本资产定价模型

A. The Capital Asset Pricing Model

并购中CAPM资本资产定价模型与研究

CAPM capital price model and its study of combination and purchase

资本资产定价模型（CAPM）自创立以来得到广泛应用。

Capital Asset Pricing Model ( CAPM ) has been used widely since it came into being .

资本资产定价模型（CAPM）的一个简单证明及对该模型理论基础的思考

A brief proof to the capital assets pricing model ( capm ) and rethink of its theoretical foundation

例如著名的MM模型，资本资产定价模型以及衍生品定价的基本模型都是在半强型资本市场才具有较强的适用性。

For example , the famous MM model , capital asset pricing model , as well as the basic model of derivatives pricing in the semi-strong capital markets with strong applicability .

其次探讨股票收益率采用的两个模型：传统的资本资产定价模型和多要素套利定价理论，并介绍如何计算股票的VaR；

Secondly we discuss the two models of stock returns rate , CAPM and APT , and then we introduce how to calculate VaR of stock .

传统的公司金融理论体现在基于价值的管理（Value-Basedmanagement），即建立在理性行为、资本资产定价模型和有效市场三个基础之上。

Traditional corporate finance theory is based by the theory of Value-based Management , and it is built by the basis of rational behavior , CAPM theory , efficient market hypothesis .

资本资产定价模型（CAPM）是目前证券市场上应用最广泛的模型。

The Capital Asset Price Model ( CAPM ) use the most extensive model on the security market at present .

标准资本资产定价模型（CAPM）的一个重要假定是，所有资产都是可公开交易、具有充分流动性的。

On Assets Measurement One significant assumption of the standard CAPM is that all assets are publicly marketable and perfectly liquidity .

税收对股利分配的影响分析了MM的股利无关理论、顾客效应理论、税收对资本资产定价模型的影响。

To understand the influence of the taxation on dividend policy , the article discusses M & M 's theory of irrelevance of dividend policy , clientele effect and the influence of taxation on CAPM .

本文运用资本资产定价模型（CAPM）的论证表明，风险管理可以增加公司价值，更大化股东财富。

By applying the CAPM , this paper shows that risk management could increase companies ' value and add more value to shareholders .

本文重点论述了资本资产定价模型（CAPM）的发展、资本资产定价模型及其检验方法的演进。

This paper mainly discusses the capital asset pricing model ( CAPM ), the capital asset pricing model and evolution of test method .

此后，威廉·夏普（WilliamSharpe）在马克威茨的均值-方差模型的基础上提出了著名的资本资产定价模型（CAPM）。

After that , William Sharpe put forward the famous capital assets price model ( CAPM ) based on Markowitz 's Mean - Variance model .

从分析CAPM（资本资产定价模型）入手，提出了用股票指数期货来对冲股票组合风险的一种方法。

Starting from CAPM ( Capital Assets Pricing Model ) analysis , a new method for hedging portfolio risk with stock index futures is proposed .

在理论研究中，注重将会计学理论与经济学理论相结合；在实证分析中，应用了资本资产定价模型、EVA贴现模型等研究工具。

In the theoretical studies , focusing on the accounting theory and economic theory , combined ; in empirical analysis , applied to the capital asset pricing model , EVA discounted models research tool .

1990年诺贝尔经济学奖得主之一威廉·夏普建立的资本资产定价模型（CAPM）在现代投资理论中占有重要地位。

CAPM model established by William · F · Sharp who is one of economic nobelists in 1990 occupies an important place in the modern investment theory .

然后在此基础上提出了风险投资风险的预测模型，并且基于资本资产定价模型（CAPM）的基本思想，就如何利用资本资产定价模型对风险投资项目进行经济性综合评估的方法做出了较详细阐述。

According to the essential idea of Capital Asset Pricing Model ( CAPM ), this article details how to make use of the CAPM evaluates venture capital projects .

由于资本资产定价模型（capm）和现代投资组合理论的广泛使用，美国国债收益率实际上已经成为整个投资界的灵魂。

The yield on US government debt is at the heart of virtually everything in the investment world thanks to the capital asset pricing model and modern portfolio theory .

针对此模型的局限性，目前大量学者发展了CAPM，但是仍然没有一个模型能完全替代资本资产定价模型。

To limitation of this model , a large number of scholar develop CAPM at present , but no one model can still substitute the Capital Assets Price Model totally .

这进而使得许多投资者用起了资本资产定价模型（CapitalAssetPricingModel）的观点，这种观点认为股票的回报来自两部分：总体市场的方向（贝塔），以及某只股票的特殊因素（阿尔法）。

This in turn led many investors to apply insights borrowed from the Capital Asset Pricing Model , which views returns on a stock as coming from two components : the direction of the market as a whole ( beta ), and factors unique to that stock ( alpha ) .

虽然众多学者对CAPM提出了诸多质疑，但是大多数经济学家认为迄今为止的所有研究并不能证明CAPM无效，许多学者纷纷提出自己的改进意见，还有一些把资本资产定价模型和其他领域结合进行了创新。

All though many scholars are oppugn of CAPM , some economists still insist on CAPM . They provide new idea , and even try to combine CAPM with other fields .

无成本假说是资本资产定价模型（CAPM）“资产均衡价格与投资者偏好无关结论”的根本原因。

The No-cost Hypothesis is the fundamental cause for " Asset equilibrium price has nothing to do with the investor 's preference " in Capital Asset Prices Model ( CAPM ) .

信息交易者，在有效的市场中，是理性选择投资的，传统理论学者据此构建了资本资产定价模型CAPM模型。

Information traders make rational investments and the capital market is effective and efficient . According to the conditions , scholars deduce the Capital Assets Price Model ( CAPM ) model .

例如，无风险资产是资本资产定价模型（CAPM）、资本市场线（CML）以及部分现代组合理论的基础。

For example , the risk-free asset is the foundation of the capital asset pricing model ( CAPM ), the capital market line ( CML ) and parts of modern portfolio theory .

根据单因素资本资产定价模型（CAPM）模型，股票的β值与期望收益率呈正比例关系，β值为通常收益率的解释因素。

According to the CAPM model , there is a linear correlation between β and the expected return of stock . β is the only factor for the ordinary return of stock .

随着金融市场上各种异象的累积，有效市场假说（EMH）和资本资产定价模型（CAPM）的权威地位已开始动摇。

Along with various accumulations of anomalies in financial market , the correctness of Efficient Market Hypothesis ( EMH ) and the Capital Asset Pricing Model ( CAPM ) has been doubted .

保险资金的运用是保险经营活动的重要组成部分，而权益型资产投资是其中的主要构成之一，传统的DFA中用资本资产定价模型（CAPM）来进行模拟。

The investment of insurance funds is an essential part of insurance operation , and equities investment is an important component of it . The equities investment simulated by CAPM in traditional DFA .