摘要
资本资产定价模型无论在理论界还是实务界都具有很大的影响力,但CAPM的假设、预测和结论在现实世界中毫无基础可言。本文在利用大量信息和研究成果对CAPM批评的基础上,揭示了计算必要回报的更优方法,并说明如何使用理性人状态下的β值。
The capital asset pricing model(CAPM) has had a great deal of influence in the realm of theory as well as in practice. However, there is no sound foundation for the CAPM hypothesis or many of its conclusions. This article makes use of a number of studies to provide a critique of CAPM and offer suggestions for a better method for calculating required returns.
出处
《金融市场研究》
2015年第9期109-119,共11页
Financial Market Research
