CAPM资本资产（CAPM capital assets）.docVIP

CAPM资本资产（CAPM capital assets） Overview of capital asset pricing model (CAPM) I. introduction (theoretical source of capital asset pricing model) Asset pricing theory stems from the study of the portfolio theory of Harry Markowtitz. Markowitz in 1952, published in the journal of finance, entitled portfolio selection of the dissertation is the first break of modern finance, he identified the minimum variance portfolio in this paper a collection of thoughts and methods of pioneered the overall management of investment, has become the cornerstone of the development of the investment theory, this theory marks the birth of the theory of modern investment analysis is put forward. In the years since then, economists have been using the quantification method constantly enrich and perfect the theory of portfolio management and the actual investment management methods, and make it become the mainstream theory of the investment. In the early 60 s, financial economists began to study the markowitz Model is how to affect securities valuation, this research led to the Capital Asset pricing Model (Capital Asset Price Model, referred to as CAPM). Modern capital asset pricing model is made up of sharp (William Sharpe, 1964), Lintner (Jones Lintner, 1965) and mohsin (Mossin, 1966) according to the ideas of the markowitz optimal portfolio selection were put forward, so the capital asset pricing model is also referred to as the model of the SLM. Due to the capital asset pricing model plays an important role in the portfolio management, since its founded 60 s, quickly accepted by industry and translated into practical, also has become the focus of academic research and the hot issues. The theoretical description of capital asset pricing model The capital asset pricing model is developed on the basis of markowitz mean variance theory, it inherits its assumptions, such as, the capital market is effective, assets can be divided into infinite, any part of the investors can buy a stock, inves