摘要
CAPM理论是现代金融理论的核心内容,已被广泛应用于金融资产的定价分析以及投资决策等领域。但CAPM的基础假设——有效市场与我国的市场环境并不相符。若干实证研究表明,CAPM理论并不适用于我国的证券市场。我国的金融市场环境不能完全满足CAPM的假设,以致CAPM在我国的使用效果受到限制。改进的CAPM模型,更加贴近我国的证券市场环境。
CAPM theory is the core of modern financial theories, widely applying to the fields such as pricing analysis of financial assets, investment decision-making, etc. However, the basic hypothesis of the theory--effective market is not suitable to the market circumstance in our country.
Several cases have indicated that CAPM theory cannot apply to our security market, because our circumstances of financial market lack enough conditions to meet the hypothesis, which is bound to affect the effect of CAPM. Therefore, this paper holds that the improved CAPM mode will be more appropriate for our security market.
出处
《学术交流》
北大核心
2003年第11期61-65,共5页
Academic Exchange
