Finance Assignment代写:CAPM核心思想

Keywords:Finance Assignment代写

Finance Assignment代写 资本资产定价模型（CAPM）的核心思想可以概括为：在资本市场上的竞争均衡，非系统风险可以通过多样化避免，预期收益是由不可分割的系统风险是影响（通过β系数来衡量），预期收益的β系数呈线性关系（阿尔伯克基，和王，2008）。CAPM理论解释的结论：那些非系统风险因素影响的资产的差异，而不是方差的资产与市场相结合，对资产定价的影响。资产定价只能由股票的贝塔系数决定。由于其简单性和可操作性的营地，它被广泛应用于股票收益预测、投资风险分析等诸多问题（Cochrane，1991）。资本资产定价模型是建立在一系列假设，主要描述了股票市场的预期收益和风险之间的关系。用一个相对简单的公式的收益和风险，资本资产定价模型计算风险补偿与一些实际因素的简化。虽然它简单明了，易于理解和操作，并对投资的指导是非常大的，实证检验失败由CAPM假设的局限性造成的。资本资产定价模型的实证检验主要是符合系数β是否能够完全解释资产回报的期望.

Finance Assignment代写:CAPM核心思想

The core thought of Capital Asset Pricing Model(CAPM) can be introduced as follow: in a capital market which is competitive equilibrium, unsystematic risk can be avoided through diversification, the expected return is just Influenced by Inseparable system risk(measured by βcoefficient), The expected return is linearly related to the β coefficient (Albuquerque, and Wang, 2008). CAPM theoretically explains the conclusion: those unsystematic risk factors which influence the variances of the asset, but not the covariance of the combination of the asset and the market, have no influence on the asset pricing. The asset pricing can only be determined by the stock's beta coefficient. Because of the simplicity and operability of CAMP, it is widely applied in stock returns prediction, investment risk analysis and many other problems (Cochrane, 1991). CAPM is based on a series of assumptions, It mainly describes the relationship between the expected return and risk in stock market. To express the return and risk with a relatively simple formula, CAPM calculates risk compensation with some practical factors simplified. Although it is simple and clear, easy to understand and operate, and its guidance on investment is very big, the empirical test failure is caused by limitations of CAPM assumptions. The inspection of CAPM is mainly to conform whether the coefficient beta can completely explain the expectation of the asset return.

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