\u590f\u666e\u4e0e\u8a79\u68ee\u4f5c\u4e3a\u4e24\u4e2a\u5927\u724c<\/p>\n\n\n\n
\u4e00\u76f4\u4ee5\u6765\u5438\u775b\u65e0\u6570<\/p>\n\n\n\n
\u76f8\u6bd4\u4e4b\u4e0b\u7279\u96f7\u8bfa\u5c31\u663e\u5f97\u4f4e\u8c03\u8bb8\u591a<\/p>\n\n\n\n
\u8fde\u767e\u5ea6\u767e\u79d1\u90fd\u4e0d\u7ed9\u522b\u4e2a\u5efa\u8bcd\u6761<\/p>\n\n\n\n
\u800c\u4eca\u5929\u6211\u4eec\u672c\u7740\u56fd\u9645\u4eba\u9053\u4e3b\u4e49\u7cbe\u795e<\/p>\n\n\n\n
\u628a\u4ed6\u4f5c\u4e3a\u6211\u4eec\u516b\u5366\u7684\u5bf9\u8c61<\/p>\n\n\n\n \u25b3\u6770\u514b\u00b7\u7279\u96f7\u8bfa\uff08Jack Treynor\uff09<\/p>\n\n\n\n \u548c\u5f88\u591a\u4e4b\u524d\u8bf4\u5230\u7684\u98ce\u9669\u53f2\u4e0a\u7684\u8457\u540d\u4eba\u7269\u4e00\u6837<\/p>\n\n\n\n \u8fd9\u4f4d\u6770\u514b\u00b7\u7279\u96f7\u8bfa<\/strong>\uff08Jack Treynor\uff09\u53c8\u662f\u4e00\u4e2a\u5b66\u6570\u5b66\u7684<\/p>\n\n\n\n \u4ed6\u672c\u79d1\u5728\u8d39\u57ce\u7684\u54c8\u5f17\u798f\u5fb7\u5b66\u9662\u5ff5\u4e66<\/p>\n\n\n\n \u6bd5\u4e1a\u540e\u5f00\u59cb\u601d\u8003\u81ea\u5df1\u5e94\u8be5\u662f\u7ee7\u7eed\u5728\u6570\u5b66\u9886\u57df\u8015\u8018<\/p>\n\n\n\n \u8fd8\u662f\u53bb\u7269\u7406\u5b66\u65b9\u5411\u6df1\u9020<\/p>\n\n\n\n \u601d\u8003\u5230\u4e00\u822c\u8fd9\u4f4d\u7279\u96f7\u8bfa\u8868\u793a\u4e0d\u60f3\u4e86<\/p>\n\n\n\n \u5148\u53bb\u5f53\u4e2a\u5175\u518d\u8bf4<\/p>\n\n\n\n \u7279\u96f7\u8bfa\u670d\u4e86\u4e24\u5e74\u5175\u5f79<\/p>\n\n\n\n \u65f6\u503c\u671d\u9c9c\u6218\u4e89<\/p>\n\n\n\n \u4ed6\u8fd8\u53bb\u671d\u9c9c\u6253\u8fc7\u4ed7<\/p>\n\n\n\n \u6240\u4ee5\u8bf4\uff0c\u4e5f\u53ef\u4ee5\u7b97\u4e2d\u56fd\u4eba\u6c11\u7684\u8001\u670b\u53cb\u4e86<\/p>\n\n\n\n \u9000\u4f0d\u540e\u7279\u96f7\u8bfa\u7a81\u7136\u5c31\u7406\u6e05\u4e86\u5b66\u7269\u7406\u8fd8\u662f\u5b66\u6570\u5b66\u7684\u7ea0\u7ed3<\/p>\n\n\n\n \u4ed6\u51b3\u5b9a\u53bb\u54c8\u4f5b\u8bfb\u8d22\u52a1<\/p>\n\n\n\n \u4f30\u8ba1\u662f\u6253\u4ed7\u7684\u65f6\u5019\u770b\u5230\u8840\u8089\u6a2a\u98de\u592a\u591a<\/p>\n\n\n\n \u610f\u8bc6\u5230\u4eba\u751f\u82e6\u77ed<\/p>\n\n\n\n \u8fd8\u662f\u5148\u8d5a\u94b1\u5427<\/p>\n\n\n\n \u4ece\u54c8\u4f5b\u6bd5\u4e1a\u540e<\/p>\n\n\n\n \u7279\u96f7\u8bfa\u4e0d\u50cf\u4e4b\u524d\u8bf4\u7684\u90a3\u4e9b\u4eba\u90a3\u6837<\/p>\n\n\n\n \u53bb\u5f53\u4e2a\u5927\u5b66\u8001\u5e08\u5565\u7684<\/p>\n\n\n\n \uff08\u6bd5\u7adf\u6ca1\u8bfb\u535a\u58eb\uff09<\/p>\n\n\n\n \u800c\u662f\u53bb\u4e86\u6ce2\u58eb\u987f\u7684\u7406\u7279\u54a8\u8be2\uff08Arthur D. Little\uff09\u4e0a\u73ed<\/p>\n\n\n\n \u5bf9\u53e3\u7ba1\u7406\u8457\u540d\u7684\u8036\u9c81\u5927\u5b66\u57fa\u91d1<\/p>\n\n\n\n \u5728\u5de5\u4f5c\u7684\u65f6\u5019<\/p>\n\n\n\n \u4ed6\u88ab\u4e00\u4e2a\u6709\u8da3\u7684\u95ee\u9898\u8ff7\u4f4f\u4e86<\/p>\n\n\n\n \u90a3\u5c31\u662f\u7ed9\u8d44\u4ea7\u5b9a\u4ef7\u65f6\u5e94\u8be5\u5982\u4f55\u8bbe\u5b9a\u6298\u73b0\u7387<\/p>\n\n\n\n \u4e8e\u662f\u8fd9\u540d\u54a8\u8be2\u72d7\u5f00\u59cb\u4e86\u6bcf\u5929\u6ca1\u7f9e\u6ca1\u81ca\u722c\u8bba\u6587\u7684\u65e5\u5b50<\/p>\n\n\n\n \u5f88\u5feb\u4ed6\u5c31\u88ab\u83ab\u8fea\u5229\u5b89\u5c3c<\/strong>\uff08Franco Modigliani\uff09\u7684\u4e00\u7bc7\u8bba\u6587\u5438\u5f15\u4f4f\u4e86<\/p>\n\n\n\n \u7136\u540e\u7279\u96f7\u8bfa\u5c31\u8bf7\u4e86\u4e2a\u5e74\u5047<\/p>\n\n\n\n \u8fd9\u4e2a\u5e74\u5047\u7684\u610f\u601d\u662f\u6574\u6574\u4e00\u5e74\u7684\u5047<\/p>\n\n\n\n \u8dd1\u5230MIT\u53bb\u548c\u83ab\u8fea\u5229\u5b89\u5c3c\u53ae\u6df7<\/p>\n\n\n\n \u800c\u4e00\u5e74\u4e4b\u540e<\/p>\n\n\n\n \u7279\u96f7\u8bfa\u5c31\u50cf\u6389\u8fdb\u4e86\u6b66\u4fa0\u5c0f\u8bf4\u91cc\u7684\u60ac\u5d16\u4e00\u6837<\/p>\n\n\n\n \u91cd\u65b0\u51fa\u5c71\u5c31\u5960\u5b9a\u4e86\u81ea\u5df1\u7684\u6c5f\u6e56\u5730\u4f4d<\/p>\n\n\n\n \u25b3\u5f17\u5170\u514b\u00b7\u83ab\u8fea\u5229\u5b89\u5c3c\uff08Franco Modigliani\uff09<\/p>\n\n\n\n \u7279\u96f7\u8bfa\u5728MIT\u4e00\u5171\u505a\u4e86\u4e24\u6b21\u516c\u5f00\u6f14\u8bb2<\/p>\n\n\n\n \u7b2c\u4e00\u6b21\u6f14\u8bb2\u7684\u5185\u5bb9\u5c31\u662f\u4e00\u4e2a\u5927\u70b8\u5f39<\/p>\n\n\n\n \u540d\u53eb<\/p>\n\n\n\n \u300a\u7ed9\u5927\u5bb6\u4ecb\u7ecd\u4e00\u4e2a\u5389\u5bb3\u7684\u7406\u8bba\u53ef\u4ee5\u5206\u6790\u98ce\u9669\u8d44\u4ea7\u7684\u5e02\u573a\u4ef7\u503c\u300b<\/p>\n\n\n\n \uff08Toward a Theory of the Market Value of Risky Assets\uff09<\/p>\n\n\n\n \u5927\u5bb6\u90fd\u77e5\u9053\u90a3\u4e2a\u8457\u540d\u7684CAPM\u7406\u8bba<\/p>\n\n\n\n \u73b0\u4ee3\u91d1\u878d\u5b66\u7814\u7a76\u7684\u57fa\u77f3\u6027\u6210\u679c<\/p>\n\n\n\n \u5176\u5b9e\u5b83\u662f\u7531\u51e0\u4e2a\u4e0d\u540c\u7684\u4eba\u51e0\u4e4e\u5728\u540c\u65f6\u5171\u540c\u72ec\u7acb\u7814\u7a76\u7684\u6210\u679c<\/p>\n\n\n\n \u6240\u4ee5\u5b83\u7684\u5168\u540d\u662f<\/p>\n\n\n\n \u7279\u96f7\u8bfa-\u590f\u666e-\u6797\u7279\u7eb3-\u83ab\u8f9bCAPM\u6a21\u578b<\/strong><\/p>\n\n\n\n CAPM\u6a21\u578b\u91cc\u91cd\u8981\u7684\u98ce\u9669\u6ea2\u4ef7\u7684\u6982\u5ff5<\/p>\n\n\n\n \u4e5f\u5c31\u662f\u627f\u62c5\u66f4\u9ad8\u7684\u98ce\u9669\u4f1a\u8ba9\u6295\u8d44\u8005\u671f\u671b\u83b7\u5f97\u66f4\u9ad8\u6536\u76ca\u7684\u8bf4\u6cd5<\/p>\n\n\n\n \u5176\u5b9e\u5c31\u662f\u7279\u96f7\u8bfa\u6700\u65e9\u89e3\u91ca\u6e05\u695a\u7684<\/p>\n\n\n\n \u53ea\u4e0d\u8fc7\u4ed6\u53ea\u5b66\u4e86\u672c\u79d1\u6570\u5b66<\/p>\n\n\n\n \u80fd\u529b\u6bd4\u8f83\u6e23<\/p>\n\n\n\n \u6570\u5b66\u8bc1\u660e\u6ca1\u6709\u641e\u51fa\u6765<\/p>\n\n\n\n \u8fd9\u4e2a\u7ed3\u679c\u5c31\u662f\u7279\u96f7\u8bfa\u7684\u8bba\u6587\u53ea\u80fd\u6295\u5230\u4e00\u672c\u975e\u5b66\u672f\u671f\u520a<\/p>\n\n\n\n \u300a\u54c8\u4f5b\u5546\u4e1a\u8bc4\u8bba\u300b\u90a3\u91cc\u53bb<\/p>\n\n\n\n \u5f53\u7136\u636e\u8bf4\u4ed6\u8fd8\u5e0c\u671b\u80fd\u901a\u8fc7\u8fd9\u6b21\u6295\u7a3f<\/p>\n\n\n\n \u548c\u6742\u5fd7\u7f16\u8f91\u90e8\u8fdb\u884c\u4e00\u4e9b\u4e1a\u52a1\u5f80\u6765<\/p>\n\n\n\n \u611f\u89c9\u4ed6\u4eec\u7406\u7279\u54a8\u8be2\u516c\u53f8\u7684\u8001\u677f\u8981\u611f\u52a8\u54ed\u4e86<\/p>\n\n\n\n \u4e0d\u8fc7\u8fd9\u79cd\u8c08\u751f\u610f\u7684\u65b9\u6cd5\u786e\u5b9e\u753b\u98ce\u6e05\u5947<\/p>\n\n\n\n \u7279\u96f7\u8bfa\u679c\u7136\u4e0d\u662f\u90a3\u79cd\u666e\u901a\u7684\u5996\u8273\u8d31\u8d27<\/p>\n\n\n\n \u800c\u5728\u300a\u54c8\u4f5b\u5546\u4e1a\u8bc4\u8bba\u300b\u7684\u6587\u7ae0\u4e2d<\/p>\n\n\n\n \u6211\u4eec\u4e4b\u524d\u8bf4\u5230\u7684\u7279\u96f7\u8bfa\u6bd4\u7387<\/strong>\u7b2c\u4e00\u6b21\u767b\u4e0a\u4e86\u5386\u53f2\u821e\u53f0<\/p>\n\n\n\n \u4f5c\u4e3aCAPM\u7684\u5f00\u521b\u8005<\/p>\n\n\n\n \u7279\u96f7\u8bfa\u6df1\u4fe1\u6211\u4eec\u53ef\u4ee5\u901a\u8fc7\u6295\u8d44\u7ec4\u5408\u7684\u8bbe\u7f6e<\/p>\n\n\n\n \u6765\u89c4\u907f\u6295\u8d44\u4e2d\u7684\u6240\u6709\u975e\u7cfb\u7edf\u98ce\u9669<\/p>\n\n\n\n \u90a3\u4e48\u5728\u53ea\u6709\u7cfb\u7edf\u6027\u98ce\u9669\u7684\u60c5\u51b5\u4e0b<\/p>\n\n\n\n \u6295\u8d44\u7ec4\u5408\u7684\u4e1a\u7ee9<\/p>\n\n\n\n \u5c31\u901a\u8fc7\u6bcf\u4e00\u5355\u4f4d\u7cfb\u7edf\u6027\u98ce\u9669\u4e0b\u6240\u83b7\u5f97\u7684\u8d85\u989d\u6536\u76ca\u6765\u4f53\u73b0<\/p>\n\n\n\n \u800c\u8d85\u989d\u6536\u76ca\u5c31\u662f\u6295\u8d44\u6536\u76ca\u51cf\u53bb\u65e0\u98ce\u9669\u6536\u76ca<\/p>\n\n\n\n \u6307\u6807\u8d8a\u5927\u610f\u5473\u7740\u7ec4\u5408\u8d8a\u6709\u6548<\/p>\n\n\n\n \u6bd4\u7387\u7684\u5f62\u5f0f\u5982\u4e0b<\/p>\n\n\n\n \u5f53\u7136\u8fd9\u4e2a\u6bd4\u7387\u5bf9\u4e8e\u4e3b\u52a8\u7ba1\u7406\u57fa\u91d1\u800c\u8a00<\/p>\n\n\n\n \u7528\u5904\u4e0d\u5927<\/p>\n\n\n\n \u56e0\u4e3a\u4e8b\u5b9e\u4e0a\u6709\u5f88\u591a\u6295\u8d44\u8005\u4f1a\u5bf9\u975e\u7cfb\u7edf\u98ce\u9669\u6709\u9ad8\u5ea6\u7684\u70ed\u7231<\/p>\n\n\n\n \u4e0d\u8fc7\u8fd9\u4e2a\u6307\u6570\u8fd8\u662f\u548c\u590f\u666e\u4e0e\u8a79\u68ee\u7684\u5de5\u4f5c\u4e00\u8d77<\/p>\n\n\n\n \u6210\u4e3a\u57fa\u91d1\u4e1a\u7ee9\u8bc4\u4ef7\u7684\u4e09\u5927\u57fa\u7840\u6307\u6807\u4e4b\u4e00<\/p>\n\n\n\n \u8fd9\u4e00\u65b9\u9762\u56e0\u4e3a\u7279\u96f7\u8bfa\u7684\u5de5\u4f5c\u786e\u5b9e\u5341\u5206\u521b\u65b0<\/p>\n\n\n\n \u53e6\u4e00\u65b9\u9762\u6e90\u4e8e\u7279\u96f7\u8bfa\u6709\u4e2a\u68d2\u68d2\u7684\u5c0f\u540e\u8f88<\/p>\n\n\n\n \u8fd9\u4e2a\u5c0f\u540e\u8f88\u53eb\u505a\u8d39\u5e0c\u5c14\u00b7\u5e03\u83b1\u514b<\/strong>\uff08Fischer Black\uff09<\/p>\n\n\n\n \u5c31\u662fBS\u6a21\u578b\u91cc\u7684\u90a3\u4e2aB\u2026\uff08\u6ca1\u62ff\u5230\u8bfa\u5956\u90a3\u4e2a\uff09<\/p>\n\n\n\n \u25b3\u8d39\u5e0c\u5c14\u00b7\u5e03\u83b1\u514b\uff08Fischer Black\uff09<\/p>\n\n\n\n \u5e03\u83b1\u514b\u57281965\u5e74\u7684\u65f6\u5019\u4e5f\u53bb\u4e86\u7406\u7279\u54a8\u8be2\u4e0a\u73ed<\/p>\n\n\n\n \u4ed6\u89c9\u5f97\u7279\u96f7\u8bfa\u7684\u8fd9\u4e9b\u7814\u7a76\u771f\u7684\u597d\u68d2\u68d2\u54e6<\/p>\n\n\n\n \u6240\u4ee5\u4e00\u76f4\u548c\u7279\u96f7\u8bfa\u6709\u5f88\u591a\u5408\u4f5c<\/p>\n\n\n\n \u5c3d\u7ba11966\u5e74\u7279\u96f7\u8bfa\u88ab\u7f8e\u6797\u6316\u8d70\u4e86<\/p>\n\n\n\n \u5728\u7f8e\u6797<\/p>\n\n\n\n \u7279\u96f7\u8bfa\u641e\u4e86\u534e\u5c14\u8857\u7684\u7b2c\u4e00\u4e2a\u91cf\u5316\u6295\u8d44\u56e2\u961f<\/p>\n\n\n\n 1973\u5e74\u7684\u65f6\u5019\u7279\u96f7\u8bfa\u548c\u5e03\u83b1\u514b\u8fd8\u4e00\u8d77\u641e\u4e86\u4e00\u4e2a\u6a21\u578b<\/p>\n\n\n\n \u8fd9\u4e2a\u6a21\u578b\u53c8\u88ab\u53eb\u505a\u4f30\u4ef7\u6bd4\u7387\uff08appraisal ratio\uff09<\/p>\n\n\n\n \u4e3b\u8981\u7528\u6765\u8bc4\u4ef7\u4e00\u540d\u6295\u8d44\u7ecf\u7406\u7684\u80fd\u529b<\/p>\n\n\n\n \u5f53\u6211\u4eec\u5e0c\u671b\u4e00\u540d\u6295\u8d44\u7ecf\u7406\u7684\u4e1a\u7ee9\u80fd\u591f\u8fbe\u5230\u4e00\u5b9a\u7684\u4fe1\u606f\u6bd4\u7387\u65f6<\/p>\n\n\n\n \u53ef\u4ee5\u7528\u8fd9\u4e2a\u6307\u6807\u5206\u6790\u8fd9\u540d\u7ecf\u7406\u8fbe\u5230\u8fd9\u4e2a\u6bd4\u7387\u8981\u82b1\u8d39\u7684\u65f6\u95f4<\/p>\n\n\n\n \u6240\u4ee5\u540e\u6765\u8d35\u4e3a\u7f8e\u56fd\u91d1\u878d\u534f\u4f1a\u4e3b\u5e2d\u7684\u5e03\u83b1\u514b\u66fe\u7ecf\u516c\u5f00\u8868\u793a<\/p>\n\n\n\n \u7279\u96f7\u8bfa\u5bf9\u4e8e\u98ce\u9669\u6a21\u578b\u7684\u7814\u7a76\u8981\u65e9\u4e8e\u8fd9\u4e2a\u65f6\u4ee3\u4e2d\u7684\u4efb\u4f55\u4eba<\/p>\n\n\n\n \u8fd9\u79cd\u8bc4\u8bed\u4e00\u51fa\u6765<\/p>\n\n\n\n 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