论文题目：资本资产定价模型对投资者的启示

学生姓名 安睿峰 学 号 20112202021046 指导教师 张勇 所在学院 金融学院 专业名称 金融工程 班 级 2011级金融工程班

2015年10月

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资本资产定价模型对投资者的启示

摘要

随着现代金融学的飞速发展，资本资产定价模型已经在其中占据了重要的一席之地，此理论是其他相关资产定价理论的前提和基础。资本资产定价模型从1952年建立至今，已经有六十多年的历史了，在此期间，国内学者对其在中国资本市场上的应用，也做了许多相关的实证检验，但是检验结果各异。本文作者正是认识到随着中国资本市场的迅速发展和完善，金融产品层出不穷，在此背景下急需一个较为完善的定价理论，来对各类金融产品进行估值，以减少错误定价所带来的金融资源错配问题，以提高资金的使用效率。本文主要通过深圳股票市场的相关数据和市场研究和检验资本资产定价模型的应用和对投资者的作用，从而达到重新审视国内资本市场的目的。

关键词：资本资产定价模型；实证检验；投资者启示

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Abstract

Capital Asset Pricing Model is one of the core theory of modern finance, is the cornerstone of all other asset pricing theory. From CAPM established in 1952. So far, there have been sixty years of history, in the meantime, the domestic scholars applications in China's capital market, also made a number of relevant empirical test, but the test results vary . The authors recognize that it is the rapid development of China's capital market and improve financial products and styles, in this context the need for a more comprehensive pricing theory to the valuation of financial products, in order to reduce errors caused by pricing financial resources mismatch, in order to improve capital efficiency. Therefore, the authors take a different empirical method, using the latest data of today's capital markets, capital asset pricing model to empirically test the application in Shenzhen, China's securities market. So as to re-examine the domestic capital market purposes.

Key Words: Capital asset pricing model; empirical; investors Inspiration

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