.
.
鎶曡祫瀛?/p>
璁＄畻棰橀儴鍒?/p>
CAPM
妯″瀷
1
銆佹煇鑲＄エ鐨勫競鍦轰环鏍间负
50
鍏冿紝鏈熸湜鏀剁泭鐜囦负
14%
锛屾棤椋庨櫓鏀剁泭鐜囦负
6%
锛屽競鍦?/p>
椋庨櫓婧环涓?/p>
8%
銆傚鏋滆繖涓偂绁ㄤ笌甯傚満缁勫悎鐨勫崗鏂瑰樊鍔犲�嶏紙鍏朵粬鍙橀噺淇濇寔涓嶅彉锛?/p>
锛?/p>
璇ヨ偂绁ㄧ殑甯傚満浠锋牸鏄灏戯紵鍋囧畾璇ヨ偂绁ㄩ鏈熶細姘歌繙鏀粯涓�鍥哄畾绾㈠埄銆?/p>
鐜板湪鐨勯闄╂孩浠?/p>
=14%
锛?/p>
6%
锛?/p>
8%
锛浳诧紳
1
鏂扮殑
尾
锛?/p>
2
锛屾柊鐨勯闄╂孩浠凤紳
8%
脳
2
锛?/p>
16%
鏂扮殑棰勬湡鏀剁泭锛?/p>
6%
锛?/p>
16%
锛?/p>
22%
鏍规嵁闆跺闀挎ā鍨嬶細
50
锛?
%
14
D
飪?
D
锛?/p>
7
V
锛?/p>
%
22
7
锛?/p>
31.82
2
銆佸亣璁炬棤椋庨櫓鍊哄埜鐨勬敹鐩婄巼涓?/p>
5%
锛屾煇璐濆鍊间负
1
鐨勮祫浜х粍鍚堢殑鏈熸湜鏀剁泭鐜囨槸
12%
锛屾牴鎹?/p>
CAPM
妯″瀷锛?/p>
鈶犲競鍦鸿祫浜х粍鍚堢殑棰勬湡鏀剁泭鐜囨槸澶氬皯锛?/p>
鈶¤礉濉斿�间负闆剁殑鑲＄エ鐨勯鏈熸敹鐩婄巼鏄灏戯紵
鈶㈠亣瀹氭姇璧勮�呮鑰冭檻涔板叆涓�鑲¤偂绁紝浠锋牸鏄?/p>
40
鍏冦�傝鑲＄エ棰勮鏉ュ勾娲惧彂绾㈠埄
3
缇庡厓锛屾姇璧勮�呴鏈熷彲浠ヤ互
41
缇庡厓鐨勪环鏍煎崠鍑恒�傝嫢璇ヨ偂绁ㄧ殑璐濆鍊兼槸锛?/p>
0.5
锛屾姇
璧勮�呮槸鍚︿拱鍏ワ紵
鈶?/p>
12%
锛?/p>
鈶?/p>
5%
锛?/p>
鈶㈠埄鐢?/p>
CAPM
妯″瀷璁＄畻鑲＄エ鐨勯鏈熸敹鐩婏細
E(r)
锛?/p>
5%
锛?/p>
(
锛?/p>
0.5)
脳
(12%
锛?/p>
5%)
锛?/p>
1.5%
鍒╃敤绗簩骞寸殑棰勬湡浠锋牸鍜岀孩鍒╄绠楋細
E(r)
锛?/p>
40
3
41
飥?/p>
锛?/p>
1
锛?/p>
10%
鎶曡祫鑰呯殑棰勬湡鏀剁泭瓒呰繃浜嗙悊璁烘敹鐩婏紝鏁呭彲浠ヤ拱鍏ャ�?/p>
3
銆佸凡鐭ワ細鐜拌鍥藉簱鍒哥殑鍒╃巼涓?/p>
5%
锛岃瘉鍒稿競鍦虹粍鍚堝钩鍧囨敹鐩婄巼涓?/p>
15%
锛屽競鍦轰笂
A
銆?/p>
B
銆?/p>
C
銆?/p>
D
鍥涚鑲＄エ鐨勎茬郴鏁板垎鍒负
0.91
銆?/p>
1.17
銆?/p>
1.8
鍜?/p>
0.52
锛?/p>
B
銆?/p>
C
銆?/p>
D
鑲＄エ鐨勫繀
瑕佹敹鐩婄巼鍒嗗埆涓?/p>
16.7%
銆?/p>
23%
鍜?/p>
10.2%
銆傝姹傦細