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ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
ABSTRACT
Capital asset pricing model is a very important theory in the modern financial engineering, and has also been widely used in reality. With the capital asset pricing model makes that investors can be easily, widely used them to solve the general problem investment decision. In order to deepen the understanding of the capital asset pricing model, this paper introduces the capital asset pricing model and the relevant theory of corresponding empirical research. This article uses the A-share index returns as the market rate of return, uses the one-year deposit interest rate for the risk-free, selects in January 2005 to December 2010 on the Shanghai stock market as a data sample of 100 stocks and uses two-way regression on the Chinese stock market make an empirical test. Empirical tests show that China's stock market is not yet a mature and effective market, β value can not become a significant factor in the interpretation of yield, and other factors played in the pricing of securities can not be ignored. In the current market, investors can not very well through the portfolio to reduce risk. In the current market environment, investors can not rely on β-value shares of listed companies to establish the relationship between risk and return, and as a rule to guide investment decisions. Although China's stock market in the past twenty years has made remarkable achievement, but it is still not a mature and effective market. We need to make unremitting efforts to build our country's stock market as a mature and effective market. In this paper, after analyzed the relevant reasons, I put forward my own policy recommendations.
Key Words：CAPM；Shanghai stock market；Empirical test
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发表于 2016-3-23 13:29:19
