Regression model
资本资产定价模型 (CAPM)
资本资产定价模型 (CAPM)，由 William Sharpe 和 John Lintner 于 20 世纪 60 年代中期开发，将资产的预期回报与其系统性风险（以 beta 衡量）联系起来。它指出，在均衡状态下，投资者仅因无法分散的风险而获得回报：资产的预期超额回报与市场的预期超额回报成正比，beta 为比例常数。CAPM 是股权成本、业绩基准和大量资产定价研究的基础。
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来源
- Sharpe, W. F. (1964). Capital asset prices: A theory of market equilibrium under conditions of risk. The Journal of Finance, 19(3), 425–442. DOI: 10.1111/j.1540-6261.1964.tb02865.x ↗
- Lintner, J. (1965). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The Review of Economics and Statistics, 47(1), 13–37. DOI: 10.2307/1924119 ↗
如何引用本页
ScholarGate. (2026, June 2). Capital Asset Pricing Model. ScholarGate. https://scholargate.app/zh/finance/capm
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