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资本资产定价模型无论在理论界还是实务界都具有很大的影响力,但CAPM的假设、预测和结论在现实世界中毫无基础可言。本文在利用大量信息和研究成果对CAPM批评的基础上,揭示了计算必要回报的更优方法,并说明如何使用理性人状态下的β值。
The capital asset pricing model has great influence both in theory and in practice, but the CAPM’s assumptions, forecasts and conclusions have no foundation in the real world. Based on the criticisms of CAPM using a great deal of information and research results, this article reveals a better way to calculate the necessary returns and shows how to use the beta value in a rational human state.