{"version":"1.0","provider_name":"Fortune Insight","provider_url":"https:\/\/prime.fortuneinsight.com\/web","author_name":"\u66fe\u570b\u5e73\u6559\u6388","author_url":"https:\/\/prime.fortuneinsight.com\/web\/posts\/author\/byrontkp","title":"\u5343\u5b57\u6587\u89e3\u5b78\u8853\u6587(\u4e94)\uff1a\u98a8\u96aa\u8207\u56de\u5831\u6210\u6b63\u6bd4\uff1f - Fortune Insight","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\"><a href=\"https:\/\/prime.fortuneinsight.com\/web\/posts\/497473\">\u5343\u5b57\u6587\u89e3\u5b78\u8853\u6587(\u4e94)\uff1a\u98a8\u96aa\u8207\u56de\u5831\u6210\u6b63\u6bd4\uff1f<\/a><\/blockquote>\n<script type='text\/javascript'>\n<!--\/\/--><![CDATA[\/\/><!--\n\t\t!function(c,d){\"use strict\";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var 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class=\"wp-embedded-content\"><\/iframe>","thumbnail_url":"https:\/\/prime.fortuneinsight.com\/web\/wp-content\/uploads\/2021\/02\/sharpe-pic.jpg","thumbnail_width":1280,"thumbnail_height":720,"description":"\u8cc7\u7522\u5b9a\u50f9\u6a21\u578b(Capital Asset Pricing Model)\uff0c\u53c8\u7a31CAPM\uff0c\u6bcf\u500b\u8b80\u904e\u91d1\u878d\u5b78\u3001MBA\u3001\u6295\u8cc7\u5206\u6790\u7b49\u8ab2\u7a0b\u7684\u7db2\u53cb\uff0c\u90fd\u6703\u5b78\u904e\u3002\u4e0d\u904e\uff0c\u6211\u5011\u5b78\u7684\u90fd\u662f\u6559\u79d1\u66f8\u4e2d\u7684\u7c21\u5316\u7248\u672c\uff0c\u771f\u6b63\u8b80\u904e\u539f\u6587\u7684\u4eba\u4e0d\u591a\u3002\u5176\u5be6\uff0c\u590f\u666e(William Sharpe)\u9019\u7bc71964\u520a\u767b\u7684\u6587\u7ae0\u5f88\u597d\u770b\uff0c\u6587\u7b46\u7c21\u6f54\uff0c\u5c07\u672c\u4f86\u5f88\u6280\u8853\u6027\u7684\u5206\u6790\u8aaa\u5f97\u6e05\u695a\u3002 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\u4e0d\u904e\uff0c\u500b\u5225\u80a1\u7968\u9810\u671f\u56de\u5831\u548c\u98a8\u96aa\u7684\u95dc\u4fc2\u4e26\u975e\u5982\u6b64\u3002\u98a8\u96aa\u4e4b\u4e2d\u53ef\u4ee5\u900f\u904e\u5206\u6563\u6295\u8cc7\u800c\u6d88\u9664\u7684\u90e8\u4efd\uff0c\u5e02\u5834\u5747\u8861\u4e4b\u4e0b\u662f\u4e0d\u6703\u6709\u751c\u982d\u7684\u3002\u98a8\u96aa\u4e4b\u4e2d\u8207\u5927\u5e02\u76f8\u95dc\u7684\uff0c\u7531\u65bc\u907f\u7121\u53ef\u907f\uff0c\u8981\u6295\u8cc7\u8005\u9858\u610f\u6301\u6709\u9019\u96bb\u80a1\u7968\uff0c\u5e02\u5834\u5747\u8861\u4e4b\u4e0b\uff0c\u5176\u9810\u671f\u56de\u5831\u5c31\u8981\u5920\u5438\u5f15\u3002\u590f\u666e\u6587\u7ae0\u4e2d\u7684\u8aaa\u6cd5\uff0c\u5c31\u662f\u5e02\u5834\u53ea\u6703\u88dc\u511f\u7cfb\u7d71\u6027\u98a8\u96aa(systematic risk)\uff0c\u4ea6\u5373\u5f71\u97ff\u6574\u500b\u5e02\u5834\uff0c\u4e0d\u80fd\u900f\u904e\u5206\u6563\u6295\u8cc7\u6d88\u9664\u7684\u98a8\u96aa\uff0c\u4f8b\u5982\u7d93\u6fdf\u8870\u9000\u3001\u91d1\u878d\u5371\u6a5f\u4e4b\u985e\u3002\u500b\u5225\u80a1\u7968\u8207\u5927\u5e02\u7684\u95dc\u4fc2\uff0c\u5c31\u662f\u8457\u540d\u7684\u5564\u6253(beta)\uff0c\u53cd\u6620\u7684\u662f\u500b\u80a1\u7968\u8207\u5927\u5e02\u5be6\u969b\u56de\u5831\u7684\u95dc\u4fc2\u6709\u591a\u5bc6\u5207\uff0c\u5728\u539f\u6587\u4e2d\u7528\u7684\u662f\u82f1\u6587\u5b57\u6bcdB\uff0c\u6539\u7528\u5e0c\u81d8\u5b57\u6bcd\u662f\u5f8c\u4f86\u7684\u4e8b\u3002 \u9019\u7bc7\u6587\u7ae0\u9084\u6709\u4e00\u500b\u516b\u639b\uff1a\u5176\u5be6\u590f\u666e\u6587\u7ae0\u520a\u767b\u4e4b\u524d\u5169\u5e74\uff0c\u5df2\u7d93\u6709\u4e00\u500b\u540d\u70baJack L. Treynor\u7684\u64b0\u6587\u63d0\u51fa\u4e86\u975e\u5e38\u76f8\u4f3c\u7684\u7406\u8ad6\uff0c\u53ea\u53ef\u60dc\u6b64\u4eba\u662f\u91d1\u878d\u696d\u754c\u4eba\u58eb\uff0c\u4e26\u975e\u5b78\u754c\u4e2d\u4eba\uff0c\u65e2\u6c92\u6709\u590f\u666e\u7684\u4eba\u969b\u7db2\u7d61\uff0c\u6587\u7ae0\u5beb\u6cd5\u4e5f\u6c92\u6709\u50cf\u590f\u666e\u7684\u7b26\u5408\u898f\u683c\uff0c\u662f\u4ee5\u4e00\u76f4\u6c92\u6709\u6a5f\u6703\u5728\u671f\u520a\u767c\u8868(\u5176\u5be6\u590f\u666e\u7684\u6587\u7ae0\uff0c\u4ea6\u6709\u8a55\u5be9\u54e1\u6279\u8a55\u70ba\u7121\u804a\u7121\u610f\u7fa9\uff0c\u4e0d\u61c9\u520a\u767b)\u3002\u590f\u666e\u5c31\u5728\u6587\u7ae0\u4e00\u500b\u8a3b\u8173\u4e2d\u5beb\u5230\uff1aAfter preparing this paper the author learned that Mr. Jack L. Treynor, of Arthur D. Little, Inc., had independently developed a model similar in many respects to the one described here. Unfortunately Mr. Treynor&#8217;s excellent work on this subject is, [&hellip;]"}