{"id":26508,"date":"2020-04-21T08:31:08","date_gmt":"2020-04-21T00:31:08","guid":{"rendered":"https:\/\/www.lixiangluntan.com\/26508.html"},"modified":"2020-04-21T08:31:08","modified_gmt":"2020-04-21T00:31:08","slug":"%e8%b4%9d%e5%a1%94%e7%b3%bb%e6%95%b0_%e8%82%a1%e7%a5%a8%e5%85%ac%e5%bc%8f%e6%8c%87%e6%a0%87%e3%80%81%e8%82%a1%e7%a5%a8%e4%b9%a6%e7%b1%8d%e4%b8%8b%e8%bd%bd%e7%bd%91%e7%ab%99%e3%80%81%e7%82%92%e8%82%a1","status":"publish","type":"post","link":"https:\/\/www.lixiangluntan.com\/?p=26508","title":{"rendered":"\u8d1d\u5854\u7cfb\u6570_\u80a1\u7968\u516c\u5f0f\u6307\u6807\u3001\u80a1\u7968\u4e66\u7c4d\u4e0b\u8f7d\u7f51\u7ad9\u3001\u7092\u80a1\u6559\u7a0b\u3001\u9ed1\u9a6c\u80a1\u7968\u3001\u80a1\u7968\u8d44\u8baf\u3001\u671f\u8d27\u5916\u6c47\uff0c\u5927\u667a\u6167\u6caa\u6df110\u6863\u7834\u89e3"},"content":{"rendered":"<blockquote style=\"font-size:15px;background-color: #F5F5F5;border:none;padding: 5px;margin:15px;line-height: 1.6;text-indent: 2em;\">\n<p style=\"margin-bottom:5px;\">TOWER\u6307\u6807<\/p>\n<p><strong><\/strong><\/p>\n<\/blockquote>\n<p>&nbsp;&nbsp;&nbsp;&nbsp; <\/p>\n<p> <strong>\u8d1d\u5854\u7cfb\u6570<\/strong><\/p>\n<p> &nbsp;&nbsp;&nbsp; \u8d1d\u5854\u7cfb\u6570\u8861\u91cf\u6536\u76ca\u76f8\u5bf9\u4e8e\u4e1a\u7ee9\u8bc4\u4ef7\u57fa\u51c6\u6536\u76ca\u7684\u603b\u4f53\u6ce2\u52a8\u6027\uff0c\u662f\u4e00\u4e2a\u76f8\u5bf9\u3002 \u03b2 \u8d8a\u9ad8\uff0c\u610f\u5473\u7740\u80a1\u7968\u76f8\u5bf9\u4e8e\u4e1a\u7ee9\u8bc4\u4ef7\u57fa\u51c6\u7684\u6ce2\u52a8\u6027\u8d8a\u5927\u3002 \u03b2 \u5927\u4e8e 1 \uff0c\u5219\u80a1\u7968\u7684\u6ce2\u52a8\u6027\u5927\u4e8e\u4e1a\u7ee9\u8bc4\u4ef7\u57fa\u51c6\u7684\u6ce2\u52a8\u6027\u3002\u53cd\u4e4b\u4ea6\u7136\u3002<\/p>\n<p> \u3000\u3000\u5982\u679c \u03b2 \u4e3a 1 \uff0c\u5219\u5e02\u573a\u4e0a\u6da8 10 %\uff0c\u80a1\u7968\u4e0a\u6da8 10 %;\u5e02\u573a\u4e0b\u6ed1 10 %\uff0c\u80a1\u7968\u76f8\u5e94\u4e0b\u6ed1 10 %\u3002\u5982\u679c \u03b2 \u4e3a 1.1\uff0c \u5e02\u573a\u4e0a\u6da8 10 %\u65f6\uff0c\u80a1\u7968\u4e0a\u6da8 11%\uff0c ;\u5e02\u573a\u4e0b\u6ed1 10 %\u65f6\uff0c\u80a1\u7968\u4e0b\u6ed1 11% \u3002\u5982\u679c \u03b2 \u4e3a 0.9\uff0c \u5e02\u573a\u4e0a\u6da8 10 %\u65f6\uff0c\u80a1\u7968\u4e0a\u6da8 9% ;\u5e02\u573a\u4e0b\u6ed1 10 %\u65f6\uff0c\u80a1\u7968\u4e0b\u6ed1 9% \u3002<\/p>\n<p> \u3000\u3000\u8d1d\u5854\u7cfb\u6570\uff08Beta coefficient\uff09\u662f\u4e00\u79cd\u8bc4\u4f30\u8bc1\u5238\u7cfb\u7edf\u6027\u7684\u5de5\u5177\uff0c\u7528\u4ee5\u5ea6\u91cf\u4e00\u79cd\u8bc1\u5238\u6216\u4e00\u4e2a\u6295\u8d44\u8bc1\u5238\u7ec4\u5408\u76f8\u5bf9\u603b\u4f53\u5e02\u573a\u7684\u6ce2\u52a8\u6027\u3002\u5728\u80a1\u7968\u3001\u57fa\u91d1\u7b49\u6295\u8d44\u672f\u8bed\u4e2d\u5e38\u89c1\u3002<\/p>\n<p> \u3000\u3000\u8d1d\u5854\u7cfb\u6570\u662f\u7edf\u8ba1\u5b66\u4e0a\u7684\u6982\u5ff5\uff0c\u662f\u4e00\u4e2a\u5728+1\u81f3-1\u4e4b\u95f4\u7684\u6570\u503c\uff0c\u5b83\u6240\u53cd\u6620\u7684\u662f\u67d0\u4e00\u6295\u8d44\u5bf9\u8c61\u76f8\u5bf9\u4e8e\u5927\u76d8\u7684\u8868\u73b0\u60c5\u51b5\u3002\u5176\u7edd\u5bf9\u503c\u8d8a\u5927\uff0c\u663e\u793a\u5176\u6536\u76ca\u53d8\u5316\u5e45\u5ea6\u76f8\u5bf9\u4e8e\u5927\u76d8\u7684\u53d8\u5316\u5e45\u5ea6\u8d8a\u5927;\u7edd\u5bf9\u503c\u8d8a\u5c0f\uff0c\u663e\u793a\u5176\u53d8\u5316\u5e45\u5ea6\u76f8\u5bf9\u4e8e\u5927\u76d8\u8d8a\u5c0f\u3002\u5982\u679c\u662f\u8d1f\u503c\uff0c\u5219\u663e\u793a\u5176\u53d8\u5316\u7684\u65b9\u5411\u4e0e\u5927\u76d8\u7684\u53d8\u5316\u65b9\u5411;\u5927\u76d8\u6da8\u7684\u65f6\u5019\u5b83\u8dcc\uff0c\u5927\u76d8\u8dcc\u7684\u65f6\u5019\u5b83\u6da8\u3002\u7531\u4e8e\u6211\u4eec\u6295\u8d44\u4e8e\u6295\u8d44\u57fa\u91d1\u7684\u76ee\u7684\u662f\u4e3a\u4e86\u53d6\u5f97\u4e13\u5bb6\u7406\u8d22\u7684\u670d\u52a1\uff0c\u4ee5\u53d6\u5f97\u4f18\u4e8e\u88ab\u52a8\u6295\u8d44\u4e8e\u5927\u76d8\u7684\u8868\u73b0\u60c5\u51b5\uff0c\u8fd9\u4e00\u6307\u6807\u53ef\u4ee5\u4f5c\u4e3a\u8003\u5bdf\u57fa\u91d1\u7ecf\u7406\u964d\u4f4e\u6295\u8d44\u6ce2\u52a8\u6027\u98ce\u9669\u7684\u80fd\u529b\u3002\u5728\u8ba1\u7b97\u8d1d\u5854\u7cfb\u6570\u65f6\uff0c\u9664\u4e86\u57fa\u91d1\u7684\u8868\u73b0\u6570\u636e\u5916\uff0c\u8fd8\u9700\u8981\u6709\u4f5c\u4e3a\u53cd\u6620\u5927\u76d8\u8868\u73b0\u7684\u6307\u6807\u3002<\/p>\n<p> \u3000\u3000\u03b2\u7cfb\u6570\u8ba1\u7b97\u65b9\u5f0f<\/p>\n<p> \u3000\u3000\uff08\u6ce8\uff1a\u6760\u6746\u4e3b\u8981\u7528\u4e8e\u8ba1\u91cf\u975e\u7cfb\u7edf\u6027\u98ce\u9669\uff09<\/p>\n<p> \u3000\u3000\uff08\u4e00\uff09\u5355\u9879\u8d44\u4ea7\u7684\u03b2\u7cfb\u6570<\/p>\n<p> \u3000\u3000\u5355\u9879\u8d44\u4ea7\u7cfb\u7edf\u98ce\u9669\u7528\u03b2\u7cfb\u6570\u6765\u8ba1\u91cf\uff0c\u901a\u8fc7\u4ee5\u6574\u4e2a\u5e02\u573a\u4f5c\u4e3a\u53c2\u7167\u7269\uff0c\u7528\u5355\u9879\u8d44\u4ea7\u7684\u98ce\u9669\u6536\u76ca\u7387\u4e0e\u6574\u4e2a\u5e02\u573a\u7684\u5e73\u5747\u98ce\u9669\u6536\u76ca\u7387\u4f5c\u6bd4\u8f83\uff0c\u5373\uff1a<\/p>\n<p><center><br \/>\n <img decoding=\"async\" alt=\"\" height=\"144\" src=\"http:\/\/wmj.lixiangluntan.com\/2020\/8\/rYbQZr.gif\" width=\"541\" class=\"aligncenter\"><br \/>\n<\/center> <\/p>\n<p> \u3000\u3000\u53e6\u5916\uff0c\u8fd8\u53ef\u6309\u534f\u65b9\u5dee\u8ba1\u7b97\u03b2\u503c\uff0c\u5373<\/p>\n<p><center><br \/>\n <img decoding=\"async\" alt=\"\" height=\"47\" src=\"http:\/\/wmj.lixiangluntan.com\/2020\/8\/viieii.gif\" width=\"279\" class=\"aligncenter\"><br \/>\n<\/center> <\/p>\n<p> \u3000\u3000\u6ce8\u610f\uff1a\u638c\u63e1\u03b2\u503c\u7684\u542b\u4e49<\/p>\n<p> \u3000\u3000\u25c6 \u03b2=1\uff0c\u8868\u793a\u8be5\u5355\u9879\u8d44\u4ea7\u7684\u98ce\u9669\u6536\u76ca\u7387\u4e0e\u5e02\u573a\u7ec4\u5408\u5e73\u5747\u98ce\u9669\u6536\u76ca\u7387\u5448\u540c\u6bd4\u4f8b\u53d8\u5316\uff0c\u5176\u98ce\u9669\u60c5\u51b5\u4e0e\u5e02\u573a\u6295\u8d44\u7ec4\u5408\u7684\u98ce\u9669\u60c5\u51b5\u4e00\u81f4;<\/p>\n<p> \u3000\u3000\u25c6 \u03b2\u300b1\uff0c\u8bf4\u660e\u8be5\u5355\u9879\u8d44\u4ea7\u7684\u98ce\u9669\u6536\u76ca\u7387\u9ad8\u4e8e\u5e02\u573a\u7ec4\u5408\u5e73\u5747\u98ce\u9669\u6536\u76ca\u7387\uff0c\u5219\u8be5\u5355\u9879\u8d44\u4ea7\u7684\u98ce\u9669\u5927\u4e8e\u6574\u4e2a\u5e02\u573a\u6295\u8d44\u7ec4\u5408\u7684\u98ce\u9669;<\/p>\n<p> \u3000\u3000\u25c6 \u03b2\u300a1\uff0c\u8bf4\u660e\u8be5\u5355\u9879\u8d44\u4ea7\u7684\u98ce\u9669\u6536\u76ca\u7387\u5c0f\u4e8e\u5e02\u573a\u7ec4\u5408\u5e73\u5747\u98ce\u9669\u6536\u76ca\u7387\uff0c\u5219\u8be5\u5355\u9879\u8d44\u4ea7\u7684\u98ce\u9669\u7a0b\u5ea6\u5c0f\u4e8e\u6574\u4e2a\u5e02\u573a\u6295\u8d44\u7ec4\u5408\u7684\u98ce\u9669\u3002<\/p>\n<p> \u3000\u3000\u5c0f\u7ed3\uff1a1\uff09\u03b2\u503c\u662f\u8861\u91cf\u7cfb\u7edf\u6027\u98ce\u9669\uff0c2\uff09\u03b2\u7cfb\u6570\u8ba1\u7b97\u7684\u4e24\u79cd\u65b9\u5f0f\u3002<\/p>\n<p> \u3000\u3000\u8d1d\u5854\u7cfb\u6570\u7528\u4e8e\u8bc1\u5238\u5e02\u573a\u7684\u8ba1\u7b97\u516c\u5f0f<\/p>\n<p> \u3000\u3000\u8d1d\u5854\u7cfb\u6570\u6982\u8ff0<\/p>\n<p> \u3000\u3000\u516c\u5f0f\u4e3a\uff1a<\/p>\n<p> \u3000\u3000\u5176\u4e2dCov\uff08ra\uff0crm\uff09\u662f\u8bc1\u5238 a \u7684\u6536\u76ca\u4e0e\u5e02\u573a\u6536\u76ca\u7684\u534f\u65b9\u5dee;\u662f\u5e02\u573a\u6536\u76ca\u7684\u65b9\u5dee\u3002<\/p>\n<p> \u3000\u3000\u56e0\u4e3a\uff1a<\/p>\n<p> \u3000\u3000Cov\uff08ra\uff0crm\uff09 = \u03c1am\u03c3a\u03c3m<\/p>\n<p> \u3000\u3000\u6240\u4ee5\u516c\u5f0f\u4e5f\u53ef\u4ee5\u5199\u6210\uff1a<\/p>\n<p> \u3000\u3000\u5176\u4e2d\u03c1am\u4e3a\u8bc1\u5238 a \u4e0e\u5e02\u573a\u7684\u76f8\u5173\u7cfb\u6570;\u03c3a\u4e3a\u8bc1\u5238 a \u7684\u6807\u51c6\u5dee;\u03c3m\u4e3a\u5e02\u573a\u7684\u6807\u51c6\u5dee\u3002<\/p>\n<p> \u3000\u3000\u8d1d\u5854\u7cfb\u6570\u5229\u7528\u56de\u5f52\u7684\u65b9\u6cd5\u8ba1\u7b97\uff1a \u8d1d\u5854\u7cfb\u6570\u7b49\u4e8e1\u5373\u8bc1\u5238\u7684\u4ef7\u683c\u4e0e\u5e02\u573a\u4e00\u540c\u53d8\u52a8\u3002<\/p>\n<p> \u3000\u3000\u8d1d\u5854\u7cfb\u6570\u9ad8\u4e8e1\u5373\u8bc1\u5238\u4ef7\u683c\u6bd4\u603b\u4f53\u5e02\u573a\u66f4\u6ce2\u52a8\u3002<\/p>\n<p> \u3000\u3000\u8d1d\u5854\u7cfb\u6570\u4f4e\u4e8e1\u5373\u8bc1\u5238\u4ef7\u683c\u7684\u6ce2\u52a8\u6027\u6bd4\u5e02\u573a\u4e3a\u4f4e\u3002<\/p>\n<p> \u3000\u3000\u5982\u679c\u03b2 = 0\u8868\u793a\u6ca1\u6709\u98ce\u9669\uff0c\u03b2 = 0.5\u8868\u793a\u5176\u98ce\u9669\u4ec5\u4e3a\u5e02\u573a\u7684\u4e00\u534a\uff0c\u03b2 = 1\u8868\u793a\u98ce\u9669\u4e0e\u5e02\u573a\u98ce\u9669\u76f8\u540c\uff0c\u03b2 = 2\u8868\u793a\u5176\u98ce\u9669\u662f\u5e02\u573a\u76842\u500d\u3002<\/p>\n<p> \u3000\u3000Beta\u7684\u542b\u4e49<\/p>\n<p> \u3000\u3000Beta\u7cfb\u6570\u8d77\u6e90\u4e8e\u8d44\u672c\u8d44\u4ea7\u5b9a\u4ef7\u6a21\u578b\uff08CAPM\u6a21\u578b\uff09\uff0c\u5b83\u7684\u771f\u5b9e\u542b\u4e49\u5c31\u662f\u7279\u5b9a\u8d44\u4ea7\uff08\u6216\u8d44\u4ea7\u7ec4\u5408\uff09\u7684\u7cfb\u7edf\u98ce\u9669\u5ea6\u91cf\u3002<\/p>\n<p> \u3000\u3000\u6240\u8c13\u7cfb\u7edf\u98ce\u9669\uff0c\u662f\u6307\u8d44\u4ea7\u53d7\u5b8f\u89c2\u7ecf\u6d4e\u3001\u5e02\u573a\u60c5\u7eea\u7b49\u6574\u4f53\u6027\u56e0\u7d20\u5f71\u54cd\u800c\u53d1\u751f\u7684\u4ef7\u683c\u6ce2\u52a8\uff0c\u6362\u53e5\u8bdd\u8bf4\uff0c\u5c31\u662f\u80a1\u7968\u4e0e\u5927\u76d8\u4e4b\u95f4\u7684\u8fde\u52a8\u6027\uff0c\u7cfb\u7edf\u98ce\u9669\u6bd4\u4f8b\u8d8a\u9ad8\uff0c\u8fde\u52a8\u6027\u8d8a\u5f3a\u3002<\/p>\n<p> \u3000\u3000\u4e0e\u7cfb\u7edf\u98ce\u9669\u76f8\u5bf9\u7684\u5c31\u662f\u4e2a\u522b\u98ce\u9669\uff0c\u5373\u7531\u516c\u53f8\u81ea\u8eab\u56e0\u7d20\u6240\u5bfc\u81f4\u7684\u4ef7\u683c\u6ce2\u52a8\u3002<\/p>\n<p> \u3000\u3000\u603b\u98ce\u9669=\u7cfb\u7edf\u98ce\u9669+\u4e2a\u522b\u98ce\u9669<\/p>\n<p> \u3000\u3000\u800cBeta\u5219\u4f53\u73b0\u4e86\u7279\u5b9a\u8d44\u4ea7\u7684\u4ef7\u683c\u5bf9\u6574\u4f53\u7ecf\u6d4e\u6ce2\u52a8\u7684\u654f\u611f\u6027\uff0c\u5373\uff0c\u5e02\u573a\u7ec4\u5408\u53d8\u52a81\u4e2a\u767e\u5206\u70b9\uff0c\u8be5\u8d44\u4ea7\u7684\u4ef7\u503c\u53d8\u52a8\u4e86\u51e0\u4e2a\u767e\u5206\u70b9\u2014\u2014\u6216\u8005\u7528\u66f4\u901a\u4fd7\u7684\u8bf4\u6cd5\uff1a\u5927\u76d8\u4e0a\u6da81\u4e2a\u767e\u5206\u70b9\uff0c\u8be5\u80a1\u7968\u7684\u4ef7\u683c\u53d8\u52a8\u4e86\u51e0\u4e2a\u767e\u5206\u70b9\u3002<\/p>\n<p> \u3000\u3000\u7528\u516c\u5f0f\u8868\u793a\u5c31\u662f\uff1a<\/p>\n<p> \u3000\u3000\u5b9e\u9645\u4e2d\uff0c\u4e00\u822c\u7528\u5355\u4e2a\u80a1\u7968\u8d44\u4ea7\u7684\u5386\u53f2\u6536\u76ca\u7387\u5bf9\u540c\u671f\uff08\u5927\u76d8\uff09\u6536\u76ca\u7387\u8fdb\u884c\u56de\u5f52\uff0c\u56de\u5f52\u7cfb\u6570\u5c31\u662fBeta\u7cfb\u6570\u3002<\/p>\n<p> \u3000\u3000Beta\u7684\u4e00\u822c\u7528\u9014<\/p>\n<p> \u3000\u3000\u4e00\u822c\u7684\u8bf4\uff0cBeta\u7684\u7528\u9014\u6709\u4ee5\u4e0b\u51e0\u4e2a\uff1a<\/p>\n<p> \u3000\u30001\uff09\u8ba1\u7b97\u8d44\u672c\u6210\u672c\uff0c\u505a\u51fa\u6295\u8d44\u51b3\u7b56\uff08\u53ea\u6709\u56de\u62a5\u7387\u9ad8\u4e8e\u8d44\u672c\u6210\u672c\u7684\u9879\u76ee\u624d\u5e94\u6295\u8d44\uff09;<\/p>\n<p> \u3000\u30002\uff09\u8ba1\u7b97\u8d44\u672c\u6210\u672c\uff0c\u5236\u5b9a\u4e1a\u7ee9\u8003\u6838\u53ca\u6fc0\u52b1\u6807\u51c6;<\/p>\n<p> \u3000\u30003\uff09\u8ba1\u7b97\u8d44\u672c\u6210\u672c\uff0c\u8fdb\u884c\u8d44\u4ea7\u4f30\u503c\uff08Beta\u662f\u73b0\u91d1\u6d41\u8d34\u73b0\u6a21\u578b\u7684\u57fa\u7840\uff09;<\/p>\n<p> 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