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銆€銆€璩囨湰璩囩敘(ch菐n)瀹氬児(ji脿)妯″瀷锛�

銆€銆€鐢辨姇璩囩祫鍚堢悊璜栧紩浼稿嚭渚嗙殑璩囨湰璩囩敘(ch菐n)瀹氬児(ji脿)妯″瀷 (Capital Asset Pricing Model) 渚胯兘鏇村ソ鍦板垎鏋愰€欏€�(g猫)棰�(f膿ng)闅�(xi菐n)鑸囨敹鐩婄殑闂�(gu膩n)绯�銆傝硣鏈硣鐢�(ch菐n)瀹氬児(ji脿)妯″瀷鑸囧叕寮� 鐨勬剰缇╂槸涓€鑷寸殑锛屽湪瑭叉ā鍨嬪垎鏋愪笅锛屼竴鍊�(g猫)鎶曡硣闋�(xi脿ng)鐩湪鏌愪竴鏅�(sh铆)闁撴涓婄殑闋�(y霉)鏈熸敹鐩婄巼绛変簬甯傚牬涓婄劇棰�(f膿ng)闅�(xi菐n)鎶曡硣闋�(xi脿ng)鐩殑鏀剁泭鐜囧啀鍔犱笂閫欓爡(xi脿ng)鎶曡硣闋�(xi脿ng)鐩殑绯荤当(t菕ng)鎬у競鍫撮ⅷ(f膿ng)闅�(xi菐n)鐨勭浉闂�(gu膩n)绯绘暩(sh霉)(閫欓噷鍋囪ō(sh猫)鎳�(y墨ng)鐢ㄤ簡閬╃暥(d膩ng)?sh霉)鑰愰】Y绲勫悎)涔樹互瑭查爡(xi脿ng)鐩殑甯傚牬鏀剁泭鐜囪垏鐒￠ⅷ(f膿ng)闅�(xi菐n)鎶曡硣闋�(xi脿ng)鐩敹鐩婄巼涔嬪樊銆傚緢宸у悎锛岄€欏€�(g猫)姒傚康鑸囨埧鍦扮敘(ch菐n)浼板児(ji脿)瀛�(xu茅)涓湁闂�(gu膩n)鎶樼従(xi脿n)鐜囩殑鍏朵腑涓€鍊�(g猫)閬告搰妯�(bi膩o)婧�(zh菙n)锛屽嵆姗�(j墨)鏈冩垚鏈(bi膩o)婧�(zh菙n)锛屽崄鍒嗙浉浼�?锛涱媱璋禓鍊�(g猫)鍘熷洜锛屾垜鍊戝彲浠ラ€�(j矛n)涓€姝ユ妸閫欎竴鍒嗘瀽鏂规硶鎳�(y墨ng)鐢ㄥ埌鎴垮湴鐢�(ch菐n)甯傚牬涓�銆�

銆€銆€鍦ㄦ埧鍦扮敘(ch菐n)鎶曡硣瑭曚及閬庣▼涓�锛屼竴鍊�(g猫)褰遍熆寰堝ぇ浣嗗張寰堥洠纰哄畾鐨勫洜绱犳槸鎶樼従(xi脿n)鐜囥€傜⒑瀹氭姌鐝�(xi脿n)鐜囩殑鐞嗘兂鏂规硶鏄噰鐢ㄦ(j墨)鏈冩垚鏈姞閬╃暥(d膩ng)?sh霉)濞楲(f膿ng)闅�(xi菐n)瑾�(di脿o)鏁村€�銆傛(j墨)鏈冩垚鏈槸璩囨湰鍦ㄦ煇涓€娈垫檪(sh铆)闁撳収(n猫i)鏈€楂樺拰鏈€瀹夊叏鐨勬姇璩囨(j墨)鏈冪殑鏀剁泭銆傞€欏€�(g猫)鏀剁泭鎳�(y墨ng)绛変簬涓婅堪鐒￠ⅷ(f膿ng)闅�(xi菐n)鐨勬敹鐩�锛屽鍦嬪偟鏀剁泭鐜囨垨閵€琛屽瓨娆惧埄鐜囩瓑銆傛姇璩囪€呮墍鏈熸湜鐨勬敹鐩婃噳(y墨ng)鑷冲皯绛変簬姗�(j墨)鏈冩垚鏈啀鍔犱笂瑭查爡(xi脿ng)鐩殑棰�(f膿ng)闅�(xi菐n)鍫�(b脿o)閰�(Risk Pemium)銆�

銆€銆€鍋囪ō(sh猫)鏁村€�(g猫)鎶曡硣甯傚牬鐨勫钩鍧囨敹鐩婄巼鐐�20%锛屽湅瀹跺偟鍒哥殑鏀剁泭鐜囩偤10%锛岃€屾埧鍦扮敘(ch菐n)鎶曡硣甯傚牬鐩稿皪浜庢暣鍊�(g猫)鎶曡硣甯傚牬鐨勯ⅷ(f膿ng)闅�(xi菐n)鐩搁棞(gu膩n)绯绘暩(sh霉)鏄�0.4锛屽墖鎴垮湴鐢�(ch菐n)鎶曡硣瑭曚及鐨勬ā鍨嬫墍鐢ㄧ殑鎶樼従(xi脿n)鐜囨寜涓婅堪鍏紡鐨勫垎鏋愭噳(y墨ng)鐐猴細 r=10%+0.4×(20%-10%)=14%

銆€銆€銆愪緥椤屻€� 鏌愭姇璩囧晢娆查€�(j矛n)琛屽瀛楁〒缃キ(y猫)鎶曡硣銆傚叾鐩(bi膩o)鏀剁泭鐜囩偤12%锛岀暥(d膩ng)鍓嶆暣鍊�(g猫)甯傚牬鐨勫钩鍧囨敹鐩婄巼鐐�15%锛屽湅鍌电殑鏀剁泭鐜囩偤3.5%銆傛鏅�(sh铆)锛岃┎鍦板崁(q奴)瀵瓧妯撳競鍫寸浉灏嶆暣鍊�(g猫)鎶曡硣甯傚牬鐨勯ⅷ(f膿ng)闅�(xi菐n)鐩搁棞(gu膩n)绯绘暩(sh霉)鏄�( )?

銆€銆€A.0.57

銆€銆€B.0.74

銆€銆€C.0.80

銆€銆€D.1.04

銆€銆€銆愮瓟妗堛€態 瑙ｆ瀽锛氱敱鍏紡鐭ワ細12%=3.5 %+βj(15 %鈥�3.5%)锛屾晠βj=0.74

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