资产定价模型与套利定价模型的应用比较

On the Application Comparison between Capital Assets Price Model ( CAPM) and Arbitrage Price Theories (APT)

建立在投资组合理论基础之上的 CAPM 模型和 APT 模型是现代资本市场理论的核心。众多学者用其研究中国证券市场,结果却莫衷一是。这说明两个理论有其不完善性,中国证券市场有其不成熟性,现阶段借鉴该模型应当谨慎而行。

CAPM Model and APT Model based on the theory of investment combination is the core of mod- ern capital market theory. Numerous scholars use the theory to study Chinese stock market but unable to decide which is right. These two theories have not perfect and we should use them with cautiousness.