资本资产定价模型对会计的启示

The Enlightenment of the Accountant on Capital Assets Pricing Model

资本资产定价模型(CAPM)将有效市场的证券价格、风险和预期收益有机的联系在一起,提供了对投资项目收益的量化计算方法,但其严格的前提假设给该模型的实际应用带来了一定的困难。本文分析了CAPM的前提假设和模型推导,揭示了该模型对会计信息披露和资本市场监管方面的启示。

Security price, risk and the prospective earnings are linked together by Capital assets pricing model （CAPM）, which offers the quantizatian computing technology of incomes for the investment project, but there＇s certain difficulty because of the strict hypothesis. The article analyses the hypothesis of CAPM, and discloses the enlightenment of the accountant information revealment and market supervision on Capital assets price model.