财务理论的演进与资本资产定价模型的应用

The Evolution of Financial Theory and the Application of Capital Asset Pricing Model

财务理论的形成与发展是多个学科相互影响和交叉融合的结果,并体现为一个动态的过程。财务理论发展到现在,我们首先要思考现代企业制度面临的问题,然后在此基础上探讨财务理论的应用。资本资产定价模型的应用既是一个事关财务理论发展的基础性研究问题,也是一个事关企业或投资者效益的现实经济问题。因此,对资本资产定价模型的应用,应当结合经济生活中的宏观制度安排和收益与风险平衡规则,保障企业或投资者效益的实现。

The financial theory evolution is a result of the interaction and cross-merging of multi subjects.It is a dynamic process.Now,we must think about the realistic problems of modern enterprise system when we study this theory.However,the application of capital asset pricing model is both a basic research issue of this theory and a realistic economic question on investor s benefit.So we must ensure investment when we apply a capital asset pricing model combining macroscopilc economic system and the balance between income and risk.