试析现代资本市场定价理论的发展

An Analysis on the Development of the Modern Pricing Theory of Capital Market

资本市场定价问题是资本市场研究中最为复杂的问题。 2 0世纪 5 0、6 0年代形成的现代资本市场定价理论 ,在受到广泛关注和褒誉的同时 ,也引发了诸多质疑和贬责 ,由此推动了这一领域研究的深化和扩展 ,产生了一系列后续研究理论。本文是对这些后续理论的一个梳理和分析。

The study of asset pricing in capital market is the most complicated one in the study of capital market. Though the modern asset pricing theory of capital market formed in the 1950's and 1960's has received extensive attention and a lot of praise, it also receives many doubts and criticism, which also promotes the deepening and extension of the studies in this field and generates a series of following studies. In this essay, we give a survey and analysis on these following theories.