基于β值的风险测度模型选择

Choice of risk estimation models based on β value

介绍了基于β值的现代投资组合理论及其演变模型,阐述了目前在我国证券市场上,由于交易费用不均、信息获取不对称等情况的存在,使得具有不同资金规模的投资者处于不同的风险水平。因此为了把握市场,不同的投资者必须采用不同的投资策略。最后运用具体的股票投资组合实例,分析了大中型机构投资者和中小投资者在投资组合方面的不同取向。

The modern investment portfolio theory and its evolvement model which are based on β value are introduced. It is thought that the investors who have different fund scales lie in the inequable risk levels because the cost of exchange is unbalanced and the acquirement of information uncoordinated in the Security Market,so different investors should adopt different investment strategies to obtain the excess of returns. Examples are given to explain the choices of different investment portfolios in regard to the large and small investors in the Security Market at present.