论金融资产的公平定价

A Study on Asset Pricing

本文分析了资产定价问题,认为资产定价的实质是首先确定一个时间参考点与风险基准,然后通过时间贴现率和风险调整系数把资产的现金流转换到统一的时间参考点和风险基准下,再计算调整和贴现了的现金流的赢利能力,这个赢利能力的市场价格就是资产的公平定价。

In this article, the author tackles fundamental problems of asset pricing theory, and points out that the essence of the problem is to adjust the price time series according to risk adjustment criteri-a and then discount the adjusted series by discount factors to get the fair price.