【摘要】 本文就CAPM在沪市上的适用性进行了实证检验 ,结果表明 :我国目前的资本市场仍不能接受CAPM .在对证券投资风险研究中发现 ,系统风险所占的比重不大 ,这为投资组合的广泛应用提供了良好的前景 .分析了CAPM对股票收益率解释能力低下的原因更多还原

【Abstract】 The paper tests the applicability of CAPM in Shanghai Stock Market, with the result that CAPM cannot yet be accepted in our present capital market. Moreover, market risk covers a very small proportion in the total investment risk, which brings about a bright prospect for the extensive application of portfolio. Finally, the paper analyses possible reasons for CAPM’s weak capacity of explanation of the stock return.更多还原