绗竷绔犺瓑鍒哥祫鍚堢鐞嗙悊璜�

绗竴绡€(ji茅)  璀夊埜绲勫悎绠＄悊姒傝堪

澶х侗瑕佹眰锛�

銆€銆€鐔熸倝璀夊埜绲勫悎鐨勫惈缇┿€侀鍨�;鐔熸倝璀夊埜绲勫悎绠＄悊鐨勬剰缇┿€佺壒榛�(di菐n)銆佸熀鏈椹�;鐔熸倝鐝�(xi脿n)浠ｈ瓑鍒哥祫鍚堢悊璜栭珨绯诲舰鎴愯垏鐧�(f膩)灞曢€�(j矛n)绋�;鐔熸倝棣煰濞佽尐銆佸鏅�銆佺緟鏂皪(du矛)鐝�(xi脿n)浠ｈ瓑鍒哥祫鍚堢悊璜栫殑涓昏璨㈢嵒(xi脿n)銆�

涓€銆佽瓑鍒哥祫鍚堢殑鍚京鍜岄鍨�

璀夊埜绲勫悎锛氭搧鏈夌殑涓€绋互涓婄殑鏈夊児(ji脿)璀夊埜鐨勭附绋便€傚叾涓彲浠ュ寘鍚悇绋偂绁�銆佸偟鍒搞€佸瓨娆惧柈绛夌瓑銆�

璀夊埜绲勫悎鍙互鍒嗙偤閬跨▍鍨�銆佹敹鍏ュ瀷銆佸闀�(zh菐ng)鍨嬨€佹敹鍏ュ拰澧為暦(zh菐ng)鍨嬫贩鍚堝瀷銆佽波骞ｅ競鍫�(ch菐ng)鍨�銆佸湅(gu贸)闅涘瀷鍙婃寚鏁�(sh霉)鍖栧瀷

閬跨▍鍨嬭瓑鍒哥祫鍚堥€氬父鎶曡硣浜庡競鏀垮偟鍒�锛岄€欑ó鍌靛埜鍏嶈伅(li谩n)閭︾▍锛屼篃甯稿父鍏嶅窞绋呭拰鍦版柟绋�銆�

鏀跺叆鍨嬭瓑鍒哥祫鍚堣拷姹傚熀鏈敹鐩�(鍗冲埄鎭€佽偂鎭敹鐩�)鐨勬渶澶у寲銆傝兘澶犲付渚嗗熀鏈敹鐩婄殑璀夊埜鏈夛細闄勬伅鍌靛埜銆佸劒(y艒u)鍏堣偂鍙婁竴浜涢伩绋呭偟鍒�銆�

澧為暦(zh菐ng)鍨嬭瓑鍒哥祫鍚堜互璩囨湰鍗囧€�(鍗虫湭渚嗗児(ji脿)鏍间笂鍗囧付渚嗙殑鍍�(ji脿)宸敹鐩�)鐐虹洰妯�(bi膩o)銆傚闀�(zh菐ng)鍨嬬祫鍚堝線寰€閬告搰鐩稿皪(du矛)浜庡競鍫�(ch菐ng)鑰岃█灞簬浣庨ⅷ(f膿ng)闅�(xi菐n)楂樻敹鐩婏紝鎴栨敹鐩婅垏棰�(f膿ng)闅�(xi菐n)鎴愭姣旂殑璀夊埜銆傜鍚堝闀�(zh菐ng)鍨嬭瓑鍒哥祫鍚堟(bi膩o)婧�(zh菙n)鐨勮瓑鍒镐竴鑸叿鏈変互涓嬬壒寰侊細鈶�鏀跺叆鍜岃偂鎭┅(w臎n)姝ュ闀�(zh菐ng)锛�鈶�鏀跺叆澧為暦(zh菐ng)鐜囬潪甯哥┅(w臎n)瀹�锛�鈶�浣庢淳鎭�锛�鈶�楂橀爯(y霉)鏈熸敹鐩婏紱鈶�绺芥敹鐩婇珮锛岄ⅷ(f膿ng)闅�(xi菐n)浣�銆傛澶�锛岄倓闇€灏�(du矛)浼佹キ(y猫)鍋氭繁鍏ョ窗(x矛)鑷寸殑鍒嗘瀽锛屽鐢�(ch菐n)鍝侀渶姹�銆佺(j矛ng)鐖�(zh膿ng)灏�(du矛)鎵嬬殑鎯呮硜銆佺稉(j墨ng)鐕�(y铆ng)鐗归粸(di菐n)銆佸叕鍙哥鐞嗙媭娉佺瓑銆�

鏀跺叆鍜屽闀�(zh菐ng)娣峰悎鍨嬭瓑鍒哥祫鍚堣│鍦栧湪鍩烘湰鏀跺叆鑸囪硣鏈闀�(zh菐ng)涔嬮枔閬�(d谩)鍒版煇绋潎琛�锛屽洜姝や篃绋辩偤鍧囪　绲勫悎銆備簩鑰呯殑鍧囪　鍙互閫氶亷鍏╃ó绲勫悎鏂瑰紡鐛插緱锛屼竴绋槸浣跨祫鍚堜腑鐨勬敹鍏ュ瀷璀夊埜鍜屽闀�(zh菐ng)鍨嬭瓑鍒搁仈(d谩)鍒板潎琛�锛屽彟涓€绋槸閬告搰閭ｄ簺鏃㈣兘甯朵締鏀剁泭锛屽張鍏锋湁澧為暦(zh菐ng)娼涘姏銆�

骞ｅ競鍫�(ch菐ng)鍨嬭瓑鍒哥祫鍚堟槸鐢卞悇绋波骞ｅ競鍫�(ch菐ng)宸ュ叿妲�(g貌u)鎴愮殑锛屽鍦�(gu贸)搴�(k霉)鍒搞€侀珮淇＄敤绛夌礆(j铆)鐨勫晢妤�(y猫)绁ㄦ摎(j霉)绛�锛屽畨鍏ㄦ€фサ寮�(qi谩ng)銆�

鍦�(gu贸)闅涘瀷璀夊埜绲勫悎鎶曡硣浜庢捣澶栦笉鍚屽湅(gu贸)瀹�锛屾槸绲勫悎绠＄悊鐨勬檪(sh铆)浠ｆ疆娴侊紝瀵�(sh铆)璀夌爺绌剁祼(ji茅)鏋滆〃鏄�锛岄€欑ó璀夊埜绲勫悎鐨勬キ(y猫)绺�(j墨)绺介珨涓婂挤(qi谩ng)浜庡彧鍦ㄦ湰鍦熸姇璩囩殑绲勫悎銆�

鎸囨暩(sh霉)鍖栬瓑鍒哥祫鍚堟ā鎿煇绋競鍫�(ch菐ng)鎸囨暩(sh霉)锛屼互姹傜嵅寰楀競鍫�(ch菐ng)骞冲潎鐨勬敹鐩婃按骞炽€�

浜�銆佽瓑鍒哥祫鍚堢鐞嗙殑鎰忕京鍜岀壒榛�(di菐n)

鎰忕京锛氬(sh铆)鐝�(xi脿n)鎶曡硣鐩(bi膩o)鈥曗€曢ⅷ(f膿ng)闅�(xi菐n)鏈€灏忋€佹敹鐩婃渶澶�

鐗归粸(di菐n)锛氾紙1锛夋姇璩囩殑鍒嗘暎鎬�锛涳紙2锛夐ⅷ(f膿ng)闅�(xi菐n)鑸囨敹鐩婄殑鍖归厤

涓�銆佽瓑鍒哥祫鍚堢鐞嗙殑鏂规硶鍜屾椹�

锛堜竴锛夋柟娉曪細琚嫊(d貌ng)绠＄悊鍜屼富鍕�(d貌ng)绠＄悊

锛堜簩锛夋椹�

1.纰哄畾璀夊埜鎶曡硣鏀跨瓥

2.閫�(j矛n)琛岃瓑鍒告姇璩囧垎鏋�

3.绲勫缓璀夊埜鎶曡硣绲勫悎

4.鎶曡硣绲勫悎淇

5.鎶曡硣绲勫悎妤�(y猫)绺�(j墨)?c猫)u(p铆ng)浼�

鍥�銆佺従(xi脿n)浠ｈ瓑鍒哥祫绲勫悎鐞嗚珫楂旂郴鐨勫舰鎴愯垏鐧�(f膩)灞�

1952骞�锛岀編鍦�(gu贸)缍�(j墨ng)婵�(j矛)瀛�(xu茅)鍝堥噷•棣厠濞佽尐鐧�(f膩)琛ㄤ簡銆婅瓑鍒哥祫鍚堥伕鎿囥€嬬殑璜栨枃锛屼綔鐐虹従(xi脿n)浠ｈ瓑鍒哥祫鍚堢鐞嗙悊璜栫殑闁嬬銆傞Μ鍏嬪▉鑼ㄥ皪(du矛)棰�(f膿ng)闅�(xi菐n)鍜屾敹鐩婇€�(j矛n)琛屼簡閲忓寲锛屽缓绔嬬殑鏄潎鍊兼柟宸ā鍨�銆�

1963骞�锛屽鏅彁鍑哄柈鍥犵礌妯″瀷锛屽悗琚櫦(f膩)灞曠偤澶氬洜绱犳ā鍨�銆�

澶忔櫘銆佹灄鐗瑰拰鑾．鍒嗗垾浜�1964锛�1965鍜�1966骞存彁鍑轰簡璩囨湰璩囩敘(ch菐n)瀹氬児(ji脿)妯″瀷CAPM銆�

缇呮柉鎻愬嚭浜嗗鍒╁畾鍍�(ji脿)鐞嗚珫APT銆�

绗竴绡€(ji茅)  渚嬮鍒嗘瀽锛�

鍠爡(xi脿ng)閬告搰锛�

1.       閬跨▍鍨嬭瓑鍒哥祫鍚堥€氬父鎶曡硣浜庯紙   锛�

A銆佹櫘閫氳偂   B銆佸劒(y艒u)鍏堣偂  C銆佸競鏀垮偟鍒�  D銆侀檮鎭偟鍒�

2.       璀夊埜绲勫悎鐨勮鍕�(d貌ng)绠＄悊鏂规硶鑸囦富鍕�(d貌ng)绠＄悊鏂规硶鐨勫嚭鐧�(f膩)榛�(di菐n)鏄笉鍚岀殑锛岃鍕�(d貌ng)绠＄悊鏂规硶鐨勪娇鐢ㄨ€呰獚(r猫n)鐐猴紙   锛�

A銆佽瓑鍒稿競鍫�(ch菐ng)骞堕潪绺芥槸鏈夋晥鐜囩殑

B銆佽瓑鍒稿競鍫�(ch菐ng)鏄湁鏁堢巼鐨勫競鍫�(ch菐ng) 

C銆佽瓑鍒稿競鍫�(ch菐ng)鏄笗绱墭鏈€鍎�(y艒u)鐨勫競鍫�(ch菐ng) 

D銆佽瓑鍒稿競鍫�(ch菐ng)骞堕潪绺芥槸甯曠疮鎵樻渶鍎�(y艒u)鐨勫競鍫�(ch菐ng)

鍒嗘瀽: 涓诲嫊(d貌ng)绠＄悊鏂规硶鐨勫嚭鐧�(f膩)榛�(di菐n)鏄競鍫�(ch菐ng)涓嶇附鏄湁鏁堢殑

澶氶爡(xi脿ng)閬告搰锛�

1.       璀夊埜绲勫悎绠＄悊鐨勭壒榛�(di菐n)涓昏琛ㄧ従(xi脿n)鍦紙   锛�

A銆佹姇璩囨敹鐩婃渶澶у寲   B銆佹姇璩囬ⅷ(f膿ng)闅�(xi菐n)鏈€灏忓寲  C銆佹姇璩囩殑鍒嗘暎鎬�  D銆侀ⅷ(f膿ng)闅�(xi菐n)鑸囨敹鐩婄殑鍖归厤鎬�

2.       瀛�(xu茅)鑰呭€�?y艒u)姒变笣鏈旑捀R鏌▉鑼ㄧ殑鍧囧€兼柟宸ā鍨嬪湪鎳�(y墨ng)鐢ㄤ笂闈㈣嚚鐨勬渶澶ч殰绀欏張鎻愬嚭浜嗘柊鐨勬ā鍨�锛屽寘鎷紙   锛�

A銆佸柈鍥犵礌妯″瀷   B銆佸鍥犵礌妯″瀷  C銆佽硣鏈硣鐢�(ch菐n)瀹氬児(ji脿)妯″瀷  D銆佸鍒╁畾鍍�(ji脿)鐞嗚珫

鍒嗘瀽:涔嬪悗锛岄櫢绾�(x霉)鎻愬嚭浜嗚硣鏈硣鐢�(ch菐n)瀹氬児(ji脿)妯″瀷鍜屽鍒╁畾鍍�(ji脿)鐞嗚珫

鍒ゆ柗锛�

璀夊埜绲勫悎绠＄悊鐨勬剰缇╁湪浜庨噰鍙栦竴鍒囨柟娉曞幓杩芥眰鎶曡硣鏀剁泭鐨勬渶澶у寲銆�锛堥潪锛�

鍒嗘瀽:棰�(f膿ng)闅�(xi菐n)涓€瀹氭浠朵笅锛�鎶曡硣鏀剁泭鐨勬渶澶у寲銆�

绗簩绡€(ji茅)      璀夊埜绲勫悎鍒嗘瀽

澶х侗瑕佹眰锛�

銆€銆€鐔熸倝璀夊埜绲勫悎鍙鍩熷拰鏈夋晥閭婄晫鐨勫惈缇�;鐔熸倝璀夊埜绲勫悎鍙鍩熷拰鏈夋晥閭婄晫鐨勪竴鑸湒褰�;鎺屾彙鏈夋晥璀夊埜绲勫悎鐨勫惈缇╁拰鐗瑰緛;鐔熸倝鎶曡硣鑰呭亸濂界壒寰�;鎺屾彙鐒″樊鐣版洸绶氱殑鍚京銆佷綔鐢ㄥ拰鐗瑰緛;鐔熸倝鏈€鍎�(y艒u)璀夊埜绲勫悎鐨勫惈缇╁拰閬告搰鍘熺悊銆�

涓€銆佸柈鍊�(g猫)璀夊埜鐨勬敹鐩婂拰棰�(f膿ng)闅�(xi菐n)

锛堜竴锛夋敹鐩婂強鍏跺害閲�

锛堜簩锛夐ⅷ(f膿ng)闅�(xi菐n)鍙婂叾搴﹂噺

鍒╃敤姝峰彶鏁�(sh霉)鎿�(j霉)灏�(du矛)棰�(f膿ng)闅�(xi菐n)鍜屾敹鐩婄殑搴﹂噺锛�

鎴�

渚嬪锛屽埄鐢�P316鏁�(sh霉)鎿�(j霉)瑷�(j矛)绠楀钩鍧囨敹鐩婄偤0.25%锛屾柟宸偤0.000492

浜�銆佽瓑鍒哥祫鍚堢殑鏀剁泭鍜岄ⅷ(f膿ng)闅�(xi菐n)

1.鍏╃ó璀夊埜绲勫悎鐨勬敹鐩婂拰棰�(f膿ng)闅�(xi菐n)

璀夊埜A鐨勬敹鐩婄巼鐐�r_A锛岃瓑鍒�B鐨勬敹鐩婄巼鐐�r_B锛岃瓑鍒哥祫鍚堢殑鏈熸湜鏀剁泭鐜�E锛�r_P锛夊拰鏀剁泭鐜囩殑鏂瑰樊锛氭暀鏉愮317闋�锛屽叕寮�7.1鍜�7.2

2.澶氱ó璀夊埜绲勫悎鐨勬敹鐩婂拰棰�(f膿ng)闅�(xi菐n)鈥曗€曟暀鏉愮318闋侊紝鍏紡7.3鍜�7.4

涓�銆佽瓑鍒哥祫鍚堢殑鍙鍩熷拰鏈夋晥閭婄晫

1.璀夊埜绲勫悎鐨勫彲琛屽煙

琛ㄧず浜嗘墍鏈夊彲鑳界殑璀夊埜绲勫悎锛屽畠鐐烘姇璩囪€呮彁渚涗簡涓€鍒囧彲琛岀殑绲勫悎鎶曡硣姗�(j墨)鏈�(hu矛)锛屾姇璩囪€呴渶瑕佸仛鐨勫氨鏄湪鍏朵腑閬告搰鑷繁婊挎剰鐨勮瓑鍒哥祫鍚堥€�(j矛n)琛屾姇璩�銆�

A銆佸叐绋瓑鍒哥祫鍚堢殑鍙鍩�

锛�1锛夊叐璀夊埜瀹屽叏姝ｇ浉闂�(gu膩n)