Chapter 2 analyses the most typical model of capital market equilibrium theory: Capital Asset Pricing Model (CAPM). It expounds the pricing method of financial assets, which is the development of portfolio selection.
Chapter 3 analyses the index model and a new equilibrium pricing model: Arbitrage Pricing Theory (APT) extended from index model. APT is more persuasive than CAPM and is the research tendency of capital market equilibrium theory since 1980s.
(2) On the basis of the “Twice-Separation Theory”, it is proposed that the equilibrium mechanism of capital market includes supply and demand relationship of capital and that of financial assets. Two simple models for these two relationships are established. The equilibrium condition of the capital market is discussed and the impact of the complexity of capital market equilibrium mechanism on economic imbalance is analyzed.
In accordance with the requirement of China's WTO entry and the development of socialist market economy, the developing model of our financial market must be transformed toward diversified market participants and management, balanced development of money and capital market, market-oriented financial activities, indirect market manipulation , overall opening-up and gradually globalization of financial market.
Finally, basing on the physical circumstance of medical insurance for urban workers in our country and considering many factors, such as the population growth rate and the proportion between the pooling account and the individual account, this paper has applied the overlapping generations model and the concept of the equilibrium in the capital market of macro-economics to the process of risk management to the society medical insurance, and then established the optimal model of the social medical pooling fund.
The article analyzes the theory of asset market equilibrium, some empirical investigation of CAPM and APT and some tests of the efficient market hyPothesis.
The model of financial assets valuation and its assessment was presented from capital market balance ,stock market union ,stock market line and value with imaginary assumptions . The balance condition of capital market was elaborated and the application of capital assets price model in appraising investment item was introduced .
The analysis of portfolio selection and capital market equilibrium problems involving multivariate lognormal distributions is impeded because this distribution is not closed under addition.
The article analyzes the theory of asset market equilibrium, some empirical investigation of CAPM and APT and some tests of the efficient market hyPothesis. The article studies the fixed hold-ing costs and the stochastic discount factors to illustrate how these factors derive upPer bound and lower bound to cause non-equilibrium. The article addresses the tendency of asset market non-equilibriun and proPoses three principles which combine general characters with individuality between equilibrium and non - eq...
The model of financial assets valuation and its assessment was presented from capital market balance ,stock market union ,stock market line and value with imaginary assumptions .The balance condition of capital market was elaborated and the application of capital assets price model in appraising investment item was introduced .
Balanced development is the best working condition of the capital market,whereas the state-owned shares in the listed companies in our country are too large in percentage and incapable of circulating,which affect the balanced development of the capitla market.The marketability of the State-owned shares is a complex systematic project that is related to the interests of the state ,companies,and investors ,affects the equilibrium of demand-supply of money and stock,affect the fluctuation of stock price,and ev...