资本资产定价理论模型与套利定价模型比较分析

经济效益最大化作为企业财务管理的基础目标是所有财务管理人员始终关心的问题。如何计算并控制企业的各项成本尤其是占极大比例的资本成本被摆到了非常重要的位置上,本文论述的资本资产定价模型和套利定价模型正是当前在计算资本成本中较常用的理论,了解这两种模型的原理及其各自的比较优势对财务管理者的决策有着重大的意义。对于权益资本的投资者而言,这两种模型的应用也有利于他们在进行投资活动的过程中,优化资本组合,合理回避风险,以最终实现较多的投资回报。

A Comparative Analysis of Capital Asset Pricing Model and Arbitrage Pricing Mode

Economic benefit maximization, as the basic target of the enterprises' financial management, is the most important concern of the financial management professionals.How to compute and control all kinds of enterprise's cost, especially the capital costs, has become the priority of the enterprises. This paper compares the Capital Asset Pricing Model and the Arbitrage Pricing Model which are the common theories in computing the capital costs. It is important for decision makers of financial management to understand these two models and respective advantages. Furthermore, the investors of equity capital can benefit from these two models when they invest because the models can optimize capital combination, mitigate risks and realize the maximum investment return.