新西兰留学论文代写：CAPM对投资者的解释影响
对资本资产定价模型的不同解释对投资者有影响，要理解这一点，还需要了解资本资产定价模型的逻辑。CAPM指出，由于风险切线投资组合的存在，投资者将能够基于个人投资组合的情况，而不是基于不同的机会集来看待相同的机会集。当所有投资者持有相同的风险资产组合时，这也是价值权重市场组合。
新西兰留学论文代写：CAPM对投资者的解释影响
每一项风险资产在切线中的权重都是市场，由此计算出资产的总市值是在风险资产的背景下计算出来的。这些知识对投资者是有用的。无风险利率也更容易理解，无风险借贷也更容易。虽然这不是市场上的实际情况，CAPM允许在投资者投资之前测试这些预测。投资者通过CAPM的预测首先确保资产市场是清晰的。
新西兰留学论文代写：CAPM对投资者的解释影响
Different interpretations from the tests of CAPM have effects on investors and to understand this it is also necessary to know about the logic of the CAPM. The CAPM states that the investors would be able view the same opportunity set instead of different opportunities based on personal portfolio profilebecause of the risky tangency portfolio. Where all the investors end up holding the same risk asset portfolio, then this is also the value-weight market portfolio.
新西兰留学论文代写：CAPM对投资者的解释影响
Each of the risk asset’s weight in the tangency is the market, and by this the total market value of assets is calculated in the context of the risky assets. This knowledge is useful to investors. The risk-free rates are better understood as well, and risk free borrowing and lending is facilitated as well. Now although this is not the actual case in the market, the CAPM allows for testing of such predictions before an investor can invest. The investors by means of the CAPM predictions first ensure that the asset market is clear.
