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ACCA FM资本资产定价模型：Advantages of the CAPM
文章来源：ACCA全球官网
发布时间：2021-11-15 14:37
阅读：578次
财务管理学习指南的E部分包含对资本资产定价模型(CAPM)的若干参考，上一篇我们探讨了WACC and CAPM，本文我们继续介绍Advantages of the CAPM。
Advantages of the CAPM
The CAPM has several advantages over other methods of calculating required return,explaining why it has been popular for more than 40 years:
It considers only systematic risk,reflecting a reality in which most investors have diversified portfolios from which unsystematic risk has been essentially eliminated.
It is a theoretically-derived relationship between required return and systematic risk which has been subject to frequent empirical research and testing.
It is generally seen as a much better method of calculating the cost of equity than the dividend growth model(DGM)in that it explicitly considers a company’s level of systematic risk relative to the stock market as a whole.
It is clearly superior to the WACC in providing discount rates for use in investment appraisal.
相关阅读：【ACCA FM资本资产定价模型：CAPM formula】
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