Thinking ration and accurate , the selective benchmark is not market index , considering investment of 20 % bonds , the author revises market index , and makes it turn to market portfolio benchmark 考虑到合理和准确性，本文基金评价的市场基准没有直接以大盘市场指数为基准，考虑到20的国债投资比例，对其进行了修正，成为市场组合基准。
Of course , the level of variability over 75 years is less interesting for specific companies than for the market portfolio ? it is a rare company that faces the same business risks today as it did in 1926 当然， 75年期间的变异性水平对特定公司来说不如对市场组合那样令人感兴趣?几乎没有一家公司在今日与其在1926年的时候面临相同的经营风险。
Our study show that , the optimal portfolio which the fund manager choose will deviate more from the benchmark portfolio , namely market portfolio , when the degree of the asymmetry of the structure of management fee rate increase 研究发现，随著基金管理费率不对称程度的增加，基金经理所选择的投资组合偏离基准组合(在本文即指市场组合)的程度将增加。
Especially , when the return of the fund is less than that of the market portfolio and the penalty of the fund manager is zero , that is the degree of the asymmetry of the structure of management fee rate is maximum , the fund portfolio will completely deviate from the market portfolio 特别地，当因基金的收益小于市场组合的收益而对基金经理的处罚为0 ，即基金管理费率不对称程度最大时，基金组合将完全偏离市场组合。
Furthermore , multi - investments can resolve the most part of nonsystematic risk . in chapter 4 , the thesis estimated the value of by means of time series regression firstly . secondly , we used ways of equilibrium analysis to test the risk - return relation of shanghai a - share 在第4章，本文先通过时间序列回归估计了样本股票的值，然后以上证综合指数作为市场组合分期进行横截面检验来考察上证a股的风险-收益关系，本章采用了均衡分析方法。
However , it is not easy to test because it difficult to gain real market composition and more serious consequence is that it is conform to the experiment lesult . so , apt , another important pricing model , was established in the 1970s , it is superior to capm . compared with capm , apt makes much less assumptions in which the market composition plays mo role . one of the basic assumptions of apt is that every one may take advantage of the chance when the investors have the chance to increase their returning rate without taking any risks ? ndividual is unsatisfacted 于是， 20世纪70年代中期，建立了另一种重要的定价模型? ?套利定价模型( apt ) ，与capm相比， apt所作的假设大大减少，而且通常市场组合在apt不起作用，其基本假设之一是，当投资者具有在不增加风险的前提下提高回报率的机会时，每个人都会利用这个机会，即个体是非满足的。
A multi - currency fixed - income portfolios have been gradually re - structured into specialised single - market portfolios so that the external managers can make use of their focussed and in - depth knowledge of risks and opportunities in specific markets rather than spreading their attention across several markets A将多币种定息投资组合逐步重组为专门的单一市场组合，令外聘投资经理能发挥其对特定市场的深入及专门的知识，紧贴市场脉搏，而无需分散注意力于多个市场。
This paper uses arch model method in econometrics to set up an auto - regression model with different variance characteristic , which catches to the signal of herd behavior that can be comparatively sensitive . basing on the sample stocks of the index 180 of sse for studying sample , author conduct empirical tests on the non - linear relations between csad ( cross - sectional absolute deviation of returns ) and the market returns to judge whether the herd behavior in the stock market of china is remarkable . according to the empirical analysis , author finds , both in the up - market and down - market , certain herd behavior exist on the stock market of our country 本文运用计量经济学中的arch模型方法，建立了一个能较为敏感的捕捉到羊群行为信号的具有异方差特性的自回归模型，以上证180指数样本股为研究样本，通过检验个股截面收益的绝对偏差( csad )与市场组合收益的非线性关系，来判断我国股市羊群行为是否显著，通过实证分析，我们发现，无论是市场上涨阶段还是下跌阶段，我国股市都存在一定的羊群行为，同时，本文通过比较分析，对实证结果进行深入的剖析，对羊群行为的形成原因进行简要的分析，并对如何控制羊群行为提出了一些政策性建议。
From the most common perspective of seo , this paper researched the changes of prices of shares before and after the notice day . using capm model on analyzing the market value of the portfolio yield and beta value to certificate the company ' s stock performance , it shows that the variables of the classic theory lack explain ability for the unusual price fluctuations 本文从配股这种最普遍的再融资方式出发,通过研究配股公告日前后股票价格的变化,运用capm模型对市场组合收益率和贝塔值对配股公司的股价表现进行了验证,发现经典理论中的解释变量对股价的异常波动缺乏足够的说服力。
At the same time , we also find that the smaller the fund manager ' s risk aversion coefficient , and the smaller the fund manager ' s bonus coefficient , and the lager the return of the security a relative to that of market portfolio while the smaller the variance of the return of the security a relative to that of the market portfolio , the more the degree of the fund portfolio deviating from the market portfolio 同时发现，基金经理风险规避系数越小、因基金收益超过市场收益而对基金经理的奖励程度越小，以及证券a (代表基金组合中不同于市场组合的部分)相对市场组合的收益越大而波动越小，则基金组合偏离市场组合的程度也将越大。
