CAPM的假设

问题如下：

What are the major assumptions needed to establish CAPM (as made by Sharpe and Linter)?

解释：

Investments are perfectly divisible;

• They are no transaction costs and/or taxes;

• Full and costless information is available to all investors;

• The lending and borrowing rates are equal, and are the same for all investors; and

• Each investor can borrow or lend any amount at the market rate.

中文解析：

l 投资是完全可分割的；

l 没有交易成本和税收；

l 所有投资者都可以获得完整和无成本的信息；

l 借贷利率相等，所有投资者都是一样的；

l 每个投资者都可以按市场利率借贷任何金额。