Understanding the CAPM

In this guide, we’ll break down the CAPM beta formula, how to interpret beta values (including the beta of a risk-free asset), and walk through examples so you can confidently use these concepts in the exam and beyond.

投資前了解一些重要的股票指標與觀念，可以輔助你在篩選投資標的時更加順利，避免買到與自己風險承受標準不一的標的，例如你知道CAPM公式嗎？

Security market line The SML graphs the results from the capital asset pricing model (CAPM) formula. The x -axis represents the risk (beta), and the y -axis represents the expected return. The market risk premium is determined from the slope of the SML.

我們將透過台股實例，教您如何運用CAPM計算股票的預期回報率，並探討其在投資決策與資產配置中的重要性、模型限制及進階替代方案。

Beta (β) 是 CAPM 模型中的核心參數，用來衡量單一資產或投資組合相對於「整體市場」的波動性。 它是評估系統性風險的指標。

CAPM is based on the relationship between an asset’s beta, the risk-free rate (typically the Treasury bill rate), and the equity risk premium, or the expected return on the market minus the...

CAPM stands for “Capital Asset Pricing Model” and measures the cost of equity (Ke), or expected rate of return, on a particular security or portfolio. The CAPM formula is equal to the risk-free rate (rf) plus the product between beta (β)