1、 B 8 54g-1 v “b a C “ E5 K f / ?G “C 7 C Sg1 b 6.8 L i *tC |C / b dC y :9 %?Tb / Py C9 l = Sg+ 9 lm$ I 9C l $ 9C l = r“ l + “ l 9.1.2 lm q = “ NMlm qN= “ N lm qN= lm q “ lm q lm q ttDivP“ lm q 1tttPPP+ lm q 9.2 W lm q 9.3 lmd9 ( lm ( q Zm 123 TR RR RRT+= l9.4“ ( lmB lm |O lm =o B lm pb -=B- lm BnN B
2、 lmB lm 9.5Bd9 9.5.1Z 9.5.2 sScl d9 s B S V U s BZEb 18 c 9A N gBnN Ec lmBN “ Kz B BgFBTb 10.1 + 1. lm BB“ g /B H ? lm 2. ZS N lmMZEBZ B lm ( lm Z ( 3. xZM1“ xZ lmWM1“d9Sb 10.2 lmaZxZ 10.2.1 lmZ lm / lm qF ( 10.2.2xZM1“ ii M WM1“d9S N 9 M1 d 1. “ 2. & b V1 M1“ b 10.3gF lmB 4+ gFb 10.3.1F lm F lm F l
3、meF (b 10.3.2FZS AaB gFZ 22 22,() 2AA ABAB BBVar X X X X =+ +F *h gFrii1 gFS S FSlF SF ( b 1AB b gF ? B7 ?ssBb var cov var cov 9BFB d“d VB FB “dBa gBa VB gB s gF sB VB d“dB YVgF VBb m 10.7F lmZF W1“ B g B p B lm ,p7 0Bg _F pb 10.7B KgF 10.8 g ( 10.8.1 g (Fl 10.8.2Blg gF 10.8.3 “ 9 T iM2MCov(R ,R )(R
4、 )i= iM2MCov(R ,R ) i(R ) P lm gF lmWxZ gF lmZb20 Niii=1X1 =“ gN gF9 gN1 H “ ( 1b 10.8.4l 10.9 lmB lmW1“N 10.9.1 g lm MFRR=+BnN g lm q EB lm qF gF =B b B BnNKD9 V BnN ( b 10.9.2 lm N MFFRR R R=+ lmB lm q “ BnN gL SML e) ACPM + 1. L T SML & BH wL * “ N|Cb) ( H NM P SMLBHL 9 ? SML b 2. gF 3. V ? 3j b
5、EBc * N lm M M VYVZS b lmWiMGi VYV lmWxZM1“ b 21 11.1 y ai lm g “ lm s 1. 1“ lm lms lm g “ g lm R 2. “ lmB lm Ub R=R U+ lmY A Es 0b =+ s ss s g B“ lmR 7 Ps ss Y“ o lmp U *sb 7 H L= isid gX a OXN|C *s sb 11.2 B“dd“d *s lmi *s lm L B MgBb “dB v ? 3YB sY7sb d“dB B B ? 3YBb R=R U=R M + +MV U lm“dB HTo g
6、Bp MY“ g N V U lmd“dBbyd“dB B + HTo+Bp v +B1b 11.3 “dB “ d“dBWSii“ “dBW91b “ V “ lm“dBQb 1. lmy M1 0 YnM1 2. lmy M1 0 = 3iYnM1 3. lmy M1 0 7“dB ib 11.5 “ lm 11.5.1L1“ L ! g M i Og VvB q 5o g “ p lm g lmxZS B aSb Bv OgFy “dBXh 1B “dBb 1 i gF“ d“dB“ 9 B“ d“dBY“ lmb“ Lid“dB7 O L= lm Ld“dB Gi1“byd“dBgF|
7、h g I n 9F gF H V BbyN Tg V d“dB “dB lm1b gL .gF kb 11.5.2 gFy 23 ACPM “ B lm g lmMQ APT “ $ B lm y MQb sgFid“dBb 11.6ACPM APT 11.6.1Z uY 11.6.2Z uY APT ?) Yy b lmY lmy “ 1b TV gF lmB qF sBy 9b APTy T F lm ? b 11.7 N LZE 11.7.1 L ACPM APT B$N b o LpBMiZE 1 g j gV N g? p1“b L | zTb L ?Kz d9 oBNZEpo L
8、ZEp8 Pb 11.7.2gFZ T o g q“ Fpo“ Fp o g q“ FpoNFp Y YV| 5 gFBt 1 NgF5 b 4 a1 H1i 1 5 5 Z T/ V4 * “ b Hi gF 5 1b E=c Ba NPVEB qC |C V NBC b 12.1 m “|C q“B lm qb V A lm q m CAPM “ lm q FMFR=R + R R FR BC qMFRR gF lm qB q - g l24 m q b 12.2 9 lm q gF lm qSxZb iM2MCov(R ,R )(R )i= lm q g lm qxZ“ g lm qZb
9、 it Mt2MtTCov(R ,R )t1 T(R )= “ ZE 4v / T9 4 i5 1. V ? “ HWwM7M 2. “ V ? l 3. sBYb %E 1. 1 25 VYVFd9/ F 2. BBM TM % 35 3. i ( 9b 12.2.1C L “ +L+L| q b C L 8 3b 12.2.2 “ s V B f / M H “ b 12.2.3 “ T Es P “ V9b 1o $ 12.3 B“ 3 7 + %b/) y 12.3.1 l “ lm q g lm qSxZ “ b M 12.3.2 TB/ 1 pM7%5N/ b l %T7|Tbvb
10、 T l O5 Q T l A O5 9b 12.3.3 25 9 “ “d G L m 5 ? AT Y“ “ b + =+O mO mO m O m L=O BL ! ,b L !O ,5 + = mmO m1=m O m f / m Bv br8C m 9Fb 12.4 Z 12.4.1 “ B “B BM 1 b “ s6MY1 v “ V ?vC b 8C-B “ $ Btb 12.4.2O f / (1 )SBCSBrrTSB SB=+ ( F ( WACC mOF (b g 1l N ay gN r ?-b L= “S g “S g “ p = b 12.5S= 9 12.6 l
11、m ( M1b 12.6.1 1. 2. Nii 3. giiv-g rN/v- N 6 gb 12.6.2 a lm “ ng9b 12.6.3 I_4 “ f|4 6 mA1 qV74 6b 12.6.4 ?S I $ b 1. kmd fgii “ % 26 2. V ii l f fW b V ?t H “ N lb s = “ E c %r g r gC gN ? sQ M1a V gb r g 1. E4O “ ? H 2. 9F“ ?C “ N 3. “ O Ny 49ZE7 sYb 13.1 % ?9FN $ ?7/N ZE 1. kgb 2. 4Lb n 3. 7 b B+
12、YVCi F VYV 7?N r7 z) Az) ly C b 13.2r g r gL EMH z yN# HQ g ? lm qb z V ? Nb g “ g QZ T r g VQ Q 13.3r g 13.3.1 r g T B g N scQ NN * gr o rp o rL pb r q T 1tt tPP=+ + lm r q g ?VC K Tr qb 27 L o/ sp / sZE ohZ p o o p 13.3.2 r g r g r g N sQ 7 Vb r g N sQ 7 = hb r gL 1 r gL F Vb r g a &9b 13.3.3r gL
13、Bt gr qb b Nob Nor qi b “ 1b LV “ gr EsAb 13.4 L + L 1“ NM b Yqb 5 cb 13.4.1 r g HW s HW M1“ 5ll HW M1“ 5ll T“ lm M1“ , “ g L Bb M1“ AV “ grb 13.4.2 r g 1a Yqii B HW Y HW lmBd9ZEb N lm “3 L= lm 3 g lm 3 o g p1 9 N lm “3 L= lm 3 g lm 3 2a c 3a t 4ii ? V 20 Wvs HW Sl “vv “ b HWsB M aB = B HWM1“ lm qb
14、N“cX L“N “l N1 s g q“ YN“ V“N “l N1 q g q“ Y“b 13.4.3 r g 28 Uii I E IUUQXXXLBPZBONFOHDPN2213.5 gr q cl 13.5.19r g T / Hq * 9ZEMY“ Nb M4V7 Ps = ?9ZE b gA rb N5 L b g 9ZEMclTb 13.5.24 H % t LV V4 g Hb 13.5.3N r LTsB b E c e 14.1 Y“ Y“ Y *t“ b Z + y5 “ b 14.1.1 d “ “ To“ po“pb “ V o“zp bY f“ !%N o pb
15、9t“ Nb Y“ 9-?“z “ H$ o L lpb Y“ 9-?“z “ 14.1.2-? Y“X? Y“ Y“z K b 14.1.3 Y mV“ sb 14.1.4 =i lm =i lm |s - lm =T =i lmb Y“ m Y“l 9- 9 =i lm Y“ mg l NV mgWg -b 14.1.5 gNa NN “ o o“ pb Y“ m9 Y“ “l N?“ N 9 -Nb 14.1.6“ g % Y “K1 eb + 1. 9g T “b 2. g “ Mn b 29 3. g “ q Tg V % BE b sZ“ : | 5 b 14.1.7“ “ “Wg b“ ?b | % Y %b / + 1. “d YX?b“ 5“ ?b Bl 2. “ 3. “ “ , b 14.1.8“ Y“ V % b gN9b 14.2 O 14.2.1 “ $T O Z 4O BOb V
