capital market line

简明释义

资本市场线，资金市场线

英英释义

例句

1.If a portfolio lies above the capital market line, it is considered to be undervalued.

如果一个投资组合位于 资本市场线 之上，则被认为是低估的。

2.The slope of the capital market line indicates the market's risk premium.

资本市场线 的斜率表示市场的风险溢价。

3.The capital market line represents the risk-return trade-off for efficient portfolios.

资本市场线 表示有效投资组合的风险与收益权衡。

4.An investor aiming for higher returns should consider portfolios on the capital market line.

寻求更高回报的投资者应考虑位于 资本市场线 上的投资组合。

5.Investors use the capital market line to determine the expected return on a portfolio based on its risk level.

投资者使用 资本市场线 来根据风险水平确定投资组合的预期收益。

作文

The concept of the capital market line is fundamental in the field of finance, particularly in the context of portfolio management and investment analysis. The capital market line represents the relationship between the expected return of a portfolio and its risk, measured by standard deviation. This line is derived from the Capital Asset Pricing Model (CAPM), which illustrates how investors can achieve optimal portfolios by combining risk-free assets with risky assets.To understand the capital market line, it is essential to first grasp the idea of the risk-return trade-off. Investors generally seek to maximize their returns while minimizing risk. The capital market line provides a graphical representation of this trade-off. It shows the highest expected return that can be achieved for a given level of risk. The line itself starts from the risk-free rate on the vertical axis and extends upward to the right, indicating that as risk increases, so does the potential return.At the point where the capital market line intersects the efficient frontier, we find the market portfolio. The efficient frontier is a curve that represents the set of optimal portfolios that offer the highest expected return for a defined level of risk. The market portfolio consists of all available risky assets weighted according to their market values. By investing in the market portfolio, investors can achieve the best possible return for the level of risk they are willing to accept.One of the key implications of the capital market line is the concept of diversification. By combining various assets within a portfolio, investors can reduce unsystematic risk, which is the risk associated with individual assets. The capital market line indicates that a well-diversified portfolio will lie on this line, achieving better returns for the same level of risk compared to portfolios that are not optimally diversified.Moreover, the slope of the capital market line is known as the reward-to-variability ratio, or the Sharpe ratio. This ratio measures the excess return per unit of risk, providing investors with a benchmark to evaluate the performance of their portfolios. A steeper slope indicates a more favorable risk-return trade-off, suggesting that investors are being compensated adequately for taking on additional risk.In practice, the capital market line serves as a guide for investors in making informed decisions about asset allocation. By understanding where their current portfolio lies in relation to the capital market line, investors can identify whether they need to adjust their holdings to achieve a more optimal risk-return profile. If a portfolio lies below the line, it suggests that the investor is not receiving sufficient returns for the level of risk taken, prompting a reassessment of investment strategies.In conclusion, the capital market line is an essential tool for investors aiming to optimize their portfolios. It encapsulates the principles of risk and return, guiding individuals in their investment decisions. By leveraging the insights provided by the capital market line, investors can strive for a balanced approach to achieving financial goals while managing risk effectively.

‘资本市场线’的概念在金融领域中至关重要，特别是在投资组合管理和投资分析的背景下。‘资本市场线’代表了投资组合的预期收益与其风险之间的关系，风险通过标准差来衡量。这条线源于资本资产定价模型（CAPM），它说明了投资者如何通过将无风险资产与风险资产结合来实现最佳投资组合。要理解‘资本市场线’，首先必须掌握风险与收益之间的权衡理念。投资者通常寻求在最小化风险的同时最大化收益。‘资本市场线’提供了这一权衡的图形表示。它显示了在给定风险水平下可以实现的最高预期收益。该线本身从纵轴上的无风险利率开始，向右上方延伸，表明随着风险的增加，潜在收益也随之增加。在‘资本市场线’与有效前沿相交的点上，我们可以找到市场投资组合。有效前沿是一条曲线，代表了一组最佳投资组合，这些投资组合在定义的风险水平下提供最高的预期收益。市场投资组合由所有可用的风险资产组成，并根据其市场价值加权。通过投资于市场投资组合，投资者可以为他们愿意接受的风险水平实现最佳的收益。‘资本市场线’的一个关键含义是多样化的概念。通过将各种资产结合在投资组合中，投资者可以减少非系统性风险，即与个别资产相关的风险。‘资本市场线’表明，一个良好多样化的投资组合将在这条线上，从而在相同风险水平下实现比未优化多样化的投资组合更好的收益。此外，‘资本市场线’的斜率被称为奖励与波动性比率，或夏普比率。该比率衡量每单位风险的超额收益，为投资者提供了评估其投资组合表现的基准。更陡的斜率表明风险与收益的权衡更为有利，暗示投资者因承担额外风险而获得了足够的补偿。在实践中，‘资本市场线’作为投资者做出明智资产配置决策的指南。通过理解其当前投资组合与‘资本市场线’的关系，投资者可以识别是否需要调整其持仓，以实现更优的风险收益配置。如果一个投资组合位于线下，表明投资者在承担的风险水平下没有获得足够的收益，这就促使重新评估投资策略。总之，‘资本市场线’是投资者优化投资组合的重要工具。它概括了风险与收益的原则，引导个人进行投资决策。通过利用‘资本市场线’提供的见解，投资者可以努力实现财务目标，同时有效管理风险。