西方资产定价理论中的实体经济因素考察——以CAPM模型与B-S期权定价模型为例

本文根据马克思主义经济学有关实体经济因素决定虚拟资本价格的基本原理,分析和评价了CAPM与B-S模型;认为CAPM模型的建模思路存在重大错误;同时还发现,利息率是虚拟资本价格决定中与实体经济连接的重要桥梁,但在虚拟资本价格决定中,仅有利息率一个指标并不能充分反映实体经济的决定作用;本文还因B-S模型建模思路充分考虑了实体经济因素,而从马克思主义经济学角度给予客观评价。

Investigation on Factors of the Real Economy in Western Assets Pricing Models:CAPM Model and B-S Model

According to the basic principle of the real economy factors deciding the prices of fictitious capitals on Marxism Economics,this article analyses and evaluates CAPM Model and B-S Model.There is an internal error in CAPM modeling pathway;contemporarily,this article points out that the interest rate fact is an important bridge connecting the real economy with fictitious capitals pricing,but it's not enough to reflect completely the deciding effect on assets pricing from the real economy factors;for the real economy factors were considered in the B-S Model at the beginning of modeling, then this article evaluates B-S Model impersonality from the point of view Marxism Economy.