{"id":440724,"date":"2022-10-21T00:27:59","date_gmt":"2022-10-21T07:27:59","guid":{"rendered":"https:\/\/nai500.com\/blog\/2022\/10\/fama-french%e4%b8%89%e5%9b%a0%e5%ad%90%e6%a8%a1%e5%9e%8b-%e8%b4%a6%e9%9d%a2%e5%b8%82%e5%80%bc%e6%af%94%e5%9b%a0%e5%ad%90%ef%bc%88hml%ef%bc%89\/"},"modified":"2022-10-21T00:28:11","modified_gmt":"2022-10-21T07:28:11","slug":"fama-french%e4%b8%89%e5%9b%a0%e5%ad%90%e6%a8%a1%e5%9e%8b-%e8%b3%ac%e9%9d%a2%e5%b8%82%e5%80%bc%e6%af%94%e5%9b%a0%e5%ad%90%ef%bc%88hml%ef%bc%89","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2022\/10\/fama-french%e4%b8%89%e5%9b%a0%e5%ad%90%e6%a8%a1%e5%9e%8b-%e8%b3%ac%e9%9d%a2%e5%b8%82%e5%80%bc%e6%af%94%e5%9b%a0%e5%ad%90%ef%bc%88hml%ef%bc%89\/","title":{"rendered":"\u5982\u4f55\u7406\u89e3Fama-French\u4e09\u56e0\u5b50\u6a21\u578b\u4e2d\u7684\u8cec\u9762\u5e02\u503c\u6bd4\u56e0\u5b50\uff08HML\uff09\uff1f"},"content":{"rendered":"

\u4ec0\u9ebc\u662f\u8cec\u9762\u5e02\u503c\u6bd4\u56e0\u5b50\uff08HML\uff09\uff1f<\/h2>\n

\u8cec\u9762\u5e02\u503c\u6bd4\u56e0\u5b50\uff08HML\uff09\u4e5f\u88ab\u7a31\u70ba\u50f9\u503c\u6ea2\u50f9\u6216\u4f30\u503c\u56e0\u5b50\uff0c\u662fFama-French\u4e09\u56e0\u5b50\u6a21\u578b\u7684\u4e09\u56e0\u5b50\u4e4b\u4e00\u3002Fama-French\u4e09\u56e0\u5b50\u6a21\u578b\u662f\u7d93\u6fdf\u5b78\u5bb6Eugene Fama\u548cKenneth French\u8a2d\u8a08\u7684\u4e00\u5957\u7528\u65bc\u8a55\u4f30\u80a1\u7968\u6536\u76ca\u7387\u7684\u7cfb\u7d71\u3002HML\u5c0d\u50f9\u503c\u80a1\u8207\u6210\u9577\u80a1\u4e4b\u9593\u7684\u6536\u76ca\u5dee\u9032\u884c\u4e86\u89e3\u91cb\u3002\u8a72\u7406\u8ad6\u8a8d\u70ba\uff0c\u9ad8\u8cec\u9762\u5e02\u503c\u6bd4\u7684\u516c\u53f8\uff08\u4e5f\u5c31\u662f\u50f9\u503c\u80a1\uff09\u7684\u6536\u76ca\u7387\u8dd1\u8d0f\u4f4e\u8cec\u9762\u5e02\u503c\u6bd4\u7684\u516c\u53f8\uff08\u6210\u9577\u80a1\uff09\u3002<\/p>\n

\u5982\u4f55\u7406\u89e3\u8cec\u9762\u5e02\u503c\u6bd4\u56e0\u5b50\uff08HML\uff09\uff1f<\/h2>\n

\u60f3\u8981\u7406\u89e3HML\uff0c\u6211\u5011\u9996\u5148\u5fc5\u9808\u8981\u5c0dFama-French\u4e09\u56e0\u5b50\u6a21\u578b\u6709\u4e00\u500b\u57fa\u672c\u7684\u8a8d\u77e5\u3002\u8a72\u6a21\u578b\u5275\u7acb\u65bc1992\u5e74\uff0c\u5275\u7acb\u8005\u662fEugene Fama\u548cKenneth French\u3002<\/p>\n

Fama-French\u4e09\u56e0\u5b50\u6a21\u578b\u63a1\u75283\u500b\u56e0\u5b50\uff08\u5176\u4e2d\u4e4b\u4e00\u5c31\u662fHML\uff09\u4f86\u89e3\u91cb\u6295\u8cc7\u7d44\u5408\u7684\u8d85\u984d\u6536\u76ca\uff0c\u5176\u80cc\u5f8c\u7684\u5e95\u5c64\u7406\u5ff5\u8a8d\u70ba\u6295\u8cc7\u7d44\u5408\u7d93\u7406\u5275\u9020\u7684\u6536\u76ca\u7576\u4e2d\u4e00\u90e8\u5206\u4f86\u81ea\u65bc\u7ba1\u7406\u4eba\u638c\u63a7\u4e4b\u5916\u7684\u56e0\u7d20\u3002\u5177\u9ad4\u4f86\u8aaa\uff0c\u50f9\u503c\u80a1\u7684\u6b77\u53f2\u5e73\u5747\u6536\u76ca\u7387\u8981\u9ad8\u65bc\u6210\u9577\u80a1\uff0c\u540c\u6642\u898f\u6a21\u8f03\u5c0f\u7684\u516c\u53f8\u7684\u6536\u76ca\u7387\u9ad8\u65bc\u898f\u6a21\u8f03\u5927\u7684\u516c\u53f8\u3002<\/p>\n

HML\u63cf\u8ff0\u7684\u662f\u7b2c\u4e00\u500b\u56e0\u5b50\uff0c\u5373\u50f9\u503c\u80a1\u8dd1\u8d0f\u6210\u9577\u80a1\uff0c\u800c\u63cf\u8ff0\u7b2c\u4e8c\u500b\u56e0\u5b50\uff08\u5c0f\u76e4\u80a1\u8dd1\u8d0f\u5927\u76e4\u80a1\uff09\u7684\u8853\u8a9e\u662f\u5e02\u503c\u898f\u6a21\u56e0\u5b50\uff08SMB\uff09\u3002\u5728\u78ba\u5b9a\u4e86\u9019\u4e9b\u56e0\u5b50\u5c0d\u7ba1\u7406\u4eba\u696d\u7e3e\u7684\u8ca2\u737b\u5927\u5c0f\u5f8c\uff0c\u8a72\u6a21\u578b\u7684\u4f7f\u7528\u8005\u53ef\u4ee5\u66f4\u597d\u5730\u4f30\u8a08\u7ba1\u7406\u4eba\u7684\u6280\u80fd\u3002<\/p>\n

\u5c31\u62ffHML\u56e0\u5b50\u8209\u4f8b\uff0c\u6a21\u578b\u986f\u793a\u7ba1\u7406\u4eba\u662f\u5426\u4f9d\u8cf4\u50f9\u503c\u6ea2\u50f9\uff0c\u4e5f\u5c31\u662f\u901a\u904e\u6295\u8cc7\u9ad8\u8cec\u9762\u5e02\u503c\u6bd4\u7684\u80a1\u7968\u4f86\u8cfa\u53d6\u7570\u5e38\u6536\u76ca\u7387\u3002\u5982\u679c\u7ba1\u7406\u4eba\u53ea\u8cb7\u5165\u50f9\u503c\u80a1\uff0c\u6a21\u578b\u56de\u6b78\u6703\u986f\u793a\u8207HML\u56e0\u5b50\u7684\u6b63\u76f8\u95dc\uff0c\u8aaa\u660e\u8a72\u6295\u8cc7\u7d44\u5408\u7684\u6536\u76ca\u4f86\u81ea\u65bc\u50f9\u503c\u6ea2\u50f9\uff0c\u6700\u521d\u7684\u8d85\u984d\u6536\u76ca\u7387\u4e5f\u56e0\u6b64\u4e0b\u964d\u3002<\/p>\n

Fama\u548cFrench\u7684\u4e94\u56e0\u5b50\u6a21\u578b<\/h2>\n

2014\u5e74\uff0cFama\u548cFrench\u5c07\u4ed6\u5011\u7684\u6a21\u578b\u64f4\u5c55\u70ba\u4e94\u56e0\u5b50\u6a21\u578b\uff0c\u65b0\u52a0\u5165\u4e86\u76c8\u5229\u548c\u6295\u8cc7\u56e0\u5b50\u3002\u6240\u8b02\u76c8\u5229\u56e0\u5b50\uff0c\u8aaa\u7684\u662f\u5831\u544a\u672a\u4f86\u76c8\u5229\u66f4\u9ad8\u7684\u516c\u53f8\u5728\u80a1\u5e02\u7684\u6536\u76ca\u7387\u4e5f\u6703\u66f4\u9ad8\uff0c\u800c\u6295\u8cc7\u56e0\u5b50\u8aaa\u7684\u662f\u516c\u53f8\u7684\u5167\u90e8\u6295\u8cc7\u548c\u56de\u5831\uff0c\u7a4d\u6975\u6295\u8cc7\u6210\u9577\u9805\u76ee\u7684\u516c\u53f8\u672a\u4f86\u5927\u6982\u7387\u6703\u8dd1\u8f38\u3002<\/p>\n

Fama-French\u7684\u6a21\u578b\u70ba\u4f55\u512a\u65bcCAPM\uff1f<\/h2>\n

Fama-French\u4e09\u56e0\u5b50\u6a21\u578b\u662f\u8cc7\u672c\u8cc7\u7522\u5b9a\u50f9\u6a21\u578b\uff08CAPM\uff09\u7684\u64f4\u5c55\u548c\u6539\u9032\uff0c\u8a2d\u8a08\u521d\u8877\u5c31\u662f\u70ba\u4e86\u5f4c\u88dcCAPM\u7684\u4e0d\u8db3\u548c\u5c40\u9650\u6027\u30022012\u5e74\u7684\u4e00\u9805\u5be6\u8b49\u7814\u7a76\u7d50\u679c\u986f\u793a\uff0cFama-French\u7684\u4e09\u56e0\u5b50\u6a21\u578b\u5728\u9810\u671f\u6536\u76ca\u7387\u7684\u89e3\u91cb\u80fd\u529b\u65b9\u9762\u5f37\u65bcCAPM\u3002\u8a72\u7814\u7a76\u6839\u64daCAPM\u548cFama-French\u4e09\u56e0\u5b50\u6a21\u578b\u5c0d\u4e00\u500b\u7d10\u7d04\u8b49\u5238\u4ea4\u6613\u6240\u80a1\u7968\u6295\u8cc7\u7d44\u5408\u7684\u9810\u671f\u6536\u76ca\u7387\u9032\u884c\u6e2c\u8a66\uff0c\u4f46\u8a66\u9a57\u8868\u660e\u7d50\u679c\u4f9d\u6295\u8cc7\u7d44\u5408\u69cb\u5efa\u65b9\u5f0f\u4e0d\u540c\u800c\u767c\u751f\u8b8a\u5316\u3002<\/p>\n

\u4ec0\u9ebc\u662fHML\u8c9d\u5854\u4fc2\u6578\uff1f<\/h2>\n

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\u4ec0\u9ebc\u662f\u8cec\u9762\u5e02\u503c\u6bd4\u56e0\u5b50\uff08HML\uff09\uff1f \u8cec\u9762\u5e02\u503c\u6bd4\u56e0\u5b50\uff08HML\uff09\u4e5f\u88ab\u7a31\u70ba\u50f9\u503c\u6ea2\u50f9\u6216\u4f30\u503c\u56e0\u5b50\uff0c\u662fFama-French […]<\/p>\n","protected":false},"author":27,"featured_media":408284,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[431],"tags":[1878],"class_list":["post-440724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-strategies-zh-hant","tag-1878","sectors-financial-products-zh-hant"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/440724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=440724"}],"version-history":[{"count":0,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/440724\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/408284"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=440724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=440724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=440724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}