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Finance 2023
CAPM模型在A股白酒股的实证研究
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Abstract:
白酒行业是中国特有的传统行业，中国作为一个拥有上千年饮酒文化的国家，白酒一直是中国人最喜欢的饮料之一。近几年来，白酒股受到无数国内外投资者的追捧，股价不断攀升。白酒股作为A股价值投资的代表标的，吸引着无数投资者的目光。CAPM模型是主流的资本资产定价模型，从创立至今就被广泛应用到市场分析中，为市场投资者提供参考。该模型中的β系数被作为衡量市场系统性风险的重要概念沿用至今。本文选择了沪深两市的16家白酒股作为主要研究对象，实证分析了CAPM模型在A股白酒股投资的有效性，并结合相关结论对A股白酒股的投资提出几点建议。
Liquor industry is a unique traditional industry in China. As a country with thousands of years of drinking culture, liquor has always been one of the favorite beverages of Chinese people. In recent years, liquor stocks have been sought after by countless domestic and foreign investors, and their share prices are constantly rising. Liquor stocks, as a representative target of A-share value investment, are attracting the attention of countless investors. CAPM model is the mainstream capital asset pricing model, which has been widely used in market analysis since its establishment, providing reference for market investors. The β coefficient in this model is still used as an important concept to measure the market systemic risk. This paper selects 16 liquor stocks in Shanghai and Shenzhen as the main research objects, and empirically analyzes the effectiveness of CAPM model in A-share liquor stocks, and combined with the relevant conclusions to A shares of liquor stock investment, puts forward several suggestions.
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