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本文对消费资本资产定价理论的发展进行了回顾与评述。消费资本资产定价理论是消费选择理论在不确定性领域的延伸,该理论跨越了消费选择理论与资产定价理论两个研究领域,成功地将这两个理论统一在一起。目前,它已经成为研究消费选择与资本收益问题的基础理论。由于标准消费资本资产定价模型无法解释股票升水之谜与无风险利率之谜,这在经济学界引起了广泛关注,许多经济学者对标准消费资本资产定价模型进行了验证,从不同的角度对此进行研究并提出解释,并由此促进了消费资本资产定价理论的发展。消费资本资产定价理论的发展主要有两个方向:其一是对代表性经济人效用函数的的修正,其二是对资本市场框架的修正。对于 CCAPM 的争论还在继续,但没人能否认该理论在宏观经济学以及金融理论领域中所占据的重要地位。
This article reviews and comments on the development of the theory of consumer capital asset pricing. The theory of consumer capital asset pricing is an extension of the theory of consumer choice in the field of uncertainty. The theory crosses the two research fields of consumer choice theory and asset pricing theory, and succeeds in unifying these two theories together. At present, it has become the basic theory for studying the problems of consumer choice and capital gains. Since the standard consumer capital asset pricing model can not explain the mystery of stock premium and risk-free interest rate, which has aroused widespread concern in the field of economics. Many economists have verified the standard consumer capital asset pricing model from different perspectives Research and propose explanations, and thus promote the development of consumer capital asset pricing theory. The development of the theory of consumer capital asset pricing has two main directions: one is to amend the utility function of representative economy, and the other is to amend the capital market framework. The debate over the CCAPM continues, but no one can deny the importance of the theory in macroeconomics and financial theory.