# 01**Definition** 画面：居中大字号显示CAPM的定义 语音：对CAPM进行介绍 # 02**Formula** 画面：左边显示CAPM的计算公式，每个参数的含义；右边在坐标轴中画出预期收益率和β的关系线 语音：对CAPM的计算公式进行介绍 # 03**Step-by-Step Calculation Using CAPM** 画面：居中放大CAPM公式，逐步出现计算E（R）的步骤 画外音：介绍预期收益率怎么一步一步计算 # 04**Example Calculation** 画面：举例计算（） - *Rf*=4% (risk-free rate) - E(Rm)=12%*E*(*Rm*)=12% (expected market return) - βi=1.5*βi*=1.5 (beta of the asset) **Calculate Expected Return**: 1. **Market Risk Premium**:*E*(*Rm*)−*Rf*=12%−4%=8% E(Rm)−Rf=12%−4%=8% 2. **Substitute into CAPM Formula**:*E*(*Ri*)=4%+1.5(8%)=4%+12%=16% E(Ri)=4%+1.5(8%)=4%+12%=16% 展示结果 画外音：讲解计算过程 # 05**Practical Application** 画面：显示CAPM的实际应用：CAPM provides a useful framework for assessing the expected return of an asset considering its risk level. Investors use this model to make informed decisions regarding asset selection and portfolio management by comparing the expected returns with their required rates of return based on risk tolerance. 画外音：对CAPM的实际应用进行介绍 # 06Summary 画面：重复CAPM的定义和公式以及图像 画外音：对所有内容进行总结

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The Capital Asset Pricing Model, commonly known as CAPM, is a fundamental financial model that establishes the relationship between systematic risk and expected return for assets, particularly stocks. This model serves as a cornerstone in modern portfolio theory and helps investors determine the appropriate required rate of return for an asset based on its risk level relative to the market. The CAPM formula is E(Ri) equals Rf plus beta times the quantity E(Rm) minus Rf. Here, Rf represents the risk-free rate, E(Rm) is the expected market return, beta measures the asset's sensitivity to market movements, and E(Ri) is the expected return of the asset. The graph shows this linear relationship between beta and expected return, where the line starts at the risk-free rate and slopes upward based on the market risk premium. To calculate expected return using CAPM, follow these four steps systematically. First, identify the risk-free rate, typically the yield on government bonds. Second, determine the expected market return, often based on historical market averages. Third, calculate the asset's beta, which measures its sensitivity to market movements using covariance and variance. Finally, substitute all values into the CAPM formula to obtain the expected return. Let's work through a practical example. Given a risk-free rate of 4 percent, expected market return of 12 percent, and asset beta of 1.5, we can calculate the expected return. First, we find the market risk premium: 12 percent minus 4 percent equals 8 percent. Then we apply the CAPM formula: expected return equals 4 percent plus 1.5 times 8 percent, which gives us 4 percent plus 12 percent, resulting in an expected return of 16 percent. CAPM provides a comprehensive framework for assessing expected returns based on systematic risk. Investors utilize this model for informed asset selection and portfolio management, comparing expected returns with required rates based on risk tolerance. The model establishes the fundamental risk-return relationship, supports portfolio optimization, guides investment decisions, and serves as a cornerstone for asset pricing in modern finance.