📐 CAPM 资本资产定价模型计算器CAPM Calculator
按资本资产定价模型 E(R) = Rf + β × (Rm − Rf) 计算资产的预期收益率（要求回报率），给出市场风险溢价和资产风险溢价；填写实际收益率时还能算出詹森 Alpha。Find an asset's expected (required) return with the capital asset pricing model E(R) = Rf + β × (Rm − Rf), along with the market and asset risk premiums — and Jensen's alpha if you enter the actual return.
使用说明与常见问题How-to & FAQ
「CAPM 资本资产定价模型计算器」是什么？What is the CAPM Calculator tool?
按资本资产定价模型 E(R) = Rf + β × (Rm − Rf) 计算资产的预期收益率（要求回报率），给出市场风险溢价和资产风险溢价；填写实际收益率时还能算出詹森 Alpha。Find an asset's expected (required) return with the capital asset pricing model E(R) = Rf + β × (Rm − Rf), along with the market and asset risk premiums — and Jensen's alpha if you enter the actual return.
如何使用「CAPM 资本资产定价模型计算器」？How do I use the CAPM Calculator tool?
在「CAPM 资本资产定价模型计算器」中，填写「无风险利率 Rf（%）」、「贝塔系数 β」、「市场预期收益率 Rm（%）」、「实际收益率（%，可选）」等参数，结果会随输入实时计算并显示在下方。In the CAPM Calculator: Fill in "Risk-free rate Rf (%)", "Beta β", "Expected market return Rm (%)", "Actual return (%, optional)"; results are recalculated instantly as you type.
CAPM 公式是什么？What is the CAPM formula?
E(R) = Rf + β × (Rm − Rf)。Rf 是无风险利率（常用国债收益率），Rm − Rf 是市场风险溢价，β 衡量资产相对市场的系统性风险。例如 Rf = 3%、β = 1.2、Rm = 8%，预期收益率 = 3% + 1.2 × 5% = 9%。E(R) = Rf + β × (Rm − Rf). Rf is the risk-free rate (often a government bond yield), Rm − Rf is the market risk premium and β measures the asset's systematic risk relative to the market. With Rf = 3%, β = 1.2 and Rm = 8%, the expected return is 3% + 1.2 × 5% = 9%.
詹森 Alpha 是什么？What is Jensen's alpha?
Alpha = 实际收益率 − CAPM 预期收益率。正值表示经风险调整后跑赢了模型预期，负值表示跑输。Alpha = actual return − the CAPM expected return. A positive value means the asset beat its risk-adjusted expectation; a negative value means it fell short.
β 可以是负数吗？Can beta be negative?
可以。负 β 表示资产与市场反向变动（如某些对冲工具），此时 CAPM 给出的预期收益率可能低于无风险利率。本工具接受 −10 到 10 的 β。Yes. A negative beta means the asset tends to move against the market (as some hedges do), and CAPM may then give an expected return below the risk-free rate. Betas from −10 to 10 are accepted.
计算结果可以作为最终依据吗？Can I rely on the result?
「CAPM 资本资产定价模型计算器」按标准公式计算，结果仅供参考；实际金额以银行、券商或税务机关的规则和四舍五入方式为准。The CAPM Calculator uses standard formulas and is for estimation only; actual figures depend on your bank, broker or tax authority's rules and rounding.
「CAPM 资本资产定价模型计算器」免费吗？需要注册吗？Is the CAPM Calculator free? Do I need an account?
「CAPM 资本资产定价模型计算器」完全免费，无需注册或安装，打开网页即可使用，手机和电脑都能用；输入的内容只在你的浏览器本地处理。The CAPM Calculator is completely free with no sign-up or install and works on phones and desktops; what you enter is processed only in your browser.