Proceedings of the 2023 International Conference on Economic Management，Financial Innovation and Public Service (EMFIPS 2023)

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Effectiveness Analysis of Capital Asset Pricing Model Based on Industry Data

Authors
Yiyi Huang1, *
1School of Accounting and Finance, Xiamen University Tan Kah Kee College, Fujian, 363105, China
*Corresponding author. Email: 3339451388@qq.com
Corresponding Author
Yiyi Huang
Available Online 21 June 2024.
DOI
10.2991/978-94-6463-441-9_60How to use a DOI?
Keywords
Effectiveness analysis; Capital Asset Pricing Model; CAPM; industry data
Abstract

Capital asset pricing model is an economic model that has been used to study and solve asset pricing problems in financial theory in recent decades. This model has become the basic model of investment pricing because of its wide applicability and practical value. However, due to the limitations and limitations of the model itself, it continues to be challenged by various practical tests. This paper takes China's real estate industry as the research object, selects ten companies in the real estate sector of the A-share market, and uses single-factor cross-sectional regression and multi-factor cross-sectional regression to verify the effectiveness of the capital asset pricing model. The results show that the CAPM model is not applicable to China's real estate industry. This may be caused by the low degree of information disclosure, the irrational structure of investors, and the irrational equity structure of listed companies.

Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2023 International Conference on Economic Management，Financial Innovation and Public Service (EMFIPS 2023)
Series
Advances in Economics, Business and Management Research
Publication Date
21 June 2024
ISBN
10.2991/978-94-6463-441-9_60
ISSN
2352-5428
DOI
10.2991/978-94-6463-441-9_60How to use a DOI?
Copyright
© 2024 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Yiyi Huang
PY  - 2024
DA  - 2024/06/21
TI  - Effectiveness Analysis of Capital Asset Pricing Model Based on Industry Data
BT  - Proceedings of the 2023 International Conference on Economic Management，Financial Innovation and Public Service (EMFIPS 2023)
PB  - Atlantis Press
SP  - 702
EP  - 711
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-441-9_60
DO  - 10.2991/978-94-6463-441-9_60
ID  - Huang2024
ER  -