九因素模型详解？ 三因素模型公式？英文双语对照

一、九因素模型详解？

九因素模型指的是

1， 行业认知： 是传统行业，还是新型行业等等； 2， 成长阶段： 技术积累，团队等等；核心技术；

3，战略选择： 战略方向，战略目标，执行手段等等；

4， 商业模型 ： 盈利模式；

5， 核心团队： 领导力，企业文化；

6， 管理细节： 管理方法，企业运营的模型；

7， 股东背景： 资源能力；

8， 资本动作： 资本运营能力；

9， 财务指标： 通过财务看企业的实际盈利情况；

二、三因素模型公式？

电路三要素法公式：uc（0+）=uc（0-）=6V。三要素法由于一阶电路的所有电压和电流均可写出一个一阶微分方程，故从数学的角度看，是同一个方程，其解具有相同的形式。

三、k因素模型和市场模型的区别？

前者是说明受到影响后的走势，后者是供求关系。

四、fft五因素模型理论？

FFT是离散傅立叶变换的快速算法，可以将一个信号变换到频域。有些信号在时域上是很难看出什么特征的，但是如果变换到频域之后，就很容易看出特征了。这就是很多信号分析采用FFT变换的原因。

另外，FFT可以将一个信号的频谱提取出来，这在频谱分析方面也是经常用的

五、capm模型和因素模型的区别和联系？

因素模型由威廉.夏普在1963年提出.它是是描述证券收益率生成过程的一种模型，建立在证券关联性基础上。认为证券间的关联性是由于某些共同因素的作用所致，不同证券对这些共同的因素有不同的敏感度。这些对所有证券的共同因素就是系统性风险。

因素模型正是抓住了对这些系统影响对证券收益的影响，并用一种线性关系来表示。

六、种群增长模型的影响因素？

影响种群增长的因素有:食物和空间条件、气候、天敌和自然灾害等

七、两因素线性模型分析步骤？

在大多数的实际问题中，影响因变量的因素不是一个而是多个，我们称这类回问题为多元回归分析。可以建立因变量y与各自变量xj(j=1,2,3,…,n)之间的多元线性回归模型： 其中：b0是回归常数；bk(k=1,2,3,…,n)是回归参数；e是随机误差。 多元回归在病虫预报中的应用实例: 某地区病虫测报站用相关系数法选取了以下4个预报因子；x1为最多连续10天诱蛾量(头)；x2为4月上、中旬百束小谷草把累计落卵量(块)；x3为4月中旬降水量(毫米)，x4为4月中旬雨日(天)；预报一代粘虫幼虫发生量y（头/m2）。分级别数值列成表2-1。

预报量y：每平方米幼虫0~10头为1级，11~20头为2级，21~40头为3级，40头以上为4级。

预报因子：x1诱蛾量0~300头为l级，301~600头为2级，601~1000头为3级，1000头以上为4级；x2卵量0~150块为1级，15l~300块为2级，301~550块为3级，550块以上为4级；x3降水量0~10.0毫米为1级，10.1~13.2毫米为2级，13.3~17.0毫米为3级，17.0毫米以上为4级；x4雨日0~2天为1级，3~4天为2级，5天为3级，6天或6天以上为4级。

八、carhart四因素模型，优点？

Carhart四因素模型的优越性

首先，四因素模型能够从宏观与微观两个角度上考察开放式基金的投资绩效，在基金绩效评估方面更具全面性。从宏观角度，以基金整体作为研究对象，可以合理评价开放式基金这一集合理财方式的运营绩效；从微观角度，考察单个基金的超额收益率，可以得到基于四因素模型的基金业绩排名，便于比较开放式基金个体之间的投资绩效优劣。

其次，四因素模型中的四个因素指标能够细分基金绩效的来源，实现对基金绩效归属的合理分析，提高了对开放式基金绩效评估的可靠性。

最后，通过对模型中各风险因素的回归系数加以分析，可以考察基金整体或单个基金的投资风格与策略。Carhart四因素模型所兼具的风格判定能力，使得其作为基金绩效评价模型在投资实践方面更具指导意义。

九、单因素资产定价模型公式？

最大的区别在于对风险的量化方式和描述不同！ 投资组合理论是马克维茨提出的，主要是用方差来衡量风险，描述的是绝对风险。

通过分散化投资，使得投资组合的风险（也就是方差）最小化。资本资产定价模型（CPAM）公式为：预期收益率=无风险收益率+贝塔值*（市场组合收益率-无风险收益率）。用贝塔值来衡量风险，意思是该项资产价格相对于市场的波动，描述的是相对风险。

十、fama三因素模型是哪三个因素？

fama三因素模型的三个因素是：

市场资产组合(Rm− Rf)、

市值因子(SMB)、

账面市值比因子(HML)。

1、Fama-French三因子模型的由来

首先，马科维茨1952年发表了《投资组合选择》，开创了现代投资组合理论。

他提出了“均值-方差”模型，认为要想使投资者的效用达到最大，必须满足以下条件：当风险（方差）相同的时候，获得最高的收益率；或者是在获得的收益一定的情况下，风险最小。因此在构建投资组合的时候应该使每个资产之间的协方差降至最小。

Fama和French 1992年对美国股票市场决定不同股票回报率差异的因素的研究发现，股票的市场的beta值不能解释不同股票回报率的差异，而上市公司的市值、账面市值比、市盈率可以解释股票回报率的差异。Fama and French 认为，上述超额收益是对CAPM 中β未能反映的风险因素的补偿。

表达式

Fama和French 1993年指出可以建立一个三因子模型来解释股票回报率。模型认为，一个投资组合(包括单个股票)的超额回报率可由它对三个因子的暴露来解释，这三个因子是：市场资产组合(Rm− Rf)、市值因子(SMB)、账面市值比因子(HML)。这个多因子均衡定价模型可以表示为：

E(Rit) −Rft= βi[E(Rmt−Rft)] +siE(SMBt) +hiE(HMIt)

其中Rft表示时间t的无风险收益率；Rmt表示时间t的市场收益率；Rit表示资产i在时间t的收益率；E(Rmt) − Rft是市场风险溢价，SMBt为时间t的市值(Size)因子的模拟组合收益率(Small minus Big)，HMIt为时间t的账面市值比(book—to—market)因子的模拟组合收益率(High minus Low)。

β、si和hi分别是三个因子的系数，回归模型表示如下：

Rit− Rft= ai+ βi(Rmt− Rft) + SiSMBt+ hiHMIt+ εit

但是，我们应该看到，三因子模型并不代表资本定价模型的完结，在最近的研究发现，三因子模型中还有很多未被解释的部分，如短期反转、中期动量、波动、偏度、赌博等因素。

---

英文翻译对照，仅供参考

---

One, solution of detailed of 9 elements model?

What 9 elements model points to is

1, industry acknowledge: It is traditional industry, new-style still industry is waited a moment; 2, growing phase: The technology is accumulated, the group is waited a moment; Core technology;

3, strategic choice: Strategic direction, strategic goal, executive method is waited a moment;

4, commercial model: Profit pattern;

5, core group: Leader force, company culture;

6, administer detail: Manage a method, the model of company operation;

7, partner setting: Resources capacity;

8, capital movements: Capital operation ability;

9, financial index: Treat the actual profit condition of the enterprise through finance affairs;

2, is 3 elements model formulary?

Circuit 3 element law is formulary: Uc (0+ ) =uc (0- ) =6V. 3 element law all can draw up as a result of all voltage of first-order circuit and electric current a first-order and differential equation, reason looks from mathematical angle, it is same an equation, its solution has identical form.

3, the distinction of K element model and market model?

Former it is a specification after be affected go situation, latter is supply demand relations.

4, is fft5 element model theoretical?

FFT is the fast algorithm that disperse Fu Lixie alternates, can alternate a signal frequency domain. Some signal are very ugly on time domain give what feature, but if commutation arrives after frequency domain, see a feature very easily. This is the account that analysis of a lot of signal uses FFT to alternate.

Additional, FFT can extract the spectrum of a signal, this analyses a respect in spectrum often also is used

5, the distinction of Capm model and element model and connection?

Element model by Williams. Xia Pu put forward 1963. It is it is a kind of model that depicts negotiable securities yield to build a course, build go up in foundation of sex of negotiable securities correlation. Think the associated sex between negotiable securities is the action be caused by as a result of certain and common element, different negotiable securities has different susceptibility to these common elements. These common elements to all negotiable securities are systematization risk.

Element model tackled the impact that affects verify certificate earnings to these systems just about, express with a kind of linear relation.

6, plant group of influencing factor that increase a model?

Affect kind of element of group of growth to there is: ? Does settleclear Qiang besmear occupy have diarrhoea of Lan of ⑻ of Jie of  of ⑵ of rinse Qiong  Φ of Tuo Yunhui foot?

7, does model of two elements linear analyse move?

In most real problem, because variable element is not,affect however many, we say this kind answers a problem to be multivariate recursive analysis. Because of,can build variable Y and Xj(j=1 of each independent variable, 2, 3, ... , the model of multivariate and linear regression between N) : Among them: B0 is order cycle constant; Bk(k=1, 2, 3, ... , n) is recursive parameter; E is random error. Multivariate regression forecasts medium applied example in ill bug: Some area ill bug measures a newspaper to stood to be chosen with correlation coefficient law the following 4 forecast factor; X1 is measured to lure moth 10 days continuously at most (head) ; X2 is on April, the middle ten days of a month 100 Shu Xiaogu grass fall accumulative total egg is measured (piece) ; X3 is in April fall of the middle ten days of a month (millimeter) , x4 is in April day of rain of the middle ten days of a month (day) ; Larva of forecast generation armyworm produces quantity Y (first / M2) . Cent level numerical value lists watch 2-1.

Forecast measures Y: Head of 0~10 of larva of every square metre is 1 class, 11~20 head is 2 class, 21~40 head is 3 class, 40 above are 4 class.

Forecast factor: X1 lures moth to measure 0~300 head to be L class, 301~600 head is 2 class, 601~1000 head is 3 class, 1000 above are 4 class; X2 egg measures 0~150 piece for 1 class, 15l~300 piece for 2 class, 301~550 piece for 3 class, 550 above are 4 class; Millimeter of X3 fall 0~10.0 is 1 class, 10.1~13.2 millimeter is 2 class, 13.3~17.0 millimeter is 3 class, 17 millimeter above is 4 class; Day of 0~2 of X4 rain day is 1 class, 3~4 day is 2 class, 5 days are 3 class, day or 6 days of 6 above are 4 class.

8, carhart4 element model, advantage?

The advantage of Carhart4 element model

Above all, 4 elements model can from macroscopical with microcosmic the investment performance that open mode fund inspects on two angle, the respect is evaluated to have comprehensive sex more in fund performance. From macroscopical angle, regard research as the object with fund whole, OK and reasonable evaluation opens type fund the operation performance of kind of economy of this one gather; From microcosmic angle, inspect single foundation above quota yield, can get outstanding achievement is ranked is based on the fund of 4 elements model, facilitate opener mode fund is individual the bad of investment performance actor between.

Next, the 4 elements index in 4 elements model can the origin of fractionize fund performance, realize attributive to fund performance reasonable analysis, raised the dependability that evaluates to opening type fund performance.

Finally, through trying to analyse to the population of each risk element in the model, can research the investment style of fund whole or single foundation and strategy. Place of Carhart4 element model holds provided color concurrently to sentence calm ability, make its evaluate a model to carry out a respect to have direct sense more in investment as fund performance.

9, is model of price of only factor property formulary?

The biggest distinction depends on pair of risks quantify means and description to differ! Theoretically Weicidi gives mark invest combination, basically be to use variance to measure a risk, descriptive is absolutely risk.

Through changing investment dispersedly, make the risk that invests combination (namely variance) the smallest change. Model of price of capital capital fund (CPAM) formula is: Expect yield of danger of yield = calm + shellfish tower is worth * (the market sets yield - calm danger yield) . With shellfish tower the value measures a risk, means the wave motion of photograph of this asset value to the market, descriptive is opposite risk.

10, which 3 elements is fama3 element model?

3 elements of fama3 element model are:

Is market capital fund combined (Rm? Rf) ,

Market prise factor (SMB) ,

Zhang face market prise compares gene (HML) .

1, the origin of Fama-French3 factor model

Above all, makeweici was published 1952 " investment combines an option " , initiated contemporary investment to combine theory.

He put forward " all be worth - variance " model, think to want to make the effectiveness of investor is achieved the biggest, must satisfy the following requirement: When the risk (variance) identical when, obtain top yield; Perhaps fall in the circumstance with acquisition certain earnings, the risk is the least. When because this builds investment in compose,be being combined, should make the covariance between every asset falls to the smallest.

Fama and French 1992 year the research discovery of the element that decides difference of different share return rate to American stock market, the Beta value of the market of the stock cannot explain the difference of different share return rate, and appear on the market the market prise of the company, Zhang face market prise is compared, city is filled with lead the difference that can explain stock return rate. Fama And French thinks, afore-mentioned above quota the compensation that accrual is the risk element that fails to mirror to the β in CAPM.

Expression

Fama and French 1993 year point out can build model of a 3 factor to explain stock return rate. The model thinks, an investment is combined (include single share) above quota return rate can is opposite by it the exposure of 3 factor will explain, these 3 factor are: Is market capital fund combined (Rm? Factor of Rf) , market prise (market prise of face of SMB) , Zhang compares gene (HML) . Even price model can express this many factor for:

E(Rit) ? I[E(Rmt of Rft= β ? Rft)] +siE(SMBt) +hiE(HMIt)

Among them the calm danger yield that Rft shows time T; Rmt shows the market yield of time T; Rit states asset I is in the yield of time T; E(Rmt) ? Rft is price of market risk excessive, the market prise that SMBt is time T (the imitate of Size) factor sets yield (Small Minus Big) , HMIt is compared for the Zhang face market prise of time T (Book, To, the imitate of Market) factor sets yield (High Minus Low) .

β , Si and Hi are the coefficient of 3 factor respectively, recursive model shows as follows:

Rit? I(Rmt of β of Rft= Ai+ ? It of ε of Rft) + SiSMBt+ HiHMIt+

But, we should see, 3 factor model does not represent the end of capital price model, discover in recent research, the share that a lot of is not explain is returned in 3 factor model, be like short-term invert, the element such as metaphase momentum, fluctuant, degree of bias, gamble.