考CFA在時(shí)間管理上是相當(dāng)難的，作為在職人來(lái)說(shuō)，工作任務(wù)重、學(xué)習(xí)時(shí)間少，每天還要學(xué)習(xí)相關(guān)的知識(shí)點(diǎn)，有些考題不是太過(guò)于精，融躍給你挑選了CFA一級(jí)投資組合考試題，重要考題附解析，供廣大考生利用碎片時(shí)間隨時(shí)隨地進(jìn)行充電，日積月累提高做題水平。

A line that represents the possible portfolios that combine a risky asset and a risk free asset is most accurately described as a :

A:charactestic line

B:capital allocation line

C:capital market line

解答 Answer：C

Investors are risk averse. Given a choice between two assets with equal rates of return, the investor will always select the asset with the lowest level of risk. This means that there is a positive relationship between expected returns (ER) and expected risk (Es) and the risk return line (capital market line [CML] and security market line [SML]) is upward sweeping.

對(duì)于整個(gè)市場(chǎng)來(lái)說(shuō)，由于馬科維茨認(rèn)為市場(chǎng)是完美的，所以你可以不用任何成本進(jìn)行資產(chǎn)的分散化處理，因此你自己可以DIY處理掉的非系統(tǒng)性風(fēng)險(xiǎn)市場(chǎng)是不會(huì)給你這部分補(bǔ)償?shù)摹５蔷拖到y(tǒng)風(fēng)險(xiǎn)而言而言，尤其是風(fēng)險(xiǎn)厭惡者，我們是希望越高風(fēng)險(xiǎn)，就給我們?cè)礁叩难a(bǔ)償，原因之一，由于這部分風(fēng)險(xiǎn)無(wú)法被分散化，你就應(yīng)該給我補(bǔ)償，其次無(wú)論從CML和SML哪條線來(lái)看，風(fēng)險(xiǎn)和收益都是成正比關(guān)系的，這也符合我們的日常邏輯。炒股票的期望收益就應(yīng)該比余額寶帶來(lái)的要高。

The batic premise of the rise-return-trade-off suggests that risk-averse individuals purchasing inwestments with higher non-diversifiable risk should expect to earn:

A:lower rates of return

B:rates of return equal to the market

C:higher rates of return

Answer：B

The line that represents possible combinations of a risky asset and the risk-free asset is referred to as a capital allocation line (CAL). The capital market line (CML) represents possible combinations of the market portfolio with the risk-free asset. A characteristic line is the best fitting linear relationship between excess returns on an asset and excess returns on the market and is used to estimate an asset's beta.

這道題目出的好，首先對(duì)于我們來(lái)說(shuō)，一旦出現(xiàn)了無(wú)風(fēng)險(xiǎn)收益，那一定是威廉夏普的理論，我們馬上就能聯(lián)想到CML和CAL。但是CML是假設(shè)世界上每一個(gè)人都是同質(zhì)的，他們有相同的有效前沿，因此有效前沿與無(wú)風(fēng)險(xiǎn)收益的切線也只有一條，那個(gè)切點(diǎn)就是市場(chǎng)組合。題目里說(shuō)只有一個(gè)風(fēng)險(xiǎn)資產(chǎn)，明顯不是市場(chǎng)組合，就從我們滬深300指數(shù)，也是要300個(gè)股票組成起來(lái)的 。所以可以很明確的判斷是CAL。

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