[{"data":1,"prerenderedAt":45},["ShallowReactive",2],{"q-sec_sr_invest-115-1-045":3},{"exam":4,"examName":5,"chapterSlug":6,"question":7,"related":21},"sec_sr_invest","證券商高級業務員資格測驗——證券投資與財務分析(試卷「投資學」)","c7",{"id":8,"exam":4,"session":9,"qno":10,"question":11,"options":12,"answer":17,"chapter":18,"freq":17,"explanation":19,"difficulty":20},"sec_sr_invest-115-1-045","115-1",45,"依資本市場理論，關於投資組合期望報酬率與風險，下列敘述何者正確？",[13,14,15,16],"透過分散風險使投資組合風險降低，期望報酬率也必定降低","透過避險使投資組合系統風險降低，期望報酬率也必定降低","透過選股使投資組合非系統風險降低，期望報酬率也必定降低","選項(A)(B)(C)皆正確",1,"資本資產訂價模式與套利訂價理論","(B) 對。資本市場理論的核心是「市場只補償無法分散的系統風險」。避險(如放空指數期貨)所降低的正是系統風險即組合的貝它,承擔的系統風險變少,依 CAPM 期望報酬也必隨之下降。(A) 分散投資與 (C) 選股所降低的是非系統(個別)風險,這部分市場本就不給風險溢酬,消除它並不會使期望報酬下降——這正是分散投資被稱為「免費午餐」之處,兩者皆錯;既然 (A)(C) 不成立,主張三者皆正確的 (D) 亦不成立。","medium",[22,26,30,34,38,41],{"id":23,"question":24,"qno":25},"sec_sr_invest-114-3-020","假設稻禾公司目前的股價為 200 元，預期一年後可漲至 222 元，無風險利率為 2%，該股票β值(Beta)為 1.5，則市場投資組合之預期報酬率應為多少？",20,{"id":27,"question":28,"qno":29},"sec_sr_invest-114-3-022","請問零β（zero-beta）證券的期望報酬是：",22,{"id":31,"question":32,"qno":33},"sec_sr_invest-114-3-023","哪一項「不是」資本市場理論的基本假設？",23,{"id":35,"question":36,"qno":37},"sec_sr_invest-114-3-024","下列對市場投資組合之描述，何者「正確」？甲.其β值(Beta)等於 1；乙.其期望報酬率較任何個別證券低；丙.其報酬率標準差較任何個別證券低；丁.其包含了市場上所有的證券",24,{"id":39,"question":40,"qno":10},"sec_sr_invest-114-3-045","已知一最適風險投資組合，其期望報酬率為 12%，標準差為 26%，若無風險利率為 5%，請問其最適（feasible）資本市場線的斜率約為？",{"id":42,"question":43,"qno":44},"sec_sr_invest-114-3-046","某證券之期望報酬率為 12.5%，β值為 1.15。若市場組合期望報酬率為 10%，無風險利率為5%，則根據 CAPM 模式，此證券為：",46,1787293958664]