题目
Portfolios that represent combinations of the risk-free asset and the market portfolio are plotted on the:
选项
A.utility curve
B.capital asset pricing line
C.capital market line
D.characteristic line
答案
C
解析
The introduction of a risk-free asset changes the Markowitz efficient frontier into a straight line. This straight efficient frontier line is called the capital market line (CML). Investors at point Rf have 100 percent of their funds invested in the risk-free asset. Investors at point M have 100 percent of their funds invested in market portfolio M. Between Rf and M, investors hold both the risk-free asset and portfolio M. To the right of M, investors hold more than 100 percent of portfolio M. All investors have to do to get the risk and return combination that suits them is to simply vary the proportion of their investment in the risky portfolio M and the risk-free asset. The term "characteristic line" refers to Beta, used to form the security market line (SML). Utility curves reflect individual preferences.无风险资产的引入将Markowitz的高效前沿变成了一条直线。 这条直线有效的边界线称为资本市场线（CML）。 Rf点的投资者将其资金的100％投资于无风险资产。 位于M点的投资者将其资金的100％投资于市场投资组合M。在Rf和M之间，投资者同时持有无风险资产和投资组合M。在M的右侧，投资者持有投资组合M的100％以上。 投资者要做的就是获得适合自己的风险和收益组合，只是改变他们在风险投资组合M和无风险资产中的投资比例即可。 术语“特征线”是指Beta，用于形成证券市场线（SML）。 效用曲线反映了个人偏好。