第二种是CCAPM异象，主要是指股票溢价之谜。
The other is CCAPM anomaly, especially the equity premium puzzle.
然而证券市场中存在的股票溢价之谜、股价的过度波动等实证研究对其形成了极大的挑战，并且，其理论基础也存在诸多的缺陷。
However empirical researches such as the riddle of equity premium and the acute fluctuation of stock price bring great challenge to it, and there are many defects on its fundamental theory, too.
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