A为投资者个人风险厌恶指数。 具体说，方差减少效用的程度取决于A，即投资者个人对风险的厌恶程度。投资者对风险的厌恶程度越高，A值越大，对风险投资的妨碍也就越大。
最后，运用均衡分析的方法对我国证券市场投资者的风险厌恶系数进行粗略的估计。
At the last part of this article, the equilibrium analysis method will be introduced to assess the risk-averse coefficient of investors in Chinese security market.
投资者的最优收益的期望值和方差由其对应信息的风险-收益系数和风险厌恶参数共同决定。 而市场的风险价格完全由信息的风险-收益系数确定。
The mean and variance of the optimal payoff is determined by both the payoff-risk coefficient of information and the risk aversion parameter, but the risk price is only by the former.
最优策略对管理者的风险厌恶程度、资产波动率和流动性系数较为敏感，而对证券超额收益率敏感程度较低。
The strategy is sensitive to the manager′s risk tolerance, the asset volatility rate and the liquidity coefficient, but it is insensitive to the security excess return rate.
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