本文简单介绍了资本性资产定价模型(CAPM)，并且给出了分离定理的证明，还运用CAPM对上海股市进行了实证分析。

In this paper, we introduce the capital asset pricing model (CAPM), Prove the separation theorem. and analyze the Shanghai stock market with CAPM.

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两基金分离定理对资本资产定价模型的研究有重要意义。

Two-fund separation theorem is very important for the research of capital asset pricing model.

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