中文摘要：

资产定价理论分析在不确定条件下未来支付的资产价值，其投资组合理论、资本资产定价模型、期权定价模型等斩获了诺贝尔经济学奖。2013年诺奖得主Fama提出了有效市场假说；但是，包括Fama本人在内的众多学者认为，历史表现、交易行为、日历效应、基本面信息等众多因素影响着资产价格，从而产生了所谓的金融异象。Fama—French三因素和Carhart四因素等实证模型涵盖了部分典型的金融异象因子，也较之理论推演的CAPM等模型更为西方投资业界认可。与西方成熟股票市场相比，我国存在金融异象。我国股票市场制度设计迥异，投资群体不同，西方资产定价模型尚且难以解读我国的股票定价实践，我国需要在西方资产定价学说的基础上建立有中国特色的资产定价模型。

英文摘要：

Asset Pricing Theory is used to analyse the future asset value under uncertain conditions. Its composing parts like the Investment Portfolio Theory, Capital Asset Pricing Model and Option Pricing Model have been awarded the Nobel Prize for Economics. In 2013, the Nobel Prize winner Fama raised the Efficient Market Hypothesis, but even Fama him- self, together with a lot of other scholars, believes that the historical performance, transactions, calendar effects, funda- mental information and many other factors may influence the price of the asset, and thus generate the so - called financial anomalies. The Fama - French 3 - factor model and the Carhart 4 - factor model and other empirical models can cover some typical anomaly factors, and are more effective than the theoretical CAPM model in the eyes of western investors. In com- pare with western mature stock markets, there are financial anomalies in Chinese market. The designing of Chinese stock market system and the investment groups are quite different from their western counterparts. It is difficult for western asset pricing models to interpret the practice of stock pricing in China. As a result, China requires a localized asset pricing mod- el that is built on western asset pricing theories.