中文摘要：

在标准的Black－Scholes型金融市场下，建立了以推广的半绝对离差（Extended Semi－Absolute Deviation；ESAD）度量风险的动态均值-ESAD投资组合选择模型，研究了模型的求解方法，得到了最优投资组合策略和均值-ESAD有效前沿的解析表达式．同时，与动态均值-方差模型作了比较分析．最后，结合实例说明了模型的求解方法．

英文摘要：

In the standard Black-Scholes type financial market, dynamic Mean-ESAD portfolio selection model, which measures the portfolio risk by extended semi-absolute deviation （ESAD）,is established and the method of solving this model is researched. Explicit expres- sions for optimal investment strategy and Mean-ESAD efficient frontier are obtained. Meanwhile, comparative analysis between dynamic Mean-Variance model and Mean-ESAD model is made. Finally,the method of solving this model is illustrated by a numerical example .