Beta yog qhov hloov pauv, lossis muaj kev pheej hmoo, ntawm cov khoom lag luam tshwj xeeb uas cuam tshuam nrog kev hloov pauv ntawm tag nrho cov khoom lag luam. Beta yog qhov taw qhia ntawm kev pheej hmoo ntawm cov khoom lag luam tshwj xeeb yog thiab siv los ntsuas nws qhov kev cia siab ntawm kev xa rov qab. Beta yog ib qho ntawm cov hauv paus uas cov kws tshuaj ntsuam xyuas txiav txim siab thaum xaiv cov khoom lag luam rau lawv cov peev txheej, nrog rau tus nqi-rau-cov nyiaj tau los sib piv, cov tswv cuab kev ncaj ncees, cov nuj nqis-rau-sib npaug, thiab lwm yam.
Kauj ruam
Ntu 1 ntawm 4: Xam Phaj Beta Siv Qhov Sib Piv Yooj Yim
Kauj Ruam 1. Nrhiav qib ntawm qhov tsis muaj feem phom sij
Qhov no yog tus nqi rov qab los ntawm cov tub ua lag luam xav tau ntawm kev nqis peev uas nws cov nyiaj tsis muaj kev pheej hmoo. Daim duab no feem ntau qhia ua feem pua.
Kauj Ruam 2. Txiav txim siab qib ntawm txhua tus neeg sawv cev ntsuas
Cov nuj nqis no kuj tau qhia ua feem pua. Feem ntau, tus nqi rov qab yog ntau lub hlis.
Ib lossis ob qho ntawm cov txiaj ntsig no tuaj yeem ua rau tsis zoo, txhais tau tias kev nqis peev hauv cov lag luam lossis cov lag luam (qhov ntsuas) tag nrho raug kev txom nyem poob rau kev nqis peev thaum lub sijhawm. Yog tias tsuas yog 1 ntawm 2 qib tsis zoo, beta yuav tsis zoo
Kauj Ruam 3. Tshem tawm qhov kev pheej hmoo tsis pub dawb los ntawm cov khoom lag luam tus nqi xa rov qab
Yog tias cov khoom lag luam tus nqi rov qab yog 7 feem pua thiab tus nqi tsis muaj kev pheej hmoo yog 2 feem pua, qhov sib txawv yuav yog 5 feem pua.
Kauj Ruam 4. Rho tawm qhov kev pheej hmoo tsis pub piv los ntawm kev ua lag luam (lossis ntsuas) tus nqi rov qab los
Yog tias tus nqi lag luam lossis rov qab ntsuas yog 8 feem pua thiab tus nqi tsis muaj kev pheej hmoo yog ntxiv 2 feem pua, qhov sib txawv yuav yog 6 feem pua.
Kauj Ruam 5. Sib faib qhov sib txawv hauv cov khoom lag luam tus nqi rov qab rho tawm qhov tsis muaj kev pheej hmoo los ntawm kev ua lag luam (lossis ntsuas), tus nqi rov qab rho tawm qhov tsis muaj kev pheej hmoo
Qhov no yog beta version, uas feem ntau yog qhia raws li tus lej lej. Hauv qhov piv txwv saum toj no, beta yuav yog 5 faib los ntawm 6, lossis 0.833.
- Qhov beta ntawm kev ua lag luam nws tus kheej, lossis qhov ntsuas nws sawv cev, yog 1.0, vim tias kev ua lag luam tau muab piv rau nws tus kheej thiab tus lej xoom faib los ntawm nws tus kheej sib npaug 1. Beta ntawm tsawg dua 1 txhais tau tias cov khoom lag luam tsis hloov pauv ntau dua li lub khw tag nrho, thaum beta ntau dua 1 txhais tau tias cov khoom lag luam ruaj khov dua li kev ua lag luam tag nrho. Tus nqi beta tuaj yeem tsawg dua xoom, uas txhais tau tias cov khoom lag luam poob nyiaj thaum lub khw muag khoom tag nrho tau txais nyiaj lossis cov nyiaj tau txais cov nyiaj ib ntus thiab kev ua lag luam tag nrho poob nyiaj.
- Thaum nrhiav beta, txawm hais tias nws tsis xav tau, nws ib txwm siv tus lej sawv cev ntawm lub khw uas cov khoom lag luam pauv. Txog kev lag luam pauv pauv thoob ntiaj teb, MSCI EAFE (sawv cev rau Europe, Australasia thiab Sab Hnub Tuaj) yog tus sawv cev tsim nyog ntsuas.
Ntu 2 ntawm 4: Siv Beta los txiav txim siab pauv tus nqi xa rov qab
Kauj Ruam 1. Nrhiav qib ntawm qhov tsis muaj feem phom sij
Qhov no yog tib tus nqi raws li tau piav qhia saum toj no "Xam Beta rau cov khoom lag luam." Rau ntu no, peb yuav siv tus nqi zoo ib yam ntawm 2 feem pua piv txwv, raws li siv saum toj no.
Kauj Ruam 2. Txiav txim siab tus nqi lag luam ntawm kev xa rov qab lossis tus lej sawv cev
Hauv qhov piv txwv no, peb yuav siv tib tus lej 8 feem pua, raws li siv saum toj no.
Kauj Ruam 3. Muab tus nqi beta sib txawv los ntawm qhov sib txawv ntawm tus nqi lag luam ntawm kev xa rov qab thiab tus nqi tsis muaj kev pheej hmoo
Piv txwv li, peb yuav siv tus nqi beta ntawm 1.5. Siv 2 feem pua rau qhov tsis muaj kev pheej hmoo thiab 8 feem pua rau kev ua lag luam tus nqi rov qab, qhov no ua haujlwm rau 8-2, lossis 6 feem pua. Sib tw los ntawm beta ntawm 1.5, ua rau 9 feem pua.
Kauj Ruam 4. Ntxiv qhov txiaj ntsig nrog qhov tsis muaj kev pheej hmoo
Nws yields 11 feem pua, uas yog cov khoom lag luam xav tias yuav rov qab los.
Qhov siab dua tus nqi beta rau cov khoom lag luam, qhov siab dua qhov xav tau ntawm kev xa rov qab. Txawm li cas los xij, qhov txiaj ntsig siab dua ntawm kev xa rov qab yog ua ke nrog kev pheej hmoo nce ntxiv, yog li nws yog qhov tsim nyog los saib ntawm lwm cov khoom lag luam tseem ceeb ua ntej txiav txim siab seb lawv puas yuav yog ib feem ntawm cov peev txheej peev
Ntu 3 ntawm 4: Siv Excel Charts los txiav txim siab Beta
Kauj Ruam 1. Tsim peb kab nqi hauv Excel
Thawj kab ntawv yog hnub tim. Hauv kab ntawv thib ob, muab tus nqi ntsuas; qhov no yog "kev ua lag luam tag nrho" koj yuav piv betas rau. Hauv kab ntawv thib peb, muab tus nqi sawv cev rau tus sawv cev uas koj tab tom sim suav qhov beta.
Kauj Ruam 2. Muab koj cov ntsiab lus tso rau hauv daim ntawv nthuav qhia
Sim pib ntawm ib hlis ua ntu zus. Xaiv hnub tim - piv txwv li, thaum pib lossis xaus rau lub hlis - thiab nkag mus rau tus nqi tsim nyog rau lub khw lag luam ntsuas (sim siv S&P 500) thiab tom qab ntawd tus sawv cev npaj rau hnub ntawd. Sim xaiv hnub kawg 15 lossis 30 hnub, tej zaum txuas ntxiv ib xyoos lossis ob xyoos dhau los. Ua tib zoo saib tus nqi ntsuas thiab tus sawv cev tus nqi rau hnub ntawd.
Lub sijhawm ntev koj xaiv, qhov tseeb dua koj qhov kev suav beta yuav yog. Beta hloov pauv raws li koj saib xyuas ob qho khoom lag luam thiab qhov ntsuas tau ntev
Kauj Ruam 3. Tsim ob kab rov qab rau sab xis ntawm kab nqe
Ib kem yuav rov qab ntsuas; kab ntawv thib ob yog cov khoom lag luam. Koj yuav siv cov qauv Excel los txheeb xyuas qhov koj yuav kawm hauv cov theem hauv qab no.
Kauj Ruam 4. Pib suav rov qab rau cov khoom lag luam ntsuas
Hauv xov tooj ntawm tes thib ob ntawm kab ntawv txheeb hom =. Nrog koj tus cursor, nyem lub cell thib ob hauv kab ntawv ntsuas, ntaus -, tom qab ntawd nyem rau thawj lub xov tooj ntawm kab ntawv ntsuas. Tom ntej no, ntaus /, tom qab ntawd nyem rau thawj lub xov tooj hauv kab ntawv kab ntawv dua. nias Rov Los lossis Sau.
- Thaum koj rov suav dua Lub Sijhawm, koj tsis muaj dab tsi nyob hauv thawj lub xov tooj; tso nws tseg. Koj xav tau tsawg kawg ob lub ntsiab lus cov ntaub ntawv los rov ua dua, uas yog vim li cas koj thiaj yuav pib ntawm tus xov tooj thib ob ntawm kab ntawv ntsuas.
- Qhov koj ua yog rho tus nqi tshiab los ntawm tus nqi qub, thiab tom qab ntawd faib cov txiaj ntsig los ntawm tus nqi qub. Qhov no yog kom koj paub tias feem pua poob lossis nce yog rau lub sijhawm.
- Koj qhov sib npaug hauv kab rov qab yuav zoo li no: = (B3-B2)/B2
Kauj Ruam 5. Siv daim ntawv muaj nuj nqi los rov ua cov txheej txheem no rau tag nrho cov ntaub ntawv cov ntsiab lus hauv kab ntawv nqi
Ua qhov no los ntawm txhaj rau lub xwm fab xwm meem me hauv qab txoj cai ntawm lub xov tooj ntawm tes, tom qab ntawd rub nws mus rau hauv qab cov ntaub ntawv taw qhia. Qhov koj ua yog nug Excel kom rov ua cov qauv qub uas siv rau txhua qhov sib txawv cov ntaub ntawv.
Kauj Ruam 6. Rov ua cov txheej txheem qub qub rau qhov rov qab los, lub sijhawm no rau cov khoom lag luam ib leeg, tsis yog qhov ntsuas
Thaum koj ua tiav, koj muaj ob kab, teeb tsa raws li feem pua, uas teev cov khoom xa rov qab rau txhua qhov kev ntsuas lag luam thiab cov khoom lag luam ib leeg.
Kauj Ruam 7. Npaj cov ntaub ntawv rau hauv lub rooj
Nyeem tag nrho cov ntaub ntawv hauv ob kab rov qab thiab ntaus lub cim kab kos hauv Excel. Xaiv cov duab tawg los ntawm cov npe xaiv. Muab lub X axis ua qhov ntsuas koj siv (piv txwv li S&P 500) thiab Y axis raws li cov khoom lag luam uas koj siv.
Kauj Ruam 8. Ntxiv ib txoj kab rau koj daim ntawv qhia
Koj tseem tuaj yeem ua qhov no los ntawm kev xaiv tus qauv txheej txheem hauv cov kho tshiab ntawm Excel, lossis qhia meej nws tus kheej los ntawm txhaj rau Daim Ntawv → ntxiv Trendline. Nco ntsoov tso saib qhov sib npaug hauv lub rooj. 2 tus nqi.
- Nco ntsoov tias koj xaiv txoj kab kev sib tw tsis yog polynomial lossis qhov nruab nrab.
- Qhia cov kab zauv hauv ib lub rooj, yuav nyob ntawm seb Excel version koj muaj. Cov ntawv tshiab ntawm Excel yuav cia daim duab kab zauv los ntawm txhaj rau Kab Lus Cuam Tshuam.
- Hauv Excel version no, taw qhia rau Daim Duab; Ntxiv Trendline; kev xaiv Tom qab ntawv khij ob lub npov ib sab ntawm "Display Equation on Chart".
Kauj Ruam 9. Nrhiav tus coefficient rau tus nqi "x" hauv kab zauv kab zauv
Koj txoj kab zauv kab zauv yuav sau rau hauv daim ntawv "y = x + a". Coefficient ntawm tus nqi x yog beta.
Ntu 4 ntawm 4: Nkag Siab Beta
Kauj Ruam 1. Yuav txhais li cas beta
Beta yog qhov kev pheej hmoo rau kev ua lag luam tag nrho, nrog cov tub ua lag luam xav tias yog tswv cuab ntawm cov khoom lag luam tshwj xeeb. Tias yog vim li cas koj yuav tsum sib piv tus nqi rov qab los ntawm ib qho khoom lag luam tawm tsam rov qab los ntawm qhov ntsuas - qhov ntsuas ntsuas. Qhov kev pheej hmoo ntsuas tseem nyob ntawm 1. Ib qho "qis" beta ntawm 1 txhais tau tias cov khoom lag luam muaj kev pheej hmoo tsawg dua li qhov ntsuas piv rau. Qhov "siab" beta ntawm 1 txhais tau tias cov khoom lag luam muaj kev pheej hmoo ntau dua li qhov ntsuas uas nws tau sib piv.
- Coj qhov piv txwv no. Cia peb hais tias beta ntawm Gino Germ tau suav ntawm 0.5. Piv rau S&P 500, tus qauv Gino tau muab piv yog "ib nrab" raws li pheej hmoo. Yog tias S&P txav qis dua 10%, Gino tus nqi yuav zoo li tsuas yog poob 5%.
- Raws li lwm qhov piv txwv, xav txog tias Frank kev pam tuag muaj qhov beta ntawm 1.5 piv rau S&P. Yog tias S&P poob 10%, cia siab tias Frank cov khoom lag luam yuav poob "ntau dua" dua li S&P, lossis kwv yees li 15%.
Kauj Ruam 2. Kev pheej hmoo tseem cuam tshuam nrog kev xa rov qab
Muaj kev pheej hmoo siab, nqi zog siab; muaj kev pheej hmoo tsawg, nqi zog tsawg. Cov khoom lag luam nrog qis beta yuav tsis poob ntau npaum li S & P thaum nws poob, tab sis nws yuav tsis nce ntau npaum li S&P thaum nws tshaj tawm ib yam. Ntawm qhov tod tes, cov khoom lag luam nrog beta ntau dua 1 yuav poob ntau dua li S&P thaum nws poob, tab sis kuj tseem yuav tau txais ntau dua li S&P thaum nws tshaj tawm.
Piv txwv li, Vermeer Venom Extraction muaj beta ntawm 0.5. Thaum cov khoom lag luam nce mus txog 30%, Vermeer tsuas yog ua 15% cov nyiaj tau los. Tab sis thaum lub khw muag khoom lag luam lag luam yog 30%, Vermeer tsuas yog tau txais 15% cov khoom lag luam Tshuag
Kauj Ruam 3. Paub tias cov khoom lag luam nrog beta 1 yuav txav mus raws li kev ua lag luam
Yog tias koj ua tus lej suav thiab paub cov khoom lag luam, koj txheeb xyuas thaum nws muaj beta 1, yuav tsis muaj kev pheej hmoo ntau dua lossis tsawg dua li qhov ntsuas siv los ua tus qauv ntsuas. Kev ua lag luam nce 2%, koj cov khoom lag luam nce 2%; kev lag luam poob 8%, koj cov khoom lag luam poob 8%.
Kauj Ruam 4. Suav nrog ob qho khoom lag luam siab thiab qis hauv koj cov ntaub ntawv rau ntau yam
Yog tias nws yog qhov sib xyaw zoo ntawm qhov siab thiab qis, beta yuav pab koj txheeb xyuas yog tias tus nqi kev lag luam poob qis. Tau kawg, vim tias cov khoom lag luam qis-beta feem ntau ua haujlwm tsis zoo tag nrho cov khoom lag luam nyob rau lub sijhawm muab, sib xyaw zoo ntawm betas kuj txhais tau tias koj yuav tsis ntsib tus nqi lag luam tshwj xeeb.
Kauj Ruam 5. Paub txog tias, zoo li feem ntau cov cuab yeej twv nyiaj txiag, betas yuav tsis muaj peev xwm kwv yees yav tom ntej
Beta yeej ntsuas qhov kev hloov pauv yav dhau los ntawm cov khoom lag luam. Feem ntau cov phiaj xwm yog qhov hloov pauv mus rau yav tom ntej, tab sis tsis yog qhov tseeb tas li. Beta tuaj yeem hloov pauv los ntawm ib xyoos mus rau lwm xyoo. Siv cov khoom lag luam keeb kwm beta yuav tsis yog ib txoj hauv kev los kwv yees kev hloov pauv tam sim no.
Tswv yim
- Nco tseg tias txoj kev xav sib txawv hauv ib puag ncig tej zaum yuav tsis siv vim yog lub sijhawm siv nyiaj txiag ua haujlwm hnyav " Qhov tseeb, tus qauv sib txawv thiab lub ntsiab lus rau kev faib tawm hauv qab yuav tsis muaj! Yog li tej zaum kev hloov kho siv quartile thiab nruab nrab kis tsis siv lub ntsiab lus thiab cov qauv sib txawv tuaj yeem ua haujlwm.
- Beta tshuaj xyuas qhov hloov pauv ntawm cov khoom lag luam nyob rau qee lub sijhawm, tsis hais seb lub khw tab tom nce lossis nqis. Ib yam li lwm cov hauv paus ntsiab lus, kev tshuaj xyuas yav dhau los tsis muaj kev lees paub tias cov khoom lag luam yuav ua tau zoo li cas yav tom ntej.
