CAPM是平價時常用來評估風險的一種方法。
但是從當學生到當老師，一直很困惑的就是，為什麼CAPM叫做CAPM，尤其中文教科書幾乎都翻譯成資本資產定價模型，更有點不知所云的感覺。
後來聽人說，應該翻成資本財定價模型，或者是"主要的"定價模型，意思是更具體了一些，可是我仍然很困惑。
有一次看到有人訪問當初發明這個模型的Sharpe先生的訪談，或許值得參考。提問者的問題和Sharpe的回答摘錄如下的英文。
從以下對話可以知道其實Sharpe原意大致應該是在活絡市場對於證券的訂價的模型。
所以或許命名的人當初也未必用了最適當的名稱。
這讓我想到，當初Kahneman & Tversky，得諾貝爾獎，有人問他們為何其理論叫做Prospect Theory。中文翻譯為展望理論(前景理論或是視野理論)，這理論主要是認為人對於獲得與失去的感覺是不對稱的。然而這與為何叫作Prospect Theory實在很難聯想，我後來看到他們的解釋是:當初只是要找一個吸引人的名詞.....
孔老夫子看到這些情形大概會很生氣，因為他說"必也正名乎".....
Q. Continuing with our CAPM trivia quiz, over the years some of my students have wondered if the C and A are redundant. I told them it wouldn’t have made nearly as nice of a title if we called it the AP-M. We need the C in there. (Laugh) But what inspired you to call it “Capital Asset Pricing”, and did you mean to communicate anything other than just asset pricing?
A. That’s an interesting question. I don’t know the answer. I wasn’t thinking about acronyms. I think I was trying to connote the fact that we are talking about assets in capital markets. Whereas with assets, perhaps I was thinking, you would think of cars and trucks.
Q. So traded assets?
A. Yes Securities, perhaps.
Q. Well, I am glad that you [settled on capital assets]… because the buzz word is, CAP-M. With securities, it would be SAP-M, or something.
A. Yes, or SPAM, I’m not sure what it would have been.
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