42

(.)



1. 1 -
-

2. 2 -
-
-

3. 3 -

3 (3/3)

1.
2.
3. (... 91)

1.
2.
3.
4.
5. (... 91)
6.

(risk-free asset)
(risk investment)

1

5
5 1 ()
AAA
AA
(
)

5% 0.2
5% 10 % 0.4
10% 15 % 0.3
15% 0.1

1. 10%
2. 15%
3. 5% 15%

1. 10% = 0.3 + 0.1 = 0.4

2. 15% = 0.2 + 0.4 + 0.3 = 0.9
3. 5% 15% = 0.4 + 0.3 = 0.7 #

P E 2
n E
n S




S (weight)
1 0 1
A

P A A

2
10% 20%
10
3
10

1.
2.
3.








P

1. P 0
2. E1 , E2 ,..., En
P E1 E2 ... En P E1 P E2 ... P En
3. A B P A P B
4. P A B P A P B P A B
5. P AC 1 P A

2 A 0.7 B
0.4 A B 0.2
1. A
2. A B

10


3. A B

E1 A E2 B
P E1 0.7, P E2 0.4 P E1 E2 0.2
1. A
P E1C 1 P E1 1 0.7 0.3
2. A B
P E1 E2 P E1 P E2 P E1 E2 0.7 0.4 0.2 0.9
3. 2 A B
P E1C E2C P E1 E2 1 P E1 E2 1 0.9 0.1 #
C

11


12


13


A 0.6 20,000 0.4 10,000

10 20,000 6 10,000 4
10 6 20000 4 10000 80,000
80000
8,000
10

8000
6 20000 4 10000
10
20000 0.6 10000 0.4
20000 P X 20000 10000 P X 10000
EX
B
20,000 0.7 20,000 0.3
B 20000 0.7 20000 0.3 8,000
A

14


X
X Var X E X E X
2

X X

15


x1 x3

x1 E X x3 E X
EX

x2 E X

x2

Var X X

16


4%
3%


17


18


19


3 A B

20


A B
5% 0.2 10% 15%
5% x 10% 0.5 15% 10%
x 10% 0.3 20% 8%

A B

A 0.2 10% 0.5 15% 0.3 20%

2% 7.5% 6%
15.5%

B 0.2 15% 0.5 10% 0.3 8%

7.5% 5% 2.4%
14.9% #

A B

21


22


23


A B
5% 0.2 10% 15%
5% x 10% 0.5 15% 10%
x 10% 0.3 20% 8%

A B

X Y A B
A
Var X 0.2 10 15.5 0.5 15 15.5 0.3 20 15.5
2 2 2

6.05 0.125 6.075

3.5%
B
Var Y 0.2 15 14.9 0.5 10 14.9 0.3 8 14.9
2 2 2

0.002 12.005 14.283

5.13% #
B
A
3 4

A B
15.5% 3.5%
14.9% 5.13%

A
C D

C D
5% 10%
1% 3%
24


(dollar cost average)

25


high risk high return

26


1. 2 8
2. 10 10
10% 7 3
2.1 10% 1
2.2 10% 1
3.
( x% )
x0 0.3
0 x5 0.2
5 x 10 0.1
10 x 20 0.35
x 20 0.05

3.1 10%
3.2 5%
4. 0.4 0.8
0.3
4.1
4.2
4.3
5.

() ()
50000 0.3 2000 0.8
100000 0.2 5000 0.2
60000 0.5

27
 5.1
5.2
6-10

2547 1.00% 2.87% 11.10%
2548 1.00% 0.23% 10.44%
2549 2.88% 5.48% 0.71%
2550 4.46% 7.63% 30.40%
2551 2.33% 18.78% 44.12%
2552 1.75% 4.18% 69.20%
2553 0.68% 5.76% 44.71%

2547-2553

6. 40% 30% 30% .. 2547

1,000,000 .. 2547
7. 500,000 2549
.. 2551
8. .. 2547 1,000,000 500,000 300,000
200,000
.. 2550
9. .. 2548 3,000,000
.. 2549

10. 9 1,000,000
.. 2549

28


1. 10
36
7 49
2. 2.1) 2.2)
40 60
3. 3.1) 0.40 3.2) 0.50
4. 4.1) 0.1 4.2) 0.5
4.3) 0.1
5. 5.1) 5,000 2,600 5.2) 67,268.12 1,200
6. 20,690 7. 659,450
8. 1,204,406.61 9. 86,400
10. 76,500

29
 77
2555

-1
 77
( 2555)

( 1)
( 2)
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( 1)
( 2)
( 1)
( 2)
( 3)
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( 5)
( 6)









( 1)
( 2)
( 3)
( 4)
( 5)


2x2

-2











( 1)
( 2)
( 3)
( 4)
( 5)
( 6)



( 1)
( 2)
( 3)
( 4)
( 5)







1
2

-3

( 1)
( 2)
( 3)
( 4)

-4
 169
2554-2555

-5
 169

( 1)
( 2)





-
( 1)
( 2) ( 1)
- ( 2)
( 3)







( 1)
( 2)


( 1)
( 2)
( 3)
( 4)
( 5)
( 6)

-6










( 1)
( 2)
( 3)
( 4) 1
( 5) 2
3



( 1)
22 ( 2)
( 3)
( 4)
( 5)
( 6)

-7



1
2
3

1
( 1) 2
( 2) 3
( 3)
( 4)
( 5) 1
2
1
2
( 1)
( 2)
( 3)
( 4)


1
2

SET50





1
2

-8