翻译成英语：资本资产定价模型CAPM是一种描述风险与期望收益率之间关系的模型其主张投资组合的回报率只与系统性风险有关现已成为现代金融市场价格理论的支柱广泛应用于投资决策和公司理财领域。本文选取了2018年6月至2023年5月间中国股市全部上市公司的月度数据采用Black-Jensen-Scholes方法与Fama-MacBeth方法对数据进行实证检验对CAPM模型在中国证券市场中的有效性进行探究。

The Capital Asset Pricing Model (CAPM) is a model that describes the relationship between risk and expected returns. It asserts that the rate of return on a portfolio is only related to systematic risk and has become a cornerstone of modern financial market pricing theory, widely used in investment decision-making and corporate finance. This article selects monthly data from all listed companies in the Chinese stock market from June 2018 to May 2023 and uses the Black-Jensen-Scholes method and the Fama-MacBeth method to empirically test the data and explore the effectiveness of the CAPM model in the Chinese securities market. The results show that the CAPM model's theory can be partially validated in the Chinese securities market, but not entirely, indicating a so-called "weak applicability.