To advance Betas for measuring systematic risk and reflect dynamic characteristic of the risk,the paper discusses four moments CAPM and wavelet analysis at the same time.

• 为改进传统Beta系数测量系统风险的不足,反映系统风险的动态特征,讨论了四阶矩的资本资产定价模型(CAPM)并将小波分析引入到高阶矩CAPM研究中。