The simulated price through bivariate GARCHSK-M model is very close to the true price, which tells us the dynamic CAPM with higher moments is worth to trust.

• 将由高阶矩动态资本资产定价模型即由高阶矩风险决定的资产价格水平与真实价格水平进行对比，发现二者之间吻合程度较高，取得了较好的定价效果。