本文以抗通膨資產做為實質投資人評價實質超額報酬的基礎， 推導出二因子實質消費資本資產訂價模型，均衡模型中的二個因子 分別是通膨風險因子與消費成長風險因子。實證結果顯示，二因子 實質消費資本資產訂價模型可以解釋30.23%橫斷面股票報酬之變 異。在本文架構下’本文導出S+2共同基金定理’這些基金可能為 (1)完全規避通膨風險債券資產；（2)市場投資組合；（3) S個有高度 相關性的投資組合。

This paper derives an inter-temporal asset pricing model in a real-term, continuous-time framework. When inflation-indexed securities are available, we are able to derive a two-factor asset pricing model in terms of consumption growth, and inflation rate change. Under the framework of this paper, we demonstrate that the theorem of S+2 funds separation applies. These funds may be chosen to be: (1) an instantaneously inflation-indexed bond, (2) a market portfolio, and (3) S portfolios having the highest correlations, respectively, with the S state variables.