文化产业上市公司非系统风险实证研究

发布时间：2018-01-25 11:26

本文关键词： 文化产业 β系数非系统风险　出处：《广西师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着世界经济格局的变化和我国转变经济发展方式的深入,文化产业已经日渐成为我国经济动力产业。文化类上市公司作为文化产业的主要载体,繁荣发展的同时,也面临着许多风险。文章选取了2009年到2012年之间沪深两市共36家文化类上市公司为研究样本,结合我国股票证券市场行情的发展成熟度,利用沪深两市所有文化类上市公司每日收盘价换算出的日收益率,以市场模型为基础,推导出每家文化类上市公司每年的系统风险指标-β系数,然后折算出每家公司的非系统风险占比作为被解释变量。分别选取经营风险、财务风险、公司规模、净资产收益率、经营现金流量比率、股利支付率、成长能力比率这7个会计特征变量和董事会人数、独立董事比例、前十大股东持股比例、国有控股与否这4个公司治理特征变量,总计11个变量作为解释变量,其中国有控股与否设定为虚拟变量。利用SPSS软件进行了相关分析和回归分析。结果显示：我国文化产业上市公司虽然近些年得到了快速发展,数量不断增加,但是总体平均利润率在逐年下降,运营能力和偿债能力并没有实际改善。非系统风险占比虽然逐年呈微弱的下降趋势,但仍一直处于高位状态。监控好文化类公司经营杠杆和财务杠杆能有效降低非系统风险,而公司规模愈大,在一定程度上能增强抵御非系统风险的能力。另外,独立董事比例越多,越能防御风险。国有控股性质的文化类企业拥有相对更高的抗风险力量。最后文章从宏观政策环境层面和微观企业治理层面提出了相关对策和建议。
[Abstract]:With the change of the world economic pattern and the deepening of the transformation of our country's economic development mode, the cultural industry has gradually become the economic power industry of our country. The cultural listed company is the main carrier of the cultural industry. At the same time of prosperity and development, there are many risks. From 2009 to 2012, 36 cultural listed companies in Shanghai and Shenzhen stock markets were selected as the research samples. Combined with the maturity of the stock market in China, the daily return rate of all cultural listed companies in Shanghai and Shenzhen stock markets is converted from the daily closing price, which is based on the market model. The system risk index-尾 coefficient of each culture listed company is deduced, and then the non-system risk ratio of each company is calculated as the explained variable. The operating risk, financial risk and company size are selected respectively. There are seven accounting characteristic variables, such as the return on net assets, operating cash flow ratio, dividend payment ratio, growth ability ratio, the number of board of directors, the proportion of independent directors, and the proportion of the top ten shareholders. There are four variables of corporate governance characteristics, which are state-owned holding or not, of which 11 variables are taken as explanatory variables. The state-owned holding is set as a virtual variable. The correlation analysis and regression analysis are carried out by using SPSS software. The results show that the listed companies of cultural industry in China have developed rapidly in recent years. The number is increasing, but the overall average profit margin is decreasing year by year, the operating ability and solvency have not actually improved. Although the proportion of non-system risk is declining year by year. But it is still in a high position. Monitoring the cultural companies operating leverage and financial leverage can effectively reduce the non-system risk, and the larger the company size, to a certain extent, can enhance the ability to resist non-system risk. The greater the proportion of independent directors. The cultural enterprises with the nature of state-owned holding have relatively higher anti-risk power. Finally, the paper puts forward the relevant countermeasures and suggestions from the macro policy environment level and the micro enterprise governance level.
【学位授予单位】：广西师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：G124;F832.51;F272.3

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