本文關鍵詞： 文化產業(yè) β系數 非系統(tǒng)風險　出處：《廣西師范大學》2014年碩士論文　論文類型：學位論文

【摘要】：隨著世界經濟格局的變化和我國轉變經濟發(fā)展方式的深入,文化產業(yè)已經日漸成為我國經濟動力產業(yè)。文化類上市公司作為文化產業(yè)的主要載體,繁榮發(fā)展的同時,也面臨著許多風險。文章選取了2009年到2012年之間滬深兩市共36家文化類上市公司為研究樣本,結合我國股票證券市場行情的發(fā)展成熟度,利用滬深兩市所有文化類上市公司每日收盤價換算出的日收益率,以市場模型為基礎,推導出每家文化類上市公司每年的系統(tǒng)風險指標-β系數,然后折算出每家公司的非系統(tǒng)風險占比作為被解釋變量。分別選取經營風險、財務風險、公司規(guī)模、凈資產收益率、經營現(xiàn)金流量比率、股利支付率、成長能力比率這7個會計特征變量和董事會人數、獨立董事比例、前十大股東持股比例、國有控股與否這4個公司治理特征變量,總計11個變量作為解釋變量,其中國有控股與否設定為虛擬變量。利用SPSS軟件進行了相關分析和回歸分析。結果顯示：我國文化產業(yè)上市公司雖然近些年得到了快速發(fā)展,數量不斷增加,但是總體平均利潤率在逐年下降,運營能力和償債能力并沒有實際改善。非系統(tǒng)風險占比雖然逐年呈微弱的下降趨勢,但仍一直處于高位狀態(tài)。監(jiān)控好文化類公司經營杠桿和財務杠桿能有效降低非系統(tǒng)風險,而公司規(guī)模愈大,在一定程度上能增強抵御非系統(tǒng)風險的能力。另外,獨立董事比例越多,越能防御風險。國有控股性質的文化類企業(yè)擁有相對更高的抗風險力量。最后文章從宏觀政策環(huán)境層面和微觀企業(yè)治理層面提出了相關對策和建議。
[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.
【學位授予單位】：廣西師范大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：G124;F832.51;F272.3

【參考文獻】

中國期刊全文數據庫 前10條

1 周蕓鋒;吳雁;;國內外β系數相關特性研究綜述[J];財會通訊;2009年30期

2 周逢民;;金融業(yè)在文化產業(yè)發(fā)展中大有可為[J];奮斗;2011年12期

3 王宗軍,李志生,崔鑫;深圳證券市場系統(tǒng)風險分析[J];華中科技大學學報(自然科學版);2002年08期

4 劉永濤;上海證券市場β系數相關特性的實證研究[J];管理科學;2004年01期

5 楊棟銳,代燕;我國的股票投資非系統(tǒng)風險[J];商業(yè)經濟;2004年03期

6 李劍鋒;資本資產定價模型(CAPM)對上海股市的實證研究[J];江蘇統(tǒng)計;2002年06期

7 吳世農,冉孟順,肖珉,李雅莉;我國上市公司系統(tǒng)風險與會計變量之間關系的實證研究[J];會計研究;1999年12期

8 呂長江,趙巖;中國證券市場中Beta系數的存在性及其相關特性研究[J];南開管理評論;2003年01期

9 陳珩;;上市公司市盈率影響因素的實證研究——基于上證180指數樣本股的數據[J];財會研究;2011年06期

10 袁皓;;中國證券市場β系數穩(wěn)定性:一個大樣本的檢驗[J];中大管理研究;2007年02期

，

本文編號：1462728