摘要
权益系统风险的大小受到各种基本因素的影响,按照企业收益流分析可归结为3个因素:销售收入的波动、经营杠杆、财务杠杆。本文以深圳中小板制造行业上市公司为样本,利用2007年1月1日至2010年12月31日的数据分析这3个因素对中小企业权益系统风险的影响程度,发现:销售收入的波动对企业权益系统风险的影响程度最大,财务杠杆次之,最小的是经营杠杆,它们依次解释了企业权益系统风险的72.95%、3.898%、0.44%。
The size of equity systematic risk is affected by many basic factors,which can be summarized into three,including the fluctuation extent of sales income,operating leverage and financial leverage.In this paper,we selected several manufacturing companies on Shenzhen SME Board and analyzed the impact of these three factors to the equity systematic risk of SMEs by using their financial data from 2007 to 2010.The results showed that the fluctuation extent of sales income is the most important determinant of SMEs＇ equity systematic risk,and it explains about 72.95% of SMEs＇ equity systematic risk.While financial leverage explained 3.898% of SMEs＇ equity systematic risk and operating leverage explained about 0.44% of SMEs＇ equity systematic risk.
出处
《工业技术经济》
CSSCI
北大核心
2012年第10期131-136,共6页
Journal of Industrial Technological Economics
基金
教育部人文社会科学研究项目(项目编号:10YJA630129)
广东省自然科学基金项目(项目编号:9451064101003425)
关键词
中小企业
权益系统风险
经营杠杆
财务杠杆
SMEs
equity systematic risk
operating leverage
financial leverage
