江苏省科技期刊可视化阅读平台

导航条

江苏科技信息 ›› 2016, Vol. 33 ›› Issue (24): 20-22.doi: 10.3969/j.issn.1004-7530.2016.24.006

• 论文 • 上一篇    下一篇

货币薪酬、特质性风险与企业价值分析

毛勇   

  1. 石河子大学经济与管理学院,新疆石河子,832000
  • 出版日期:2016-08-25 发布日期:2016-08-25

Analysis on monetary compensation, idiosyncratic risk and the enterprise value

Mao Yong   

  • Online:2016-08-25 Published:2016-08-25

摘要： 基于2004—2012年上市公司样本数据，文章对特质性风险与企业价值关系以及在不同的货币薪酬下特质性风险与企业价值的关系是否存在差异进行了研究。实证结果表明，资产报酬率和股票回报率随特质性风险的增加而增加，通过这种途径，特质性风险的增加提高了企业的价值。进一步的研究表明，未预期薪酬增强了特质性风险与企业价值的正相关关系。

关键词: 货币薪酬, 特质性风险, 资产回报率, 股票收益率, 企业价值

Abstract: Based on the sample data of listed companies from 2004 to 2012, in this paper, the relations between the trait of risk and enterprise value and if there is a difference between the relation of enterprise value under different monetary compensation risk are studied. The empirical results show that the return on assets and return on equity increase with the increase of idiosyncratic risk. In this way, increase of the risk of trait improves the value of the enterprise. Further research shows that unexpected pay increases the positive correlation between the risk of a trait with enterprise value.