摘要
针对企业对环境变化战略适应能力的强弱会影响收益大小和收益波动水平,从而使企业战略风险与收益之间的相关关系发生变化问题,根据战略一致性理论,构建收益变动模型并对模型进行模拟分析,并利用沪、深A股上市公司数据对模拟结果进行实证检验分析。研究结果表明:企业战略风险与收益之间存在负相关关系,而且负相关程度与行业竞争环境、平均收益和收益波动水平有关,从而为战略决策提供参考依据。
The ability of strategic adaptation to environment change influence the level and the volatility of returns, which makes changes in the correlation of strategic risk and return. So the paper established a model of benefits change based on the theory of strategic fit. We predicted how to change of the association between strategic risk and return by simulation analysis. Finally, using the data of A--share listed compa- nies in Shanghai and Shenzhen Stock Exchanges, we gave an empirical example to illustrate the results of simulation. The results showed that the correlation of risk and return was related to industry competition environment, average returns and the volatility of returns, which provided some reference for strategic de- cision of the firm.
出处
《湖南大学学报（社会科学版）》
CSSCI
北大核心
2012年第4期61-66,共6页
Journal of Hunan University(Social Sciences)
基金
国家自然科学基金项目(71031004
71171075)
湖南省自然科学基金创新群体项目(09JJT02)
教育部创新团队计划项目(IRT0916)
