摘要
基于商业周期及其阶段性变化因素的考虑，重点分析了商业周期对企业投资价值、投资品种选择和投资组合的影响；讨论了主要投资品种的风险报酬特性，尤类是我国企业内部和对外投资项目的风险报酬特性；研究了有关投资品种风险报酬特性之间的相关关系和多元化经营这一特殊形式的投资组合问题；得出企业投资品种的选择和投资组合在实践中应保持灵活性，即随着商业周期的阶段性变化而调整的结论。
This paper focuses on the effect of business cycle on enterprises' investment value, choice of investment instruments and investment portfolio. It discusses the feature of the return on risks, especially that of Chinese enterprises' internal and external investment projects. It studies the correlation among the features of the return on risks of related investment instruments, and operation diversification as a special form of investment portfolio. It draws the conclusion that enterprises should maintain fletibility in practice in selecting investment yariety and portfolio, specifically, adjusting according to business cycle.
出处
《当代财经》
CSSCI
北大核心
2000年第6期65-69,共5页
Contemporary Finance and Economics
基金
国家自然科学基金!79700029
关键词
企业投资
财务战备
风险报酬
商业周期
投资战略
enterprises' investment
financial strategy
strategic management
business cycle
