文化传媒行业非系统风险影响因素的实证分析

China's cultural media industry unsystematic risk factor analysis

文化传媒行业是在全球化的消费社会背景中发展起来的一门新兴行业。其发展迅速,现已成为国民经济体系的重要组成部分,因此考察中国文化传媒行业的非系统风险具有很强的理论与实践意义。鉴于目前国内对文化传媒做定量分析的研究较少,本文试图在国内外研究所提供的理论与方法的支持下,基于资本资产定价模型(CPAM),选取22家文化传媒行业上市公司的股票交易数据,利用混合横截面数据对影响文化传媒行业非系统风险的因素进行多元线性回归分析。结果显示董事会规模、年龄、学历及资产负债率等因素与非系统风险存在着明显的线性相关性。

Cultural media industry is developed in the context of globalization of consumer society an emerging industry. Its rapid development, has become an important part of national economic system, so the unsystematic risk of China＇s cultural media industry has a strong theoretical and practical significance. Given the current domestic culture media to do a quantitative analysis of the study is less, this paper tries to research both at home and abroad to provide the theory and method of support, based on the capital asset pricing model （CPAM） , select 22 culture media industry listed company stock trading data, factors affecting the unsystematic risk of cultural media industry multiple linear regression analysis. Results show that board size, age, education, and asset-liability ratio and other factors and non-system risk exists obvi- ous linear correlation.