| β系数与微观经济杠杆之关系研究 |
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| 引用本文： | 李伟翔.β系数与微观经济杠杆之关系研究[J].财会通讯,2004(2). |
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| 作者姓名： | 李伟翔 |
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| 作者单位： | 华南理工大学工商管理学院 广东 |
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| 摘 要： | 本文对我国钢铁类、能源类和化纤类上市公司2002年和2001年的β系数和微观经济杠杆度(经营杠杆度DOL和财务杠杆度DFL)的关系进行实证研究,得到两个主要结论:(1)回归分析得到我国2002年钢铁类上市公司以及2001年化纤类上市公司的β系数和微观经济杠杆度的参数估计方程;(2)实证结果显示我国钢铁类、能源类和化纤类上市公司的经营杠杆度DOL和财务杠杆度DFL在一定程度上有相互抵销的均衡趋势,验证了微观经济杠杆理论中经营杠杆度DOL和财务杠杆度DFL的均衡假设。
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| 关 键 词： | β系数 微观经济杠杆 上市公司 回归分析 |
On the Relationship Between Beta and Micro-economic Leverage |
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| Li Wei-xiang.On the Relationship Between Beta and Micro-economic Leverage[J].Communication of Finance and Accounting,2004(2). |
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| Authors: | Li Wei-xiang |
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| Abstract: | The study is on the relationship between Beta and micro-economic leverage by analyzing the data from the listed companies of steel,energy source and chemical fibre industry in Shanghai and Shenzhen stock markets in 2002 and 2001.Based on the linear regression method,empirical equations were found on the relationship between Beta and micro-economic leverage.Also some empirical evidence has been found to support the leverage-balanced theory,which is that the companies balance the operating and financial leverage to minimize the systematic risk. |
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| Keywords: | Beta Micro-economic leverage Listed company Regression |
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