摘要
依据序数空间中的熵理论,将战略风险转化为企业在战略参考系统内收益排名的下降带来的负面不确定信息,构建序数战略风险度量模型度量企业战略风险,克服了传统的均值方差等度量方法的局限性。运用2001～2009的中国纺织业相关数据,构建面板数据随机效应模型对企业战略风险与绩效关系进行分析,结果表明战略风险和企业的净资产收益率及总资产周转率呈负相关关系,企业非流动资产周转率和股息支付率对企业战略风险正向影响较小。
According to the entropy measurement method in ordinal theory, the strategic risk is defined as the negative uncertain information which is produced when firm loses rank with re- turn in a strategic reference system. Then the strategic risk measure model on ordinal space has been established, abandoning the traditional mean variance appraochs. Using the panel data from textile industry from 2001 to 2009, the relationship between strategic risk and performance has been analyzed by the a random effect model. It is found that there is a negative relationship be- tween the strategic risk and ROA, total assets turnover, while the non--current asset turnover and dividend payout ratio have a slight effect on the strategic risk.
出处
《财经理论与实践》
CSSCI
北大核心
2012年第3期83-87,共5页
The Theory and Practice of Finance and Economics
基金
国家自然科学基金重点项目(71031004)
国家自然科学基金面上项目(71171075)
教育部留学回国人员科研启动基金项目(教外司留[2010]609)
教育部长江学者与发展创新团队项目(IRT0916)
湖南省自然科学基金创新群体项目(09JJT02)
关键词
战略风险
企业绩效
面板数据
序数空间
熵
Strategic risk
Firm performance
Panel data
Ordinal space
Entropy
