系统风险的会计决定:企业财务风险、经营风险、系统风险的时变关联

新企业会计准则的颁布有力推进了我国金融工具信息披露制度建设,但是到目前为止,研究者对会计信息和上市公司系统风险的关系还不是很清楚.本文提出了新的经济理论模型用于研究财务风险、经营风险和系统风险的动态关联.主要结论:一、财务杠杆和经营杠杆以乘子的形式放大了无杠杆条件下的企业系统风险,这一结论在时变的条件下仍成立;二、理论证实了无杠杆条件下的企业系统风险来源于公司净利润-流通市值比率、销售增长率和平均价格增长率的变动;三、财务风险和经营风险间存在一个权衡,例如经营风险高的公司,将会选择一个较低的财务风险,使得公司有一个相对合理的系统风险.因此,会计风险披露制度的推进可以为投资者提供更多和更好的有关公司风险的信息.

Accounting determinants of systematic risk: Dynamic association among firm's financial risk, operating risk and systematic risk

The release of China’s New Accounting Standard has strongly promoted the improvement of financial information disclosure system.However,up to now,the researchers have not clarified the relationship between accounting information and stock market risk of listed companies.In this paper,one new economic model was put forward to study the dynamic relationship between financial risk,operating risk,and systematic risk.The main findings are: the degree of operating leverage and the degree of financial leverage magnify the systematic risk of the firm,which still holds under the time-varied condition;the systematic risk of the unlevered firm arises from the changes in the ratio of net profit to market value of common equity,the sales growth rate,and the average price growth rate;there is a trade-off between the operating leverage and financial leverage,for example,a firm with a higher operating risk will choose one lower financial risk to get a reasonable systematic risk.Therefore,the improvement in the accounting risk disclosure system will provide more and better information about firm risks for the investors.