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本文以行业生命周期这一典型行业因素对股票收益波动的影响为研究重点,通过研究行业从产生到衰退的全过程,理论分析行业生命周期不同阶段的特征和股票价格的形成来探究行业生命周期对股票收益波动影响的作用机制,选择资产负债率和利润率作为行业生命周期的代理变量,以互联网、土木工程建筑和钢铁三个行业为代表进行实证研究。研究表明:不同生命周期阶段资产负债率和利润率对股票收益波动的影响不同。
This article focuses on the influence of industry life cycle, which is a typical industry factor, on stock return volatility. By studying the whole process of industry from generation to recession, theoretically analyzing the characteristics of different stages of the industry life cycle and the formation of stock prices, this paper explores the industry life cycle The mechanism of the effect on the volatility of the stock returns, the asset-liability ratio and the profit rate as the proxy variables of the industry life cycle, and the empirical research on Internet, civil engineering construction and steel as the representatives. The research shows that the influences of asset-liability ratio and profit rate on the volatility of stock returns are different in different life-cycle stages.