我国上市公司风险—回报的相关关系研究

Research on Risk-Return Correlation of China's Listed Companies

中文关键词:  风险-回报  负相关

英文关键词:market structure  competition  oligopoly  banking sector

中文摘要:

      在对我国上市公司风险-回报的相关关系进行了实证研究后发现,在1996-2000和2001-2005两个时间段上,我国上市公司的风险-回报无论是在整体层面还是在行业层面均呈显著的负相关关系。文中对这一关系的行业特征和动态特征进行了进一步的研究,并对产生这种反常现象的原因进行了讨论。

英文摘要:

      This paper studies the risk-return correlation of China's listed companies.The empirical research finds that there exists a negative correlation between risk and return in China's listed companies across and within the industries during both 1996-2000 and 2001-2005.It makes a further study on the industrial and dynamic characteristics of such relationship.Moreover,it discusses the reasons for the abnormal phenomenon.