The Systematic-risk Determinants of the China Logistics Industry

摘要：

Since the foundation of the Capital Asset Pricing Model (CAPM),many empirical research has been conducted to investigate firm-specific variables as they relate to systematic risk.This paper samples Chinas 33 listed logisticss companies for the period of 1997-2005 and uses multivariate regression to analyze the relationships between systematic risk and seven financial variables.It turns out that operating efficiency and profitability are negatively associated with the systematic risk,while liquidity,debt leverage,firm size,and growth are not found significantly related to the systematic risk.A paradoxical finding about the relationship between operating leverage and systematic risk has also been found opposed to the relevant finance theory.

关键词： Logistics industry Systematic risk Systematic-risk determinants Firm-specific variables

作者: JIA Wei Ying SHEN Gui Cheng

作者单位: School of Management Science and Engineering,China Agriculture University,China School of Information,Beijing Wuzi University,China

会议类型: 国际会议

会议名称: 2007 International Conference on Management Science and Engineering(2007管理科学与工程国际学术会议)

会议地点: 河南焦作

会议语种:英文

页码: 1362-1367

在线出版日期: 2007-08-20（万方平台首次上网日期，不代表论文的发表时间）