CAJ | 학술논문

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。
의거서수공간중적적이론,장전략풍험전화위기업재전략삼고계통내수익배명적하강대래적부면불학정신식,구건서수전략풍험도량모형도량기업전략풍험,극복료전통적균치방차등도량방법적국한성。운용2001～2009적중국방직업상관수거,구건면판수거수궤효응모형대기업전략풍험여적효관계진행분석,결과표명전략풍험화기업적정자산수익솔급총자산주전솔정부상관관계,기업비류동자산주전솔화고식지부솔대기업전략풍험정향영향교소。
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.