摘 要
随着全球经济一体化进程的加快和金融市场复杂性的增加，企业面临的市场风险日益多样化且难以预测，这成为影响企业财务稳定性的关键因素，研究二者关系具有重要的现实意义。本研究旨在深入剖析市场风险对企业财务稳定性的影响，以期为企业风险管理提供理论依据。选取2010 - 2020年间沪深两市A股上市公司为样本，运用因子分析法确定市场风险的衡量指标体系，包括股票价格波动率、汇率变动等多方面因素，并采用面板数据模型进行实证检验。结果表明，市场风险与企业财务稳定性呈显著负相关关系，其中股票价格波动率对财务稳定性的影响最为强烈，而不同规模、行业属性的企业受市场风险影响程度存在差异，大型企业相对小型企业、金融行业相对非金融行业表现出更强的抗风险能力。
关键词：市场风险 企业财务稳定性 股票价格波动率
Abstract
With the acceleration of the global economic integration process and the increase of the complexity of the financial market, the market risks faced by enterprises are increasingly diversified and difficult to predict, which has become the key factor affecting the financial stability of enterprises. The study of the relationship between the two has important practical significance. The purpose of this study is to deeply analyze the impact of market risk on enterprise financial stability in order to provide theoretical basis for enterprise risk management. The A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 were selected as the sample, and the factor analysis method was used to determine the measurement index system of market risk, including many factors such as stock price volatility and exchange rate fluctuations, and the panel data model was used for empirical testing. The results show that the market risk and enterprise financial stability is significant negative correlation, the stock price volatility on the impact of the financial stability, and different size, industry attributes of the enterprise affected by the market risk difference, large enterprises relatively small enterprises, financial industry relative non-financial industry showed stronger ability to resist risk.
Keyword:Market Risk Corporate Financial Stability Stock Price Volatility
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与技术路线 2
2市场风险的识别与衡量 2
2.1市场风险的主要类型 2
2.2风险衡量指标体系构建 3
2.3实证数据来源与处理 3
3市场风险对财务稳定性的影响机制 4
3.1营业收入波动的影响分析 4
3.2成本费用控制的影响路径 5
3.3资产负债结构的变化趋势 5
4企业应对市场风险的策略选择 6
4.1风险预警体系建设 6
4.2财务政策调整措施 6
4.3战略转型与风险管理 7
结论 8
参考文献 9
致谢 10
随着全球经济一体化进程的加快和金融市场复杂性的增加，企业面临的市场风险日益多样化且难以预测，这成为影响企业财务稳定性的关键因素，研究二者关系具有重要的现实意义。本研究旨在深入剖析市场风险对企业财务稳定性的影响，以期为企业风险管理提供理论依据。选取2010 - 2020年间沪深两市A股上市公司为样本，运用因子分析法确定市场风险的衡量指标体系，包括股票价格波动率、汇率变动等多方面因素，并采用面板数据模型进行实证检验。结果表明，市场风险与企业财务稳定性呈显著负相关关系，其中股票价格波动率对财务稳定性的影响最为强烈，而不同规模、行业属性的企业受市场风险影响程度存在差异，大型企业相对小型企业、金融行业相对非金融行业表现出更强的抗风险能力。
关键词：市场风险 企业财务稳定性 股票价格波动率
Abstract
With the acceleration of the global economic integration process and the increase of the complexity of the financial market, the market risks faced by enterprises are increasingly diversified and difficult to predict, which has become the key factor affecting the financial stability of enterprises. The study of the relationship between the two has important practical significance. The purpose of this study is to deeply analyze the impact of market risk on enterprise financial stability in order to provide theoretical basis for enterprise risk management. The A-share listed companies in Shanghai and Shenzhen from 2010 to 2020 were selected as the sample, and the factor analysis method was used to determine the measurement index system of market risk, including many factors such as stock price volatility and exchange rate fluctuations, and the panel data model was used for empirical testing. The results show that the market risk and enterprise financial stability is significant negative correlation, the stock price volatility on the impact of the financial stability, and different size, industry attributes of the enterprise affected by the market risk difference, large enterprises relatively small enterprises, financial industry relative non-financial industry showed stronger ability to resist risk.
Keyword:Market Risk Corporate Financial Stability Stock Price Volatility
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状 1
1.3研究方法与技术路线 2
2市场风险的识别与衡量 2
2.1市场风险的主要类型 2
2.2风险衡量指标体系构建 3
2.3实证数据来源与处理 3
3市场风险对财务稳定性的影响机制 4
3.1营业收入波动的影响分析 4
3.2成本费用控制的影响路径 5
3.3资产负债结构的变化趋势 5
4企业应对市场风险的策略选择 6
4.1风险预警体系建设 6
4.2财务政策调整措施 6
4.3战略转型与风险管理 7
结论 8
参考文献 9
致谢 10
