The Empirical Analysis On Risk Of Stock Market Of Agriculture Listed Companies

Agriculture is the basis of economic development and social stability, with the building of new socialist rural areas, "three rural" issue is even more important. Agriculture listed companies as advanced representative of business organizations of China's agricultural productivity at this stage play a important role in promoting the optimization of agricultural structure, increasing peasants income and promoting scientific and technological achievements. However, in recent years, agriculture listed companies have many problems:the smaller equity small scale, the less the number of listed companies ,growing "back farmers" phenomenon, the disclosure of accounting information scandals, the deteriorating operating results, which are seriously affecting agriculture listed companies development, hampering the process of agricultural industrialization.This paper to 38 agriculture listed companies for research samples analyzed the market performance of listed companies in 2002-2006, and the stock market of agricultures sytematic risk and non-systematic risk, and strive to find effective solutions. The chapters of the thesis include:Chapter one, introduction. This chapter mainly introduced selected topic background, significance, domestic and foreign to systematic and non-systematic risk research summary, finally pointed out the innovation of this articleChapter two, outlines of griculture listed companies. This chapter mainly defined griculture listed companies,and introduct the development condition of griculture listed companies, the distributed situation, the capital stock scale situation, and the achievement situation.Chapter three, study on systematic risk on agricultural listed companies .This chapter mainly introduct the meaning of the risks of the stock market and its method of classification . In this paper,risk is divided into systematic risk and non-systematic risk. It analysed the causes of Agriculture listed companies and made corresponding countermeasures.Chapter four , an empirical study of non-systematic risk on agriculture listed companies. First,introducted estimation models on the stock market risk. then as the stock market data agriculture listed company for the samples, using a single index model estimate systematic factors, and creating a non-systematic risk measurement model to estimate the size of the non-systematic risk;further, selected the variables: size of company, financial leverage, the ratio of agricultural income of the total profits, the ratio of income subsidies of the total profits, liquidity ratio, earnings per share, the net asset yield. Used spss software and made related analysis and multiple regression analysis.Chapter five, risk precautionary measure of non-systematic risk on agriculture listed companies. According to the results of the study,it make measure about non-systematic risk on agriculture listed companies: useing the capital market to solve bottleneck of the agricultural development of listed companies; optimizing capital structure; continuing to expand scale and enhance core competitiveness of enterprises; increasing more policy support and moderate agricultural subsidies.