Research On The Stability And Influencing Factors Of ? Coefficient Of Internet Listed Companies In China

With the maturity of the global Internet technology,China's Internet listed companies have entered a period of rapid development.In order to achieve sustainable development,Internet listed companies need to continuously observe their systemic risks.The ? coefficient is derived from the capital asset pricing model,which is used to measure the extent to which the change of an asset price is affected by the average change of all asset prices in the equity market,and is an important indicator to measure systemic risk.It is also an important tool for listed companies to carry out risk management,investment and financing management.Based on portfolio Theory and CAPM Theory,in this paper,46 Chinese Internet listed companies classified by CSRC are selected as the research samples.On the basis of subdividing the ? coefficient into equity ? coefficient and asset ? coefficient,the stability and influencing factors of ?coefficient are analyzed.The author tries to analyze the stability characteristics of ?coefficient of Internet listed companies,studies the macroeconomic factors and intra-firm factors that affect the ? coefficients and puts forward countermeasures and suggestions for the risk management,investment management and financing management of enterprises,for the effective supervision of the securities regulatory department and the rational financial management of the securities investors.