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    Please use this identifier to cite or link to this item: http://ir.lib.ksu.edu.tw/handle/987654321/3211


    Title: 關係支出對出版人投資大陸有聲產業最適資產配置之影響
    The Impact of Expenditure of Guanxi on Individual’s Optimal Asset Allocation in China Audio Book Market
    Authors: 謝企榮
    徐守德
    楊泰和
    Keywords: 關係
    最適資產配置
    風險趨避
    Guanxi
    Asset Allocation
    Risk-Averse
    Date: 2008-12-10
    Issue Date: 2009-08-13 23:36:00 (UTC+8)
    Abstract: 由於中國的開放與外資的大量投資,使中國不止成為世界的工廠,更成為全世界的大市場。出版人以其豐沛資源,作為大陸有聲書發展之基礎,從掌握關鍵人際關係與最適資產規劃中,將取得大陸事業永續發展的利基。因此,本文以跨期離散資產配置模型,探討不同狀態下之出版人最適資產配置,觀察其風險性資產比重之變化。本文主要發現:關係支出與非預期風險性資產報酬相關性愈高,個人傾向增加風險性資產以分散投資風險。Due to the opened China market and investment by foreign capital, China not only became the worldfactory, but also has a potential to become a huge market. Individuals base on his accumulated capital andexperience to build the business in China. From the obtained critical Guanxi and optimal asset planning,individuals will lay a foundation of perpetual development in China. Hence, we present an intertemporal assetallocation model with stochastic individual income and the different expenditure of Guanxi for individuals. Wedivide all observation into three scenarios by the different personal income and expenditure of Guanxi in order toanalyze the optimal risky asset allocation. We found that increasing the correlation between expenditure ofGuanxi and stock returns has a further positive effect, individuals can actually increase risky asset. Finally, forindividuals the more insecure of the job, the more conservative they are.
    Appears in Collections:[金融管理系] 期刊論文

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