The Non-systematic Risk Based On Empirical Research Of Listed Companies In Cultural Industries

As the change of world economy and the deepening of the transformation of the pattern of economic development in our country, the cultural industry has increasingly become a economic power industry in China. Culture as the main carrier of the culture industry of listed companies, prosperity and development at the same time, also faces many risks. Articles selected were36in Shanghai and Shenzhen listed companies between cultures in2009to2012as the research sample, Combined with the development of the securities market maturity of our stock, the use of all cultures Shanghai and Shenzhen listed companies daily closing price of the translation of the daily rate of return, Is derived on the basis of the market model, each culture system risk indicator of the listed company annual beta coefficient, and then converted into a each company unsystematic risk is accounted for as the explained variable. Selected management risk, financial risk, company size, return on net assets, operating cash flow ratio, dividend payment rate, growth ability the seven characteristics of accounting variables and the number of the board of directors, the proportion of independent director, the top10shareholders ownership, state-owned holding company or not the four characteristics of corporate governance variables, A total of11variables as explanatory variables, including state-owned or not set for a virtual variable. Correlation analysis and regression analysis are carried out using SPSS software. Results show that the cultural industry in our country listed company although got rapid development in recent years, the number increased, but the overall average profit margins decline year by year, operating capacity and debt paying ability is not the actual improvement. Unsystematic risk proportion while a weak downward trend year by year, but still has been in a high state. Good monitoring culture companies operating leverage and financial leverage can effectively reduce the system risk, and the greater the company size, to a certain extent, can enhance the ability of resisting unsystematic risk. In addition, the independent directors proportion, the more the more defensive. State-controlled nature culture class enterprise with relatively higher anti-risk strength. Finally the article corporate governance from the aspect of macroscopic policy environment and microscopic levels put forward some countermeasures and Suggestions.