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

謝企榮(Chi-Jung Hsieh) ； 徐守德(David Shyu) ； 楊泰和(Tai-Ho Yang)

《運籌管理評論》 3卷1期 (2008/03) Pp. 97-110

https://doi.org/10.29836/LMR.200803.0009

摘要

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。

關鍵字

關係 ； 最適資產配置 ； 風險趨避

並列摘要

Due to the opened China market and investment by foreign capital, China not only became the world factory, but also has a potential to become a huge market. Individuals base on his accumulated capital and experience 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 asset allocation model with stochastic individual income and the different expenditure of Guanxi for individuals. We divide all observation into three scenarios by the different personal income and expenditure of Guanxi in order to analyze the optimal risky asset allocation. We found that increasing the correlation between expenditure of Guanxi and stock returns has a further positive effect, individuals can actually increase risky asset. Finally, for individuals the more insecure of the job, the more conservative they are.

並列關鍵字

Guanxi ； Optimal asset allocation ； Risk aversion

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