关键词: 经营风险, 金融风险, 双风险因子, 剩余收益, 经营与投资决策

Abstract: Generally,net assets in diversified companies can be divided into net operation asset and net financial asset. Both these net assets have different risk characteristics. Net operation asset has operating risk and net financial asset has financial risk. As decision makers in diversified companies, how to set reasonable ratio between net operation asset and net financial asset under specific net assets so that they can maximize companies’ value? This paper, based on general three-stage residual income model, constructs theoretically Operation and Investment Decision Model of Dual-risks RIM(OIDM-DRRIM)according to risk identification and judgment if net operation asset has operating risk and net financial asset has financial risk. Then this paper makes an empirical test using section data from the year of 1997 to 2014 in China capital market. The empirical result shows that OIDM-DRRIM is well applicable, which can be used by companies’ decision makers to keep an optimal proportion of net operation asset and net financial asset, so as to maximize intrinsic value of companies’ equity.

Key words: operating risk, financial risk, dual risk factors, residual Income, operation and investment decision