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

摘要： 一般来说,公司净资产基于投向可以分为净经营性资产和净金融性资产。这两种净资产所面临的风险属性是不同的,净经营性资产承担的是经营性风险,而净金融性资产承担的则是金融性风险。作为公司多元化经营的决策者,在公司净资产一定的情况下,如何合理分配经营性投资与金融性投资间的比例并作出最优的投资决策,以达到公司价值最大化？本文基于一般形式的三阶段剩余收益模型,根据净经营性资产具有经营风险,净金融性资产则具有金融风险的风险识别与判断,从理论上构建出双风险因子调整的剩余收益经营与投资决策模型(Operation and Investment Decision Model of Dual-risks RIM, OIDM-DRRIM)。同时,利用中国资本市场1997年到2014年的经验数据进行实证检验,研究结果表明,所构建的OIDM-DRRIM具有非常好的适用性,公司经营决策者可以根据该模型计算出净经营性资产和净金融性资产之间的最优分配比例,进而作出使公司价值最大化的经营与投资决策。

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