本文在引入行业因素和市场因素的“正交化”变换基础上,对农业上市公司股票收益建立了行业因素模型,并利用该模型对农业上市公司股票收益率的方差(风险)进行分解,考察了风险来源及其比例大小(即风险结构)。本文的研究结果可以为投资者构建合适的投资组合、规避投资风险提供参考。 On the basis of introducing the “orthogonalization” transformation of industry factors and market factors, this paper establishes the industry factor model for the stock returns of agricultural listed companies, and uses the model to decompose the variance (risk) of the stock returns of agricultural listed companies , Examines the source of risk and its proportion of size (ie risk structure). The results of this paper can provide reference for investors to construct a suitable investment portfolio and avoid investment risks.