基于2004—2012年上市公司样本数据,文章对特质性风险与企业价值关系以及在不同的货币薪酬下特质性风险与企业价值的关系是否存在差异进行了研究。实证结果表明,资产报酬率和股票回报率随特质性风险的增加而增加,通过这种途径,特质性风险的增加提高了企业的价值。进一步的研究表明,未预期薪酬增强了特质性风险与企业价值的正相关关系。 Based on the sample data of listed companies from 2004 to 2012, this paper studies the relationship between idiosyncratic risk and firm value and the relationship between idiosyncratic risk and firm value under different currency remuneration. The empirical results show that return on assets and return on equity increase with the increase of idiosyncratic risk. Through this approach, the increase of idiosyncratic risk enhances the value of the enterprise. Further research shows that unanticipated pay increases the positive correlation between idiosyncratic risk and firm value.