中文摘要：

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。

英文摘要：

In this paper,the orthogonal transformation on industry factor and market factor are introduced. Based on that,the industry factor models of the listed agriculture company return are established, the variance（risk） of stock return is decomposed via these models,and the origins of risks and its proportions, i.e.risk structure,was studied.These results could be referenced by investors to design appropriate portfolio in order to evade risks.