基于公司价值视角的企业风险管理有效性检验
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| Title | The Examination of Effectiveness of Enterprise Risk Management Based on the Perspective of Value of Company
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| 作者 | 王稳 王东 |
| Author | Wang Wen and Wang Dong |
| 作者单位 | 对外经济贸易大学保险学院 |
| Organization | University of International Business and Economics |
| 作者Email | wangw6966@vip.sina.com, wd2007fsh@gmail.com |
| 中文关键词 | 公司价值 风险管理有效性 风险管理策略 风险管理覆盖率 |
| Key Words | Value of Company; Effectiveness of Risk Management; Risk Management Strategy; Risk Management Coverage |
| 内容提要 | 本文利用2005-2010年我国金融类上市公司的数据，对企业风险管理有效性问题进行了实证研究。结果表明：企业风险管理对公司价值具有显著的正面影响，企业风险管理的水平越高，公司价值越大；主动性风险管理策略较之被动性风险管理策略更能够提升公司价值；风险管理覆盖率对公司价值的影响十分显著。同时，研究还发现了与国外学者研究不一致的结论：结构性金融工具和社会责任对国内金融企业的公司价值几乎没有影响，这可能是受国内金融市场发展程度及社会责任认同度较低的影响，也可能是外部环境差异导致的问题。 |
| Abstract | This report uses the data from 2005 to 2010 of China's financial listed companies, and has an empirical study of the effectiveness of enterprise risk management. The results showed that：enterprise risk management had a significant positive impact on the value of company; the higher the degree of enterprise risk management, the greater the value of the company; the proactive risk management strategy could enhance the more value of the company than the passive risk management strategies; risk management coverage impact on the value of the company was very significant. Meanwhile, the study also finds the conclusions inconsistent with overseas academics：the structural financial instruments and the social responsibility of companies had little impact on the value of domestic financial enterprises, which could be influenced by the development of domestic financial markets and the degree of recognition of the impact of social responsibility, but also be influenced by differences in the external environment. |
| 文章编号 | WP165 |
| 登载时间 | 2011-12-27 |
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