基于公司价值视角的企业风险管理有效性检验  

Examination of Effectiveness of Enterprise Risk Management Based on the Perspective of Value of Company

作　　者：王稳[1] 王东[1] 

机构地区：[1]对外经济贸易大学保险学院

出　　处：《中国地质大学学报（社会科学版）》2013年第5期121-129,140,共9页Journal of China University of Geosciences(Social Sciences Edition)

基　　金：国家社科基金重点项目"风险管理与公司价值关系研究"(11AJY014);教育部人文社科基金规划项目"企业风险管理的分析框架及有效性研究"(10YJA790190);教育部人文社科基金青年项目"企业风险管理的传导路径:理论与实证研究"(11YJC790173)

摘　　要：本文利用2007—2011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对公司价值的影响较为显著,被动性风险管理策略的影响程度较小;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。This paper uses the data from 2007to 2011of China's financial listed companies to make an empirical study of the effectiveness of enterprise risk management.The results show that:enterprise risk management has the 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 can enhance the value of the company obviously,while the passive risk management strategy has less importance;and the impact of risk management coverage on the value of the company is very significant.Meanwhile,the study also finds the conclusion inconsistent with that of overseas academics:the structural financial instruments and the social responsibility of companies have little impact on the value of domestic financial enterprises.This could be influenced by the development of domestic financial markets and the recognition of the impact of social responsibility,or it could be due to the differences in the external environment.

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 

分 类 号：F272.35[经济管理—企业管理]