全面风险管理与价值创造理论及实证研究

发布时间：2018-01-26 15:37

本文关键词： 全面风险管理企业价值价值创造保险公司　出处：《西南财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：进入二十一世纪后,随着经济全球化进程的不断推进以及金融混业经营,企业面临的风险环境变得越来越复杂,企业风险敞口也不断扩大,风险在更大的范围内影响着企业的生存能力和竞争能力。2008年全球性金融危机更是暴露了企业在风险管理方面的短板,提示我们：世界经济、金融全球化背景下所有企业都无法独善其身。因此,对企业风险进行管理已经成为业界共识,也是企业为了保证其实现经营目标而必须实施的全面管理过程。全面风险管理作为近年来国际风险管理领域最前沿的思想之一,为企业风险管理提供了新的解决方案。全面风险管理是一种全方位、全新思维的风险管理方式,它可以为企业创造价值。现在,越来越多地组织已经实施或正在考虑实施全面风险管理方案,尽管许多实践调查以及理论研究都显示了实施全面风险管理的益处,但是全面风险管理对企业价值的影响仍然缺乏经验证据的支撑。本文的主要内容是以风险管理理论为基础,研究企业全面风险管理框架体系,从理论和实证两个角度论述了全面风险管理对企业价值的贡献,寻找全面风险管理创造价值的经验证据。全文由导论和正文组成,共五章。前面两章是论文的理论基础部分,第三章和第四章是论文的主要内容和核心部分。第五章以我国保险业全面风险管理作为论文的结尾。第一章导论指出,在世界经济国际化、金融全球化背景下,企业所处的风险环境越来越复杂,全面风险管理作为现代风险管理理论的最新成果越来越受到专家学者和企业的关注,全面风险管理已经成为企业风险管理的大趋势。本章第二节对全面风险管理与价值创造的相关研究文献进行了评述,并概述了全面风险管理在实践中的进展情况。第二章指出风险观已经从传统走向现代,风险管理理论也随之演进；由于经济全球化、金融混业经营与外部监管评级等外部压力和企业自身经营管理的内部需要,企业实施全面风险管理成为必然。首先,本章对风险观及相应的风险管理理论进行了评述,比较分析了传统风险管理与现代风险管理的不同之处。其次,本章分析了企业风险管理的驱动因素,阐述了企业风险管理的发展阶段并详细介绍了企业全面风险管理框架体系,包括全面风险管理的组织架构、运行环境以及运行机制和技术。最后探讨了目前学术界关于风险管理与企业价值的争论。第三章从理论层面分析了全面风险管理的价值创造机制。文章认为,全面风险管理可以通过降低企业破产成本、财务困境成本、委托代理成本、税收成本等各种风险成本以及节约风险管理成本实现增加企业价值目的,除此之外企业还可以获得全面风险管理的直接收益从而增加企业价值。第四章是对全面风险管理与价值创造的实证分析。本章设定了一个企业价值影响模型,选取ERM、盈利能力、偿付能力、发展能力、公司规模和资本结构等六个变量指标作为解释变量,使用OLS方法对企业价值进行回归分析,实证结论表明全面风险管理对企业价值的贡献在经济意义和统计意义上均是显著的。本章最后探讨了实证模型的缺陷并对进一步研究提出了一些建议。第五章作为结尾部分主要介绍了我国保险业全面风险管理的实践情况,调查显示,相当一部分保险公司已经开始实施全面风险管理。但是与发达保险市场相比,我国保险公司的风险管理技术和水平还相对落后,全面风险管理主要是靠保监会主导。本章对我国保险公司加强全面风险管理提出了一些合理化建议。目前,国内关于全面风险管理的研究文献非常多,但是对全面风险管理与价值创造的研究大都只是在理论层面进行分析,实证方面的研究几乎没有。本文的创新之处在于从价值创造的角度研究全面风险管理,以此为切入点对企业全面风险管理与价值创造进行理论分析,并在理论分析的基础上更进一步地以我国人寿保险公司为样本,实证的检验了全面风险管理对企业价值的贡献。
[Abstract]:After entering twenty-first Century, with the advancement of economic globalization and financial management, enterprises are facing the risk of environment becomes more and more complicated, the enterprise risk exposure is expanding, the risk in the greater scope affect the enterprise's survival ability and competition ability of the.2008 global financial crisis is exposed the short board, in the enterprise risk management indicates that: the world economy under the background of financial globalization, all enterprises are not alone. Therefore, the enterprise risk management has become the industry consensus, comprehensive management process is the enterprise and must be implemented in order to ensure the realization of business objectives. The comprehensive risk management as one of the thoughts in recent years in the forefront of the field of international risk management that provides a new solution for enterprise risk management. Risk management is a full range of risk, new thinking, tube Way, it can create value for the enterprise. Now, more and more organizations have implemented or are considering the implementation of a comprehensive risk management program, although many practical investigation and theoretical studies have shown that the implementation of a comprehensive risk management benefits, but the impact of comprehensive risk management of enterprise value is still a lack of empirical evidence supporting the main content of this paper. It is based on risk management theory, research on the enterprise risk management framework, the contribution of comprehensive risk management of enterprise value is discussed from two aspects of theory and empirical evidence for comprehensive risk management to create value. This thesis is composed of introduction and text, is divided into five chapters. The two chapter is the theoretical foundation of the front part of the third chapter and the fourth chapter is the main content and the core part of the thesis. The fifth chapter in the comprehensive risk management of insurance industry in our country as the end of the paper.
In Chapter one, the internationalization of the world economy, under the background of financial globalization, the enterprise's risk environment more and more complex, as are the latest achievements of modern risk management theory to comprehensive risk management more experts and enterprises concerned, comprehensive risk management has become the trend of enterprise risk management. It reviews related the second section of this chapter the research literature of the comprehensive risk management and value creation, and an overview of the comprehensive risk management in practice progress.
The second chapter points out the concept of risk is from traditional to modern risk management theory with evolution; because of economic globalization, financial management and external supervision rating of external pressure and internal enterprise's management needs, enterprises implement comprehensive risk management become inevitable. Firstly, this chapter on the concept of risk and the corresponding risk management theory. Review and comparative analysis of differences between the traditional and modern risk management risk management. Secondly, this chapter analyzes the driving factors of enterprise risk management, expounds the development stage of enterprise risk management is introduced in detail the enterprise risk management framework, including the comprehensive risk management organization structure, operation environment and operation mechanism and technology at the last of the current academic circles about the risk management and the enterprise value of the argument.
The third chapter analyzes the comprehensive risk management mechanism of value creation from the theoretical level. The article thinks that the comprehensive risk management can reduce the bankruptcy cost, financial distress cost, agency cost, tax cost and other cost risk and save the cost of risk management is to increase the value of enterprises, in addition to the enterprise can also get the direct benefits of comprehensive the risk management so as to increase the enterprise value.
The fourth chapter is the empirical analysis of comprehensive risk management and value creation. This chapter sets up a model of enterprise value influence, select ERM, profitability, solvency, development ability, company size and capital structure of the six variables as explanatory variables, using the method of OLS regression analysis on the enterprise value, the empirical results show that the contribution to the overall risk management of enterprise value are significant in economic significance and statistical significance. Finally this chapter discusses the defects of empirical models and some suggestions for further research.
The fifth chapter is the ending part mainly introduces the practice situation, the overall risk management of China's insurance industry survey, a considerable part of the insurance company has begun the implementation of comprehensive risk management. But compared with the developed insurance market, China Insurance Company's risk management and technical level is relatively backward, the overall risk management mainly by the CIRC this chapter of the leading insurance companies in China to strengthen the overall risk management and puts forward some reasonable suggestions.
At present, many domestic research literature on comprehensive risk management, but the study on the creation of a comprehensive risk management and value only in the theoretical analysis, empirical research almost nothing. The innovation of this paper is to study the risk management from the perspective of value creation, as a starting point to create a comprehensive theoretical analysis risk management and enterprise value, and on the basis of theoretical analysis further to our life-insurance company as samples, the empirical test of the contribution to the overall risk management of enterprise value.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F842.3;F272.3;F830.43

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