我国寿险公司实施全面风险管理对企业价值影响的研究

发布时间：2018-04-16 18:50

本文选题：全面风险管理 + 寿险公司　；参考：《山东大学》2017年硕士论文

【摘要】：本文首先通过对全面风险管理理论的相关文献进行梳理,认为过去的学者主要关注于对COSO所发布的整合框架进行研究,或者是从理论上研究其对企业价值的影响,而实证方面的研究则较为缺乏。同时,本文分析了我国经济的发展与保险业的繁荣使得我国寿险公司对于更好地实施全面风险管理有着迫切的需求。然后,对风险管理理论演进历程进行了回顾,引出其定义并说明其是风险管理理论的最新成果,相比于传统的风险管理具有明显的优势。之后,本文从理论上对风险管理提升企业价值的途径进行分析,认为全面风险管理可以通过从公司整体的角度优化资本配置、降低企业的破产成本和财务困境成本、降低委托代理成本和创造成本优势几个方面提升企业的业绩,为企业创造价值。过去的研究大部分从理论上对其与企业价值之间的关系进行分析,其中少数的实证研究,也大都聚焦于是否实施全面风险管理对企业价值所产生的影响。由于我国保监会所发布的《人身保险公司全面风险管理实施指引》,我国寿险公司已几乎全部实施了全面风险管理,故本文主要从1.是否有风险管理部2.是否有首席风险官3.是否有风险管理委员会三个维度对寿险公司的全面风险管理组织结构的完整性进行评价,同时从1.识别风险的种类2.采用定量方法分析风险的个数3.应对风险的个数三个维度衡量寿险公司实施全面风险管理技术水平的完善性,采用组织结构的完整性和技术水平的完善性两个指标作为对其实施全面风险管理程度的替代变量,选取我国保险市场上的58家寿险公司作为样本,运用其2010-2015年六年的数据,实证研究了全面风险管理的实施程度对我国寿险公司企业价值的影响。结果发现,全面风险管理组织结构的完整性对其总资产收益率有显著的正向影响;对我国寿险公司全面风险管理技术水平完善性的实证分析有同样结果;同时对两者进行研究时,组织结构完整性的正向影响仍然显著,技术水平完善性的影响仍为正向,但影响不显著,主要可能是因为组织结构的完整性会对技术水平的完善性造成影响,削弱了其显著性。全面风险管理的组织结构越完善,证明公司对其重视程度也高,其专业的风险管理人员往往也越多,专业技术水平的完善性也相应地越好。通过实证研究,本文认为全面风险管理组织结构的完整性和技术水平的完善性会显著影响企业的总资产收益率,即其实施的程度会显著影响我国寿险公司的盈利能力,提高其组织结构的完整性和技术水平的完善性,可以增强公司未来获取净现金流的能力,从而增加企业的价值。所以,我国寿险企业应继续增强全面风险管理组织结构的完整性和技术水平的完善性,重视与培养专业的风险管理人才,增强公司应对风险的能力,从而提升企业的价值。
[Abstract]:Firstly, through the relevant literature on the comprehensive risk management theory to sort out, think of the past scholars mainly focus on the research on the integrated framework issued by COSO, and to study its effect on enterprise value in theory, and empirical studies are lacking. At the same time, this paper analyzes the development of China's economy and the prosperity of the insurance industry makes our life insurance companies are in urgent demand for the implementation of a comprehensive risk management better. Then, the evolution of risk management theories, introduce its definition and its is the latest achievement of the theory of risk management and risk management compared with the traditional has obvious advantages. After that, this paper analysis on the risk management approach to improve enterprise value based on the theory that the comprehensive risk management can optimize the allocation of capital from the overall perspective, reduce the enterprise bankruptcy The cost and the cost of financial distress, reduce agency costs and create cost advantages for improving business performance and create value for the enterprise. Most research theoretically on the relationship between the enterprise value and the analysis of the past, one of the few empirical studies, also mostly focus on whether the effect of comprehensive risk management of enterprises value. Since the release of China's Insurance club "comprehensive risk management of personal insurance companies to implement the guidelines, the life insurance company of our country has almost all of the implementation of a comprehensive risk management, this article is from the 1. if there is a risk management department 2. is the chief risk officer 3. is evaluate the integrity of the overall risk management organizational structure three the dimensions of the risk management committee of the life insurance company, at the same time the number from the 1. kinds of risk identification 2. using quantitative methods to analyze the risk to deal with the risk of a 3. The perfection of the three dimensions of the life insurance company to implement the technical level of comprehensive risk management, the integrity and the technical level of the organizational structure of the integrity of the two indicators as the substitute variables of the overall risk management level, select the 58 life insurance companies in the insurance market of our country as a sample, using the 2010-2015 years six years the data, the empirical study on the influence degree of implementation of comprehensive risk management of life insurance company of our country enterprise value. The results showed that the integrity of the comprehensive risk management organization structure has a significant positive impact on the rate of return on total assets; improve the empirical analysis results have the same technical level of comprehensive risk management of life insurance companies in China; at the same time to study both, positive impact on the integrity of the organizational structure is still significant, improve the level of technology influence is still positive, but the influence is not obvious, may Because of the impact of improving the integrity of tissue structure on the technical level, significantly weakened its organizational structure. The comprehensive risk management more perfect company to prove its importance is also high, the professional risk management personnel are also more professional and technical level of perfection is also correspondingly better. Through empirical in this study, considered to improve the integrity and technical level of comprehensive risk management organization structure will significantly affect the rate of return on total assets of enterprises, namely the degree of implementation will significantly affect China's life insurance company's profitability, improve the integrity and technical level of its organizational structure, can enhance the ability of the company to obtain the future net cash flow, so as to increase the value of the enterprise. So, China's life insurance companies should continue to enhance the integrity and improve technical level of comprehensive risk management organization structure, emphasis and training Professional risk management talent, enhance the company's ability to deal with risk, thus improving the value of the enterprise.

【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F842.3;F272.3;F840.4

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