集团控股、上市公司风险管理与公司价值研究

发布时间：2018-03-01 23:29

本文关键词： 集团控股企业风险管理企业价值　出处：《云南财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：全球经济一体化进程的加快,企业开始面临更多的风险,加之金融衍生品的交易的复杂化对企业的持续经营提出了严峻的挑战。企业需要从更为全面的视角来管理风险,企业全面风险管理成为国际上大型企业选择的风险管理方式。国内由于企业风险管理引入较晚,少部分企业虽已经开始推行,但由于学术研究数据缺乏,学者大多对围绕内部控制与企业价值展开,针对企业风险管理和企业绩效、企业价值的实证研究探讨较少,涉及企业集团对上市公司风险管控影响的研究也不多。另外,中国绝大部分上市公司都为企业集团控股,且企业集团多为典型金字塔结构,上市公司作为其发展的重要控股公司必然受到企业集团的管控。在企业集团与风险管理的文献中,学者已开始探究企业集团风险管理,以及集团内部财务风险管理;也涉及到风险传染和风险管理的传导。但尚未从上市公司视角分析企业集团在风险管理与企业价值中扮演的角色。本文基于国内外学者对企业风险管理与企业价值关系探究,结合中国特殊制度背景和国内A股公司的风险管理现状,探讨实行企业风险管理能否对能提高企业价值,并验证已有研究中风险管理对企业价值影响的路径机理,另探究集团在上市公司风险管理与企业价值间的作用。本文首先通过对参考文献梳理,分析风险管理与企业价值的内在关联,研究集团控股在上市公司风险管理对企业价值作用中产生的影响。采用理论研究和实证研究相结合的方法对集团控股、企业风险管理与企业价值三者间相关性进行研究,研究样本为2007-2015年沪深证券交易所的所有上市公司,通过实证研究发现:上市公司风险管理能提高企业价值,企业风险管理能避免财务困境的直接和间接成本,降低委托—代理问题导致的股权代理等成本,集团控股上市公司对价值增值作用弱于非集团控股。集团控股上市公司相较非集团控股上市公司,更能通过风险管理缓解风险对企业价值的负面影响。集团控股能从缓解上市公司风险,增强风险管理对企业价值的正面效用。另外,进一步研究发现,风险管理委员会规模与企业价值呈正相关关系,风险管理委员会特征能减弱集团控股对企业价值的负面效应。
[Abstract]:With the acceleration of the process of global economic integration, enterprises begin to face more risks, and the complication of financial derivatives transaction poses a severe challenge to the continuing operation of enterprises. Enterprises need to manage risks from a more comprehensive perspective. Enterprise comprehensive risk management has become the choice of risk management for large enterprises in the world. Because of the late introduction of enterprise risk management in China, a small number of enterprises have started to implement it, but due to the lack of academic research data, Most scholars focus on internal control and enterprise value, but there are few empirical studies on enterprise value for enterprise risk management and enterprise performance, and there are few researches on the impact of enterprise groups on risk control of listed companies. Most of the listed companies in China are controlled by enterprise groups, and most of them are pyramidal structures. As an important holding company for their development, listed companies are bound to be controlled by enterprise groups. In the literature of enterprise groups and risk management, Scholars have begun to explore the risk management of enterprise groups, as well as financial risk management within the group; It also involves the transmission of risk contagion and risk management. However, the role of enterprise groups in risk management and enterprise value has not been analyzed from the perspective of listed companies. Based on the background of China's special system and the current situation of risk management in A-share companies in China, this paper discusses whether the implementation of enterprise risk management can improve the value of enterprises, and verifies the path mechanism of the influence of risk management on enterprise value in previous studies. In addition, it explores the role of the group in the risk management and enterprise value of listed companies. Firstly, this paper analyzes the internal relationship between risk management and enterprise value by combing the references. This paper studies the influence of group holding on the effect of risk management of listed companies on enterprise value, and studies the correlation among group holding, enterprise risk management and enterprise value by combining theoretical research with empirical research. The research sample is all listed companies in Shanghai and Shenzhen Stock Exchange from 2007 to 2015. The empirical study shows that risk management of listed companies can improve the value of enterprises, and risk management can avoid the direct and indirect costs of financial distress. By reducing the cost of equity agency caused by the principal-agent problem, the value added effect of the group holding listed company is weaker than that of the non-group holding company. Group holding can mitigate the negative impact of risk on enterprise value through risk management. Group holding can mitigate the risk of listed companies and enhance the positive effect of risk management on enterprise value. The size of the risk management committee is positively correlated with the value of the enterprise, and the characteristics of the risk management committee can weaken the negative effect of group holding on the enterprise value.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

【参考文献】