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ID:11793831
大小:54.50 KB
页数:12页
时间:2018-07-14
《企业风险管理对企业绩效的影响外文翻译学士学位论文.doc》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、中文4150字原文:TheeffectsofenterpriseriskmanagementonfirmperformancePagach.DonaldP.andWarr.RichardSWestudytheeffectofadoptionofenterpriseriskmanagement(ERM)principlesonfirms’long-termperformancebyexamininghowfinancial,assetandmarketcharacteristicschangearoun
2、dthetimeofERMadoption.Usingasampleof106firmsthatannouncethehiringofaChiefRiskOfficer(aneventfrequentlyaccompaniedbyadoptionofEnterpriseRiskManagement)wefindthatsomefirmsadoptingERMexperienceareductioninearningsvolatility.Ingeneralhowever,wefindlittleimp
3、actfromERMadoptiononawiderangeoffirmvariables.Whileourresultscouldbeduetolowerpowertests,theyalsoraisethequestionofwhetherERMisachievingitsstatedgoals.Overall,ourresultsfailtofindsupportforthepropositionthatERMisvaluecreating,althoughfurtherstudyiscalle
4、dfor,inparticularthestudyofhowERMsuccesscanbemeasured.1、IntroductionEnterpriseriskmanagement(ERM)isanincreasinglypopularstrategythatattemptstoholisticallyevaluateandmanagealloftherisksfacedbythefirm.Indoingso,ERMusesthefirm’sriskappetitetodeterminewhich
5、risksshouldbeacceptedandwhichshouldbemitigatedoravoided.WhiletherehasbeenaconsiderableincreaseinpractitionerattentiononERMinrecentyears,littleacademicresearchexistsaboutERM,andinparticularabouttheconsequencesofERMonfirmperformance.Thisistrueeventhoughth
6、eConferenceBoardhasfoundthatalargenumberofcompaniesarenowstartingtouseERMasastrategicmanagementtool(TheConferenceBoard,July2005).Inaddition,StandardandPoor’shasintroducedenterpriseriskmanagementanalysisintoitsglobalcorporatecreditratingprocessstartingin
7、thethirdquarterof2008(StandardandPoors,May2008).ThispurposeofthispaperistoexaminetheeffectofERMimplementation,andtoestablishwhetherfirmsadoptingERMactuallyachieveobservableresultsconsistentwiththeclaimedbenefitsofERM.Webelievethatourworkisimportantandti
8、melybecausealthoughmanysurveyshavestatedthebenefitsofadoptingERM(MarshandMcLennan,2005),therehasbeenlittleempiricalevidenceonhowERMaffectsfirms.WearguethattheprimarygoalofERMistoreducetheprobabilityoffinancialdistressandallowfirm
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