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ID:350838
大小:55.50 KB
页数:12页
时间:2017-07-26
《企业风险管理对企业绩效的影响【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在应用文档-天天文库。
1、原文:TheeffectsofenterpriseriskmanagementonfirmperformanceWestudytheeffectofadoptionofenterpriseriskmanagement(ERM)principlesonfirms’long-termperformancebyexamininghowfinancial,assetandmarketcharacteristicschangearoundthetimeofERMadoption.Usingasampleof106firmsthatannouncethehi
2、ringofaChiefRiskOfficer(aneventfrequentlyaccompaniedbyadoptionofEnterpriseRiskManagement)wefindthatsomefirmsadoptingERMexperienceareductioninearningsvolatility.Ingeneralhowever,wefindlittleimpactfromERMadoptiononawiderangeoffirmvariables.Whileourresultscouldbeduetolowerpowert
3、ests,theyalsoraisethequestionofwhetherERMisachievingitsstatedgoals.Overall,ourresultsfailtofindsupportforthepropositionthatERMisvaluecreating,althoughfurtherstudyiscalledfor,inparticularthestudyofhowERMsuccesscanbemeasured.1、IntroductionEnterpriseriskmanagement(ERM)isanincrea
4、singlypopularstrategythatattemptstoholisticallyevaluateandmanagealloftherisksfacedbythefirm.Indoingso,ERMusesthefirm’sriskappetitetodeterminewhichrisksshouldbeacceptedandwhichshouldbemitigatedoravoided.WhiletherehasbeenaconsiderableincreaseinpractitionerattentiononERMinrecent
5、years,littleacademicresearchexistsaboutERM,andinparticularabouttheconsequencesofERMonfirmperformance.ThisistrueeventhoughtheConferenceBoardhasfoundthatalargenumberofcompaniesarenowstartingtouseERMasastrategicmanagementtool(TheConferenceBoard,July2005).Inaddition,StandardandPo
6、or’shasintroducedenterpriseriskmanagementanalysisintoitsglobalcorporatecreditratingprocessstartinginthethirdquarterof2008(StandardandPoors,May2008).ThispurposeofthispaperistoexaminetheeffectofERMimplementation,andtoestablishwhetherfirmsadoptingERMactuallyachieveobservableresu
7、ltsconsistentwiththeclaimedbenefitsofERM.WebelievethatourworkisimportantandtimelybecausealthoughmanysurveyshavestatedthebenefitsofadoptingERM(MarshandMcLennan,2005),therehasbeenlittleempiricalevidenceonhowERMaffectsfirms.WearguethattheprimarygoalofERMistoreducetheprobabilityo
8、ffinancialdistressandallowfirmstocontinuetheirinvestmentstrategiesby
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