-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

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1、中文4150字原文：TheeffectsofenterpriseriskmanagementonfirmperformancePagach.DonaldP.andWarr.RichardSWestudytheeffectofadoptionofenterpriseriskmanagement(ERM)principlesonfirms’long-termperformancebyexamininghowfinancial,assetandmarketcharacteristicschangearoundthetimeofERMadoption.Usingasample

2、of106firmsthatannouncethehiringofaChiefRiskOfficer(aneventfrequentlyaccompaniedbyadoptionofEnterpriseRiskManagement)wefindthatsomefirmsadoptingERMexperienceareductioninearningsvolatility.Ingeneralhowever,wefindlittleimpactfromERMadoptiononawiderangeoffirmvariables.Whileourresultscouldbe

3、duetolowerpowertests,theyalsoraisethequestionofwhetherERMisachievingitsstatedgoals.Overall,ourresultsfailtofindsupportforthepropositionthatERMisvaluecreating,althoughfurtherstudyiscalledfor,inparticularthestudyofhowERMsuccesscanbemeasured.1、IntroductionEnterpriseriskmanagement(ERM)isani

4、ncreasinglypopularstrategythatattemptstoholisticallyevaluateandmanagealloftherisksfacedbythefirm.Indoingso,ERMusesthefirm’sriskappetitetodeterminewhichrisksshouldbeacceptedandwhichshouldbemitigatedoravoided.WhiletherehasbeenaconsiderableincreaseinpractitionerattentiononERMinrecentyears,

5、littleacademicresearchexistsaboutERM,andinparticularabouttheconsequencesofERMonfirmperformance.ThisistrueeventhoughtheConferenceBoardhasfoundthatalargenumberofcompaniesarenowstartingtouseERMasastrategicmanagementtool(TheConferenceBoard,July2005).Inaddition,StandardandPoor’shasintroduced

6、enterpriseriskmanagementanalysisintoitsglobalcorporatecreditratingprocessstartinginthethirdquarterof2008(StandardandPoors,May2008).ThispurposeofthispaperistoexaminetheeffectofERMimplementation,andtoestablishwhetherfirmsadoptingERMactuallyachieveobservableresultsconsistentwiththeclaimedb

7、enefitsofERM.WebelievethatourworkisimportantandtimelybecausealthoughmanysurveyshavestatedthebenefitsofadoptingERM(MarshandMcLennan,2005),therehasbeenlittleempiricalevidenceonhowERMaffectsfirms.WearguethattheprimarygoalofERMistoreducetheprobabilityoffinancialdistressandallowfirm