本文關鍵詞： 全面風險管理 企業(yè)價值 價值創(chuàng)造 保險公司　出處：《西南財經(jīng)大學》2014年碩士論文　論文類型：學位論文

【摘要】：進入二十一世紀后,隨著經(jīng)濟全球化進程的不斷推進以及金融混業(yè)經(jīng)營,企業(yè)面臨的風險環(huán)境變得越來越復雜,企業(yè)風險敞口也不斷擴大,風險在更大的范圍內(nèi)影響著企業(yè)的生存能力和競爭能力。2008年全球性金融危機更是暴露了企業(yè)在風險管理方面的短板,提示我們：世界經(jīng)濟、金融全球化背景下所有企業(yè)都無法獨善其身。因此,對企業(yè)風險進行管理已經(jīng)成為業(yè)界共識,也是企業(yè)為了保證其實現(xiàn)經(jīng)營目標而必須實施的全面管理過程。全面風險管理作為近年來國際風險管理領域最前沿的思想之一,為企業(yè)風險管理提供了新的解決方案。全面風險管理是一種全方位、全新思維的風險管理方式,它可以為企業(yè)創(chuàng)造價值�，F(xiàn)在,越來越多地組織已經(jīng)實施或正在考慮實施全面風險管理方案,盡管許多實踐調(diào)查以及理論研究都顯示了實施全面風險管理的益處,但是全面風險管理對企業(yè)價值的影響仍然缺乏經(jīng)驗證據(jù)的支撐。本文的主要內(nèi)容是以風險管理理論為基礎,研究企業(yè)全面風險管理框架體系,從理論和實證兩個角度論述了全面風險管理對企業(yè)價值的貢獻,尋找全面風險管理創(chuàng)造價值的經(jīng)驗證據(jù)。全文由導論和正文組成,共五章。前面兩章是論文的理論基礎部分,第三章和第四章是論文的主要內(nèi)容和核心部分。第五章以我國保險業(yè)全面風險管理作為論文的結尾。 第一章導論指出,在世界經(jīng)濟國際化、金融全球化背景下,企業(yè)所處的風險環(huán)境越來越復雜,全面風險管理作為現(xiàn)代風險管理理論的最新成果越來越受到專家學者和企業(yè)的關注,全面風險管理已經(jīng)成為企業(yè)風險管理的大趨勢。本章第二節(jié)對全面風險管理與價值創(chuàng)造的相關研究文獻進行了評述,并概述了全面風險管理在實踐中的進展情況。 第二章指出風險觀已經(jīng)從傳統(tǒng)走向現(xiàn)代,風險管理理論也隨之演進；由于經(jīng)濟全球化、金融混業(yè)經(jīng)營與外部監(jiān)管評級等外部壓力和企業(yè)自身經(jīng)營管理的內(nèi)部需要,企業(yè)實施全面風險管理成為必然。首先,本章對風險觀及相應的風險管理理論進行了評述,比較分析了傳統(tǒng)風險管理與現(xiàn)代風險管理的不同之處。其次,本章分析了企業(yè)風險管理的驅(qū)動因素,闡述了企業(yè)風險管理的發(fā)展階段并詳細介紹了企業(yè)全面風險管理框架體系,包括全面風險管理的組織架構、運行環(huán)境以及運行機制和技術。最后探討了目前學術界關于風險管理與企業(yè)價值的爭論。 第三章從理論層面分析了全面風險管理的價值創(chuàng)造機制。文章認為,全面風險管理可以通過降低企業(yè)破產(chǎn)成本、財務困境成本、委托代理成本、稅收成本等各種風險成本以及節(jié)約風險管理成本實現(xiàn)增加企業(yè)價值目的,除此之外企業(yè)還可以獲得全面風險管理的直接收益從而增加企業(yè)價值。 第四章是對全面風險管理與價值創(chuàng)造的實證分析。本章設定了一個企業(yè)價值影響模型,選取ERM、盈利能力、償付能力、發(fā)展能力、公司規(guī)模和資本結構等六個變量指標作為解釋變量,使用OLS方法對企業(yè)價值進行回歸分析,實證結論表明全面風險管理對企業(yè)價值的貢獻在經(jīng)濟意義和統(tǒng)計意義上均是顯著的。本章最后探討了實證模型的缺陷并對進一步研究提出了一些建議。 第五章作為結尾部分主要介紹了我國保險業(yè)全面風險管理的實踐情況,調(diào)查顯示,相當一部分保險公司已經(jīng)開始實施全面風險管理。但是與發(fā)達保險市場相比,我國保險公司的風險管理技術和水平還相對落后,全面風險管理主要是靠保監(jiān)會主導。本章對我國保險公司加強全面風險管理提出了一些合理化建議。 目前,國內(nèi)關于全面風險管理的研究文獻非常多,但是對全面風險管理與價值創(chuàng)造的研究大都只是在理論層面進行分析,實證方面的研究幾乎沒有。本文的創(chuàng)新之處在于從價值創(chuàng)造的角度研究全面風險管理,以此為切入點對企業(yè)全面風險管理與價值創(chuàng)造進行理論分析,并在理論分析的基礎上更進一步地以我國人壽保險公司為樣本,實證的檢驗了全面風險管理對企業(yè)價值的貢獻。
[Abstract]:After entering twenty-first Century, with the advancement of economic globalization and financial management, enterprises are facing the risk of environment becomes more and more complicated, the enterprise risk exposure is expanding, the risk in the greater scope affect the enterprise's survival ability and competition ability of the.2008 global financial crisis is exposed the short board, in the enterprise risk management indicates that: the world economy under the background of financial globalization, all enterprises are not alone. Therefore, the enterprise risk management has become the industry consensus, comprehensive management process is the enterprise and must be implemented in order to ensure the realization of business objectives. The comprehensive risk management as one of the thoughts in recent years in the forefront of the field of international risk management that provides a new solution for enterprise risk management. Risk management is a full range of risk, new thinking, tube Way, it can create value for the enterprise. Now, more and more organizations have implemented or are considering the implementation of a comprehensive risk management program, although many practical investigation and theoretical studies have shown that the implementation of a comprehensive risk management benefits, but the impact of comprehensive risk management of enterprise value is still a lack of empirical evidence supporting the main content of this paper. It is based on risk management theory, research on the enterprise risk management framework, the contribution of comprehensive risk management of enterprise value is discussed from two aspects of theory and empirical evidence for comprehensive risk management to create value. This thesis is composed of introduction and text, is divided into five chapters. The two chapter is the theoretical foundation of the front part of the third chapter and the fourth chapter is the main content and the core part of the thesis. The fifth chapter in the comprehensive risk management of insurance industry in our country as the end of the paper.
In Chapter one, the internationalization of the world economy, under the background of financial globalization, the enterprise's risk environment more and more complex, as are the latest achievements of modern risk management theory to comprehensive risk management more experts and enterprises concerned, comprehensive risk management has become the trend of enterprise risk management. It reviews related the second section of this chapter the research literature of the comprehensive risk management and value creation, and an overview of the comprehensive risk management in practice progress.
The second chapter points out the concept of risk is from traditional to modern risk management theory with evolution; because of economic globalization, financial management and external supervision rating of external pressure and internal enterprise's management needs, enterprises implement comprehensive risk management become inevitable. Firstly, this chapter on the concept of risk and the corresponding risk management theory. Review and comparative analysis of differences between the traditional and modern risk management risk management. Secondly, this chapter analyzes the driving factors of enterprise risk management, expounds the development stage of enterprise risk management is introduced in detail the enterprise risk management framework, including the comprehensive risk management organization structure, operation environment and operation mechanism and technology at the last of the current academic circles about the risk management and the enterprise value of the argument.
The third chapter analyzes the comprehensive risk management mechanism of value creation from the theoretical level. The article thinks that the comprehensive risk management can reduce the bankruptcy cost, financial distress cost, agency cost, tax cost and other cost risk and save the cost of risk management is to increase the value of enterprises, in addition to the enterprise can also get the direct benefits of comprehensive the risk management so as to increase the enterprise value.
The fourth chapter is the empirical analysis of comprehensive risk management and value creation. This chapter sets up a model of enterprise value influence, select ERM, profitability, solvency, development ability, company size and capital structure of the six variables as explanatory variables, using the method of OLS regression analysis on the enterprise value, the empirical results show that the contribution to the overall risk management of enterprise value are significant in economic significance and statistical significance. Finally this chapter discusses the defects of empirical models and some suggestions for further research.
The fifth chapter is the ending part mainly introduces the practice situation, the overall risk management of China's insurance industry survey, a considerable part of the insurance company has begun the implementation of comprehensive risk management. But compared with the developed insurance market, China Insurance Company's risk management and technical level is relatively backward, the overall risk management mainly by the CIRC this chapter of the leading insurance companies in China to strengthen the overall risk management and puts forward some reasonable suggestions.
At present, many domestic research literature on comprehensive risk management, but the study on the creation of a comprehensive risk management and value only in the theoretical analysis, empirical research almost nothing. The innovation of this paper is to study the risk management from the perspective of value creation, as a starting point to create a comprehensive theoretical analysis risk management and enterprise value, and on the basis of theoretical analysis further to our life-insurance company as samples, the empirical test of the contribution to the overall risk management of enterprise value.

【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F842.3;F272.3;F830.43

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