政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/53910

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Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/53910

Title:	企業風險管理與公司冒險行為之關係
Other Titles:	Enterprise Risk Management and Firm Risk-Taking
Authors:	陳彩稚
Contributors:	國立政治大學風險管理與保險學系行政院國家科學委員會
Keywords:	企業風險管理;內部控管;經營策略;公司冒險行為;表
Date:	2011
Issue Date:	2012-10-22 15:45:04 (UTC+8)
Abstract:	本文主要目的在於探討企業風險管理（Enterprise Risk Management, ERM）與公司冒險行為之關係，尤其著重於公司對於風險管理之重視程度，對於企業經營穩定性之影響。自從2005 年起， Standard & Poor’s 將企業是否進行ERM 列為其信評之參考，而會計稽核組織（COSO）於2004 年亦將會計稽核亦由內部控管(internal control) 提升為ERM。由於ERM 包含策略風險(strategic risk) 與作業風險(operational risk)，不再僅是傳統之財務風險管理，企業之經營穩定性與其風險管理有密切關係。目前大型上市公司已逐漸認識風險管理的觀念，並且積極想要進行ERM 工作。若干公司並在董事會下設置風險管理委員會，指導該公司之ERM。一家公司是否重視ERM，可能影響其公司之經營風險與公司價值(或績效)。然而目前實務界與學術界對於此一議題，都尚在摸索階段。因此本計畫企圖研究公司重視ERM 的程度，與該公司冒險行為(risk-taking)之互動關係。因為企業必須冒險才能創造獲利機會，亦即風險與利潤是正向相關的。盲目的冒險會使公司陷入困境，但是理性的冒險是公司成功的必要條件。本文將進行實證分析研究，以我國上市公司為樣本，瞭解目前我國公司之企業風險管理之狀況。藉由收集其公司年報上之風險管理的訊息，（必要時亦會採用問卷調查），以及其他財務報表之資料，之後進行實證分析。本文根據文獻將企業風險歸納為策略(strategic)、作業(operational)、財務 (financial)、事故(hazard)等四類風險。本文以ROA 及股價報酬之標準差二項指標來衡量公司之冒險程度。本研究預期發現(1)目前上市櫃公司對於企業風險管理（ERM）之認知程度，（2）企業較為重視之風險類別，(3) 企業風險管理對於公司冒險行為之影響。根據研究結果，本文將對於企業風險管理與公司經營策略及冒險程度的關係進行建議。 The purpose of this paper is to investigate the relationship between enterprise risk management (ERM) and firm risk-taking behavior, with emphasis on the impact of corporate ERM perception on firm’s operational stability. ERM becomes increasingly important because Standard & Poor’s includes it as a rating factor since 2005 and accounting organization COSO replaces internal control with ERM since 2004. ERM includes strategic risk and operational risk in addition to traditional financial risk. Therefore ERM has a great impact on the stability and success of a business. Now more and more companies perceive the importance of risk management and pay attention to ERM. Some companies even form an ERM committee under the board of directors to monitor risks. ERM now is a popular term in business practice and academics, but few really understand its true meaning and impacts. Thus, this paper intends to study the relationship between the corporate concerns of ERM and its risk-taking behavior. As we know that business must take risk in order to have profitable opportunity. Risk and return is positively correlated. Imprudent risk-taking results in financial troubles, while rational risk-taking approves the success for a business. This paper will conduct empirical analyses related the popularity of ERM and its effect on firm risk-taking behavior based on the public companies in Taiwan. This paper will collect data from annual reports of each company (and questionnaires if necessary) for the information related to ERM, in addition to the financial data from accounting statements. This paper classified business risks into four categories, including strategic risk, operational risk, financial risk and hazard risk. And the measurements for firm risk-taking are standard deviation of ROA and standard deviation of stock returns. This paper conduct empirical analyses and expect to find that: (1) the extend of perception about ERM among the public companies, (2) the categories of risk more concerned by the firms, and (3) the impact of ERM on the firm risk-taking. Based on the findings, this paper makes suggestions for the relationship between ERM and business operations as well as strategies.
Relation:	應用研究學術補助研究期間:10008~ 10107 研究經費:225仟元
Data Type:	report
Appears in Collections:	[Department of Risk Management and Insurance] NSC Projects

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