摘要
以2010—2018年中国A股上市公司为样本,考察企业实施风险管理活动对企业价值的影响。研究发现:风险管理能够显著抑制企业存量价值损失,同时促进公司增量价值增长;在考虑企业异质性的情况下,国有企业、成熟企业和处于外部金融环境不景气时,风险管理抑制企业存量价值损失和提高增量价值的效果更显著。进一步分析表明,风险管理通过提升内部控制质量和信息披露质量、降低法律风险等"软实力",影响企业价值。
Taking A-share listed companies in Shanghai and Shenzhen stock exchanges from 2010 to 2018 as samples,the paper explores the impact of risk management activities on enterprise value.Study shows that risk management can not only significantly inhibit the loss of enterprise stock value,but also improve enterprise incremental value.Considering the heterogeneity of enterprises,state-owned enterprises,mature enterprises and when it is at the recession of the external financial environment,the above mentioned two effects become more significant.Further analysis shows that enterprise risk management affects enterprise market value through comprehensively improving the"soft power"such as internal quality control and information disclosure quality,and lowering legal risks.
作者
胡明霞
HU Ming-xia(Accounting Research and Development Center,Beijing National Accounting Institute,Beijing 101312,China)
出处
《云南财经大学学报》
CSSCI
北大核心
2020年第11期80-89,共10页
Journal of Yunnan University of Finance and Economics
基金
2018年国家自然科学基金资助项目“分析师估值模型研究”(71872154)
关键词
风险管理
企业价值
内部控制
信息披露
Risk Management
Enterprise Value
Internal Control
Information Disclosure
