论全面风险管理对保险公司价值的影响

The Relationship between ERM and the Firm Value in Insurance Companies

全面风险管理(Enterprise Risk Management,ERM)是一种最新的风险管理框架。它鼓励企业将风险进行整合,利用高度统一的方法来管理企业面临的所有风险。随着各个保险公司的风险意识的增强和监管部门对全面风险管理规定的出台,全面风险管理已经逐渐被保险公司的高层接受,并在公司内部开展不同形式的全面风险管理活动。本文针对目前保险公司开展全面风险管理活动的情况,分析了全面风险管理活动对保险公司价值的潜在影响,发现在全面风险管理选择模型中,企业规模与全面风险管理的使用成正相关。本文使用全面风险管理指示变量和其他一系列变量来考察全面风险管理使用与企业价值之间的内在关联,结果发现两者在统计和经济意义上存在着显著的正向关系。

Enterprise risk management （ERM） has been a very popular framework of risk management in recent years. It encourag- es that enterprise board integrates risks together and uses a consistent approach to management the entire risks. Many insurance companies start to realize the importance of risk management while the administration announces the new risk management regulations. The boards of the insurance company have already accepted the concepts of ERM and launched all kinds of ERM activities. This article focuses on some ERM activities in insurance companies and analyzes the connection between those and firm values. We use Ordinary Least Square （OLS） approach to estimate the key factors of ERM approaches to determine the firm value. In our ERM-choice regression we find ERM usage to be positively related to firm size. We consider the indicator of ERM and a series of variables to indentify the internal connection between the use of ERM and the firm value. As the result, we find the ERM premium is statistically and economically significant.