央企全面风险管理提升公司价值了么?

Does ERM Improve Firm Value? Evidence from Listed SOEs

风险管理的有效性一直是一个存在争议的话题。金融危机以来,此起彼伏的风险事件使得各界对这一问题的探讨更加激烈。风险管理是否能够提升公司价值?国资委在2006年开始实施的《中央企业全面风险管理指引》是否发挥了预期的效果?文章以114家开展企业风险管理项目的央企上市公司为样本,使用2006——2010年间的数据对企业风险管理的价值提升效果极其特征进行实证检验。研究发现,在金融危机这一高度不确定情境下,企业风险管理具有显著的价值提升效果,但其价值提升作用具有滞后性特点。这一结论在采取不同计量方法时依然稳健。

Enterprise risk management（ERM） has special cost-benefit distribution because the project is accompanied by reengineering of process, upgrades of information system, adjustment of organizational structure and construction of risk management culture, which are resource-cos- ting. So the value of ERM is under debate. Taking 114 listed SOEs who adopted ERM as sample, this paper examines the value increasing effect and its characteristics of ERM with data from 2006-2010. The results indicate that, in the highly uncertain context of financial crisis, ERM has significant value enhancing effect, while the effect processes hysteresis characterizes. In average, ERM project could bring approximately 17 % added value in the 5 year period.