寿险公司实施全面风险管理对企业价值的影响研究

A Study on the Influence of Implementing Enterprise Risk Management on Enterprise Value for Chinese Life Insurance Companies

为了探索寿险公司实施全面风险管理对企业价值的影响,选择58家寿险公司2010~2015年度公开披露的数据信息,以总资产收益率ROA作为寿险公司企业价值变量指标,以ERM作为全面风险管理核心变量指标,包括全面风险管理组织结构指标ERM1和技术能力水平指标ERM2。其中,ERM1从3个维度衡量全面风险管理组织结构体系的影响,ERM2从3个维度7类风险衡量全面风险管理技术能力水平的影响,ERM3(ERM1×ERM2)衡量全面风险管理组织结构和技术能力水平的共同作用。运用赋值法和固定效应回归模型进行实证研究。结果显示,ERM1、ERM2、ERM3均与企业的总资产收益率ROA之间存在显著的正相关关系,相关系数分别为0.0128***、0.00530**和0.00278***,表明寿险公司全面风险管理组织结构体系有非常显著的影响,技术能力水平有比较明显的影响,而二者共同作用则有非常显著的影响。具体来说,拥有完善的全面风险管理组织结构的公司,资产收益率将相对提高3.84个百分点(1.28%×3=3.84%);拥有完善的全面风险管理技术能力水平的公司,资产收益率将相对提高3.71个百分点(0.53%×7=3.71%);同时拥有完善的全面风险管理组织结构和技术能力水平的公司,资产收益率将相对提高约5.84个百分点(0.278%×3×7=5.838%)。由此可见,完善全面风险管理组织结构体系、提升全面风险管理技术能力水平,能够显著提高寿险公司的企业价值,最后,提出了相应的建议。

In order to explore the impacts of the implementation of enterprise risk management on the enterprise value of life insurance companies,the article used public data of 58 life insurance companies from 2010 to 2015,choosing ROA as enterprise value,ERM as enterprise risk management,ERM1 as organizational structure and ERM2 as technical level. ERM1 measured the effects of organizational structure from three dimensions. ERM2 measured the effects of technical level from three dimensions in addition to seven kinds of risks. ERM3（ ERM1 ×ERM2） represented the joint effects of organizational structure and technical level. Then the paper used the assignment method and the fixed effect regression model to carry on the empirical research. The results suggested that there was a significant and positive correlation between ERM（ ERM1,ERM2,and ERM3） and ROA. The coefficients were respectively 0. 0128＊＊＊,0. 00530＊＊and 0. 00278＊＊＊. This indicated that the organizational structure system of enterprise risk management had a quite significant effect,technical ability had an obvious effect,and the combination had a significant effect. Specifically,for a company with a perfect enterprise risk management structure,its return on assets would increase by 3. 84 percentage points（ 1. 28% × 3 = 3. 84%）. For a company with a high technical level,its return on assets would increase by 3. 71 percentage points（ 0. 53% × 7 = 3. 71%）. Besides,the return on assets of the company who had both would increase by 5. 84 percentage points（ 0. 278% × 3 × 7 =5. 838%）. Therefore,improving the organizational structure and improving the technical ability of enterprise risk management could significantly improve the enterprise value of life insurance companies. Finally,this article put forward some corresponding suggestions.