试论治理结构对证券公司风险管理有效性的影响

Discussion on the Influence of Governance Structure on the effectiveness of risk management of securities companies

本文通过实证研究支持了两点结论:即独立董事比例和信息披露透明度这两个公司治理关键因素对证券公司风险管理的有效性确实存在显著影响。尽管"董事长和总裁两职合一对风险管理有效性存在显著影响"的原假设为检验所拒绝,但从简单的数据比较分析可看出,具有较强风险管理有效性的证券公司在董事长与总裁两职分离方面,总体上要好于其他证券公司。因此,本文的实证研究支持了以下结论:公司治理结构确实对证券公司风险管理的有效性存在显著影响。

Through empirical research, this paper supports two conclusions： the two key corporate governance factors, namely, the proportion of independent directors and transparency of information disclosure, have a significant impact on the effectiveness of risk management of securities companies. There is an original hypothesis that it will have a significant impact on the effectiveness of risk management if Chairman and CEO are the same person, whichhas beenrefused by inspection.Nevertheless it can be seen from a simple comparative analysis of the data thatsecurities companies with more effectiveness of risk management do better inseparatingthe position of chairman from CEO than other securities companies. Therefore, the empirical research in this paper supports the following conclusions： corporate governance structure has a significant impact on the effectiveness of risk management of securities companies.