风险管理委员会与公司价值研究

Risk Management Committee and Corporate Value

本文以2006~2015年沪深A股上市公司为研究对象,探讨了风险管理委员会与公司价值的关系。研究结果发现,企业设置风险管理委员会能显著提高公司价值,并且这种效应在国有上市公司更明显。研究还发现,风险管理委员会规模大、独立性强,成员与审计委员会成员交叉任职、财务专业背景比例大,召集人为董事长或者C E O时,风险管理委员会与公司价值的正效应更明显。进一步研究发现,提高公司内部控制水平是风险管理委员会提升公司价值的重要途径。本文的研究结论丰富了董事会结构的相关理论,同时对风险管理委员会在提升企业价值水平方面提供了经验参考。

This article takes the Shanghai and Shenzhen A-share listed companies from 2006to 2015 as the research object,and explores the relationship between risk management committeeand corporate value.The results found that the establishment of risk management committees inenterprises can significantly increase corporate value,and this effect is more obvious in state-owned listed companies.The study also found that the positive effect of the risk managementcommittee and the company's value is more obvious when it's large scale,strong independence,its members and audit committee members cross-service,or a large proportion of members withfinancial professional background,its convener is the chairman or the CEO.Further research foundthat improving the company's internal control level is an important way for the risk managementcommittee to enhance the corporate value.The conclusions of this research enrich the relevanttheories of the board structure,and provide an experience for the risk management committee inenhancing the level of corporate value.