基于饲料加工业的全面风险管理框架构建与企业绩效研究

An empirical study on the construction of enterprise risk management framework and firm performance in feed processing industry

本文通过内控对全面风险管理(ERM)的影响来检验我国饲料加工业风险防控的有效性,同时探讨饲料企业是否可以通过构建全面风险管理框架来提高企业绩效。本文采用偏最小二乘法结构方程模型(PLS-SEM)揭示了风险管理与企业绩效之间的关联。研究表明,我国饲料加工业亟须完善风险管理制度,企业规模、杠杆率、资产不透明度和财务宽松程度是影响我国饲料企业绩效的重要调节因素,规模较小、杠杆率较低、资产不透明程度较高、财务宽松程度较低的饲料企业更适合构建全面风险管理框架,从而提高企业效益。

This paper attempts to examine the validation of internal control through its effects on risk management in feed processing industry,in the meanwhile,to explore whether China's feed enterprises can improve their performance through the establishment of a sound enterprise risk management(ERM)framework.It adopts the Partial Least Squares Structural Equation Modeling(PLS-SEM)to express the relationship between risk management and firm performance.The results suggested that feed enterprises in China need to set up ERM framework because embracing such sound risk management could enhance firm performance.It is also found that firm size,leverage,asset opacity,and financial slack are significant moderators that could influence risk management along with firm performance in feed processing industry.The findings indicate that feed enterprises with a smaller size,lower leverage,higher asset opacity,and lower financial slack are appropriate to use ERM,which will add more value to them.