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本文使用中央上市企业2008年至2011年全面风险管理数据实证检验了企业实施全面风险管理对业绩的影响。研究发现,相比于未实施全面风险管理的企业,实施了全面风险管理的企业具有更好的财务业绩;企业实施全面风险管理的程度越高,企业财务业绩越好;全面风险管理的实施有利于降低企业高财务杠杆带来的财务困境风险。为避免内生性带来的结果偏差,本文利用联立方程组模型对全面风险管理、财务困境和企业业绩三者之间的关系进行研究,结果显示全面风险管理能通过降低企业财务困境风险进而提升企业业绩,而且还能通过其他途径提高企业价值。使用托宾Q值替代财务业绩情况下得出的结果与前面一致。研究结果为相关政策提供了经验证据,同时扩展了该领域现有的研究成果。
In this paper, we use the comprehensive risk management data from 2008 to 2011 of the listed companies in the central government to empirically test the impact of the implementation of total risk management on the performance of enterprises. The study found that enterprises with comprehensive risk management have better financial performance than those without comprehensive risk management. The higher the degree of implementation of comprehensive risk management, the better the financial performance of enterprises. The implementation of comprehensive risk management includes Which will help reduce the risk of financial distress brought by the high financial leverage of enterprises. In order to avoid endogenous bias, this paper uses the simultaneous equations model to study the relationship between overall risk management, financial distress and corporate performance. The results show that overall risk management can improve the risk of corporate financial distress by reducing the risk of corporate financial distress Business performance, but also through other ways to improve corporate value. The result of using the Tobin’s Q value instead of the financial result is the same as before. The findings provide empirical evidence for the relevant policies and extend the existing research in this area.