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在企业风险管理决策过程中,究竟是公司特质因素更为重要,还是制度环境起决定作用?基于2003~2011年沪深A股302家实施全面风险管理项目公司的数据,采用COX比例风险模型对上述问题行了实证检验。研究发现:第一,在全面风险管理决策过程中,企业特质因素而非监管因素起着主导作用;第二,监管程度的差异影响企业特质因素作用于全面风险管理决策的效果;第三,市场化程度会调节企业特质因素作用于全面风险管理决策的效果,在市场化程度较高的地区,公司特质因素驱动的效果更为显著,而在市场化程度较低的地区,监管驱动的作用更强。
In the process of enterprise risk management decision-making, exactly whether the company’s quality factor is more important or whether the institutional environment plays a decisive role? Based on the data of 302 companies implementing total risk management in Shanghai and Shenzhen A shares in 2003-2011, the COX proportional hazards model The above problem line empirical test. The findings are as follows: First, in the process of overall risk management decision-making, the enterprise’s idiosyncratic factor plays a leading role rather than the supervisory factor; secondly, the difference of the degree of supervision affects the effect of firm’s idiosyncratic factors on the overall risk management decision-making; thirdly, The degree of enterprise will adjust the enterprise quality factors on the overall risk management decision-making effect in the higher degree of market-oriented areas, the company driven by the idiosyncratic factors more significant effect, while in the less market-oriented areas, regulatory-driven role more Strong.