发布时间 : 星期一 文章企业风险管理外文文献翻译2014年译文5000字更新完毕开始阅读0341cc8c4693daef5ff73d6f
The mechanism of enterprise risk management, improve enterprise value is mainly done through three ways: (1) the optimization of enterprise capital allocation. Enterprise risk management framework of capital structure management, can improve the return on equity and improve the corporate governance structure, which affects the value of the enterprise (Peter Tufano, 1996).(2) improve enterprise strategic decision level. Enterprise risk management will be integrated into the overall strategy of the enterprise risk management, covering the entire process and the development of the enterprise business, can make enterprises seize the opportunity and enhance competition ability, thus improve the performance of the company. Enterprise risk management can reduce the cost of enterprise was in financial trouble, reduce the probability of bankruptcy, reduce the influence of traditional liabilities to the company value (NeilDoherty, 2005).(3) to strengthen the management of incentive, in turn, improve the level of performance. If it can be through effective risk management measures to control the fluctuation of stock price, makes the sensitivity of management compensation to company performance is positive, so that it can solve the agency problem in corporate governance, so as to make the management efficiency and to enhance the value of the company (Aggarwal, 1999).
3.4 The enterprise risk management: an empirical study of relationship between the value of the company
Enterprise risk management on earth has much impact on the promotion of enterprise value, simple qualitative analysis is difficult to get the exact conclusion. To do this through a variety of academic empirical method to research: (1) the overall level of study from the enterprise, the enterprise risk management of the company, its universality of the increase of the value of the company has a large (Cyree etc., 2004; Hoyt, etc., 2008);(2) from the specific business level, using tobin Q as substitution variables of enterprise value, found that use derivatives to hedge risk, the enterprise value of a positive growth trend (Allayannis etc., 2001; Bartram, etc., 2004; Nain, 2004; Kim, 2004);Karen berger (2007), ABB company as an example to analyze the risk communication to establish credibility and maintain the significance of the value
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of the company.
4 Summary and outlook
Can clearly see through the above analysis, the theory of risk management and internal audit and control theory of the cross and integrated, makes the enterprise risk management in a more integrated and comprehensive perspective and method to deal with the risks of enterprise developing, to ensure the healthy and sustainable development of the enterprise. But in 2007 the outbreak of the subprime crisis, to the enterprise risk management to improve and perfect puts forward a new proposition: how to implement effective risk management to respond
A new challenge? Have the following questions need to be further studied and discussed:
4.1. The COSO - application problems of enterprise risk management framework.
At present the framework is the core of enterprise risk management standards, but more from the perspective of process management is the framework to deal with the risk of enterprise, to real-time risk management is not enough attention, especially not fully consider the enterprise's solvency problems, in fact, enterprise bankruptcy is often insufficient solvency direct consequences. Therefore, the enterprise is the lack of risk management: in the analysis of enterprise risk management framework, how to pay attention to the solvency of enterprises and set up effective feasible evaluation index.
4.2. The use of financial derivatives and structured finance instruments.
Subprime mortgage crisis, the AIG, citigroup and other large financial institutions are far as companies used as risk reserve capital will not be able to meet the needs of the huge amount of structured products trading, high leverage multiples bring unexpected losses. Therefore, how to correctly treat and deal with problem of structured finance instruments, is the enterprise risk management cannot be ignored. 4.3. The problem of corporate social responsibility and reputation.
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As from the simple to the requirement of enterprise profit extends to social responsibility and reputation, brand, and other fields, enterprise risk management must also be followed by development and extension, to include external stakeholders requirements in enterprise risk management framework, in a more broad perspective to the comprehensive risk management. Therefore, how an enterprise bear the social responsibility through sustainable risk management, realize the harmony of economic interests and social interests, is the future of enterprise risk management an important problem to be reckoned with. 译文
企业风险管理理论的发展
贝达德；霍塔什
摘要
企业风险管理作为风险管理学科的一个重要领域，在 50 多年的发展过程中实现了从多个领域的分散研究向全面风险管理一体化框架的演进，其中风险管理理论和内部审计与控制理论是两大理论来源，风险管理理论经历了从传统风险管理、财务波动性风险管理向企业风险管理的发展，而内部审计与控制理论也经历了内部会计控制、内部控制整体框架向企业风险管理的演进，上述两大理论的发展都指向了企业风险管理的方向，企业风险管理理论最终实现了集成发展，成为企业管理不可或缺的重要组成部分。 关键词：企业风险管理 内部审计 内部控制
1第一个理论来源——风险管理理论的演进
“风险管理”作为一种经营和管理的理念，具有悠久的历史：西方几千年前
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就有“不要把所有鸡蛋都放在一个篮子里”的谚语。现代意义上的风险管理思想出现在 20 世纪前半期，如法约尔的安全生产思想、马歇尔的“风险分担管理”观点等；但是风险管理作为一门学科得到系统的发展则是开始于 20 世纪中叶：1950 年，加拉格尔在《风险管理：成本控制的新阶段》的论文中，提出了风险管理的概念；Johnso（1952）提到了农场管理中如何处理风险和不确定性问题，从而较早涉及到了企业（农场）的风险管理问题。风险管理真正作为一门学科的出现，是以 Mehr 和 Hedges 的《企业风险管理》（1963）和 C.A.Williams和 Richard M. Heins《风险管理与保险》（1964）的出版为标志。Williams 和 Heins 认为，“风险管理是通过对风险的识别、衡量和控制从而以最小的成本使风险所致损失达到最低程度的管理方法”，风险管理不仅仅是一门技术、一种方法、一种管理过程，而且是一门新兴的管理科学。风险管理理论的发展，主要经历了三个阶段：
1.1第一阶段：20 世纪 50 年代到 70 年代
理论倾向主要是防范和管理企业面临的纯粹风险（不利风险）；企业风险管理所采取的主要策略就是风险回避和风险转移，保险成为主要的风险管理工具。通用汽车公司的火灾事件以及美国钢铁行业的工人罢工都对企业的正常经营造成了严重的影响和损失，成为推动企业风险管理理论发展的重要契机。本阶段风险管理理论的第一个重要领域，是对风险管理对象的界定和研究。20 世纪以来，理论界一直把风险管理的对象分为纯粹风险和投机风险两大类，并将纯粹风险作为风险管理的对象和目标（Denenberg，1966；Gahin，1967）。其实，将风险分为纯粹风险和投机风险是一种基于责任划分的方法，是针对损失而言，并非针对风险而言，因此与其将其分为纯粹风险和投机风险，而不如将其分为纯粹损失和投机损失，因为这样更能体现风险经理的真正着眼点——损失问题。
第二个重要领域是，对企业的保险决策和投保行为，以及保险在应对企业风险中的重要作用和普遍性的研究。Greene（1955）对风险管理的定位就是保险购买者。1955 年，《管理评论》发表的论文《对风险题的一种管理方法》，认为保险作为企业管理风险的最重要手段应该得到企业管理层和股东的重视，认为保险是企业支出的各种成本中最具有价值的部分。
（声明：本译文归百度文库所有，完整译文请到百度文库。）
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