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企业风险管理技巧-ibm论文代写

  企业风险管理(ERM)一直是近年来媒体持续关注的话题。许多组织已经实施了ERM项目, 咨询公司也都设立了专门的企业风险管理职位,大学已经开发出了企业风险管理相关的课程和研究中心。

  Enterprise risk management (ERM) has been the topic of increased media attention in recent years. Many organizations have implemented ERM programs, consulting firms have established specialized ERM units, and universities have developed ERM-related courses and research centers.

  尽管提高了学者和从业者对企业风险管理的的兴趣,但目前还没有办法证明这种管理方案对企业价值有影响。本研究的目的是评估已经实施了企业风险管理计划的企业,并评估这些方案的实际所产生的价值。我们把注意力集中在这项研究中的美国保险公司,他们可能会为了控制各行业的市场而调整实际方案。

  Despite the heightened interest in ERM by academics and practitioners, there is an absence of empirical evidence regarding the impact of such programs on firm value. The objective of this study is to measure the extent to which specific firms have implemented ERM programs and, then, to assess the value implications of these programs. We focus our attention in this study on U.S. insurers in order to control for differences that might arise from regulatory and market differences across industries.

  We use a maximum-likelihood treatment effects framework to simultaneously model the determinants of ERM and the effect of ERM on firm value. In our ERM-choice equation we find ERM usage to be positively related to factors such as firm size and institutional ownership, and negatively related to reinsurance use, leverage, and asset opacity. By focusing on publicly-traded insurers we are able to estimate the effect of ERM on Tobin’s Q, a standard proxy for firm value. We find a positive relation between firm value and the use of ERM. The ERM premium of roughly 20% is statistically and economically significant and is robust to a range of alternative specifications of both the ERM and value equations.

  Interest in enterprise risk management (ERM) has continued to grow in recent years. Increasing numbers of organizations have implemented or are considering ERM programs, consulting firms have established specialized ERM units, rating agencies have begun to consider ERM in the ratings process2 and universities have developed ERM-related courses and research centers. Unlike traditional risk management where individual risk categories are separately managed in risk ‘silos’, ERM enables firms to manage a wide array of risks in an integrated, enterprise-wide fashion. Academics and industry commentators argue that ERM benefits firms by decreasing earnings and stock-price volatility, reducing external capital costs, increasing capital efficiency, and creating synergies between different risk management activities (Miccolis and Shah, 2000; Cumming and Hirtle, 2001; Lam, 2001; Meulbroek, 2002; Beasley, Pagach, and Warr, 2008). More broadly, ERM is said to promote increased risk awareness which facilitates better operational and strategic decision-making. Despite the substantial interest in ERM by academics and practitioners and the abundance of survey evidence on the prevalence and characteristics of ERM programs (see for example Miccolis and Shah, 2000; Hoyt, Merkley, and Thiessen, 2001; CFO Research Services, 2002; Kleffner, Lee, and McGannon, 2003; Liebenberg and Hoyt, 2003, Beasley, Clune, and Hermanson, 2005), there is an absence of empirical evidence regarding the impact of such programs on firm value. The absence of clear empirical evidence on the value of ERM programs continues to limit the growth of these programs. According to one industry consultant, Sim Segal of Deloitte Consulting, corporate executives are “justifiably uncomfortable making a deeper commitment to ERM without a clear and quantifiable business case.”



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