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研究生:黃薏珊
研究生(外文):Yi-Shang Huang
論文名稱:The Determinants of Enterprise Risk Management: Evidence from the Appointment of Chief Risk Officers in Publicly-listed Financial Firms in Taiwan
論文名稱(外文):The Determinants of Enterprise Risk Management: Evidence from the Appointment of Chief Risk Officers in Publicly-listed Financial Firms in Taiwan
指導教授:盧榮和盧榮和引用關係
指導教授(外文):Jung-Ho Lu
學位類別:碩士
校院名稱:銘傳大學
系所名稱:風險管理與保險學系碩士班
學門:商業及管理學門
學類:風險管理學類
論文種類:學術論文
論文出版年:2008
畢業學年度:96
語文別:英文
論文頁數:43
中文關鍵詞:整合風險管理風險長╱風控長
外文關鍵詞:Enterprise Risk ManagementChief Risk Officer
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風險管理係組織經營的一個最重要的面向。在接連經歷多起國際知名公司治理醜聞案件後,近十餘年來,「整合風險管理」(Enterprise Risk Management, ERM)大獲青睞。不同於「傳統風險管理」(the traditional risk management)將各風險個別管理,整合風險管理賦予企業使用整合式、全面性的風險管理方法。本文以我國上市金融公司為研究對象,目的在於研究、瞭解我國企業推動「整合風險管理」的進展現況及影響推動ERM的關鍵因素。首先,以有設置風險長(a Chief Risk Officer, CRO)執行並管理ERM計畫的公司,建構為樣本組,再就與其相當之企業規模與產業別公司中,篩選形成對照組,使用邏吉斯迴歸(a logistic regression)統計分析法,檢定樣本組與對照組公司在實施ERM計畫上是否存在顯著差異。本研究結果發現,樣本組與對照組公司之間並無存在顯著差異。此外,本文亦發現,擁有越低財務槓桿之企業及越低成長機會之企業,較傾向設置風險長一職。換言之,財務槓桿越低的企業以及成長機會越低的企業,實施ERM計畫的可能性越高。
Managing risk is an important aspect of running an organization. After the recent wave of corporate governance scandals, Enterprise Risk Management (ERM) has gained popularity over the last 15 years. Unlike the traditional risk management (TRM) where individual risk categories are separately managed in risk “silos,” ERM enables firms to manage a wide array of risks in an integrated, holistic fashion. The purpose of this study is to examine the variables which influence the current status of ERM and the publicly-listed financial firms’ determinants of ERM adoption in Taiwan. We construct a sample of firms that have signaled there use of ERM by appointing a Chief Risk Officer (CRO) who is charged of the responsibility of implementing and managing the ERM program. We use a logistic regression framework to compare these firms to a size- and industry-matched control sample. Our analysis shows an absence of systematic differences between sample and control firms. We find that lower leveraged firms are more inclined to appoint CROs. Besides, we also find that lower market-to-book ratio firms are more likely to appoint CROs in Taiwan.
謝 誌 I
ABSTRACT II
中文摘要 III
CONTENTS IV
LIST OF FIGURES VI
LIST OF TABLES VII
CHAPTER 1. INTRODUCTION 1
1.1Background and Motivation of Research 1
1.2The Issues and Purpose of Research 2
1.3 The Framework and Process of Research 3
1.4 Limitation of Research 5
1.5 Organization of the Research 5
CHAPTER 2. LITERATURE REVIEW 7
2.1 Differences between ERM and Traditional Risk Management 7
2.2 Definition and Components of ERM 10
2.2.1 Enterprise Risk Management Defined 10
2.2.2 Components of Enterprise Risk Management 10
2.2.3 ERM Organizational Model 11
2.3 Driving Forces behind ERM 12
2.4 The Role of the CRO 16
2.5 Determinants of CRO Appointment 18
2.6 The Hypotheses Establishment 21
CHAPTER 3. RESEARCH METHODOLOGY 22
3.1 Sample and Data Collection 22
3.2 Analytic Methods 23
3.2.1 Descriptive Statistics Analysis 23
3.2.2 Correlation Analysis 23
3.2.3 Logistic Regression Analysis 23
3.3 Variables Description 23
3.3.1 Dependent Variable 23
3.3.2 Independent Variables 23
CHAPTER 4. EMPIRICAL RESULTS 25
4.1 Descriptive Statistics Analysis 25
4.2 Correlation Analysis 25
4.3 Logistic Regression Analysis 27
4.4 Summary of the Result of the Hypotheses Examination 31
CHAPTER 5. CONCLUSION 32
REFERENCES 33
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