跳到主要內容

臺灣博碩士論文加值系統

(3.236.23.193) 您好!臺灣時間:2021/07/24 11:30
字體大小: 字級放大   字級縮小   預設字形  
回查詢結果 :::

詳目顯示

我願授權國圖
: 
twitterline
研究生:羅雅文
研究生(外文):Ya-wen Lo
論文名稱:公司治理對企業採行「整合風險管理」(ERM)影響之實證研究-以臺灣金融及電子業為例
論文名稱(外文):The Effect of Corporate Governance on the Use of Enterprise Risk Management-An Empirical Study on Financial and Electronic Companies in Taiwan
指導教授:盧榮和盧榮和引用關係
指導教授(外文):Louis J. H. 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
畢業學年度:96
語文別:英文
論文頁數:62
中文關鍵詞:公司治理整合風險管理
外文關鍵詞:Corporate GovernanceEnterprise Risk Management (ERM)
相關次數:
  • 被引用被引用:0
  • 點閱點閱:371
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:0
本研究之目的在於檢視我國企業推動「整合風險管理」(Enterprise Risk Management, ERM)的情形、企業執行ERM時所遭遇之阻礙、以及公司治理實務守則對企業採用ERM決策之影響角色扮演。研究對象係我國金融業及電子業年營收排行前600大企業,分別發放問卷調查:(1)國內企業目前推動整合風險管理的情形,(2)國內企業推動ERM的阻礙因素,(3)公司治理實務守則對我國企業採行ERM決策所扮演之角色及其影響。本實證研究發現,影響企業採行ERM的因素包括:為配合遵行台灣證券交易所(Taiwan Stock Exchange Corporation, TSEC)實務守則、董事會對公司採用ERM的支持、追求在風險充分控管下的產品創新以及競爭或其它同業的壓力等。另外,本研究也發現,阻礙事業單位採行ERM的主要因素為: 缺乏可勝任的管理人員,以執行ERM計畫、需要內部控制及監管系統、以及企業組織結構或企業文化排斥ERM、公司抗拒變革等。
This article examines the use of Enterprise Risk Management (ERM) by companies in Taiwan, the characteristics that are associated with the use of ERM, what obstacles companies face in implementing ERM, and what role, if any, corporate governance guidelines have played in the decision to adopt ERM. In this article, we obtain our data from the responses to a search questionnaires send to the top 600, in annual revenues of 2007, of financial and electronic companies and examine to what extent companies in Taiwan are using ERM, what characteristics are associated with the use of ERM, what obstacles companies face in implementing ERM, and what role, if any, corporate governance guidelines have played in the decision to adopt ERM. Evidence was clear that reasons for adopting ERM include compliance with TSE guidelines, encouragement from the board of directors; concern for Directors'' and Officers'' (D&O) liability was important, product innovation in managing risk and competition or other industry-related pressures. Besides, we also found the major deterrents to the implementation of ERM were lack of qualified personnel to implement the program and need for internal control and review systems. Organizational structure or a corporate culture that discourages ERM was also important, as was the company resistance to change.
Keywords: Enterprise Risk Management (ERM), Corporate Governance
謝 誌 I
ABSTRACT I
中文摘要 II
LIST OF FIGURES II
LIST OF TABLES III
CHAPTER 1. INTRODUCTION 4
1.1 Background and Motivation of Research 4
1.2 The Issues and Purposes of Research 6
1.3 The Framework and Process of Research 7
CHAPTER 2. LITERATURE REVIEW 11
2.1 Benefit and Deterrents of ERM 11
2.2 Factors Affecting the Adoption of ERM 22
2.3 Linkage between Corporate Governance and ERM 27
CHAPTER 3. RESEARCH METHOD 30
3.1 Sample and Data Collection 30
3.2 Research Design 30
CHAPTER 4. EMPIRICAL RESULTS 35
4.1 Company and Risk Manager Characteristics 35
4.2 Use of Enterprise Risk Management 38
4.3 Evidence Regarding the State of the Market 41
4.4 Differences in Firm Characteristics Based on ERM Utilization 42
4.5 The effect of TSE guideline on the use of ERM 44
CHAPER 5. CONCLUSION 46
REFERENCES 47
APPENDIX 53
1.Aabo, T., Fraser, J., & Simkins, B. (2005). The Rise and Evolution of the Chief Risk Officer: Enterprise Risk Management at Hydro One. Journal of Applied Corporate Finance, 17(3):5-5.
2.Ashby, S. G., & Diacon, S. R. (1998). The Corporate Demand for Insurance: A Strategic Perspective. Geneva Papers on Risk and Insurance, 23:34-51.
3.Ballou, B., & Heitger, D. L. (2005). A Building-Block Approach for Implementing COSO''s Enterprise Risk Management--Integrated Framework. Management Accounting Quarterly, 6(2):1-10.
4.Basel II. (2004). International Convergence of capital measurement and capital standards: a Revised Framework. Bank for International Settlements, Basel, Switzerland. Available from: <http:// www.bis.org/press/p040626.htm>.
5.Beasley, M. S., Chen, A., Nunez, K., & Wright, L. (2006). Working Hand In Hand: Balanced Scorecards AND Enterprise Risk Management. Strategic Finance, 87(9):49-55.
6.Beasley, M. S., Clune, R., & Hermanson, D. R. (2005a). Enterprise risk management: An empirical analysis of factors associated with the extent of implementation. Journal of Accounting and Public Policy, 24(6):521-531.
7.Beasley, M. S., Clune, R., & Hermanson, D. R. (2005b). ERM a status report. Internal Auditor, 62(1):67-72.
8.Bessembinder, H. (1991). Forward Contracts and Firm Value: Investment Incentive and Contracting Effects. Journal of Financial and Quantitative Analysis, 26:519-532.
9.Bies, S. (2004, July 16). Using enterprise-wide risk management to effectively execute business strategies. Speech made by Governor Bies. Available from: http://www.federalreserve.gov/boarddocs/speeches/2004/20040716/default.htm.
10.Bowling, D., Julien, F., & Rieger, L. (2003). Taking the Enterprise Risk-Management Journey. Bank Accounting & Finance, 16-22.
11.Campbell, T. S., & Kracaw, W. A. (1990). Corporate Risk Management and the Incentive Effects of Debt. Journal of Finance, 45:1673-1686.
12.Canadian Institute of Chartered Accountants (1995). Guidance on Control (Toronto: CICA).
13.Casualty Actuarial Society (CAS) (2003). Overview of Enterprise Risk Management.
14.CFO Research Services (2002, March). Strategic Risk Management: New Disciplines, New Opportunities. CFO Publishing Corp. World Wide Web: http://www.aon.com/about/publications / pdf / issues / aon_cfo_report.pdf.
15.Chapman, C. (2003, June). Bringing ERM into focus: A new COSO study provides some much-needed clarity and structure to the fluid topic of enterprise risk management - Committee of Sponsoring Organizations of the Treadway Commission report on Enterprise Risk Management, Internal Auditor.
16.Chapman, R. J. (2006). Simple Tools and Techniques for Enterprise Risk Management. Wiley.
17.Chen, K. Y., Elder, R. J., & Hsieh, Y.-M. (2005). Corporate Governance and Earnings Management: The Implications of Corporate Governance Best-Practice Principles for Taiwanese Listed Companies, 5-8.
18.Claessens S., Djankov, and Lang. L. (2000). The separation of ownership and control in East Asian Corporations. Journal of Financial Economics, 58:81-112.
19.Colquitt, L. L., & Hoyt, R. E. (1997). Determinants of Corporate Hedging Behavior: Evidence from the Life Insurance Industry. Journal of Risk and Insurance, 64:649-671.
20.Colquitt, L. L., Hoyt, R. E., & Lee, R. B. (1999). Integrated Risk Management and the Role of the Risk Manager. Risk Management and Insurance Review, 2:43-61.
21.Committee of Sponsoring Organizations of the Treadway Commission (COSO) (2004). Internal Control - An Integrated Framework, (New York: American Institute of Certified Public Accountants).
22.Cumming, C. M., & Hirtle, B. J. (2001, March). The Challenges of Risk Management in Diversified Financial Companies. FRBNY Economic Policy Review, 1-17.
23.Economist Intelligence Unit Limited and MMC Enterprise Risk, Inc. (2001). Enterprise Risk Management: Implementing New Solutions ,New York.
24.Froot, K. A., Scharfstein, D. S., & Stein, J. C. (1993). Risk Management: Coordinating Corporate Investment and Financing Policies. Journal of Finance, 48:1629-1658.
25.Gates, S. (2006). Incorporating Strategic Risk into Enterprise Risk Management: A Survey of Current Corporate Practice Journal of Applied Corporate Finance, 18(4):81-90.
26.Gray, J. (2001, October). A Matter of Trust. Canadian Business, 29:36-37.
27.Green, P. (2001). Risk Managers Cover Enterprise Exposure. Global Finance, 15:72-74.
28.Harrington, S. E. G. Niehaus, & K. J. Risko. (2002). Enterprise Risk Management: The Case of United Grain Growers. Journal of Applied Corporate Finance, 14:71-81.
29.Haubenstock, M. (1999, February). Organizing a Financial Institution to Deliver Enterprise-Wide Risk Management. Journal of Lending and Credit Risk Management, 1:46-52.
30.Hovey, J. (2000, May). Risky Business. Industry Week, 15:75-77.
31.Hoyt, R. E., & Khang, H. (2000). On the Demand for Corporate Property Insurance Journal of Risk and Insurance, 67:91-107.
32.IIA Research Foundation studies — Enterprise Risk Management: Trends and Emerging Practices (2001) and Enterprise Risk Management: Putting it All Together (2002)
33.Institute of Chartered Accountants in England and Wales (ICAEW),(1999) No Surprises: The Case for Better Risk Reporting, London, U.K.
34.Ivancevich, D.M., Hermanson, D.R., Smith, L.M., (1998, Spring). The association of perceived disaster recovery plan strength with organizational characteristics. Journal of Information Systems 12, 31–40.
35.Jablonowski, M. (2001, February). Thinking in Numbers. Risk Management, 30-35.
36.Jensen, M. C., & Meckling, W. (1976). Theory of the Firm, Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3:305-360.
37.Julien, R., & Rieger, L. (2006). Enterprise Risk Management: A Practical Plan to Get Going Now.
38.Kleffner, A. E., Lee, R. B., & McGannon, B. (2003). The Effect of Corporate Governance on the Use of Enterprise Risk Management: Evidence from Canada. Risk Management & Insurance Review, 6(1):53-73.
39.La Porta, R., Lopez-de-Silanes F., Shleifer A. & Vishny. R. (1999). Corporate ownership around the world. Journal of Finance, 54:471-517.
40.Lam, J. (2001, April). The CRO Is Here to Stay. Risk Management, 16-20.
41.Lam, J. (2003). Enterprise Risk Management: From Incentives to Controls. Wiley.
42.Lam, J., & Kawamoto, B. M. (1997, September). Emergence of the Chief Risk Officer. Risk Management, 30-34.
43.Lenckus, D. (2001). Enterprising Risk Manager. Business Insurance, 35:1-6.
44.Liebenberg, A., Hoyt, R. (2003). The Determinants of Enterprise Risk Management: Evidence from the Appointment of Chief Risk Officers. Risk Management and Insurance Review, 6 (1): 37–52.
45.Lu, J.-H. & Horng, D.-J. (2007). The Role of Directors'' and Officers'' Liability Insurance in Corporate Governance–An Empirical Study on Electronic Industry in Taiwan. International Journal of Technology Management, 40(1/2/3): 229-247.
46.MacMinn, R. D. (1987). Insurance and Corporate Risk Management. Journal of Risk and Insurance, 54:658-677.
47.Mayers, D., & Smith, C. W. (1982). On the Corporate Demand for Insurance. Journal of Business, 55:190-205.
48.Mayers, D., & Smith, C. W. (1987). Corporate Insurance and the Underinvestment Problem Journal of Risk and Insurance, 54:45-54.
49.Mayers, D., & Smith, C. W. (1990). On the Corporate Demand for Insurance: Evidence from the Reinsurance Market. Journal of Business, 63:19-14.
50.McCarthy, M.P., & Flynn, T.P. (2004). Risk from the CEO and Board Perspective, McGraw Hill, New York.
51.McWhorter, L. B., Matherly, M., & Frizzell, D. M. (2006). The Connection between Performance Measurement and Risk Management. Strategic Finance, 87(8):50-55.
52.Meulbroek, L. K. (2002). Integrated Risk Management for the Firm: A Senior Manager''s Guide. Journal of Applied Corporate Finance, 14:56-70.
53.Miccolis, J., and Shah, S. (2000). Enterprise Risk Management: An Analytic Approach, Tillinghast-Towers Perrin. World Wide Web: http://www.tillinghast.com/tillinghast/publications/reports/Enterprise-RiskJVIanagement_An_Analytic-Approach/erm2000.pdf.
54.Miller, K. (1992). A Framework for Integrated Risk Management in International Business. Journal of International Business Studies, 23:311-332.
55.Morgan, D. P. (2002). Rating Banks: Risk and Uncertainty in an Opaque Industry. American Economic Review, 92:874-888.
56.Myers, S. C. (1977). The Determinants of Corporate Borrowing. Journal of Financial Economics, 4:147-175.
57.PR Newswire (2000, December 14). The St. Paul Companies Names Janet Nelson Corporate Chief Risk Officer, PR Newswire, World Wide Web: http://www.prnewswire.com.
58.PR Newswire (2001, December 7). TXU Names Chief Risk Officer, PR Newswire, World Wide Web: http://www.prnewswire.com.
59.PR Newswire (2002, July 16). AMS Names David Fontaine General Counsel and Chief Risk Officer, PR Newswire. World Wide Web: http://www.prnewswire.com.
60.PricewaterhouseCoopers LLP(PWC), (2004). Managing Risk: An Assessment of CEO Perspectives. PWC, New York.
61.Rao, A., & Marie, A. (2007). Current Practices of Enterprise Risk Management in Dubai. Management Accounting Quarterly, 8(3):10-22.
62.Risk and Insurance Management Society (RIMS) and Marsh, (2005, April) Excellence in Risk Management: A Qualitative Survey of ERM Programs.
63.Securities and Future Institute. (2005). Corporate governance in Taiwan.
64.Shaw, J. (2005). Managing All of Your Enterprise''s Risks. Risk Management, 52(9):22-30.
65.Shenkir, W. G., & Walker, P. L. (2007). Enterprise Risk Management: Tools and Techniques for Effective Implementation: Institute of Management Accountants.
66.Slywotzky, A. & Drzik, J. (2005). Countering the Biggest Risk of All. Harvard Business Review, 78-88.
67.Smith, C. W., & Stulz, R. M. (1985). The Determinants of Firms'' Hedging Policies. Journal of Financial and Quantitative Analysis, 31:419-439.
68.Sobel, P. J., & Reding, K. F. (2004). Aligning Corporate Governance with Enterprise Risk Management. Management Accounting Quarterly, 5(2):29-37.
69.Thiessen, K., Hoyt, R. E., & Merkley, B. M. (2001). A Composite Sketch of a Chief Risk Officer: (Canada: The Conference Board of Canada).
70.Tillinghast-Towers Perrin (2002) Enterprise Risk Management in the Insurance Industry—2002 Benchmarking Survey Report. World Wide Web: http://www.tillinghast.com/tilIinghast/pubhcations/reports/ERMJnsurJnd-2002.benchmark-Survey/ERMJ2002-all.pdf.
71.Tillinghast-Towers Perrin, (2004). Adding Value through Risk and Capital Management. Tillinghast-Towers Perrin, New York.
72.Toronto Stock Exchange (1994, December). Where Were the Directors? (Toronto Stock Exchange Committee on Corporate Governance in Taiwan).
73.Toronto Stock Exchange and Institute of Corporate Directors (1999). Report on Corporate Governance, 1999: Five Years to the Dey (Toronto Stock Exchange).
74.Walker, P. L., Shenkir, W. G., Barton, T. L. (2002, Altamonte Springs). Enterprise Risk Management: Putting it all together. Institute of Internal Auditors Research Foundation, FL.
75.Warren, E. A. (2007). Enterprise Risk Management (ERM). 18.
76.Whitfield, R., (2004, March). Creating a risk-conscious climate. NACUBO Business Officers, 27–32.
77.Yeh Y., Lee, T. and Woidtke, T. (2001). Family control and corporate governance: Evidence from Taiwan. International Review of Finance, 2:21-48.
QRCODE
 
 
 
 
 
                                                                                                                                                                                                                                                                                                                                                                                                               
第一頁 上一頁 下一頁 最後一頁 top