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研究生:高旭興
研究生(外文):Kao, Hsuhsing
論文名稱:不確定性、外部監督能力與企業風險管理之關聯性:兼論對公司績效之影響
論文名稱(外文):The Fit between Uncertainty, External Monitoring and Enterprise Risk Management: The Impact on Firm Performance.
指導教授:李佳玲李佳玲引用關係
指導教授(外文):Lee, Chialing
口試委員:林岳喬何加政
口試委員(外文):Lin, YuahchiauHo, Chiacheng
口試日期:2012-06-12
學位類別:碩士
校院名稱:國立中正大學
系所名稱:會計與資訊科技研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:中文
論文頁數:96
中文關鍵詞:不確定性外部監督企業風險管理企業績效
外文關鍵詞:UncertaintyExternal MonitoringEnterprise Risk ManagementPerformance
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  • 收藏至我的研究室書目清單書目收藏:1
過去的研究當中,有許多研究指出企業風險管理與企業績效間存在著正向的關聯性 (Barton et al., 2002, Lam, 2003, COSO, 2004, Nocco and Stulz, 2006, Hoyt and Liebenberg, 2009) 。但此種正向關係究竟導因為何,直到Gordon et. al (2009) 年的研究後,才算有了開端。在Gordon et. al (2009) 的研究中指出企業風險管理會導致績效上升的原因在於公司能夠因應本身的環境及特性,制定一套適用於該公司本身的風險管理制度。而本研究則依循著此一觀點,針對台灣的企業進行探討,檢視當公司面臨不確定性、外部監督時對於企業風險管理之影響性,並分析不確定性、外部監督能力與企業風險管理間的配適程度是否有助於企業績效?
本研究於實證後發現,導因於會計盈餘雜訊、股票報酬風險的不確定性程度越高,企業執行風險管理的指數越高。除此之外,產業競爭程度越高、國內的機構法人持股比例越高時,企業也越會執行企業風險管理。最後,實證結果顯示當風險管理制度能和企業面臨的不確定性、外部監督能力間配合程度越高時,績效表現會越佳。
Many studies show that the firm adopted the enterprise risk management (ERM) will improve the firm performance. Nevertheless, empirical evidence confirming this relation between ERM and firm performance is quite limited. The objective of this study is to examine empirically the argument that ERM is related to the firm performance. The basic argument in this study is that the relation between ERM and performance is upon the appropriate match between ERM and the following two factors: uncertainty and external monitoring.
According to the research samples of listed firms in Taiwan Stock Exchange and OTC stock exchange, the empirical results indicate that firms with the following situations will lend firms effort to execute ERM: high noise in earnings, high stock return, firms in a competitive industry and with high percentage of local institutional investor. Besides we found that if ERM is appropriate matched with the above two factors, the firms’ performance is much better. The implication of these findings is that the firms should consider the implement of an ERM system is conjunction with contextual variables surrounding the firms.
摘要.............................................i
Abstract........................................ii
目錄...........................................iii
圖目錄..........................................iv
表目錄...........................................v

第一章 緒論......................................1
第一節 研究背景與動機............................1
第二節 研究目的..................................6
第三節 預期研究貢獻..............................7
第四節 論文架構與流程............................9
第二章 文獻探討與假說發展.......................11
第一節 不確定性.................................11
第二節 外部監控力量.............................16
第三節 企業風險管理(Enterprise Risk Management).20
第四節 假說發展.................................36
第三章 研究設計.................................42
第一節 研究架構.................................42
第二節 樣本選取與資料來源.......................44
第三節 變數定義及衡量...........................46
第四節 實證模型.................................57
第五節 資料分析方法.............................61
第四章 實證結果與分析..........................62
第一節 敘述性統計與相關分析.....................62
第二節 實證結果分析.............................70
第三節 進一步測試...............................77
第五章 結論與建議...............................80
第一節 研究結論.................................80
第二節 研究限制.................................81
第三節 研究建議.................................82
參考文獻........................................84


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