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研究生:李盈慧
研究生(外文):YIN-HUI LEE
論文名稱:企業風險管理與總體經濟之關係
論文名稱(外文):The Relationship between Enterprise Risk Management and Macroeconomy
指導教授:王元章王元章引用關係
指導教授(外文):Yung-Jang Wang
口試委員:陳安行張眾卓
口試委員(外文):An-Sing ChenJhong-Jhuo Jhang
口試日期:2016-06-14
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融系研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2016
畢業學年度:104
語文別:中文
論文頁數:62
中文關鍵詞:企業風險管理總體經濟
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本研究以台灣上市櫃公司為研究樣本,探討總體外在環境的變動是否影響企業達成風險管理的目標,期間為2009年到2014年資料進行實證分析,資料以季為單位,採用COSO委員會發布「企業風險管理-整合架構」之準則所制定的四大目標來衡量企業執行ERM上管理效率,並採用Lawrence, Martin and Tseng(2009)的模型計算出企業風險管理指數(ERMI),衡量企業執行ERM計畫達成目標的程度。
本研究有三大主軸,第一,依照公司的特性,探討何種因素會影響ERM的推行,第二,探討企業風險管理的內部管理因素與總體經濟變數的外在因素之間的關係,第三,探討是否企業歸屬於不同產業的管理風險能力將隨著公司內部推行程度而有不同。
實證結果如下:第一,五個變數因子環境不確定性(EU)、產業競爭(CI)、公司規模(FS)、公司複雜度(FC)以及董事會監督(MBD)對企業風險管理之間的關係皆有顯著性的影響。第二,總體經濟變數期間利差(TS)、違約利差(DS)、GDP成長率(GGDP)、市場現金股利率(MD)以及價格產出比率(PO)對企業風險管理之間的關係皆有顯著性的影響。第三,結果顯示不同產業之ERM對於總體環境的敏感程度有所不同,其中以傳統產業(如:紡織、鋼鐵等)以及電子產業(如:半導體、電腦及周邊設備等)受到總體經濟影響特別大。

第一章、 緒論
第一節、 研究背景與動機………………………………………………1
第二節、 研究目的………………………………………………………4
第三節、 研究架構………………………………………………………6
第二章、 文獻回顧………………………………………………………….…8
第一節、 企業風險管理之相關文獻……………………………………8
第二節、 企業風險管理與公司治理之相關文獻………………….….13
第三節、 企業風險管理與總體經濟之相關文獻………………….….18
第三章、 研究方法………………………………………………………..….22
第一節、 研究假說……………………………………………………..22
第二節、 研究樣本與樣本選取…………………………………….….23
第三節、 研究變數定義………………………………………………..24
第四節、 研究模型與方法……………………………………………..33
第四章、 實證結果…………………………………………………………...36
第一節、 基本研究模型分析…………………………………………...36
第二節、 多元迴歸分析……………………………………………..….45
第五章、 結論與建議…………………………………………………….…..54
第一節、 結論………………………………………………………..….54
第二節、 建議與未來研究方向……………………………………..….57
參考文獻…………………………………………………………………..….58

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