企業風險管理與公司治理、公司特性之關聯性研究:對企業績效之影響

The Alignment between Enterprise Risk Management, Corporate Governance and Corporate Characteristics: The Impact on Organizational Performance

張書維(Shu-Wei Chang)

指導教授 ： 李佳玲

國立中正大學/管理學院/會計與資訊科技學系/碩士(2013年)

摘要

過去對於企業風險管理的探討重點都是與公司治理之關聯性，而本研究除了公司治理變數外，加入公司特性變數，驗證公司治理、公司特性是否有助於企業使用企業風險管理程度?另外，本研究驗證企業使用企業風險管理程度是否有助於企業績效?且分別探討高、低績效企業及加入審計公費變數，對於三者的關聯性及企業風險管理對績效之影響。最後本研究採用偏差值做為驗證在三者關聯性下對績效之影響，是否有助於績效表現?

本研究以台灣證劵交易所公開上市公司為研究對象，實證結果發現，公司治理變數中的雇用四大會計師事務所、獨立董事席次與公司特性變數中的環境不確定性、產業競爭、組織規模對企業風險管理實施程度有顯著正相關，公司治理變數中的股東監控與企業風險管理實施程度呈現顯著負相關；而企業風險管理實施程度與企業績效也呈現顯著正相關。另外，高低績效公司分別在公司治理、公司特性變數中與企業風險管理呈現顯著正相關，而企業使用企業風險管理程度皆與企業績效呈現顯著正相關。而揭露審計公費之公司，不論企業風險管理模型是否加入審計公費變數，其對企業風險管理之關聯性及企業風險管理對績效之影響皆無顯著效果。最後採用偏差值驗證三者關聯性下對績效影響，結果無顯著影響。

關鍵字

公司特性 ； 公司治理企業績效 ； 企業風險管理 ； 企業績效

並列摘要

In the past study, emphasis on alignment between enterprise risk management and corporate governance, this study in addition to corporate governance variables, but also joined the firm characteristics variables to verify that corporate governance and corporate characteristics to help companies use enterprise risk management index? In addition, in this study, to verify enterprise use enterprise risk management index is to help organization performance? The enterprise is divided into high-performance, low-performance enterprise and enterprise risk management model by adding audit fees variables to verify the three relevance and enterprise risk management impact on organization performance. Finally, this study use deviation to verify alignment between enterprise risk management, corporate governance and corporate characteristics impact on organizational performance.

In this study, the Taiwan stock exchange publicly traded companies for the study, empirical results, corporate governance variables that employment of big four certified public accountants, independent directors percentage and company characteristics that environmental uncertainty, industry competition, organizational size for the degree of implementation of enterprise risk management has a significant positive correlation, in corporate governance variables, directors monitoring and degree of implementation of enterprise risk management has a significant negative correlation; the degree of implementation of enterprise risk management and organization performance also has a significant positive correlation. In addition, the high-performance and low-performance enterprise in corporate governance, corporate characteristics variables for the degree of implementation of enterprise risk management has significant positive correlation, while the degree of implementation of enterprise risk management and organization performance are showing a significant positive correlation. The company disclosed audit fee, regardless of whether the enterprise risk management model by adding audit fee variable, and its relevance to the enterprise risk management and enterprise risk management has no effect on the organization performance. Finally, the use of deviation verifies the relevance of the three impacts on performance that showed no significant effect.

並列關鍵字

corporate characteristics ； corporate governance ； enterprise risk management ； organization performance

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