譯文（字數 4367）

公司治理是否影響風險管理系統

摘要：本文提出的貢獻公司治理在企業層面的風險管理系統。這個研究是復雜的,將量和質信息整合。量信息包括資產負債表和損益表數據，而質包括虛擬變量反映了機構和監控成本管理經理和股東之間的關系。

關鍵詞：財務表現，風險管理，公司治理

一、介紹

    金融風險管理已經越來越重要，在過去的十五年。全球化促進了資本市場的發展,與此同時,波動性增加會產生具有高度不確定性的企業。公司的資本結構和財務業績特有的高程度的波動影響全球金融市場,產生財務管理的發展要關注的主要變量代表——利率風險,外匯,股票和大宗商品。分析師一直專注于識別潛在關聯公司的價值和財務管理,特別是從規模經濟的角度。實現財務管理，需要部門創建激勵體制因為風險緩解是財富積累的技術支持。這種關系代表了研究對象的研究集中以來特別是非金融公司金融機構意味著資本結構方面的特點。有各種各樣的理論風險管理股東價值創造的貢獻。不過,不完美的資本市場——代理成本、交易成本、稅收和增加外部融資成本,代表公司的層價值可能會增加股東的利益。風險管理工具使公司的價值最大化,因此它成為資本市場整合重要的工具。風險增加補充風險濃度可能帶給企業部分漏洞。因此,風險管理策略為價值創造貢獻的重要方式。

外文原文（字符數 16393）

Does Corporate Governance Impact Risk Management System

    Abstract.This paper brings forth the contribution of corporate governance to risk management system at the enterprise level. The research is a complex one, integrating both quantitative and qualitative information. The quantitative information consists of balance sheet and profit and loss account data while the qualitative one includes dummy variables reflecting the agency and monitoring costs which govern the relationship between managers and shareholders.   

Keywords: financial performance; risk management; corporate governance.     

1.Introduction

    Financial risk management has become more and more important during the last fifteen years. Globalization triggered capital market development and meanwhile the increase of the volatility which generated a high degree of incertitude at the level of the corporate segment.  Capital structure and financial performance of companies are impacted to a high extent by the volatility peculiar to global financial markets, generating the development of the financial management which focuses on the main variables representing the source of risk – interest rate, foreign exchange, equity and commodity. Analysts have been preoccupied with identifying potential correlations between company’ value and financial management, especially from the perspective of scale economies. Implementing financial management departments create incentive to economic growth since risk mitigation techniques support wealth accumulation. This relationship represented the research object of studies concentrated especially on non-financial firms since financial institutions imply peculiarities in terms of capital structure.  There are various theories on the contribution of risk management to shareholders’ value creation. Nevertheless, imperfections of capital market – agency costs, transaction costs, taxes, and increasing costs of external financing – represent the layer by which company value may increase to the benefit of the shareholders.  Risk management tools represent the support to company’ value maximization and it becomes essential in the context of capital market integration. Risk increase complemented by risk concentration may confer vulnerability to corporate segment. Therefore, risk management strategies contribute in an essential manner to value creation.