企業風險管理對於公司治理及企業社會責任之影響

Abstract

本文主要目的在於探討企業風險管理（ERM）與公司治理之關係，尤其著重於對公司價值及風 險之影響，以及企業社會責任之實現。自從2005 年起，Standard & Poor’s 將企業是否進行ERM 列 為其信評之參考，而會計組織（COSO）於2004 年亦將會計稽核亦由內部控管(internal control) 提 升為ERM。由於ERM 包含策略風險(strategic risk)，不再僅是傳統之財務風險管理，企業之公司治 理品質高低將與其風險管理有密切關係。因此各大企業莫不積極進行ERM 工作，並在董事會下設置 風險管理委員會，指導該公司之ERM。董事會將影響該公司之ERM，進而影響其公司之經營風險與公 司價值(績效)。然而目前實務界與學術界對於此一議題，都尚在摸索階段。因此本計畫企圖研究公 司治理與企業風險管理之互動關係，包括(1) 董事會結構與報酬是否影響企業之風險管理模式，(2) 企業風險管理是否影響公司之風險與價值(即公司治理之品質)，以及(3)分析企業風險管理與企業社 會責任之關係。 本文將進行實證分析研究，以我國上市公司為樣本，一方面以問卷調查其企業風險管理之狀況， 另一方面則收集其年度保告書與財務報表之資料，之後進行實證分析。本研究預期發現(1)企業風險 管理模式與董事報酬及董事會結構之關係，（2）企業風險類別與公司治理之關係，(3) 企業風險管 理對於公司價值及冒險行為之影響，(4)企業風險管理對於公司資金成本(cost of capital)之影響， (5) 企業風險管理對於企業社會責任之影響。根據研究結果，本文將對於企業風險管理與公司治理、 企業社會責任的關係進行建議。

The purpose of this paper is to investigate the relationship between enterprise risk management (ERM) and corporate social responsibility, including the impact on corporate governance, firm value and firm risk-taking. ERM becomes increasingly important since Standard & Poor’s includes it as a rating factor and COSO replaces it for internal control. ERM includes strategic risk in addition to traditional financial risk and consequently influences the quality of corporate governance. Now many companies set up an ERM committee under the board of directors to manage the entire corporate risks. ERM becomes a popular term in business practice and academics, but few really understand its true meaning and impacts. Thus, this paper intends to study the implications of ERM on the following issues: (1) Does the board affect firm’s ERM model? (2) Does ERM affect the quality of corporate governance？ (3) what is the relationship between ERM and corporate social responsibility? Based on data from survey and public data bases for the public company, this paper conduct empirical analyses and expect to find that: (1) the relationship between ERM models and the board structure and directors’ compensation; (2) the relationship between enterprise risk categories and corporate governance; (3) the impact of ERM on the firm value and firm risk taking; (4) the impact of ERM on the firm’s cost of capital; (5) the impact of ERM on corporate social responsibility. Based on the findings, this paper makes suggestions for firms’ ERM models, corporate governance and corporate social responsibility.