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论文编号：	5562
作者编号：	1120090718
上传时间：	2013/6/13 12:30:53
中文题目：	董事会治理与上市公司风险行为研究——基于风险评估、内部控制与风险承担视角
英文题目：	Board Governance and Risk Behaviors of Listed Companies:Based on the Perspective of Risk Assessment, Internal Control and Risk Taking
指导老师：	李维安
中文关键字：	董事会治理、未来风险评估行为、内部控制行为、风险承担行为、环境动态性
英文关键字：	Board Governance; Future Risk Assessment Behavior; Internal Control Behavior; Risk Taking Behavior; Environment Dynamics
中文摘要：	随着公司经营发展对风险管理的日益需求，各国的治理实践不断优化调整，持续推动着董事会的风险功能建设。屡禁不止的公司丑闻事件、2008年的金融危机进一步强化了风险应对的重要意义，也推动了监管部门和投资者对董事会风险功能的高度关注。在全球经济一体化、公司经营日益复杂化的知识经济时代，提升董事会的风险管理水平是公司应对动态环境和危机事件的关键环节。 现代公司治理架构赋予了董事会更多的风险职能。董事会风险功能的实现离不开“上市公司的风险行为”。“上市公司风险行为”，表示“能够影响上市公司风险的行为”，在本文特指未来风险评估行为、内部控制行为和风险承担行为。上市公司的风险既预示着威胁，但同时也蕴含着机遇。董事会的风险取向并不应表现为一味“控制”，公司承担适度的风险也有助于发展。基于此，本文所研究的上市公司风险行为涵盖风险控制和风险承担两个层次。未来风险评估行为和内部控制行为属于风险控制层次，风险承担行为属于风险承担层次。这三项公司行为与公司风险密切相关。风险评估是对公司风险的辨识和分析的过程。风险评估质量决定了公司对风险的认知能力，是风险控制和防范的首要步骤。财政部、证监会、审计署、银监会、保监会于2008年5月颁布《企业内部控制基本规范》中明确指出，加强和规范内部控制的最终目标就是提高企业经营管理水平和风险防范能力，促进企业的可持续发展。风险承担度量了公司在高风险的研发投资与低风险的资本支出之间的资金配置比例，反映了公司对高风险研发支出的投资偏好问题，是影响公司风险的具体传导路径。 鉴于此，本文以中国A股主板制造业上市公司为初选样本，基于董事会职能理论、组织控制理论、组织环境理论，从董事会的风险取向差异出发，立足于公司高层人事环境变动、产品市场竞争变动、信息环境变动、环境不确定性，从未来风险评估行为、内部控制行为、风险承担行为角度，探讨了董事会治理、内外部环境动态性与上市公司风险行为之间的关系，旨在为董事会风险功能的理论与实践研究提供借鉴，并探寻公司风险防范及控制能力提升的关键路径。 本文的研究发现，董事会治理质量越好，公司针对未来风险的评估能力越高，内部控制质量越好，公司在当年度、多年度的风险承担行为中越偏重于创新投入。内外部环境动态性在董事会治理与上市公司风险行为之间的关系中发挥了显著的调节效应，但因内外部环境动态性对董事会风险功能影响作用点及作用力度的差异，内外部环境动态性对董事会治理与上市公司风险行为之间关系的调节效应各具特色。具体而言，高层人事环境变动在董事会治理与未来风险评估的关系中具有正向调节作用，而在董事会治理与内部控制、董事会治理与风险承担之间的关系中具有负向调节作用；产品市场竞争变动在董事会治理与未来风险评估、董事会治理与风险承担之间的关系中扮演了正向调节作用，而在董事会治理与内部控制的关系中扮演了负向调节作用；信息环境负向变动在董事会治理与未来风险评估、董事会治理与风险承担之间的关系中具有负向调节作用，而在董事会治理与内部控制的关系中具有正向调节作用；环境不确定性在董事会治理与未来风险评估、董事会治理与风险承担之间的关系中发挥了正向调节作用，而在董事会治理与内部控制的关系中发挥了负向调节作用。 在我国董事会风险职能明确化的背景下，本文的研究结论具有一定的政策含义。上市公司应构建合理的董事会结构，强化独立董事在专业委员会中的主导权，推动专业委员会会议和履职情况汇报，设计长短期兼顾的董事薪酬契约，不断提高董事会的运作效率，以推动董事会对风险行为的积极影响。但同时，上市公司需实时监控公司内外部环境的变动，根据公司当前的内外部环境状况，采取相关措施，积极推动董事会风险功能的有效发挥，尤其需关注内外部动态环境下公司关键利益相关方的利益取向变动，在调整董事会工作侧重点的同时，保证相关工作的连续性和稳定性，积极应对动态环境对组织的不利影响。 本文对内外部环境动态性视角下董事会治理与上市公司风险行为的研究为董事会风险功能的理论探讨提供了初步的研究框架。本文首次探讨了董事会治理与未来风险评估行为之间的关系，为未来风险评估视角下董事会的风险功能研究增添了新的证据支撑。并且，本文首次从风险承担角度，立足于董事会治理，区分当期和多期效应，分析了公司对高风险的R&D投资与低风险的资本支出进行资金配置的问题，从风险承担视角赋予了资本投向研究一种全新的内涵。但本文的研究依然存在着不足之处，主要表现在：本文缺乏对上市公司风险行为和内外部环境动态性的综合性全面分析，也未能进一步区分环境变动的方向差异对上市公司风险行为的影响。
英文摘要：	With the development of company operation, there is an increasing demand for risk management. Optimization Adjustment of governance practices in many countries is also improving the risk function of boards. What’s more, the repeated corporate scandals and the global financial crisis not only further emphasize the significant meaning of risk response, but also increase the close attention of investors’ close attention to the risk function of boards. With the process of global economic integration and knowledge economy, it is important for companies to improve the risk function of boards in order to deal with dynamic environment and critical incidents. Modern corporate governance systems emphasize the risk function of boards. However, the risk behaviors have important roles in the risk function of boards. Risk behaviors refer to future risk assessment behavior, internal control behavior and risk taking behavior in this dissertation. Risks can be positive or negative. And risk can be viewed as opportunities or threats. Consequently, controlling the risk is not the only job of boards because risk taking can bring benefits to companies to some extent. The risk behaviors in our study contain two levels: risk control level and risk taking level. Risk control level refers to future risk assessment behavior and internal control behavior. Risk taking level refers to risk taking behavior. All these behaviors are close related to firm risk. Future risk assessment is the first step of company risk control, which helps companies to identify, evaluate and estimate the levels of risks involved in a situation. The enterprise internal control basic standard stipulates that the final goal of increasing the quality of internal control is to improve firm’s operation level and ability of risk response. Risk taking refers to the allocation of capital between R&D (high-risk investments) and capital expenditure (low-risk investments), which can reflect firms’ inclination to take risks. Using the Chinese manufacturing companies (A shares) listed on the main board, based on the board function theory, organization control theory and organization environment theory, in view of the risk function of boards, from the perspective of dynamics of high-level personnel environment, product market competition, information environment, and environment uncertainty, this study investigates the relationship between board governance, environment dynamics and risk behaviors in order to improve the theoretical and empirical analysis of the risk function of boards. The results show that, board governance has the positive effect on the future risk assessment, internal control and risk taking. Environment dynamics has a moderating effect on the relationship between board governance and risk behaviors. High-level personnel environment dynamics positively moderate the relationship between board governance and future risk assessment, while negatively moderate the relationship between board governance and internal control, board governance and risk taking. Product market competition dynamics shows positive moderate effect on the relationship between board governance and future risk assessment, board governance and risk taking, while shows negative moderate effect on the relationship between board governance and internal control. Information environment dynamics negatively moderate the association between board governance and future risk assessment, board governance and risk taking, while positively moderate the association between board governance and internal control. Environment uncertainty appears positive moderate effect on the relationship between board governance and future risk assessment, board governance and risk taking, while appears negative moderate effect on the relationship between board governance and internal control. These evidences suggest that effective board governance has great significance in promoting firm’s risk behaviors, especially when board has reasonable structure, independent directors play the leading role in the audit, nomination and compensation committees, board committees release the duty performance reports, board compensation can give consideration to both the short term and long term incentives, and board process has high quality. However, companies also need to pay close attention to the environment dynamics. When companies’ internal and external environment change, company should take proper actions to mitigate the negative effects of environment dynamics, especially keep a watchful eye on stakeholders’ potential interests changes in dynamic environment. Companies should also adjust the work emphasis, and guarantee the continuity and stability of normal working in order to positively promote the risk function of boards. This dissertation provides the preliminary research framework of risk function of boards. By examine the relationship between board governance and future risk assessment, this dissertation provide evidence for board’s risk function in the perspective of risk assessment. And this study analyses firm’s risk taking behavior not only in the current year, but also during the multiple years, which provides a new view of capital allocation research. However, our study still has some deficiencies. Deficiencies with respect to the overall measure of risk behaviors and environment dynamics need to be addressed in the future research. What’s more, this dissertation doesn’t investigate the effects of both the positive and negative dynamics of environment on risk behaviors.
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