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中文4150字原文：TheeffectsofenterpriseriskmanagementonfirmperformancePagach.DonaldP.andWarr.RichardSWestudytheeffectofadoptionofenterpriseriskmanagement(ERM)principlesonfirms’long-termperformancebyexamininghowfinancial,assetandmarketcharacteristicschangearoundthetimeofERMadoption.Usingasampleof106firmsthatannouncethehiringofaChiefRiskOfficer(aneventfrequentlyaccompaniedbyadoptionofEnterpriseRiskManagement)wefindthatsomefirmsadoptingERMexperienceareductioninearningsvolatility.Ingeneralhowever,wefindlittleimpactfromERMadoptiononawiderangeoffirmvariables.Whileourresultscouldbeduetolowerpowertests,theyalsoraisethequestionofwhetherERMisachievingitsstatedgoals.Overall,ourresultsfailtofindsupportforthepropositionthatERMisvaluecreating,althoughfurtherstudyiscalledfor,inparticularthestudyofhowERMsuccesscanbemeasured.1、IntroductionEnterpriseriskmanagement(ERM)isanincreasinglypopularstrategythatattemptstoholisticallyevaluateandmanagealloftherisksfacedbythefirm.Indoingso,ERMusesthefirm’sriskappetitetodeterminewhichrisksshouldbeacceptedandwhichshouldbemitigatedoravoided.WhiletherehasbeenaconsiderableincreaseinpractitionerattentiononERMinrecentyears,littleacademicresearchexistsaboutERM,andinparticularabouttheconsequencesofERMonfirmperformance.ThisistrueeventhoughtheConferenceBoardhasfoundthatalargenumberofcompaniesarenowstartingtouseERMasastrategicmanagementtool(TheConferenceBoard,July2005).Inaddition,StandardandPoor’shasintroducedenterpriseriskmanagementanalysisintoitsglobalcorporatecreditratingprocessstartinginthethirdquarterof2008(StandardandPoors,May2008).ThispurposeofthispaperistoexaminetheeffectofERMimplementation,andtoestablishwhetherfirmsadoptingERMactuallyachieveobservableresultsconsistentwiththeclaimedbenefitsofERM.WebelievethatourworkisimportantandtimelybecausealthoughmanysurveyshavestatedthebenefitsofadoptingERM(MarshandMcLennan,2005),therehasbeenlittleempiricalevidenceonhowERMaffectsfirms.WearguethattheprimarygoalofERMistoreducetheprobabilityoffinancialdistressandal
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