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    題名: Analysis on the Efficiency of Risk Management in the Chinese Listed Companies
    作者: Huang, Chien-Ming;Yang, Wei;Zeng, Ren-Qing
    關鍵詞: Risk management efficiency;data envelopment analysis;information asymmetry
    日期: 2020-10-19
    上傳時間: 2020-11-11 12:10:34 (UTC+8)
    出版者: Multidisciplinary Digital Publishing Institute
    摘要: Since a firm’s profitability is associated with a degree of risk taking, risk indicators have been extensively treated as exogenous variables and affected firm performance. The level of risk taking should be determined through internal control quality and firm-specific characteristics to effectively understand the relationship between risk management and firm performance. This study aims to investigate the effects of risk management efficiency on the production efficiency of Chinese listed companies from 2002 to 2016 using the two-step data envelopment analysis (DEA) approach. Empirical results indicate that risk management differs from traditional financial theory, which means that high-level risk would earn high expected returns. Firms with a low efficiency index of enterprises risk management will have low performance. In particular, internal controls were significantly improved after the 2008 financial crisis. Our overall results also suggest that information asymmetry is still a problem in financial markets. To achieve maximum benefits for shareholders and improve the quality of information disclosure, methods for enacting market regulations are still very important issues in China.
    關聯: Mathematics 8(10), 1831
    DOI: 10.3390/math8101831
    顯示於類別:[財務金融學系暨研究所] 期刊論文


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