An Empirical Study On The Factors Influencing The Effectiveness Of Enterprise Risk Management Based On The Corporate Governance Perspective

Under the background of economic globalization and the financial crisis, China is facing a grim situation which is due to inflation and slowing economic growth, the risk which is born by companies is increasing day by day, the effective risk management has become a decisive factor in the issue of the fate of enterprises. In recent years, China government and theorists also increased the ERM study, the SASAC issued the Central Enterprise Comprehensive Risk Management Guidelines, theorists also explained COSO Enterprise Risk Management-Integrated Framework and try to build the risk management framework which is suitable for China’s national situation at the same time. The risk management research are in the infancy stage both from theoretical research and social practice, especially the research on evaluation and impact factors of risk management effectiveness is still scarce, therefore this study has some practical significance.In this paper, based on that the risk management theories are trimmed and studied, according to the relevant provisions of the risk management in the COSO Enterprise Risk Management-Integrated Framework and Central Enterprise Comprehensive Risk Management Guidelines, setting out from five overall objectives, an evaluation indexes system for enterprises risk management effectiveness is built, whose indexes are synthesized by using factors analysis. Then 354 GEM listed companies which has low barriers to entry, high risk and strict supervision are selected as samples, the 2012-2014 three years’effectiveness of their risk management is evaluated by using this indexes system and from the perspective of internal corporate governance and external corporate governance, factors which have impacts on the effectiveness of risk management of GEM listed company are studied on the empirical research.The empirical results of GEM listed companies show:among internal corporate governance factors, the higher the ratio of management and institutional ownership stake is, the stronger the effectiveness of risk management is, the smaller the size of the board is, the stronger the effectiveness of risk management of the company which do not establish the Strategic Committee is, setting up audit committee can improve the effectiveness of risk management; among external corporate governance factors, the effectiveness of risk management of the company whose standards have no reservation and examination and assessment of information disclosure get good results is higher. Finally, according to the present situation of the GEM listed company corporate governance, specific recommendations are put up to improve the effectiveness of enterprise risk management.