Research On The Relationship Between Risk Management And Enterprise Value Of Pharmaceutical Manufacturing Enterprises

Since the 21 st century,with the increasing degree of openness of world trade and the increasingly complicated economic situation,the internal and external business environment and risks faced by enterprises are constantly changing.How to deal with the risks faced by enterprises more effectively,and to adapt to the opportunities and challenges brought by risks,has become an important issue facing governments,institutions,and corporate management of countries around the world.Under this circumstance,enterprise risk management(ERM)emerged as an effective risk management method,which can run through all links and business processes of enterprise management,and is of great significance for enterprises to enhance competitiveness and achieve sustainable and healthy development.However,how to set up an effective ERM index to evaluate the overall risk management level of an enterprise? What is the relationship between the enterprise's comprehensive risk management and enterprise value? Will the nature of property rights affect the above relationship? These issues have always received much attention.The pharmaceutical manufacturing industry is an important industry related to the national economy,people's livelihood and social progress.There are many pharmaceutical manufacturers in China,but many of them are small in scale and not very competitive;At the same time,due to the gradual deepening of opening up and the escalating trade war between China and the United States,the uncertainty of business operations is also increasing.All these put forward higher requirements on the scope and model of enterprise risk management.However,at present,many pharmaceutical companies in China are not very aware of risk management and control.The lack of a comprehensive and effective risk management system has seriously affected the promotion of corporate value.Therefore,it is necessary to deeply study the comprehensive risk management of China's pharmaceutical manufacturing enterprises and its relationship with enterprise value.This article starts from the new ERM framework proposed by pharmaceutical manufacturers and the COSO Committee in 2017,and adopts a combination of normative and empirical research methods.First,it analyzes the theories related to the enterprise's comprehensive risk management,enterprise value,property rights,and thenew framework.The development status and characteristics of China's pharmaceutical companies,based on the five elements in the new COSO-ERM framework,construct an ERM index to evaluate the overall risk management level of the enterprise;finally,select appropriate samples and use multiple regression methods to discuss the comprehensive risk management and enterprise value.Relationship,and how this relationship changes under different property rights.Finally,the following conclusions are drawn: the overall risk management level of the enterprise is significantly positively related to the enterprise value;the enterprise value of the state-owned pharmaceutical company is lower than the private enterprise,and the overall risk management level is higher than the private enterprise;compared with the private enterprise,the comprehensive state-owned enterprise The level of risk management has a weaker effect on the enhancement of corporate value;China's pharmaceutical manufacturing enterprises have a "small company effect",and corporate management needs to be strengthened urgently;and excessive marketing costs affect the promotion of corporate value.The above research results are of great significance to improve the risk management system,improve the competitiveness of Chinese pharmaceutical manufacturers,and enhance the value of enterprises.