Research On The Impact Of Enterprise Risk Management、 Ownership Concentration On Enterprise Value

The trade war between China and the United States in 2019 and the outbreak of the COVID-19 epidemic in 2020 have caused turmoil in the world economy.The risks faced by enterprises are beginning to have complex characteristics such as unpredictability,abruptness and globality.The importance of risk management to enterprises is self-evident.How to effectively prevent and control the potential risks and seize the opportunities brought by the risks are the common problems faced by various countries and enterprises.The emergence of comprehensive risk management can help enterprises to connect all aspects of operation together,to carry out overall prevention and control of enterprise risks through normative procedures such as approval and authorization,and to make rapid and appropriate responses to different risks.At this stage,the enterprise’s risk management has gradually changed from the traditional defense model to a modern strategic tool,emphasizing the deep integration of risk management and strategic levels,which reflects the comprehensiveness of risk management.The risk management expected by enterprises should not only solve the basic risk prevention and control problems,but also help enterprises to increase their value.However,the corporate value will be affected by the ownership structure.The ownership concentration degree of the enterprise determines the degree of shareholders’ restraint on the managers,which in turn affects the efficiency of corporate governance and ultimately affects the corporate value.In view of this,it is very necessary to clarify the impact of total risk management and ownership concentration on corporate value.It is of great practical significance to clarify the mechanism of the three to guide Chinese enterprises to attach importance to and improve their own enterprise risk management system,optimize the ownership structure and improve corporate performance.This thesis sorts out the relevant literature,and puts forward the following two assumptions based on the principal-agent theory,information asymmetry and enterprise risk management theory: comprehensive risk management will have a positive impact on corporate value,and equity concentration has a moderating role between comprehensive risk management and corporate value,which will promote the impact of enterprise risk management on corporate value to a certain extent.This thesis selects high-tech enterprises with high-risk characteristics as the research object,and uses the data from 2011 to 2020 to empirically analyze the impact of comprehensive risk management on enterprise value.The results show that: corporate value will increase with the improvement of overall risk management level;As a moderating variable,ownership concentration positively moderates the positive impact of comprehensive risk management on corporate value.The further study found that enterprise risk management in state-owned company has a stronger role in promoting company value than non-state-owned company,and the moderating role of ownership concentration between the two is more significant in non-state-owned company.According to the above research results,this thesis puts forward reasonable suggestions from two aspects of establishing and perfecting the enterprise comprehensive risk management system and perfecting the enterprise equity structure,hoping to promote the value enhancement of our country’s high-tech enterprises.