【摘要】 企业风险管理是企业内部重要的决策和经营管理行为。在MM定理假设下,企业风险管理是一项多余的政策,不会影响企业价值。然而,不完全市场条件下,税收、交易摩擦、信息有偿获得、信息不对称以及代理成本等因素的存在表明,风险管理会直接影响到公司价值最大化的目标,公司层面的风险管理能够增加公司价值。本文将探讨风险管理如何在有摩擦的现实世界中增大公司价值的内在机制及相关影响因素。更多还原

【Abstract】 Risk management is one of important decision-making and operation activities in a firm.Under the hypothesis of MM theory,risk management is a redundant policy and will not affect firm’s value.However,in the imperfect market,the existence of tax,transaction friction,information cost,information asymmetry and agent cost indicates that risk management will directly affect the value maximization goal of the firm and then increase firm’s value.This paper discusses the internal mechanism and corresponding factors of how risk management increases firm’s value in the frictional real world.更多还原