Financial Risk Management and Enterprise Value Creation--Evidence from Non-ferrous Metal Listed Companies in China
On the basis of retrospections for relative theories on the value influence of firm risk management, this paper constructs a theoretical model which decomposes firms by different combinations which are expressed by cash flow and risk scale. Then we testify the effectiveness of corporate risk management. We take non-ferrous metal industry in Shanghai and Shenzhen Stock Exchanges (2002~2008) as sample, and used pooled model and time fixed effects regression model separately to conduct regression testing, The result supported the hypothesis that risk management can raise enterprise value. And we discovered risk management behavior has different representations among firms with different characters. This provides theoretic and empirical basis to our use for reference from successful experience. On this basis this paper raises relative practical suggestion.
Enterprise Value Financial Risk Management Derivatives Enterprise Characteristic
WANG Pengfei LI Shi ZHOU Jian
Business School of Nankai University, Tianjin, China, 300071 Graduate School of Economics, Waseda University, Tokyo, Japan, 1698050
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
454-464
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）