《保险研究》20190201-《全面风险管理对企业经营效率的影响——基于45家寿险公司的实证研究》（陈华、杜霞、王丽珍）

［摘   要］全面风险管理能够通过风险间的关联性更全面地识别和控制风险,从而降低额外损失发生的可能性并提高企业经营效率,但建立全面风险管理体系需要投入大量人力物力和时间,在一定程度上会降低企业的经营效率。本文以寿险公司为研究对象,重新定义了全面风险管理程度指标,并通过Malmquist指数法测度企业效率,采用固定效应面板回归以及门槛效应回归模型,研究全面风险管理对于企业经营效率的影响。结果表明全面风险管理主要通过规模效率变动进一步促进技术效率增长,并最终改善全要素生产率变动。但是,全面风险管理体系的建设是一个循序渐进的过程,相对而言,适度的全面风险管理措施更符合当前市场环境和企业发展状况。

［关键词］全面风险管理；企业经营效率；寿险公司

［作者简介］陈华,中央财经大学保险学院副教授,美国Clemson大学中国研究中心访问学者；杜霞,中央财经大学保险学院2017级硕士研究生；王丽珍，中央财经大学保险学院副教授，硕士生导师，中国准精算师，研究方向：保险与风险管理。

A Study on Enterprise Risk Management’s Impacts on Operating Efficiency—An Empirical Research Based on 45 Life Insurance Companies

CHEN Hua,DU Xia,WANG Lizhen

Abstract：Enterprise risk management can identify and control risks through the correlation between risks more comprehensively,thereby reducing the possibility of additional losses and improving the operational efficiency.However,the establishment of an enterprise risk management system requires a lot of manpower,material resources and time,which will inhibit the improvement of operational efficiency to a certain extent.This paper took life insurance companies as the research objects,redefined the enterprise risk management degree index,and measured the enterprise efficiency through the Malmquist index method.It used fixed effect panel regression and threshold effect regression models to study the impact of enterprise risk management on business operation efficiency.The results showed that enterprise risk management further promoted technological efficiency enhancement through scale efficiency and ultimately improved total factor productivity.Moreover,the construction of an enterprise risk management system was a gradual process.That is to say,moderate enterprise risk management measures were more in line with the current market environment and enterprise development.

Key words：enterprise risk management;business efficiency;life insurance company