译文（字数 4367）

公司治理是否影响风险管理系统

摘要：本文提出的贡献公司治理在企业层面的风险管理系统。这个研究是复杂的,将量和质信息整合。量信息包括资产负债表和损益表数据，而质包括虚拟变量反映了机构和监控成本管理经理和股东之间的关系。

关键词：财务表现，风险管理，公司治理

一、介绍

    金融风险管理已经越来越重要，在过去的十五年。全球化促进了资本市场的发展,与此同时,波动性增加会产生具有高度不确定性的企业。公司的资本结构和财务业绩特有的高程度的波动影响全球金融市场,产生财务管理的发展要关注的主要变量代表——利率风险,外汇,股票和大宗商品。分析师一直专注于识别潜在关联公司的价值和财务管理,特别是从规模经济的角度。实现财务管理，需要部门创建激励体制因为风险缓解是财富积累的技术支持。这种关系代表了研究对象的研究集中以来特别是非金融公司金融机构意味着资本结构方面的特点。有各种各样的理论风险管理股东价值创造的贡献。不过,不完美的资本市场——代理成本、交易成本、税收和增加外部融资成本,代表公司的层价值可能会增加股东的利益。风险管理工具使公司的价值最大化,因此它成为资本市场整合重要的工具。风险增加补充风险浓度可能带给企业部分漏洞。因此,风险管理策略为价值创造贡献的重要方式。

外文原文（字符数 16393）

Does Corporate Governance Impact Risk Management System

    Abstract.This paper brings forth the contribution of corporate governance to risk management system at the enterprise level. The research is a complex one, integrating both quantitative and qualitative information. The quantitative information consists of balance sheet and profit and loss account data while the qualitative one includes dummy variables reflecting the agency and monitoring costs which govern the relationship between managers and shareholders.   

Keywords: financial performance; risk management; corporate governance.     

1.Introduction

    Financial risk management has become more and more important during the last fifteen years. Globalization triggered capital market development and meanwhile the increase of the volatility which generated a high degree of incertitude at the level of the corporate segment.  Capital structure and financial performance of companies are impacted to a high extent by the volatility peculiar to global financial markets, generating the development of the financial management which focuses on the main variables representing the source of risk – interest rate, foreign exchange, equity and commodity. Analysts have been preoccupied with identifying potential correlations between company’ value and financial management, especially from the perspective of scale economies. Implementing financial management departments create incentive to economic growth since risk mitigation techniques support wealth accumulation. This relationship represented the research object of studies concentrated especially on non-financial firms since financial institutions imply peculiarities in terms of capital structure.  There are various theories on the contribution of risk management to shareholders’ value creation. Nevertheless, imperfections of capital market – agency costs, transaction costs, taxes, and increasing costs of external financing – represent the layer by which company value may increase to the benefit of the shareholders.  Risk management tools represent the support to company’ value maximization and it becomes essential in the context of capital market integration. Risk increase complemented by risk concentration may confer vulnerability to corporate segment. Therefore, risk management strategies contribute in an essential manner to value creation.