[雙語翻譯]企業(yè)風(fēng)險管理外文翻譯—企業(yè)風(fēng)險管理提高了企業(yè)經(jīng)營績效嗎？（節(jié)選）

1、字?jǐn)?shù)：英文 字?jǐn)?shù)：英文 1964 1964 單詞， 單詞，11443 11443 字符；中文 字符；中文 3814 3814 漢字 漢字出處： 出處：Callahan Callahan Carolyn, Carolyn, Jared Jared Soileau. Soileau. Does Does Enterprise Enterprise risk risk management management enhance enhance

2、 operating operating performance?[J]Advances performance?[J]Advances in in Accounting.2017, Accounting.2017, 37: 37: 122- 122-139. 139.外文文獻(xiàn)： 外文文獻(xiàn)： Does Enterprise risk management enhance operating performance?Abstract

3、The Committee of Sponsoring Organizations (COSO) Enterprise Risk Management (ERM) framework (COSOERM) indicates that the development of an enterprise-wide risk assessment and management process is designed to “provide re

4、asonable assurance regarding the achievement of entity objectives.” We examine this issue and hypothesize that firms with mature ERM processes should achieve greater operational performance than those with less mature ri

5、sk management processes. This study relies on internal audit function management survey responses matched with archival firm level data to gain a better understanding of the expected operating performance impact of the m

6、ulti-stage ERM implementation process. After controlling for board governance and other known effects, we find that firms with higher levels of ERM process maturity are characterized by higher operating performance than

7、their industry peers utilizing performance metrics closely related to the earnings process. Our study provides support for the linkage of enhanced operating performance associated with the maturity of ERM processes and s

8、uggests other potential areas of ERM research.Keywords: Enterprise risk management; Operating performance; Corporate governanceTonello (2007) contends that an effective ERM implementation considers the consequences of do

9、wnside risk (negative consequences of events) and methods for mitigating or avoiding such risk, as well as identification and analysis of upside risk frequently referred to as opportunities. Tonello (2007) suggests that

10、ERM attempts to balance (optimize) the threats and opportunities that may lead to cost reductions through the increased integration of risk assessment and management. This would lead to more profitable investment decisio

11、ns and a more objective basis for resource allocation. These cost reductions and improved investment decisions increase firm cash flows and can provide additional operational benefits.Consistent with this line of reasoni

12、ng, Pagach and Warr (2010) and Tonello (2007) suggest that benefits of balancing the entire set of firm risk leads to less volatile earnings that are associated with lower stock price volatility. More recently, using a c

13、ross-section of financial sector firms, Baxter et al. (2013) find that Standard Chen, Cheng, & Hwang, 2005). A survey-based study by the Milliman Risk Institute (2014) indicates that for ERM trendsetters, the top 5 w

14、ays ERM creates value for firms include improved performance management, improved risk-adjusted decision making, enhanced board oversight, improved capital efficiencies, and higher quality of strategic planning. With the