保險業風險管理與財務績效之關係Enterprise Risk Management and Financial Performance:Evidence from the Insurance Ind

本研究根據COSO所出版的「企業風險管理－整體架構」與相關法規，來設計問卷。問卷寄發給我國保險業之總稽核填寫，利用回收問卷所得的資料，來探討：(1)公司內部環境與風險管理實施成效之關係；(2)企業風險管理與財務績效之關係。研究結果顯示：(1)內部環境越健全的保險公司，企業風險管理實施成效表現越佳；(2)保險業之企業風險管理活動中，「企業風險文化的強度」、「風險回應與資訊系統控制的實施成效」、「風險導向的內、外部稽核成效」、「資金運用收益率」和「流動比」皆與財務指標「資產報酬率」成正相關。(3)保險業之企業風險管理活動中，「風險辨識與評估成效」與「資金運用收益率」則與財務指標「股東權益報酬率」成正相關。
關鍵詞：企業風險管理、財務績效、保險業
Abstract
The purpose of this study is twofold: (1) to investigate the relation between internal environment and enterprise risk management performance; (2) to examine the link between enterprise risk management and financial performance. We sent a questionnaire to Chief Internal Auditor of insurance companies. The questionnaire was designed based on “Enterprise Risk Management-Integrated Framework” published by COSO (The Committee of Sponsoring Organizations of the Treadway Commission) and relevant rules and regulations. Our results show that a firm’s internal environment is positively related to its enterprise risk management performance. We also find that intensity of enterprise risk culture, performance of risk response and information system control, risk-based internal and external auditing, fund utilization yield, and liquidity ratio are all positively related to return on assets. Moreover, performance of risk identification/evaluation and fund utilization yield are both positively associated with return on equity.
Keywords: enterprise risk management,financial performance, insurance industry