F财务管理中风险分析 外文文献.docVIP

How Can Corporate Governance Control Enterprise’s Financial Risk Swapan Kumar Bala, FCMA Associate Professor Department of Accounting Information Systems University of Dhaka, Dhaka Abstract: Financial Crisis in 2008 raised the debate again of whether corporate governance failure should be blamed. Lots of research has discussed the close relationships between corporate governance and risk control. However, empirical study, especially from the whole scenario of financial risk management of non-financial firm, is limited. In this article, I referred to a mature corporate governance appraisal framework CCGINK and a new corporate financial risk management system of SASAC to establish a three-layer corporate governance measurement system, including relationships between shareholders and managers, between controlling shareholders and minority shareholders and among all stakeholders, and a financial risk framework for non-financial firms. Then through multiple regression between two groups of indices, I suppose to find the answer to the question which aspects of corporate governance are able to control which elements of financial risks of non-financial firms. The research conclusion will provide pragmatic implications to policy makers and corporate executives for their regulation and management practice. Key Words: Corporate Governance Agency problem Financial risk Risk management Ⅰ. Introduction The Financial Crisis across the globe and the ramifications for the rest of the global economy in 2008 and 2009 raised the concern, another time, whether the failure is the one of Corporate Governance. According to OECD’s most recent report by Richard Anderson, Corporate Governance alone is not the cause of the current Financial Crisis. However, Corporate Governance could have prevented some of the worst aspects of the crisis had effective governance operated throughout the period of time during which the problem