摘要
本文梳理了公司金融角度下风险管理理论的发展,明确了风险管理的未来发展趋势,为现实中企业的风险管理提供了理论支持。根据莫迪利安尼(Modigliani)和米勒(Miller)的理论,在不考虑经济摩擦的环境中,风险管理不能够提升企业价值。但是,现实环境远比理论假设复杂,现实环境中存在着各种各样的经济摩擦,比如,融资成本,税收和代理成本。后续的研究者们注意到了这些摩擦的重要性,他们放松了完美市场的假定,分析了风险管理如何缓解各种经济摩擦,进而提升企业价值。
This paper analyzes the development of risk management theory in corporate finance,and discusses its future trend,which can provide theoretical supports for firms’risk management practice.According to the theory of Modigliani and Miller,in a frictionless setting,risk management can not increase firm value.However,the practical environment is far more complicated than the theoretical one.In fact,there are various frictions in practice,such as,financing costs,tax and agency costs.Subsequent researchers realize the importance of these frictions,relax the frictionless setting,and analyze how risk management can alleviate those frictions and thus enhance firm value.
作者
陈路
Chen Lu(School of Finance,Nankai University,Tianjin 300350,China)
出处
《未来与发展》
2019年第2期21-24,共4页
Future and Development
关键词
风险管理
企业价值
经济摩擦
公司金融
risk management
firm value
economic frictions
corporate einance
