CAJ | 학술논문

利用危机爆发前后非金融企业上市公司面板数据研究金融危机对风险管理的影响，结果发现，危机后企业风险管理水平较危机前显著提高，规模越小的企业风险管理水平的提升幅度越大，而国有企业风险管理水平没有显著提高。危机爆发后风险管理的价值增值效应凸显，小企业风险管理的价值增值效应比大企业更大。
이용위궤폭발전후비금융기업상시공사면판수거연구금융위궤대풍험관리적영향，결과발현，위궤후기업풍험관리수평교위궤전현저제고，규모월소적기업풍험관리수평적제승폭도월대，이국유기업풍험관리수평몰유현저제고。위궤폭발후풍험관리적개치증치효응철현，소기업풍험관리적개치증치효응비대기업경대。
The financial crisis posed a great challenge for enterprise risk management and provides convenience for re-searchers.Whether the risk management ability has been improved and whether the improvement is the same for different enterprises have become hot topics.This article analyzes the impact of financial crisis on risk management based on the panel data of listed companies before and after the crisis.Results show that the enterprise risk management ability improves significantly after the crisis.The smaller the firm,the greater extent of the improvement of the ability after the crisis.How-ever,efficiency of risk management in state-owned enterprises doesn’t improve significantly.The value-added effect of risk management becomes prominent after the crisis,which is greater in small enterprises than in big enterprises.