The Study On Futures Companies Risk Anagement By Corporate Social Esponsibility Perspective

Although the2008global financial crisis happened over many years, it causedfinancial theory researchers and practice managers to pay more attention to financialrisk management, and people more explore the source of financial risk, the nature of thecrisis and the root of the problems after they study the mechanism of the financial crisis.To realize the economic sustainability is the mode of economic development in thespecial period of the development of the economic transformation in China. So theeverybody from government to social objectively requires to carry out activities aroundthe ultimate goal of sustainable. Although stability is the foundation and security ofrealizing economic sustainable development, each economy has to pay more attention tothe risk in the process of the development of the economic transformation. So thescientific and effective risk management is an important issue which economies need tobe addressed. We know futures market is an important place for companies and otherfinancial institutions for risk aversion, which is a necessary part in the market economysystem. All economic development history in developed countries shows that if acountry has not well-developed futures markets, it is difficult to become a worldeconomic and financial center, and they are symbol and sign of a highly developedeconomy. Futures market will in the era of large-scale development in the particularperiod of China’s economic restructuring and development. Futures company operatingsteadily is the foundation and the key for playing to the function of the futures marketand getting development, because it is important institution in futures market and as aintermediary institutions to manage risk. So there is very important meaning to researchfutures company’s risk management.But due to historical reasons and high risks, the futures market social reputation islow in financial markets, which it directly affects the profitability of the futurescompany. And compared with other financial institutions, futures company is in a"weak" position. At the same time, although market economic system has promoted ourcountry’s economies to quickly develop, the most enterprise is in a state of "get richquick" in our country at present from the perspective of sustainable development, andmany industries appear the phenomenon of "enterprise moral community worse". In theenvironment, futures company in a "weak" position shows a more prominent "get richquick" and faces more risks, which it not only affects their own development, also brings to the futures industry to further develop and expand more negative effects. Inaddition, some scholars put forward that excessive financial market innovation and poorregulation is the main cause of the2008financial crisis, but from a deeper perspective,financial institutions ignore the risks in the process of innovation and disregard itsinterests of stakeholders in the process of operating. So it is the deep cause for the crisisoutbreak and spreading. Adam Smith is known as the "father of economics" for hisclassic-"Wealth of Nations", which it creates a liberal economic ideas and doctrines.But another of his masterpieces "Theory of Moral Sentiments" reveals the sustainshuman society from the roots and harmonious development, sustainable developmentthe secret, he systematically researched to justice, responsibility, charity from ethicspoint of view, and these views give us a new inspiration and ideas to deeper understandour economic problems and solve social problems in economic development and thetransition period."Altruism" is a clear conscience "selfish" and is a long-term"self-interest". As a financial enterprise, futures company need pursuit economic profitfor the realistic foundation of its existence and development and the overall goals ofcomprehensive risk management. Thus futures company must take their socialresponsibility in the process of operation to improve their level of profitability and riskmanagement. In the large-scale development of China’s economic transformation, thisarticle will base on the idea and according to the theory of corporate socialresponsibility that "Corporate can’t simply pursue the shareholders profits in the processof operation, and should realize their stakeholders’ interests and goal, such as customers,employees, society and so on " to study futures risk management problem. The theoryof corporate social responsibility provides a new idea and method to realize the goal ofrisk management and economic sustainable development from the perspective ofenterprise society. Specifically, according to the development and the problems of riskmanagement of futures companies in China, the paper use the theory of corporate socialresponsibility to research the futures companies risk management problems and futurescompanies as the research subject and futures companies risk management as theresearch object to find out why futures can reach to the prevention and management ofthe risk companies in the operating process through corporate social responsibility andhow futures companies can realize the ultimate goal of futures companies riskmanagement-sustainable development goals by performing the corporate socialresponsibility. This paper includes three parts on the whole. The first part includes two chapters,which they belong to the theory. The second part is the research on futures companiesrisk categories, which analysises and researches the relationship between futurescompany’s corporate social responsibility with the company’s overall risk type and goalsFrom two aspects of theory and practice. Finally, based on the research conclusion thatfutures companies can guard against the risk through reasonably and scientificallycorporate social responsibility, the part put forward the futures company’s corporatesocial responsibility management system construction strategy based on the riskmanagement goal combining the futures companies risk management present situationin our country and reach the aims at providing a futures company managers in Chinawith a new thought and theory support for the conduct of risk management andproviding certain reference for related researchers.According to the research target, innovation work mainly reflects in the followingrespects in this paper. First of all, from new perspectives to research futures companyrisk management. The most research from the existing literature research futurescompany risk management by risk management theory. These studies provided a veryimportant theory and method to futures company. And not well made the futurescompany in a "weak" position realize the importance of risk management. At the sametime, the lack the theory guide system of both the futures company to improveprofitability, and to achieve the goal of all its risk management. The paper tries to usecorporate social responsibility theory to study futures risk management according to thecurrent situation in China and the problems of risk management. The second, the pardstudy of futures companies risk categories based on corporate social responsibilityperspective. Through investigating and analysising the domestic and internationalinfluential futures company risk events, the part summed up the futures companies themain risk in the business process which they respectively are strategic risk, legal risk,operation risk and reputation risk. Based on the theory of stakeholders, this paper carrieson the corresponding analysis on four kinds of main risk and futures companies forvarious levels of corporate social responsibility and got "the futures company’s variousstakeholders are the main part of the futures companies of various kinds of risk, and if futures company fails to perform or unreasonable of corporate social responsibilityperformance, it will cause all kinds of the futures company risk " the conclusion. Caseanalysis, comparative analysis and theoretical analysis (stakeholder theory) wereadopted in the part. The second part is on the relationship research between futurescompany’s corporate social responsibility and the comprehensive risk management goal.The section carried on the compatibility research to futures companies risk managementcomprehensive overall goal and with the futures company’s corporate socialresponsibility and get "futures companies can achieve the overall goal of thecomprehensive risk management through reasonable and scientific implementation tocorporate social responsibility" the new conclusion. This part research mainly used themethod of theoretical analysis and comparative analysis based on comprehensive riskmanagement theory, corporate social responsibility theory as the foundation. The third,the research focus on the relationship between futures company’s corporate socialresponsibility and profitability, risk management level. Based on the related research athome and abroad, the part research obtain that they are promote each other relationsbetween futures companies for the fulfillment of corporate social responsibility leveland its profitability, and the fulfillment of corporate social responsibility level ispositive to the the futures company risk management ability from the perspective ofempirical. The conclusion further proves the "pusher" theory modle and the conclusionthat fulfilling legitimately and scientifically corporate social responsibility can improvefutures company’s risk management ability to a certain extent. This part combined thecontent analysis method and analytic hierarchy process to achieve the measure of thefutures company’s corporate social responsibility performance level, and finishedmeasure to futures companies risk management ability through futures companies thepoblished rating score by China Securities Regulatory Commission. The part realizesthe research on futures company corporate social responsibility and profitabilitypromoting each other relations, the futures company’s corporate social responsibilityand the risk management level by selecting cross-section data of futures companies inChina by using the statistical method of multiple regression.