| ERM is a emerging subject, the true advancement of its meaning—integrated ERM—was just in those past years, though the time of when its initiative concept originated to today nearly have a century. The uncertainty ingredients have increased for a large amount and as well as more destructive with sharply change of financial environment and economic globalization since 1970s, the method of traditional ERM could not fit the strategic goal of modern enterprise any more, as result the theory should make progress with respect to objectivity. But in recently years, most of the theory study put too much focus on qualitative analysis and little on quantitative analysis. The aim of my paper is try to make some primary theory study in quantitative analysis such as the ability of value creation,the view of integrated risk as well as integrated risk evaluation of enterprise.The main framework of this paper is as follows:Chapter one is the introduction of basic knowledge, such as the history of ERM, the practice significance of ERM to enterprise, the study status of ERM at home and abroad, and at last some weakness to existed methods of ERM.Chapter two is about the review of basic knowledge of risk, and risk management as well as value creation with the premise of Neoclassicism theory and Neoinstitutional theory, and the characteristic of the enterprise risk.Chapter three firstly figure out the outcomes of traditional financial index system for evaluating enterprise risk; secondly, develop a new integrate risk evaluate index system which can identify risk as well as opportunity of enterprise; at last give a empirical study.Chapter four is about how ERM create value for enterprise and try to make some quantitative analysis with a new model associated with the ingredients of enterprise risk based on cash flow discounted model.Chapter five firstly discusses the comparability between financial portfolios and enterprise risk ingredients as well as the characteristic for enterprise risk. |
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