譯文（字數 5768）：

公司治理是否影響風險管理系統

摘要：本文提出的貢獻公司治理在企業層面的風險管理系統。這個研究是復雜的,將量和質信息整合。量信息包括資產負債表和損益表數據，而質包括虛擬變量反映了機構和監控成本管理經理和股東之間的關系。

關鍵詞：財務表現，風險管理，公司治理

一、介紹

金融風險管理已經越來越重要，在過去的十五年。全球化促進了資本市場的發展,與此同時,波動性增加會產生具有高度不確定性的企業。公司的資本結構和財務業績特有的高程度的波動影響全球金融市場,產生財務管理的發展要關注的主要變量代表——利率風險,外匯,股票和大宗商品。分析師一直專注于識別潛在關聯公司的價值和財務管理,特別是從規模經濟的角度。實現財務管理，需要部門創建激勵體制因為風險緩解是財富積累的技術支持。這種關系代表了研究對象的研究集中以來特別是非金融公司金融機構意味著資本結構方面的特點。有各種各樣的理論風險管理股東價值創造的貢獻。

外文原文（字符數 21476）：

外文出處 Theoretical and Applied Economics Volume XVIII (2011), No. 4(557), pp. 49-64 

Does Corporate Governance Impact Risk Management System

Abstract.This paper brings forth the contribution of corporate governance to risk management system at the enterprise level. The research is a complex one, integrating both quantitative and qualitative information. The quantitative information consists of balance sheet and profit and loss account data while the qualitative one includes dummy variables reflecting the agency and monitoring costs which govern the relationship between managers and shareholders.   

Keywords: financial performance; risk management; corporate governance.     

1.Introduction

Financial risk management has become more and more important during the last fifteen years. Globalization triggered capital market development and meanwhile the increase of the volatility which generated a high degree of incertitude at the level of the corporate segment.  Capital structure and financial performance of companies are impacted to a high extent by the volatility peculiar to global financial markets, generating the development of the financial management which focuses on the main variables representing the source of risk – interest rate, foreign exchange, equity and commodity.