Abstract This paper evaluates the effect of Enterprise Risk Management (ERM) on the performance and the financial stability of a sample of non-financial Spanish listed companies. The information about ERM is taken from the annual reports, management reports and annual corporate governance reports disseminated over four years (2012−2015). The data on performance and financial stability have been obtained through the SABI (Iberian Balance Sheet Analysis System) and Morningstar Direct. The results obtained show that the adoption of ERM is not associated with a change in the performance of Spanish companies (measured through the return on equity, return on assets and Tobin’s Q) nor does it reduce the probability of bankruptcy. Having a chief risk officer (CRO) can actually reduce performance, although it can improve the degree of financial health measured as the distance to default. Regarding the relationship between the hedging of risks on the profitability and the level of risk, we find evidence of improvement through the hedging of exchange risk.

中文翻译：

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企业风险管理对西班牙上市公司的风险和业绩的影响

摘要本文评估了企业风险管理（ERM）对西班牙非金融类上市公司的绩效和财务稳定性的影响。有关企业风险管理的信息来自四年（2012-2015年）分发的年度报告，管理报告和年度公司治理报告。有关绩效和财务稳定性的数据已通过SABI（伊比利亚资产负债表分析系统）和Morningstar Direct获得。获得的结果表明，采用企业风险管理与西班牙公司的业绩变化（通过股本回报率，资产回报率和托宾Q来衡量）没有关联，也没有降低破产的可能性。拥有首席风险官（CRO）实际上会降低绩效，尽管它可以改善以违约距离衡量的财务健康程度。关于对冲风险的获利能力与风险水平之间的关系，我们发现通过对冲外汇风险来改善风险的证据。