【作者】 刘红；

【导师】 沈沛龙；

【作者基本信息】 山西财经大学 ， 金融学， 2014， 博士

【摘要】 席卷全球的2008年金融危机虽已过去多年，但它引起了金融理论工作者和实践管理者对金融风险管理的更加重视与关注，人们在研究金融危机发生机理之余，更多的是对金融风险、危机发生本质及根源等问题的探索。对于我国而言，现处于经济转型发展的特殊时期，转变经济发展方式实现经济的可持续性是我国经济发展的目标，因此从政府到社会各个主体客观上需要围绕可持续发展这一目标开展活动。稳定性是实现经济可持续发展的基础与保障，但在经济转型发展的过程中，风险是每个经济体需要更加关注与面临的问题，因此科学有效的进行风险管理是各经济体亟待解决的重大问题。期货市场属于公开、透明、高效运作的风险管理场所，它可以为实体企业和其它金融机构提供转移风险的平台，是市场经济系统中不可或缺的组成部分。所有发达国家的经济发展历史表明：一个国家若没有发达的期货市场，是难以成为世界经济和金融中心的，拥有发达的期货市场是一国经济高度发展的象征与标志。在我国经济转型发展的特殊时期，期货市场迎来了它的大发展时代！期货公司作为期货市场的重要组成部分，它是连接期货交易所和交易者的桥梁和纽带，保持自身运营的稳健性是期货市场功能得以有效发挥的基础与关键。因此，研究期货公司的风险管理具有重要的现实意义。但由于历史原因和期货交易的高风险性，在金融市场中，期货市场的社会声誉较低，这也直接影响了期货公司的盈利能力，使其与其它金融机构比较，处于“弱势”地位。同时，市场经济制度促进了我国各经济体的快速发展，但从可持续发展的角度而言，目前我国大多数企业处于一种“急功近利”的状态，许多行业出现了“企业群体道德败坏”现象。在此环境下，使处于“弱势”地位的期货公司表现出更加突出的“急功近利”，致使其面临更多的风险，不仅影响了自身的发展，也给期货行业进一步发展与壮大带来更多的负面影响。此外，有学者提出，金融市场过度创新与监管不力是造成2008年金融危机的主要原因，但从深层次角度而言，金融机构在经营过程中单纯地追求自身经济利益、唯利润最大至上，不仅忽视了创新过程中的风险，更是漠视了利益相关者的利益，是导致危机爆发及蔓延的深层次原因。亚当斯密（Adam Smith）以其经典之作——《国富论》开创了自由经济的思想与学说，因此他被尊称为“经济学之父”，但他的另一本传世之作——《道德情操论》，以伦理学角度对正义、责任、慈善等进行了系统的论述，从根源上揭示了人类社会赖以维系与和谐发展、持续发展的秘密，它无疑给正处于经济快速发展、转型期的我们一个更深层次理解经济问题、解决社会问题的启示与思路。“利他”才是问心无愧的“利己”，才能长远地“利己”，期货公司作为金融企业，追求经济利润不仅是其存在与发展的现实基础，也是它实现全面风险管理的总体目标之一，为提高自身的盈利能力与风险管理水平，期货公司在经营过程中必须承担其社会责任。文章正是基于这一思想，在我国经济转型和期货市场大规模发展的背景下，针对我国期货公司的发展现状及风险类型，运用企业社会责任相关理论，在明确期货公司企业社会责任内涵、“推进式”理论等的基础上，为提高期货公司风险管理水平与可持续性发展提供新的路径与方法。具体来说，本文以国内期货公司为研究主体、其风险管理为研究对象，运用企业社会责任相关理论展开对期货公司风险管理的研究，旨在探索期货公司在经营过程中面临的主要风险是什么，其要实现的风险管理目标有哪些？期货公司在经营过程中应该承担的企业社会责任内容是什么？为什么期货公司通过对企业社会责任的承担可达到对其风险的防范与管理目标的实现？期货公司为实现其风险管理目标及提高风险管理能力应如何构建企业社会责任管理体系？从文章的整体来看，可分为三篇，上篇包括两章，从逻辑和内容上属于理论准备和铺垫部分；中篇是文章的核心研究部分，共包括三章，从理论和实证两方面，对期货公司企业社会责任与公司主要风险类型、全面风险目标实现、风险管理能力等关系进行剖析和研究；下篇属于全文的理论应用与拓展部分，为全文第六章，即根据中篇所得到的结论，针对我国期货公司的发展特点，从期货公司企业社会责任体系的构建视角，为实现我国期货公司风险管理目标、提高风险管理水平提供一个新的路径与方法。根据研究目标，本文主要研究内容与创新表现在以下几个方面。首先，对期货公司风险管理研究视角的创新。从现有文献来看，国内外对期货公司风险管理的研究大多集中在风险识别、度量等微观角度的研究，这些研究在一定程度上为期货公司的风险管理提供了很重要的理论与方法。但现存研究结论大多是利用风险理论研究风险，同时不能很好地使处于“弱势”地位的期货公司从本质上认识到风险管理的重要性；同时缺乏既以提高期货公司盈利能力为主要目的、又兼顾其风险管理所有目标的理论指导体系。本文根据我国期货公司发展现状及风险管理所存在的问题，试图将企业社会责任理论运用于风险管理研究中，以企业社会责任这一新的视角，对期货公司风险管理进行较为系统的研究。其次，对期货公司企业社会责任与其风险、风险管理目标关系的研究。第一，提出期货公司各类风险所对应的关键利益相关方为其风险来源的主体。探究风险类型的来源主体是期货公司防范风险的基础与关键，本部分通过对国内外颇具影响的期货公司风险事件进行考察与分析，总结出期货公司在经营过程中面临的主要风险为战略风险、法律风险、操作风险和声誉风险；根据利益相关方理论，提出期货公司的利益相关方是造成期货公司各类风险的主体、期货公司对企业社会责任的不履行或不合理履行是造成期货公司各类风险的根源等结论。该部分研究主要采用的是案例分析、比较分析、理论分析（利益相关方理论）相结合的分析方法。第二，关于期货公司企业社会责任与其全面风险管理目标关系的研究。本部分将期货公司全面风险管理总体目标与期货公司企业社会责任内容进行对应分析，发现二者为目标与过程的关系，得到“期货公司对企业社会责任合理、科学的履行可以实现其全面风险管理的总体目标”这一新结论。本部分主要以全面风险管理理论、企业社会责任理论等为基础，运用了理论分析与比较分析方法。再次，从实证角度对期货公司企业社会责任与其盈利能力、风险管理水平关系等方面的研究。对期货公司企业社会责任的衡量是实证分析的基础，本文在我国期货公司财务数据非完全公开的背景下，采用了内容分析法和层次分析法相结合的方法、在提出反映期货公司企业社会责任6类一级指标和14类二级指标的基础上，实现对期货公司企业社会责任的衡量。为反映期货公司盈利能力和企业社会责任的关系，本文在对其进行相关性分析的基础上，通过构建反映二者因果关系的联立方程模型达到实证研究的目的。同时，本文开创性进行了期货公司企业社会责任与其风险管理能力关系的研究，利用中国证监会对外公布的期货公司评级分值实现对各期货公司风险管理能力的衡量，在一定程度上填补该方面研究的空白。通过实证研究得出：期货公司企业社会责任与其盈利能力、风险管理能力呈现正相关；从较长期来看，期货公司对企业社会责任的履行会促进其盈利能力的提高、可提升其风险管理水平。更多还原

【Abstract】 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.更多还原