The effectiveness of risk management has long been one of the most important research contents in the discipline of risk management. Whether or not agree with the premise of perfect market hypothesis implied in MM theo-rem is the key to distinguish different schools. The empirical study arrives at different conclusions due to diverse study methods and samples. But in general,it is currently a mainstream view of the risk management discipline to recognize the effectiveness of risk management. With regard to the transmission channel of enterprises’risk management,the ex-isting studies believe that risk management can enhance its effectiveness by increasing the capacity of financing,de-creasing agency costs,mitigating financial distresses and easing tax burdens,which are tested by conducting theoreti-cal and empirical analysis.% 风险管理有效性一直是风险管理学科的重要研究内容，是否认同MM定理的完美市场假设前提，成为不同学派理论的重要特征，而实证研究也因为方法、样本等因素的影响而呈现出不同的结论。总体而言，认可风险管理的有效性还是当今风险管理学科的主流观点。对于企业风险管理的传导路径，现有的研究认为，风险管理通过增强融资能力、降低代理成本、缓解财务困境、减轻税收负担等路径来发挥其有效性，并且通过理论与实证分析的方法进行了检验。
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