美国寿险上市公司衍生金融工具应用效应的实证研究  

An Empirical Study of the Effect of Financial Derivatives of American Listed Life Insurance Firms

作　　者：刘宇[1] 叶德磊[1] 刘锋[1] 

机构地区：[1]华东师范大学商学院,上海200026

出　　处：《金融理论与实践》2007年第10期72-75,共4页Financial Theory and Practice

基　　金：上海社会科学基金资助项目<我国证券市场创新的适应性机制及经济效应研究-基于金融生态圈的视角>(批准号:2006BJL004)的阶段性研究成果之一

摘　　要：衍生金融产品价格并非标的金融资产价格的一元线性函数,因而使用衍生产品最终是否能够起到风险管理之目的虽倾向于正面但尚存争论。国际上现有研究基本都从讨论企业使用衍生品的动机和影响因素出发,间接推测衍生品使用对企业的影响。本文以美国寿险上市公司为研究对象,研究衍生品使用对寿险公司业绩的直接效应,运用Panel data模型实证检验的结果表明衍生品运用之于寿险公司业绩存在明显正面效应,从而为中国衍生产品市场推出之后放开对寿险企业的投资准入提供了正面的实证依据。The price of the derivatives is not the one-variable linear function of the underlying asset. Despite positive tendency, whether the derivatives use can contribute to risk management or not is still a suspending issue. While there is a large number of studies about the motivation and affecting factors of derivatives use, attempting to predict the influence of derivatives use upon firms, few study thus far has addressed the question of whether there is a direct relation between hedging and firm value towards life insurance firm. In this paper, by choosing American listed life insurance firms as research subjects and applying Panel Data model, we test whether the use of derivatives is associated with higher firm market value. The result shows that there is a positive relation between them. This research is to provide a positive basis for opening up life insurance firm＇s market access to investment after the start-up of derivatives market in China.

关 键 词：寿险公司 衍生金融产品 业绩效应 

分 类 号：F841[经济管理—保险]