企业财产保险与债务期限结构选择——我国制造业企业经验证据  

Corporate Property Insurance and Debt Maturity Structure Choice:——Evidence from Chinese Non-publicly Listed Manufacturing Companies

作　　者：杨克泉[1] 吕立伟[2] 吉昱华[3] 

机构地区：[1]上海立信会计学院,上海201620 [2]上海金融学院,上海201209 [3]中国保险监督管理委员会,北京100140

出　　处：《经济管理》2011年第5期137-145,共9页Business and Management Journal ( BMJ )

基　　金：上海市教育委员会重点学科建设项目(J51701)

摘　　要：本文选取我国3843家制造业非上市公司2001～2005年面板数据,以委托代理理论为基础实证分析企业财产保险行为对债务期限结构选择的影响。研究结果表明,企业债务期限随其购买财产保险比率的增加而延长。本文分析认为,当利率不能准确反映银行承担的信用风险,司法体系不能保证契约得以有效执行时,保险监控和风险管理服务是一种重要替代机制。加强保险监控及风险管理服务创新,实现保险市场与资本市场的良性互动,是金融体系演进的大趋势,也是突破保险与资本市场发展困境的重要策略。Using panel data set （2001 -2005） for 3843 non-publicly listed manufacturing companies in the People＇s Republic of China （PRC） , this article has analyzed corporate property insurance and debt maturity structure. The research outcomes show that corporate debt mattirity extended with the purchase of property insurance increased. This paper analyzes the view that when the interest rate does not accurately reflect the credit risk incurred by the banks, the judicial system can not guarantee the effective enforcement of contracts, the insurance monitoring and risk management service is an important alternative mechanism. Strengthening the insurance monitoring and risk management service innovation to achieve the insurance market and capital market interaction is the major trend of the evolution of the financial system, but also break through the insurance and capital market development in the plight of win-win strategy.

关 键 词：债务期限 财产保险 制造业 利率管制 保险与资本市场 

分 类 号：G22[文化科学] D23[政治法律—政治学]