保险公司持股偏好及持股对上市公司经营业绩影响的研究——来自中国A股市场的经验证据  

A Research on the Shareholding Preference of Insurers and the Influence on Performance of Listed Companies——Evidence from A Share Market In China

作　　者：王媛媛 葛厚逸 

机构地区：[1]西南财经大学保险学院,四川成都611130 [2]厦门大学经济学院,福建厦门361005

出　　处：《保险研究》2017年第8期89-104,共16页Insurance Studies

基　　金：教育部人文社会科学研究青年项目(编号16YJC840024);广东省教育厅青年创新人才(人文社科类)项目(编号2014WQNCX135);广东省科技厅项目(编号2014A080804015)的资助

摘　　要：2015年开始,保险公司在股票二级市场的频繁举牌成为保险业界、监管机构和社会公众普遍关注的热门现象,保险公司作为大股东持股上市公司,能否提升上市公司的经营业绩?保险公司是否是优质的机构投资者?本文选取中国A股市场2006~2015年上市公司的数据,采用Tobit模型对保险公司作为前十大股东持股的上市公司的特征进行了实证研究。研究发现:寿险公司作为大股东,其持股比例与上市公司的经营业绩、公司规模、发展能力、流通股比例、第一大股东持股比例、股票回报率显著正相关,与贝塔系数负相关;财险公司作为大股东,其持股比例与上市公司的经营业绩、公司规模、发展能力、流通股比例、股票回报率显著正相关。此外,本文进一步采用多元线性回归模型对保险公司作为大股东持股与上市公司经营业绩二者的关系进行了实证分析,结果显示:寿险公司持股可以显著提升上市公司下一期的经营业绩;财险公司持股对上市公司下一期经营业绩则无显著影响。Since 2015 ,the insurer＇s acquisition of significant stakes of listed firms in the secondary stock market has attracted widespread concerns of the regulators, the insurance sector and the public. Can the performance of listed companies be improved with insurance companies as their major shareholders？ Are insurers quality institutional investors？ This paper used the 2006 -2015 annual data released by listed companies with insurance companies in their top ten shareholders and analyzed their characteristics empirically with the Tobit model. The research showed that as a major shareholder,the life insurer＇s shareholding was positively correlated with the performance, size, development potential, ratio of floated shares, shareholding of its controlling shareholder, and stock return of the public company, but was negatively correlated to the Beta of the public company. For property insurance companies, their shareholdings were positively correlated with the performance, size, development potential, ratio of floated shares, and stock return of the public company. Furthermore, with the help of OLS regression, this paper examined the link between the insurers＇ holdings and the public firm performance. We found that life insurance companies＇ shareholding could significantly improve the pubic firm＇s performance, but property insurance companies＇ shareholding had no visible effect.

关 键 词：险资入市 持股偏好 经营业绩 

分 类 号：F840.3[经济管理—保险]