险资举牌与实体企业金融化:“抑制剂”还是“助推器”  

Insurance Companies’Significant Shareholding and Entity Enterprise Financialization:Inhibitor or Booster

作　　者：孙凤娥[1] 田治威[1] Sun Fenge;Tian Zhiwei

机构地区：[1]北京林业大学经济管理学院,北京100083

出　　处：《证券市场导报》2021年第10期2-11,共10页Securities Market Herald

基　　金：国家社会科学基金项目“森林保险精准扶贫效果评估与财政补贴机制优化研究”(批准号:19BGL052)。

摘　　要：基于2007―2019年沪深A股上市公司样本,本文检验了险资举牌对实体企业金融化的影响及作用机制。结果表明:险资举牌会加剧实体企业金融化,是实体企业金融化的“助推器”而非“抑制剂”。进一步,本文检验了险资举牌可能存在的“资本挟持效应”和“资源支持效应”,结果显示险资稳定性、公司股权集中度均削弱了险资举牌对企业金融化的助推作用,而金融投资经验在其中的负向调节作用不显著,这表明险资举牌主要通过“资本挟持效应”提升企业金融化水平。本文对规范险资举牌行为提供了有益借鉴,有助于预防为险资进一步松绑政策可能带来的不良后果,也为理解实体企业金融化的内在机理提供了新视角。Based on the sample of A-share listed companies in Shanghai and Shenzhen markets from 2007 to 2019,this paper empirically tests the influence and mechanism of insurance companies’significant shareholding on the financialization of entity enterprises.The results show that insurance companies’significant shareholding will aggravate the financialization of entity enterprises,which is the“booster”rather than the“inhibitor”.Furthermore,this paper tests the possible mechanism of“capital seizing effect”and“resource support effect”in insurance companies’significant shareholding.The results show that both of the stability of insurance fund and the concentration of equity play a negative role in the boosting insurance companies’significant shareholding on financialization,and the negative regulatory effect of financial investment experience is not significant,which indicates that the insurance companies’significant shareholding mainly promotes the corporate financialization through the“capital seizing effect”.The research provides a useful reference for standardizing the behavior of insurance companies’significant shareholding,helps to prevent the possible adverse consequences of further loosening of insurance funds,and offers a new perspective to understand the mechanism of entity enterprise financialization.

关 键 词：险资举牌 实体企业金融化 治理效应 资本挟持效应 资源支持效应 

分 类 号：F270[经济管理—企业管理]