融资约束与内部资本市场、盈余管理的关系探析——基于保险集团视角的研究  

A Research on the Relationship of Financing Constraints, Internal Capital Market and Earnings Management——From the Perspective of Insurance Group

作　　者：王艳[1] 芦冠庭 万里虹[3] WANG Yan;LU Guan-ting;WAN Li-hong

机构地区：[1]对外经济贸易大学保险学院 [2]中国东方资产管理股份有限公司河南分公司 [3]中国人寿保险股份有限公司战略规划部

出　　处：《保险研究》2021年第9期3-15,共13页Insurance Studies

基　　金：“对外经济贸易大学中央高校基本科研业务费专项资金”(19YB09)资助。

摘　　要：通过调整赔款准备金的方式进行盈余管理是非寿险公司常用的缓解融资约束的方式。在保险集团化经营模式下,保险公司还可以通过内部资本市场缓解融资约束。本文探析保险集团内部资本市场、盈余管理和融资约束的关系,基于2009~2019年我国非寿险公司数据,分析非寿险公司利用保险集团内部资本市场及盈余管理缓解融资约束的效果,以及这两种行为在缓解融资约束时的相互关系。研究发现,保险集团内部资本市场和盈余管理行为均能显著地缓解非寿险公司面临的融资约束,且两者在缓解融资约束时存在替代效应,即不处于保险集团中的非寿险公司倾向于通过盈余管理缓解融资约束,保险集团中的非寿险公司倾向于利用内部资本市场缓解融资约束。Adjusting reserves for claims for the purpose of earnings management is one of the methods used by non-life insurers for alleviating their financing constraints.Under the insurance group operational model, insurers can also avail themselves of their internal capital market for loosening their financing constraints.This paper studied the relationship among insurance groups’ internal capital market, earnings management and financing constraints.Based on China’s non-life insurance companies’ statistics from 2009 to 2019,it studied the effects of financing constraints alleviation through internal capital market and earnings management, and the relationship between internal capital market and earnings management in alleviating financing constraints.It is found that both insurance group’s internal capital market and earnings management can significantly alleviate the financing constraints faced by non-life insurance companies, and there is a substitution effect between them.That is, the non-life insurance companies outside the insurance group are more inclined to use earnings management to alleviate the financing constraints, while the non-life insurance companies within the insurance group are more inclined to use the internal capital market to ease the financing constraints.

关 键 词：融资约束 内部资本市场 盈余管理 保险集团 

分 类 号：F840.32[经济管理—保险]