保险资金持股对企业违约风险的影响研究——来自中国A股市场的经验证据  

Research on the Impact of Insurance Fund Shareholding onEnterprise Default Risk: Empirical Evidence fromthe Chinese A-share Market

作　　者：罗琰 王艺瑾 张子怡 LUO Yan;WANG Yijin;ZHANG Ziyi(School of Finance,Nanjing Audit University,Nanjing,Jiangsu 211815)

机构地区：[1]南京审计大学金融学院,江苏南京211815

出　　处：《贵州商学院学报》2024年第3期38-52,共15页Journal of Guizhou University Of Commerce

基　　金：国家自然科学基金面上项目“高频数据波动率统计推断、预测与应用”(71971118);江苏高校哲学社会科学研究重大项目“政策性农业保险欺诈风险与反欺诈审计协同治理研究”(2023SJZD069)。

摘　　要：基于2015—2021年中国A股上市企业数据,研究实证检验保险资金持股对企业违约风险的影响。保险资金持股能够发挥积极监督的治理效应,提升公司价值和风险承担水平,降低企业违约风险。保险资金持股对国有控股企业、市场化程度低的企业和被出具标准无保留意见企业的违约风险抑制作更为显著。防范企业违约风险,政府监管部门要优化和完善制度环境,提高企业信息披露程度,规范保险资金入市行为;保险机构要充分发挥自身优势参与持股公司治理,切实履行监督管理职能;上市公司要稳健经营,提升自身价值和风险承担能力,三者共同作用,维护金融市场稳定。Based on data from Chinese A-share listed companies from 2015 to 2021,this study empirically tests the impact of insurance fund shareholdings on enterprise default risk.Insurance fund shareholdings can play a governance effect of activing supervision,enhance the company's value and risk bearing level,and reduce the risk of enterprise default.Insurance fund shareholdings have a more significant impact on the default risk suppression of state-owned shareholding enterprises,enterprises with low marketization levels,and enterprises that have been issued standard unqualified opinions.To prevent the risk of corporate default,government regulatory agencies need to optimize and improve the institutional environment,require increased disclosure of corporate information,and regulate the entry of insurance funds into the market;insurance institutions should fully leverage their own advantages to participate in the governance of holding companies and effectively fulfill their supervisory and management functions;listed companies need to operate steadily,enhance their own value and risk-taking ability,and work together to maintain financial market stability.

关 键 词：保险资金持股 违约风险 公司治理 

分 类 号：F842[经济管理—保险]