摘要
文章以2006～2014年西部地区循环经济上市公司为样本,采用OLS模型和SYS-GMM模型实证检验保险企业以参股形式投资上市公司和上市公司入股保险公司是否会对循环经济类上市公司产生融资约束。研究发现,企业与保险业的相互参股,并与保险公司建立良好的产融合作关系,对此类企业的融资约束有明显的缓解作用。进一步研究发现,产险结合缓解西部地区上市公司融资约束的效果上,国有和非国有的循环经济类上市公司并没有显著的差别。
Taking on the listed corporations of circular economy in western China from 2006 to 2014 as the research sample, this paper uses OLS and SYS-GMM dynamic panel model to empirically test the impact of insurance companies, which shareholds the listed corporations, and the listed corporations, which holds shares of insurance companies, on the financial constraints of circular economical enterprises. The results show that the mutual participation of enterprises and insurance companies, and the establishment of a good relationship between enterprises and insurance companies can relieve the financial constraints of the listed companies. Furthermore, the mutual participation of enterprises and insurance companies does not make much difference to the financial constraints of either state owned firms or nonstate owned firms in Western China.
作者
赖晓东
李利蓉
LAI Xiaodong;LI Lirong(School of Economics and Management,Southwest Jiaotong University,Chengdu 610031,China)
出处
《大连理工大学学报（社会科学版）》
CSSCI
北大核心
2019年第2期45-51,共7页
Journal of Dalian University of Technology(Social Sciences)
基金
教育部人文社科基金规划项目:"金融全球化与我国多层次资本市场背景下的多资产相依度及投资组合风险预测与优化研究"(15YJA790031)
四川循环经济研究中心项目资助:"西部地区循环经济发展的保险支持实证研究"(XHJJ-1520)
中央高校基本科研业务费文科科研项目:"金融数据科学创新团队"(2682018WXTD05)
关键词
循环经济
保险公司参股
参股保险公司
融资约束
circular economy
insurance companies shareholding
holding shares of insurance companies
financial constraints
