摘要
基于我国A股上市公司2005—2021年的非平衡面板数据,本文通过实证检验,得出保险资金持股能够显著降低被持股企业的风险承担水平这一结论。进一步按产权性质分类,发现保险资金持股并未改变国有上市公司的风险承担水平,但显著降低了民营企业的风险承担水平,表明保险资金在民营企业中发挥了机构投资者积极的监督和治理作用,这一结论在经过倾向得分匹配和OLS回归后仍然稳健。
Based on the unbalanced panel data of China’s A-share listed companies from 2005 to2021,this paper concludes through empirical analysis that insurance funds shareholding can significantly reduce the risk taking level of the shareholding enterprises.It is found that the risk taking level of state-owned listed companies is not changed by the nature of property rights,but it significantly reduces the risk taking level of private enterprises,indicating that insurance funds play a supervisory and governance role of institutional investors in private enterprises.This conclusion is still robust after propensity score matching and OLS regression.
出处
《保险职业学院学报》
2022年第6期47-54,共8页
Journal of Insurance Professional College
关键词
保险资金投资
风险承担
倾向得分匹配
insurance funds shareholding
risk taking
propensity score matching
