上市保险公司信息披露与市场价值、投资者反应

发布时间：2018-01-29 14:45

本文关键词： 信息披露公司价值投资者行为　出处：《广西大学》2014年硕士论文　论文类型：学位论文

【摘要】：自保险行业诞生,便面临着“信息不对称”的困境。保险人和投保人之间的信息博弈决定着保险行业的生死存亡。在保险行业中,“完全信息”的重要性从不曾弱化过。尽管如此,保险行业中因信息不对称造成的矛盾依然随处可见。在保险产品销售过程中,逆向选择、道德风险问题依然存在,虚假宣传、违规操作依然严重损害着保险行业的形象。因此,保险监管部门先后多次出台了各项法规条文,试图加强行业内的信息披露,营造一个诚信的保险运营环境,维护保险行业的健康发展,切实体现保险行业对整个经济社会的保障作用。在我国,对保险行业的监管主要由中国保监会负责。对于部分上市保险公司,证监会也有一定的监管权力。因此,为了考察信息披露对我国上市保险公司的影响,本文选取中国证监会与中国保监会制定的保险公司信息披露法规,利用事件研究法,考察两次比较重要的保险业信息披露规则事件前后保险公司市场价值变化情况,并使用高频分笔交易数据考察不同类型投资者行为差异。从而判断信息披露水平的提升,对上市保险公司市场绩效的影响,并试图分析这种影响的来源及规模。本文研究发现：更透明的保险业信息披露制度可以显著提高上市保险公司的市场绩效,增加公司价值,并且该效应可维持较长时间；更透明的保险信息披露体系倾向于吸引机构投资者进入,从而得到机构投资者的“奖励”,增加其股票在证券市场上的收益,即公司价值的提升主要来源于相对理性的机构投资者的持有偏好。本文研究结果一方面有着清晰的政策含义,如为建设完善的保险监管体系提供了更加稳健的现实依据和建设方向,并结合本文结果,分别从监管机构、保险公司、投资者和市场制度建设等角度出发,制定了相应的鼓励措施,激励保险公司完善自身信息披露制度,提高信息披露水平,从而提高整个保险行业的信息透明度,另一方面也指出了机构投资者和个人投资者之间的行为差异,在行为研究方面做了初步研究。
[Abstract]:Since the birth of the insurance industry, it has faced the dilemma of "information asymmetry". The information game between the insurer and the policy holder determines the life or death of the insurance industry. The importance of "complete information" has never been weakened. However, contradictions caused by asymmetric information in the insurance industry are still everywhere. In the process of selling insurance products, adverse selection. Moral hazard problems still exist, false propaganda, illegal operations are still seriously damaging the image of the insurance industry. Therefore, the insurance regulatory authorities have issued a number of regulations and provisions. This paper attempts to strengthen the disclosure of information in the industry, create a good faith insurance operation environment, maintain the healthy development of the insurance industry, and effectively reflect the insurance industry to the entire economic and social protection role. In China, China Insurance Regulatory Commission is mainly responsible for the supervision of the insurance industry. For some listed insurance companies, the CSRC also has certain regulatory powers. In order to investigate the impact of information disclosure on listed insurance companies in China, this paper selects the China Securities Regulatory Commission and the China Insurance Regulatory Commission to formulate the insurance company information disclosure regulations, using the incident study method. This paper examines the changes in market value of insurance companies before and after two more important insurance disclosure rules. And the use of high-frequency split transaction data to investigate the behavior of different types of investors, so as to judge the level of information disclosure, the impact on the market performance of listed insurance companies. And try to analyze the source and scale of this impact. This study found that: more transparent insurance information disclosure system can significantly improve the market performance of listed insurance companies and increase the value of the company. And the effect can be maintained for a long time. A more transparent insurance disclosure system tends to attract institutional investors, thereby receiving "incentives" from institutional investors to increase returns on their stocks in the securities market. That is to say, the promotion of corporate value mainly comes from the relative rational institutional investors' holding preference. On the one hand, the research results of this paper have clear policy implications, such as for the construction of a sound insurance regulatory system to provide a more robust practical basis and construction direction, and combined with the results of this paper, respectively from the regulatory bodies. Insurance companies, investors and market system construction and other angles, formulated the corresponding incentives to encourage insurance companies to improve their own information disclosure system, improve the level of information disclosure. On the other hand, it also points out the behavioral differences between institutional investors and individual investors, and makes a preliminary study on behavior research.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F842.3;F830.43

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