保险对企业价值的作用机制及实证分析
发布时间：2018-11-11 15:03
【摘要】：市场经济条件下,企业价值增长是现代企业经营的目标,但是企业在经营过程中会遇到各种各样的自然灾害和意外事故,这些风险的发生可能会使企业陷入严重的财务危机之中,使企业价值增长这一目标的实现变得困难。所以风险管理在企业战略和企业经营管理中起着越来越重要的作用,而且风险管理对企业价值提高有很大的作用。作为风险管理的一种财务手段,保险被大部分企业作为规避风险的一种手段。企业通过支付保险费将一部分风险转移给保险公司,保证其自身的持续稳定经营。近几年来我国保险业迅速发展,2000年到2012年保费平均增长速度为15%以上,高于我国GDP的增长速度,成为国民经济增长最快的部门之一。 企业作为一个个体,其风险偏好行为可以分为三种：风险规避型、风险中立型和风险偏好型。对于股权高度集中的企业来说,其风险偏好与个人相似,属于风险规避型；对于其他企业来说,则是风险中立型的。梅尔和史密斯曾解释过企业保险需求的七个动机,他指出企业购买保险不能简单地归结为风险厌恶；保险公司具有风险承担上的相对优势；降低破产概率以及与此相关的成本；保障债权人的利益；税收优惠和保险监管的作用。本文以此为出发点展开研究,从保险减少企业股东和管理者以及股东和债权人之间的委托代理成本,降低道德风险和逆向选择问题；降低企业的交易成本；降低破产概率和降低企业税收负担几个方面对保险对企业价值的影响机制进行了分析。企业通过支付保险费将一部分风险转移给保险公司,当损失发生时,可以获得一定的赔付,保证其自身的持续稳定经营。 国外学者已经证明保险对企业价值的提高有正向影响,而我国目前对这方面的研究仅限于理论层面,这一结论用于国内是否成立并未得到证实。因此本文选取净资产收益率作为衡量企业价值的指标,根据MM理论选取了保费对数、企业资产对数、长期负债率、现金比率和双赫指数作为自变量,并以盈利虚拟作为控制变量。试图通过实证检验,得出保险与企业价值之间的关系。 本文首先建立了一个对比模型,其中包括企业规模和行业十分接近的10家投保企业和10家未投保企业。通过对所选指标的分析发现,投保企业的平均价值大于未投保企业的平均价值。为了使论证更具说服力,本文又选取了2008-2012年102家上市企业的相关财务数据和保险数据,运用Eviews软件建立多元线性回归模型,选择加权最小二乘法,对保险与企业价值之间的横截面关系进行回归分析。研究发现,保险对企业价值起着正向的作用。 在对我国保险与企业价值研究的基础上,两个方面的实证研究充分说明,我国的保险对企业价值的提高有促进作用,这与国外学者的研究也是一致的。
[Abstract]:Under the condition of market economy, the growth of enterprise value is the goal of modern enterprise management, but enterprises will encounter all kinds of natural disasters and accidents in the course of operation. The occurrence of these risks may lead the enterprise into a serious financial crisis and make the realization of the goal of increasing the enterprise value become difficult. Therefore, risk management plays a more and more important role in enterprise strategy and management, and risk management plays an important role in the improvement of enterprise value. As a financial means of risk management, insurance is used by most enterprises as a means to avoid risks. The enterprise transfers part of the risk to the insurance company by paying insurance premium to ensure its own continuous and stable operation. In recent years, China's insurance industry has developed rapidly. The average premium growth rate from 2000 to 2012 is more than 15%, which is higher than the growth rate of China's GDP and has become one of the fastest growing sectors of the national economy. As an individual, the enterprise risk preference behavior can be divided into three types: risk aversion type, risk neutral type and risk preference type. For highly concentrated equity enterprises, their risk preference is similar to that of individuals and belongs to risk aversion; for other enterprises, it is risk-neutral. Mel and Smith have explained the seven motivations of corporate insurance demand, pointing out that buying insurance cannot simply be attributed to risk aversion; insurance companies have a comparative advantage in taking risks; they reduce the probability of bankruptcy and the associated costs; Protect the interests of creditors; the role of tax incentives and insurance regulation. This paper takes this as the starting point to carry on the research, from the insurance reduces the principal-agent cost between the stockholder and the manager, the shareholder and the creditor, reduces the moral hazard and the reverse selection problem, reduces the enterprise transaction cost; This paper analyzes the influence mechanism of insurance on enterprise value from several aspects of reducing bankruptcy probability and reducing enterprise tax burden. The enterprise transfers part of the risk to the insurance company by paying the insurance premium. When the loss occurs, the enterprise can obtain certain indemnity to ensure its own continuous and stable operation. Foreign scholars have proved that insurance has a positive impact on the improvement of enterprise value, but at present, the research on this aspect in China is limited to the theoretical level, and this conclusion has not been confirmed in China. Therefore, this paper selects the return on net assets as the index to measure the enterprise value, and selects the insurance premium logarithm, the enterprise assets logarithm, the long-term debt ratio, the cash ratio and the double hertz index as the independent variables according to the MM theory. And take the profit fictitious as the control variable. This paper tries to get the relationship between insurance and enterprise value through empirical test. In this paper, a comparative model is established, which includes 10 insurance companies and 10 uninsured enterprises whose size and industry are very close. Through the analysis of the selected indexes, it is found that the average value of the insured enterprises is greater than the average value of the uninsured enterprises. In order to make the argument more convincing, this paper selects the relevant financial data and insurance data of 102 listed enterprises from 2008 to 2012, establishes the multivariate linear regression model by using Eviews software, and selects the weighted least square method. The cross section relationship between insurance and enterprise value is analyzed by regression analysis. The study found that insurance plays a positive role in enterprise value. On the basis of the research on insurance and enterprise value in our country, the empirical research in two aspects fully shows that the insurance in our country can promote the improvement of enterprise value, which is consistent with the research of foreign scholars.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842;F272.3
本文编号：2325209
[Abstract]:Under the condition of market economy, the growth of enterprise value is the goal of modern enterprise management, but enterprises will encounter all kinds of natural disasters and accidents in the course of operation. The occurrence of these risks may lead the enterprise into a serious financial crisis and make the realization of the goal of increasing the enterprise value become difficult. Therefore, risk management plays a more and more important role in enterprise strategy and management, and risk management plays an important role in the improvement of enterprise value. As a financial means of risk management, insurance is used by most enterprises as a means to avoid risks. The enterprise transfers part of the risk to the insurance company by paying insurance premium to ensure its own continuous and stable operation. In recent years, China's insurance industry has developed rapidly. The average premium growth rate from 2000 to 2012 is more than 15%, which is higher than the growth rate of China's GDP and has become one of the fastest growing sectors of the national economy. As an individual, the enterprise risk preference behavior can be divided into three types: risk aversion type, risk neutral type and risk preference type. For highly concentrated equity enterprises, their risk preference is similar to that of individuals and belongs to risk aversion; for other enterprises, it is risk-neutral. Mel and Smith have explained the seven motivations of corporate insurance demand, pointing out that buying insurance cannot simply be attributed to risk aversion; insurance companies have a comparative advantage in taking risks; they reduce the probability of bankruptcy and the associated costs; Protect the interests of creditors; the role of tax incentives and insurance regulation. This paper takes this as the starting point to carry on the research, from the insurance reduces the principal-agent cost between the stockholder and the manager, the shareholder and the creditor, reduces the moral hazard and the reverse selection problem, reduces the enterprise transaction cost; This paper analyzes the influence mechanism of insurance on enterprise value from several aspects of reducing bankruptcy probability and reducing enterprise tax burden. The enterprise transfers part of the risk to the insurance company by paying the insurance premium. When the loss occurs, the enterprise can obtain certain indemnity to ensure its own continuous and stable operation. Foreign scholars have proved that insurance has a positive impact on the improvement of enterprise value, but at present, the research on this aspect in China is limited to the theoretical level, and this conclusion has not been confirmed in China. Therefore, this paper selects the return on net assets as the index to measure the enterprise value, and selects the insurance premium logarithm, the enterprise assets logarithm, the long-term debt ratio, the cash ratio and the double hertz index as the independent variables according to the MM theory. And take the profit fictitious as the control variable. This paper tries to get the relationship between insurance and enterprise value through empirical test. In this paper, a comparative model is established, which includes 10 insurance companies and 10 uninsured enterprises whose size and industry are very close. Through the analysis of the selected indexes, it is found that the average value of the insured enterprises is greater than the average value of the uninsured enterprises. In order to make the argument more convincing, this paper selects the relevant financial data and insurance data of 102 listed enterprises from 2008 to 2012, establishes the multivariate linear regression model by using Eviews software, and selects the weighted least square method. The cross section relationship between insurance and enterprise value is analyzed by regression analysis. The study found that insurance plays a positive role in enterprise value. On the basis of the research on insurance and enterprise value in our country, the empirical research in two aspects fully shows that the insurance in our country can promote the improvement of enterprise value, which is consistent with the research of foreign scholars.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842;F272.3
【参考文献】
相关期刊论文 前6条
1 罗二平;胡颖;;我国上市公司价值增长实证研究[J];企业经济;2007年08期
2 李剑;赵丽丽;;西方企业价值评估方法综述[J];商场现代化;2008年36期
3 张晖,倪桂萍;我国上市公司价值增长影响因素的实证研究[J];山东社会科学;2005年11期
4 王娟;;企业总经理价值的确认与计量[J];商场现代化;2006年14期
5 张宣庆;李德荃;;论市场风险管理策略对企业价值的影响[J];山东社会科学;2006年08期
6 许闲;;浅论中小企业创业风险保险管理[J];上海保险;2009年11期
相关硕士学位论文 前2条
1 李毅;保险需求理论的演进[D];武汉大学;2005年
2 刘大志;基于EVA的医药类上市公司投资价值评估[D];山东大学;2006年
，本文编号：2325209
本文链接：https://www.wllwen.com/jingjilunwen/bxjjlw/2325209.html
