参股保险业与企业流动性风险管理:基于货币政策变更背景

发布时间：2018-09-17 13:14

【摘要】：现阶段宏观经济政策不断变更给企业经营带来诸多不确定性,从而增加了流动性风险,而通过参股保险公司所建立的产融结合平台能使企业降低制度调整的风险成本。我们对此进行了实证分析,以2006年～2010年上市公司季度数据为样本,利用倾向概率配对模型控制样本内生性问题后实证检验发现:参股保险公司的上市公司日常现金持有水平和调整水平较未参股公司低,且在面对从紧货币政策时,这种流动性风险管理的提升效果更加突出。结论显示,上市公司与保险公司建立产融结合平台具有财务协同效应,部分抵消了货币政策变更不确定性的冲击。这一研究对于企业产融结合实践策略部署有着重要的现实意义,对保险行业引导产融结合趋势也有较强的实践参考价值。
[Abstract]:At present, the constant change of macroeconomic policy brings a lot of uncertainty to the management of enterprises, which increases the liquidity risk, and the combination of production and finance established by the equity insurance companies can reduce the risk cost of system adjustment. We have carried on the empirical analysis to this, take the 2006 ~ 2010 listed company quarterly data as the sample, After controlling the endogenous problem of sample by using the propensity probabilistic pairing model, the empirical test shows that the daily cash holding level and adjustment level of the listed companies in the insurance companies are lower than those of the non-equity companies, and when facing the monetary policy tightening. The effectiveness of this liquidity risk management is even more prominent. The conclusion shows that the financial synergy between listed companies and insurance companies is due to the establishment of industrial and financial platform, which partly counteracts the impact of the uncertainty of monetary policy changes. This study is of great practical significance to the practical deployment of the industrial and financial combination of enterprises and has a strong practical reference value for the insurance industry to guide the trend of the combination of production and finance.
【作者单位】：清华大学经济管理学院;中央财经大学会计学院;
【基金】：北京市教育委员会共建项目中央财经大学“211工程”三期重点学科建设项目的支助
【分类号】：F822.0;F842.3

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