保险公司持股偏好及持股对上市公司经营业绩影响的研究——来自中国A股市场的经验证据

发布时间：2018-03-04 16:39

  本文选题：险资入市　切入点：持股偏好　出处：《保险研究》2017年08期 　论文类型：期刊论文

【摘要】：2015年开始,保险公司在股票二级市场的频繁举牌成为保险业界、监管机构和社会公众普遍关注的热门现象,保险公司作为大股东持股上市公司,能否提升上市公司的经营业绩?保险公司是否是优质的机构投资者?本文选取中国A股市场2006~2015年上市公司的数据,采用Tobit模型对保险公司作为前十大股东持股的上市公司的特征进行了实证研究。研究发现:寿险公司作为大股东,其持股比例与上市公司的经营业绩、公司规模、发展能力、流通股比例、第一大股东持股比例、股票回报率显著正相关,与贝塔系数负相关;财险公司作为大股东,其持股比例与上市公司的经营业绩、公司规模、发展能力、流通股比例、股票回报率显著正相关。此外,本文进一步采用多元线性回归模型对保险公司作为大股东持股与上市公司经营业绩二者的关系进行了实证分析,结果显示:寿险公司持股可以显著提升上市公司下一期的经营业绩;财险公司持股对上市公司下一期经营业绩则无显著影响。
[Abstract]:Since 2015, the insurance companies in the secondary stock market frequently become the insurance industry, regulators and the public generally concerned about the hot phenomenon, insurance companies as a major shareholder of listed companies, can improve the operating performance of listed companies? Are insurance companies quality institutional investors? Based on the data of listed companies in China's A-share market from 2006 to 2015, this paper makes an empirical study on the characteristics of listed companies in which insurance companies are the top ten shareholders by using Tobit model. Its shareholding ratio is significantly positively correlated with the operating performance, company size, development ability, tradable stock ratio, the first largest shareholder's shareholding ratio, stock return ratio, and negatively correlated with Beta coefficient, the property insurance company as a major shareholder, the property insurance company as a major shareholder, The shareholding ratio is positively correlated with the operating performance, company size, development ability, tradable stock ratio and stock return of the listed company. This paper further analyzes the relationship between the ownership of insurance companies as major shareholders and the operating performance of listed companies by using multiple linear regression models. The results show that life insurance company stock ownership can significantly improve the operating performance of listed companies in the next period, while property insurance company ownership has no significant effect on the next operating performance of listed companies.
【作者单位】： 西南财经大学保险学院;厦门大学经济学院;
【基金】：教育部人文社会科学研究青年项目(编号16YJC840024) 广东省教育厅青年创新人才(人文社科类)项目(编号2014WQNCX135) 广东省科技厅项目(编号2014A080804015)的资助
【分类号】：F832.51;F842.3
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本文编号：1566476