西部地区循环经济企业发展的保险支持实证研究

发布时间：2018-03-29 08:40

本文选题：循环经济　切入点：财产保险　出处：《西南交通大学》2017年硕士论文

【摘要】：随着我国环境污染、资源短缺的问题越来越严重,循环经济的概念迅速升温,从理论的研究到实践的执行,循环经济已成为国家可持续发展的一项重要政策。尤其在中国西部地区,很多城市以牺牲环境为代价来发展当地经济,导致环境污染严重,这就使得发展循环经济成为了一个不可避免的选择。由于循环经济产业的高投入和资金需求的特征使其对金融资本有着强烈的诉求。而保险作为三大金融体系之一,日渐成为资本市场的重要力量。作为经营、管理风险的特殊金融企业,保险的分散风险、组织经济补偿的职能可以为循环经济在新技术研发、推广应用的过程中可能遭受的风险事故提供经济保障,从而成为发展循环经济、转移风险的重要手段。同时,保险资金具有长期性和广泛性,既可以避免循环经济客体与传统金融投放主体方向和期限错位的问题,又可以为循环经济的发展筹集到更多的社会资金。因此,研究保险对西部地区循环经济企业发展的支持具有积极的理论和现实的意义。本文以2006-2014年西部地区高污染、高能耗上市公司为研究样本,运用描述性统计、相关性分析、回归分析等方法对数据进行了实证分析。首先,将财产保险作为自变量,净资产收益率和TobinQ作为因变量,采用加权最小二乘法进行研究。研究发现,整体而言上市公司使用财产保险进行风险管理并没有提升企业的企业价值,但却显著地提升了非国企的财务绩效。进一步研究发现,独立董事金融背景越强,使用财产保险对提升企业的财务绩效和市场价值作用越大,但提升效应仅存在于非国有企业。而高管经济专业从业背景越多,越能显著提升样本企业的财务绩效,其提升市场价值也只存在于非国有企业。接着,本文在控制企业价值、资产负债率、流动性等因素之后,借助最小二乘法回归模型和动态面板模型进行研究,研究发现与非产险结合企业相比,企业通过保险业参股或参股保险业与保险公司建立良好的利益相关者关系,有利于缓解西部循环经济企业的融资约束。并且在金融市场化水平低和保险市场发展程度低的地区,产险结合带来的融资约束缓解效果强于金融市场化水平高和保险市场发展程度高的地区。最后,根据论文的研究结果,本文提出了鼓励循环经济企业使用财产保险进行风险转移,强化财产保险市场的制度化建设,加强金融创新,建立完善的产融结合平台等建议和文章的研究局限。
[Abstract]:With the environmental pollution and the shortage of resources in our country, the concept of circular economy is heating up rapidly, from the theoretical research to the implementation of practice. Circular economy has become an important policy for the sustainable development of the country. Especially in western China, many cities develop the local economy at the expense of the environment, resulting in serious environmental pollution. This makes the development of circular economy an inevitable choice. Because of the characteristics of high investment and capital demand of circular economy industry, it has a strong demand for financial capital. As one of the three major financial systems, insurance is one of the three major financial systems. Increasingly becoming an important force in the capital market. As a special financial enterprise operating and managing risks, the function of insurance in dispersing risks and organizing economic compensation can be developed in new technologies for circular economy. Risks and accidents that may be encountered in the process of popularization and application provide economic security, thus becoming an important means of developing circular economy and transferring risks. At the same time, insurance funds are of a long-term and extensive nature. It can not only avoid the mismatch between the object of circular economy and the main body of traditional finance, but also raise more social funds for the development of circular economy. It has positive theoretical and practical significance to study the support of insurance to the development of circular economy enterprises in the western region. This paper takes the listed companies with high pollution and high energy consumption in the western region from 2006 to 2014 as the research samples, using descriptive statistics and correlation analysis. Firstly, taking property insurance as independent variable, net asset return rate and TobinQ as dependent variable, weighted least square method is used to analyze the data. On the whole, the use of property insurance for risk management in listed companies has not improved the enterprise value, but has significantly improved the financial performance of non-state-owned enterprises. Further research shows that the stronger the financial background of independent directors, the stronger the financial background of independent directors. The use of property insurance plays a more important role in improving the financial performance and market value of the enterprise, but the promotion effect only exists in the non-state-owned enterprises. The more the economic professional background of the senior management is, the more significant the financial performance of the sample enterprises can be improved. Then, after controlling the factors such as enterprise value, asset-liability ratio, liquidity and so on, this paper uses the least square regression model and dynamic panel model to study. The study found that compared with non-property insurance companies, enterprises establish a good stakeholder relationship with insurance companies through insurance equity participation or equity participation. It will help to ease the financing constraints of circular economy enterprises in the west, and in areas where the level of financial marketization is low and the level of development of the insurance market is low, The mitigation effect of the combination of property and insurance is stronger than that of the areas with high level of financial marketization and high degree of insurance market development. Finally, according to the research results of the paper, This paper puts forward some suggestions and limitations of this paper, such as encouraging circular economy enterprises to use property insurance for risk transfer, strengthening the institutionalization of property insurance market, strengthening financial innovation, establishing a perfect platform for the combination of production and finance, and so on.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F842.6;F832.51;F275

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