| 摘要: |
| 保险机构作为重要的机构投资者，是我国资本市场的重要力量。引导保险资金更好地服务实体经济，是推动保险资金运用高质量发展的重要举措。本文基于2010－2019年的上市公司数据，研究保险机构持股对企业非效率投资的影响。结果显示：保险机构持股可以降低被持股公司的投资不足程度，对投资过度没有显著影响；保险机构持股可以通过提高企业信息透明度来降低投资不足的程度；保险机构持股作用的发挥还依赖于公司较低的融资约束程度，并且保险机构的持股行为部分替代了外部审计的监督作用。为降低企业非效率投资，应鼓励保险机构扩大股权投资占比，积极参与上市公司决策与监督，并规范和完善保险机构投资行为。同时，上市公司应重视扩大融资渠道和提高融资效率，以促进整体资本市场的健康发展。 |
| 关键词: 保险机构持股；企业非效率投资；信息透明度；融资约束；外部审计 |
| DOI： |
| 分类号:F842.4 |
| 基金项目: |
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| Will Insurance Institution Holdings Reduce Corporate Inefficient Investment?——The Evidence From Listed Companies |
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LIU Jin-xia1，LIAO Yan-wen21,2
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1.Teaching Support Department of Hebei Open University;2.School of Finance，Hebei University of Economics and Business
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| Abstract: |
| As an important institutional investor，insurance institutions play an important role in the capital market.To promote the high-quality development of insurance funds，it’s crucial to guide insurance funds to better serve the substantial economy.Based on the data of listed companies from 2010 to 2019，this paper studies the impact of insurance institution’s holdings on corporate inefficient investment.The results show that：the holdings can reduce underinvestment of the held company，and has no significant impact on overinvestment；the holdings can reduce underinvestment by improving corporate information transparency；the role of the holdings also depends on the lower degree of financing constraints，and the shareholding behavior partially replaces the supervisory role of external audit.To reduce the inefficient investment and promote the healthy development of the overall capital market，it’s supposed to encourage insurance institutions to expand the proportion of equity investment，actively participate in the decision-making and supervision of listed companies and standardize the investment behavior of insurance institutions.Also，listed companies should pay attention to expanding financing channels and improving financing efficiency. |
| Key words: Insurance Institution holdings；Corporate Inefficiency Investment；Information Transparency；Financing Constraints；External Audit |
