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美国寿险上市公司衍生金融工具应用的价值和业绩效应实证研究 被引量：1

The Derivatives Use and the Firm Value & Performance of the Life Insurance Listed Company in the United Stated of America
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摘要 本文运用Panel data模型实证检验衍生品的使用对美国寿险上市公司价值和业绩的直接效应,结果证明了衍生品运用之于寿险公司价值及业绩的正面效应,从而为我国衍生产品市场推出之后放开对寿险企业的投资准入提供了正面的实证依据。 In this article, we test whether the use of derivatives is associated with higher firm market value and performance, finding a positive relation between life insurance firm value＆ and performance ,then policy suggestion is given to the life insurance industry in China.
作者 刘字 叶德磊
机构地区 华东师范大学商学院
出处 《经济管理》 CSSCI 北大核心 2008年第2期39-43,共5页 Business and Management Journal ( BMJ )
基金 上海社会科学基金《我国证券市场创新的适应性机制及经济效应研究-基于金融生态圈的视角》(批准号：2006BJL004)的部分研究成果
关键词 寿险公司 衍生金融产品 价值和业绩效应 life insurance firm derivatives firm market value and performance
分类号 F830 [经济管理—金融学]
  • 相关文献

参考文献5

  • 1Cummins, J. D., R. D. Phillips, and S. D. Smith. Derivatives and Corporate Risk Management: Participation and Volume Decisions in the Insurance Industry[J].Journal of Risk and Insurance, 2001 ,68,(1): 51-91.
  • 2David A.Carter,Daniel A.Rogers,and Betty J.Simkins.Does Hedging Affect Firm Value: Evidence from the US Airline Industry[J].Financial Manangement,2006,(Spring):53-86.
  • 3George Allayannis, James P. Weston. The Use of Foreign Currency Derivatives and Firm Market Value[J], The Review of Financial Studies, 2001,14,(1):243-276.
  • 4Nance,D, C .Smith, and C .Smithsonl. On the Determinants of Corporate Hedging[J]. Journal of Finance , 1993, (48):267 - 841.
  • 5陈炜,王弢.衍生产品使用对公司价值和业绩影响的实证检验[J].证券市场导报,2006(3):54-59. 被引量：53

二级参考文献17

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共引文献52

同被引文献29

  • 1陈炜,王弢.衍生产品使用对公司价值和业绩影响的实证检验[J].证券市场导报,2006(3):54-59. 被引量：53
  • 2赵俊强,韩琳,李湛.信用风险转移与银行系统表现——基于美国信用衍生品交易市场面板数据的实证研究[J].金融研究,2007(05A):147-160. 被引量：47
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  • 5CHOI J J, ELYASIANI E. Derivative exposure and the interest rate and exchange rate risks of US banks[ J]. Journal of Financial Services Research, 1997, 12(2-3) : 267-286.
  • 6A LLAYANNIS G, WESTON J P. The use of foreign currency derivatives and firm market value[J]. Review of Financial Studies, 2001, 14 ( 1 ) : 243-276.
  • 7NGUYEN H, FAFF R. Are financial derivates really value enhancing? Australian evidence[ R]. Deakin University, 2007.
  • 8KAPITSINAS S. The impact of derivatives usage on firm value: evidence from Greece[ R]. University Library of Munich, 2008.
  • 9CYREE K, HUANG P. Bank hedging and derivatives use : the impact on and sources of shareholder value and risk[ R]. University of Mis- sissippi and Massey University, 2004.
  • 10GOMAYUN N, PENIKAS H, TITOVA Y. Do hedging and trading derivatives have the same impact on Public European Banks' value and share performance? [ R]. National Research University Higher School of Economics Research Paper BRP, 2012, 9.

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经济管理
2008年 第2期

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