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

Equity Participation to Insurance Company and Liquidity Risk Management:From the Viewpoint of Monetary Policy Change

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。

Nowadays the frequent adjustment of monetary policy in China exerts much uncertainty on corporate operation,hence increases their liquidity risks.Yet holding shares of insurance company can help firms to build the industry-finance capital platform to reduce the firm′s cost of institutional adjustment.Using the quarterly data from listed companies through year 2006 to year 2010,we empirically provided evidence in favor of this viewpoint.After controlling endogenous issues through the tendency probability matching model,we found that listed firms with equity investment to insurance companies had smaller cash holding and less frequent cash adjustment than firms with no stake in an insurance company,especially under the circumstance of tight monetary policy.Our conclusion indicated that listed firms and insurance companies together could form an industry-finance platform with the advantage of alignment,which could partly reduce the negative impact from monetary policy change.This study had significant implications for industry-finance integration strategy both by industrial firms and by insurance industries.