参股保险业与企业融资约束的关系研究--基于我国上市公司的实证研究

An Empirical Study on Relationship between Holding Shares of Insurance Companies and Corporate Financing Constraints ——Based on Evidence from Chinese Listed Companies

本文以2007年～2011年我国A股上市公司为样本,实证检验参股保险业对企业融资约束的影响。研究结果发现,与没有参股保险业的企业相比,参股保险业的上市公司面临的融资约束更低;而且,参股保险业对企业融资约束的影响,对于那些处于金融市场化水平较低的地区里的企业更为明显。本文的研究结果表明,当金融发展水平较低,企业融资约束较严重的情况下,参股保险业可以帮助企业获取融资。

This paper used the data of Chinese A-share listed companies during 2007 -2011 to test the effect of holding shares of insurance companies on corporate financing constraints. The empirical results showed that compared with the listed companies without equity investment to insurance companies, holding shares of insurance companies could lower financing constraints faced by listed companies with equity investment to insurance companies. Further, the impact of equity investment to insurance companies on corporate financing constraints was more apparent to listed companies located in the region with a lower level of financial development. In conclusion, when the financial development was at a low level, and a company was facing with a high financing constraints, making equity investment to insurance companies could help the entity to access financing resources.