保险公司参股与盈余质量关系研究——基于我国上市公司的实证研究

Study on the Relationship between Insurance Company Participation and Earnings Quality——Based on an Exponential Analysis on Publicly Listed Firms in China

本文以2007～2012年非金融类上市公司为样本，从盈余质量视角实证检验了保险公司参股对公司治理的作用及其经济后果。结果发现：保险公司参股的公司具有更高的盈余质量，且参股比例越大，其盈余质量越高；与非受限流通股相比，保险公司以受限流通股形式参股其盈余质量更高；保险公司参股的公司治理功能提升了公司业绩。以上结果表明，保险公司参股具有公司治理功能，且以受限流通股形式更明显，从而提升了公司价值。

Using 2007-2012 non-financial listed companies as samples,and proceeding from the earnings quality perspective, the paper examined empirically the effects of insurance company shareholding on the listed firm＇ s cor porate governance and its economic consequences. The findings are as follows ： （ 1 ） Companies with insurance com pany participation have higher earnings quality, and the greater the insurer＇ s stake, the higher the earnings quality. （2） When the insurer invests in the form of restricted shares, the target company＇ s earnings quality is higher than investing in the form of unrestricted shares. （3） The enhanced corporate governance brought about by insurance company＇ s participation also enhances the target company＇ s business performance. The above results show that the participation by insurance companies can improve the target＇ s corporate governance, especially when the insurer in vests in the form of restricted shares, which, in turn, enhances the value of the company.