保险参股、经济周期波动与资本投资

Insurance Company Shareholding,Economy Cyclefluctuation and Capital Investment

保险公司参股企业会影响企业的资本投资决策。选取2007-2014年具有保险股东的A股上市企业为研究样本,探讨保险参股在不确定经济环境中如何影响企业的投资决策。研究发现:在正常的经济环境下,保险参股对企业投资规模具有显著影响,会显著提高企业的投资规模。但保险参股对企业投资效率的影响却不显著,也并没有改善企业的投资效率。而在经济紧缩环境下,保险参股对投资规模、投资效率的影响都显著,能够提高企业的投资规模与投资效率,改善企业的资本配置效率。

The insurance company shareholding will affect investment decisions of enterprises. We selects A - share listed companies with insurance shareholders in 2007 -2014 as the research sample to analyze how insurance company shareholding affect the investment decisions of enterprises in the uncertain economic environment. The study finds that： In the normal economic environment, the insurance company shareholding has a significant impact on investment scale, whieh will significantly improve the seale of investment; however the impact on investment ef- ficiency is not significant, which can＇ t boost the efficiency of investment. In the eeonomie recession, the impact of the insurance company shareholding on investment scale and efficiency is significant, which can not onlyboost in- vestment scale and efficiency but also improvethe efficiency of capital alloeation.