保险对企业债务融资的促进作用研究——来自中国A股非金融公司的经验证据

A Study on the Function of Insurance in Promoting Corporate Debt Financing——Empirical Evidence from Chinese A-Share Non-Financial Companies

保险融资功能的研究对于丰富保险功能理论、发展现代保险服务业具有重要的理论和实践意义。债务融资促进作用是保险业融资功能的重要体现。本文基于我国2012~2017年A股非金融上市公司面板数据,使用混合回归模型和固定效应模型,对企业保险融资促进功能的作用机制进行了检验。研究结果表明:企业保险保障水平的提升可以显著降低企业的债务融资成本,提高其债务融资规模,有效促进企业债务融资。为解决不可观测因素以及反向因果问题带来的内生性问题,本文还使用系统GMM模型和联立方程模型进行回归,发现结论依旧成立。

The study on the financing function of insurance can help enrich the insurance function theories and promote the development of modern insurance service industry. Promoting debt financing is a demonstration of the financing function of the insurance industry. Using the panel data of A-share listed non-financial companies in China from 2012 to 2017,this paper tested the functioning mechanism for promoting corporate financing of insurance companies based on the pooled regression model and the fixed-effect model. The results show that enhancing the insurance protection level of an insurer can significantly reduce the cost of debt financing and increase the capacity of debt financing. The results remain robust after controlling endogenous issues caused by unobservable factors and reverse causality using system GMM and simultaneous equation model.