保险资金持股与企业创新效率——来自A股上市公司的经验证据

Insurance Funds Shareholding and Corporate Innovation Efficiency--Empirical Evidence from A-share Listed Companies

本文以2015~2019年A股上市公司为研究对象,考察了保险资金持股对企业创新效率的影响。研究发现:保险资金持股显著提升了企业创新效率。进一步分析发现,当企业第一大股东持股比例低、高管持股比例低、两职分离时保险资金持股对企业创新效率提升的作用更加突出。影响机制检验表明,保险资金持股通过提高企业内部控制质量来促进企业创新效率的提升。本文的研究对于推动保险资金持股上市公司,提高企业创新效率,实现上市公司高质量发展具有重要意义。

This article takes A-share listed companies from 2015 to 2019 as the research object to examine the impact of the insurance funds shareholding on the corporate innovation efficiency.The study finds that the insurance funds shareholding significantly improves the corporate innovation efficiency.Further analysis shows that when the company s largest shareholder has a low shareholding ratio,executives have a low shareholding ratio,and the roles of the chairman and the manager are separated,the insurance funds shareholding plays a more prominent role in the improvement of the corporate innovation efficiency.The impact mechanism test shows that the insurance funds shareholding promotes the improvement of the corporate innovation efficiency by improving the quality of the corporate internal control.The research in this article is of great significance for promoting insurance funds to hold listed companies,improving the corporate innovation efficiency and achieving high-quality development of listed companies.