“险资举牌”的市场风险效应分析--基于DID模型的实验证据

Analysis of the Market Risk Effect of"Insurance Companies'Significant Shareholding"--Experimental Evidences Based on DID Model

保险公司是资本市场的重要机构投资者,“险资举牌”引起了市场的广泛关注。本文基于DID模型,以沪深两市A股市场的上市公司为研究样本,研究“险资举牌”与资本市场风险之间的关系。研究发现:“险资举牌”能够有效降低市场的风险,原因可能是保险公司具备较高的信息管理和风险管理能力;通过对换手率分组检验后发现,对于换手率高低不同的公司,“险资举牌”降低市场风险的效应没有明显差异。

Insurance companies are important institutional investors in capital markets,and the‘insurance companies'significant shareholding"has atracted widespread atention in markets.Based on the DID model,this paper uses listed companies in Shanghai and Shenzhen A-share markets a research samples to research the relationship between"insurance companies'significant shureholding"and capital market risk.It is found that the"insurance companies'significant shareholding"can ffectively reduce market risks,and the reason may be that insurance companies have higher abilities of information management and risk management;the group inspection of turmnover rate shows that there is no significant diference in the ffects of"insurance companies'signifeant shareholding"on reducing market risk between companies with different turmover rate.