摘要
随险资投资限制的放开,保险机构已然在中国资本市场中占据重要地位。从机构投资者异质性出发,本文考察了险资股东对上市公司投资决策的影响及相应市场后果。研究主要发现:第一,与其他机构投资者相比,保险机构偏好稳定、长期的投资策略,更具战略投资者特征;第二,险资持股公司的并购支出更少,并购绩效更好,投资支出更少,投资效率更高;第三,险资持股公司的市场风险更低,市场业绩更好。本文发现表明,保险机构有效提高了公司投资决策效率,进而降低了企业风险、得到了市场认可,在中国市场中扮演着战略投资者的角色。基于大样本证据与现实案例,文章有利于加深对保险机构投资者的认识,也为监管政策制定、公司治理优化和投资者决策提供建议。
Starting from the heterogeneity of institutional investors,this paper focuses on the impact of insurance institutions on investment decisions of listed companies.The study found that,first,insurance companies belong to strategic institutional investors,which shows that they prefer to hold listed company stocks strategically and dedicatedly.Second,when insurance companies hold the firm,there is a reduction in both M&A amount and investment expenditures,leading to enhanced M&A performance and increased investment efficiency.Third,the listed companies held by insurance companies have lower risk and higher market performance.The findings of this paper indicate that insurance institutions play an active role as strategic investors in China's capital market,and they improve corporate investment efficiency,decrease corporate risk,and gain market recognition.In the context of insurance funds entering the market,this paper,using the big sample evidence and real cases,is instrumental in deepening the understanding of institutional insurance investors and providing recommendations for regulatory policy-making and investor decision-making.
出处
《会计研究》
CSSCI
北大核心
2023年第3期129-144,共16页
Accounting Research
基金
国家自然科学基金项目(72102188)的资助
关键词
保险机构投资者
战略投资者
投资决策
市场业绩与风险
Insurance Institutional Investor
Strategic Investor
Investment Decision
Market Performance and Market Risk
