《保险研究》20190203-《保险机构持股行为对上市公司股价波动的影响》（刘璐、王向楠、张文欣）

［摘   要］本文对保险机构持股的行为特征和偏好进行了分析,采用面板数据估计了保险机构持股行为对被持股公司股价波动的影响。研究结果表明:第一,保险公司的股票投资注重安全性和收益性,主要遵循长期价值投资的原则,没有追涨杀跌,在股市低迷的时期,起到了稳定市场的作用；第二,保险机构短期买卖股票的投资行为没有对被持股公司股价波动产生显著冲击,而长期持股的股票价格有上涨趋势,与其遵循价值投资的理念相符,体现了保险机构投资的价值发现功能。

［关键词］保险机构持股；上市公司；股价波动

［基金项目］本文得到国家哲学社会科学基金“保险公司过度风险承担与系统性风险跨市场传染机制研究”(17BJY204)的资助。

［作者简介］刘璐,东北财经大学金融学院副教授,经济学博士,研究方向：保险理论、保险公司财务；王向楠,中国社会科学院金融研究所副研究员,研究方向：保险与金融；张文欣,东北财经大学金融学院硕士研究生。 感谢东北财经大学杨默副教授、陈日清副教授和李馨同学对文章的贡献！感谢匿名审稿人对文章的修改意见！

The Study on the Impact of Insurance Companies’ Stock Holdings on Share Price Volatility of Listed Companies

LIU Lu,WANG Xiang-nan,ZHANG Wen-xin

Abstract：This study investigated the characteristics and preference of insurance companies’ stock holdings,and used panel data to study the impact of their holdings on the fluctuation of the listed company’s stock prices.The empirical study showed that:firstly,insurance firms stressed safety and returns in stock investment and followed the principle of long-term value-oriented investment.They didn’t buy on the upswing,and sell on the downswing,and therefore contribute to stock market stability especially during the market downturn.Secondly,the short-term share buying and selling behaviors of insurers didn’t cast major impacts on the share prices of listed firms.But the prices of stocks in insurers’ long-term holding trended upward,which conformed to their value investment concept and exhibited the value discovery function of insurance institutions’ investments.

Key words：insurance institutions;listed companies;stock price volatility