《保险研究》20200105-《保险机构投资者是价值选择者还是价值创造者？——基于保险公司持股时间视角的经验证据》（崔微微、彭雪梅）

［摘   要］保险机构投资者对所投资的上市公司是价值选择、价值创造抑或是价值抑制,至今缺乏专门的研究。本文按持股时间将保险机构投资者分为长期持股型和短期持股型,以管理者代理成本为中介变量构建中介效应模型,同时以保险机构投资者持股时间路线为基础,采用基于动态视角的联合差异显著性检验模型,比较持股前后被持股上市公司代理成本和公司价值的差异,弱化了内生性问题的影响,使研究结论更为可靠。本文研究结果显示,长期持股型保险机构投资者既是价值选择者,又是价值创造者；而短期持股型保险机构投资者对持股上市公司不具价值创造职能,但具有价值选择职能,同时具有一定投机短视性。因此,保险监管部门应该尽快建立鼓励保险机构投资者长期持股的激励机制。

［关键词］保险机构投资者；持股时间；中介效应；价值选择与价值创造

［作者简介］崔微微,西南财经大学保险学院博士研究生,研究方向：风险管理与保险；彭雪梅(通讯作者),西南财经大学保险学院教授、博士生导师,研究方向：保险财务。

Are Insurance Institutional Investors Value Selector or Value Creator— Empirical Evidences from the Perspective of Share Holding Period by Insurance Companies

CUI Wei-wei,PENG Xue-mei

Abstract：There has been a lack of study on whether insurance institutional investors have the function of value selection,value creation or value suppression for listed companies they invest into.Different from previous studies,this paper divided insurance institutional investors into two types,the long-term shareholders and the short-term shareholders,according to the length of the periods they hold the shares of listed companies.Using manager agent cost as the variable for constructing the mediating effect model,and using share holding time of insurance institutional investors as the basis,the paper tested and identified the differences in agency costs and corporate values of listed companies before and after shareholding by insurance institutional investors.These were done by applying the significance test of joint difference model from a dynamic view,which mitigated the effects of endogeneity,thereby improving the reliability of the conclusion of the research.To conclude,the long-term shareholding insurance institutional investors are both value selector and value creator;short-term shareholding insurance institutional investors has the function of value selection but not value creation.They are speculative and myopic to some extent.Therefore,the insurance regulator should establish the long-term shareholding incentive mechanism for insurance institutional investors as soon as possible.

Key words：insurance institutional investors;shareholding period;mediating effect;value selection and value creation