《保险研究》20240604-《险资持股与上市公司经营风险》（王莉、王国军）

［摘   要］基于负债经营特点和审慎监管政策的约束，保险机构投资者对被投资企业经营稳健性具有更高的要求。这种要求不仅影响着保险机构的持股偏好，同样增加了其对被投资企业的风险治理动机。但险资持股是否发挥了风险治理作用，尚未得到充分研究。本文以2006~2021年A股上市公司为研究样本，考察险资持股对企业经营风险的影响。研究结果显示，险资持股可显著降低上市公司的经营风险，并且持股比例越高，风险治理作用越强，符合有效监督假说。机制分析表明，保险机构可以通过实地调研以及外部治理机制联动效应，实现风险治理，从而降低企业经营风险。异质性分析表明，企业规模越小、第一大股东及管理层持股比例越低，越有益于保险机构风险治理效应的发挥。本文研究结论对鼓励险资股权投资、维护上市公司稳健经营、促进资本市场健康发展具有积极意义。

［关键词］险资持股；公司治理；经营风险

［基金项目］教育部哲学社会科学研究重大课题攻关项目(14JZD027)。

［作者简介］王莉，山西财经大学金融学院讲师，对外经济贸易大学保险学院博士研究生；王国军，对外经济贸易大学保险学院教授、博士生导师。

Insurance Fund Shareholding and the Operational Risk of Listed Companies

WANG Li,WANG Guo-jun

Abstract：Given the operational characteristics of insurance liabilities and the constraints of prudential supervision policies,insurance institutional investors have higher requirements for the operational stability of invested companies.These requirements not only affect the shareholding preference of insurance institutions,but also increase their risk governance motivation for invested enterprises.However,whether insurance institutional investors can play the role of risk governance has not yet been fully studied.Based on the data of A-share listed companies from 2016 to 2021,this paper intents to study the impacts on operational risks by insurance fund shareholding.It finds that the shareholding of insurance funds can significantly reduce the operational risk of listed companies,and the higher the shareholding ratio,the stronger the risk governance effect,which conforms to the effective supervision hypothesis.Mechanism analysis shows that insurance institutions can achieve risk governance through on-site research and external governance mechanisms,thereby reducing operational risks.Heterogeneity analysis shows that the smaller the company size and the lower the shareholding ratio of the largest shareholder and management,the more effective insurance fund holdings can be in reducing operating risks.The research conclusions of this paper have positive significance for regulatory agencies to actively encourage insurance funds to conduct equity investments,maintain the stable operation of listed companies,and promote the healthy development of the capital market.

Key words：insurance funds shareholding;corporate governance;operational risk