《保险研究》20250402-《可持续发展承诺对保险公司资产负债表韧性的影响研究》（王桂虎、陈航、郭金龙）

［摘   要］在全球ESG投资浪潮与我国“双碳”目标双重驱动下，保险公司通过签署可持续保险原则（PSI）践行ESG理念已成为重要的发展趋势。本文基于2008～2023年手工整理的保险公司数据，通过构建资产负债表韧性指标，运用多期双重差分模型，系统评估PSI承诺对保险公司资产负债表韧性的影响机制。研究发现：首先，PSI签署显著提升了保险公司资产负债表韧性；其次，异质性分析表明，该效应在人身险公司、非集团成员子公司及中资保险公司中表现更为突出；再次，机制检验揭示风险承担能力提升是签署PSI增强韧性的核心中介渠道，而区域市场化水平则发挥正向调节作用。进一步研究发现，保险公司的PSI实践对数字普惠金融发展以及绿色金融体系构建具有显著正向影响。基于以上结论，本文提出了监管机构应推进构建可持续保险体系，保险公司应协同推进绿色保险发展、积极加入国际可持续发展组织以实现高质量发展等对策建议。

［关键词］可持续保险原则；资产负债表韧性；绿色保险

［基金项目］本文得到国家社科基金后期资助项目（22FILB034）、河南省软件科学研究计划项目（252400410563）、河南省高等学校哲学社会科学创新人才支持计划（2024-CXRC-15）的资助。

［作者简介］王桂虎，郑州航空工业管理学院宏观金融与保险研究所所长，中国社科院金融研究所副研究员，副教授、硕导，研究方向：金融与保险；陈航，郑州航空工业管理学院硕士，研究方向：金融与保险；郭金龙，中国社会科学院保险与经济发展研究中心主任，研究员、教授、博导，研究方向：金融与保险。

A Study on the Impact of Sustainability Commitments on Insurance Companies′ Balance Sheet Resilience

WANG Gui-hu，CHEN Hang，GUO Jin-long

Abstract：Driven by the global wave of ESG investment and China′s "dual carbon" goals，it has become an important development trend for insurance companies to implement ESG concepts by signing the Principles for Sustainable Insurance （PSI）.This article is based on manually organized insurance company data from 2008 to 2023.By constructing a balance sheet resilience index and using a multi period double difference model，the impact mechanism of PSI commitments on insurance company balance sheet resilience is systematically evaluated.The research has found that，firstly，PSI signing significantly enhances the resilience of insurance companies′ balance sheets.Secondly，the heterogeneity analysis shows that this effect is more prominent in life insurance companies，non group member subsidiaries，and Chinese insurance companies.Moreover，the mechanism testing reveals that the enhancement of risk-taking ability is the core intermediary channel for signing PSI to strengthen resilience，while the level of regional marketization plays a positive regulatory role.Further research has found that the PSI practices of insurance companies have a significant positive impact on the development of digital inclusive finance and the construction of a green finance system.Based on the above conclusions，this article proposes that regulatory agencies should promote the construction of a sustainable insurance system，and insurance companies should collaborate to promote the development of green insurance，and actively join international sustainable development organizations to achieve high-quality development.

Key words：principles for sustainable insurance;balance sheet resilience;green insurance