保險對企業(yè)價值的作用機制及實證分析
發(fā)布時間：2018-11-11 15:03
【摘要】：市場經(jīng)濟條件下,企業(yè)價值增長是現(xiàn)代企業(yè)經(jīng)營的目標,但是企業(yè)在經(jīng)營過程中會遇到各種各樣的自然災(zāi)害和意外事故,這些風險的發(fā)生可能會使企業(yè)陷入嚴重的財務(wù)危機之中,使企業(yè)價值增長這一目標的實現(xiàn)變得困難。所以風險管理在企業(yè)戰(zhàn)略和企業(yè)經(jīng)營管理中起著越來越重要的作用,而且風險管理對企業(yè)價值提高有很大的作用。作為風險管理的一種財務(wù)手段,保險被大部分企業(yè)作為規(guī)避風險的一種手段。企業(yè)通過支付保險費將一部分風險轉(zhuǎn)移給保險公司,保證其自身的持續(xù)穩(wěn)定經(jīng)營。近幾年來我國保險業(yè)迅速發(fā)展,2000年到2012年保費平均增長速度為15%以上,高于我國GDP的增長速度,成為國民經(jīng)濟增長最快的部門之一。 企業(yè)作為一個個體,其風險偏好行為可以分為三種：風險規(guī)避型、風險中立型和風險偏好型。對于股權(quán)高度集中的企業(yè)來說,其風險偏好與個人相似,屬于風險規(guī)避型；對于其他企業(yè)來說,則是風險中立型的。梅爾和史密斯曾解釋過企業(yè)保險需求的七個動機,他指出企業(yè)購買保險不能簡單地歸結(jié)為風險厭惡；保險公司具有風險承擔上的相對優(yōu)勢；降低破產(chǎn)概率以及與此相關(guān)的成本；保障債權(quán)人的利益；稅收優(yōu)惠和保險監(jiān)管的作用。本文以此為出發(fā)點展開研究,從保險減少企業(yè)股東和管理者以及股東和債權(quán)人之間的委托代理成本,降低道德風險和逆向選擇問題；降低企業(yè)的交易成本；降低破產(chǎn)概率和降低企業(yè)稅收負擔幾個方面對保險對企業(yè)價值的影響機制進行了分析。企業(yè)通過支付保險費將一部分風險轉(zhuǎn)移給保險公司,當損失發(fā)生時,可以獲得一定的賠付,保證其自身的持續(xù)穩(wěn)定經(jīng)營。 國外學者已經(jīng)證明保險對企業(yè)價值的提高有正向影響,而我國目前對這方面的研究僅限于理論層面,這一結(jié)論用于國內(nèi)是否成立并未得到證實。因此本文選取凈資產(chǎn)收益率作為衡量企業(yè)價值的指標,根據(jù)MM理論選取了保費對數(shù)、企業(yè)資產(chǎn)對數(shù)、長期負債率、現(xiàn)金比率和雙赫指數(shù)作為自變量,并以盈利虛擬作為控制變量。試圖通過實證檢驗,得出保險與企業(yè)價值之間的關(guān)系。 本文首先建立了一個對比模型,其中包括企業(yè)規(guī)模和行業(yè)十分接近的10家投保企業(yè)和10家未投保企業(yè)。通過對所選指標的分析發(fā)現(xiàn),投保企業(yè)的平均價值大于未投保企業(yè)的平均價值。為了使論證更具說服力,本文又選取了2008-2012年102家上市企業(yè)的相關(guān)財務(wù)數(shù)據(jù)和保險數(shù)據(jù),運用Eviews軟件建立多元線性回歸模型,選擇加權(quán)最小二乘法,對保險與企業(yè)價值之間的橫截面關(guān)系進行回歸分析。研究發(fā)現(xiàn),保險對企業(yè)價值起著正向的作用。 在對我國保險與企業(yè)價值研究的基礎(chǔ)上,兩個方面的實證研究充分說明,我國的保險對企業(yè)價值的提高有促進作用,這與國外學者的研究也是一致的。
[Abstract]:Under the condition of market economy, the growth of enterprise value is the goal of modern enterprise management, but enterprises will encounter all kinds of natural disasters and accidents in the course of operation. The occurrence of these risks may lead the enterprise into a serious financial crisis and make the realization of the goal of increasing the enterprise value become difficult. Therefore, risk management plays a more and more important role in enterprise strategy and management, and risk management plays an important role in the improvement of enterprise value. As a financial means of risk management, insurance is used by most enterprises as a means to avoid risks. The enterprise transfers part of the risk to the insurance company by paying insurance premium to ensure its own continuous and stable operation. In recent years, China's insurance industry has developed rapidly. The average premium growth rate from 2000 to 2012 is more than 15%, which is higher than the growth rate of China's GDP and has become one of the fastest growing sectors of the national economy. As an individual, the enterprise risk preference behavior can be divided into three types: risk aversion type, risk neutral type and risk preference type. For highly concentrated equity enterprises, their risk preference is similar to that of individuals and belongs to risk aversion; for other enterprises, it is risk-neutral. Mel and Smith have explained the seven motivations of corporate insurance demand, pointing out that buying insurance cannot simply be attributed to risk aversion; insurance companies have a comparative advantage in taking risks; they reduce the probability of bankruptcy and the associated costs; Protect the interests of creditors; the role of tax incentives and insurance regulation. This paper takes this as the starting point to carry on the research, from the insurance reduces the principal-agent cost between the stockholder and the manager, the shareholder and the creditor, reduces the moral hazard and the reverse selection problem, reduces the enterprise transaction cost; This paper analyzes the influence mechanism of insurance on enterprise value from several aspects of reducing bankruptcy probability and reducing enterprise tax burden. The enterprise transfers part of the risk to the insurance company by paying the insurance premium. When the loss occurs, the enterprise can obtain certain indemnity to ensure its own continuous and stable operation. Foreign scholars have proved that insurance has a positive impact on the improvement of enterprise value, but at present, the research on this aspect in China is limited to the theoretical level, and this conclusion has not been confirmed in China. Therefore, this paper selects the return on net assets as the index to measure the enterprise value, and selects the insurance premium logarithm, the enterprise assets logarithm, the long-term debt ratio, the cash ratio and the double hertz index as the independent variables according to the MM theory. And take the profit fictitious as the control variable. This paper tries to get the relationship between insurance and enterprise value through empirical test. In this paper, a comparative model is established, which includes 10 insurance companies and 10 uninsured enterprises whose size and industry are very close. Through the analysis of the selected indexes, it is found that the average value of the insured enterprises is greater than the average value of the uninsured enterprises. In order to make the argument more convincing, this paper selects the relevant financial data and insurance data of 102 listed enterprises from 2008 to 2012, establishes the multivariate linear regression model by using Eviews software, and selects the weighted least square method. The cross section relationship between insurance and enterprise value is analyzed by regression analysis. The study found that insurance plays a positive role in enterprise value. On the basis of the research on insurance and enterprise value in our country, the empirical research in two aspects fully shows that the insurance in our country can promote the improvement of enterprise value, which is consistent with the research of foreign scholars.
【學位授予單位】：中國海洋大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F842;F272.3
本文編號：2325209
[Abstract]:Under the condition of market economy, the growth of enterprise value is the goal of modern enterprise management, but enterprises will encounter all kinds of natural disasters and accidents in the course of operation. The occurrence of these risks may lead the enterprise into a serious financial crisis and make the realization of the goal of increasing the enterprise value become difficult. Therefore, risk management plays a more and more important role in enterprise strategy and management, and risk management plays an important role in the improvement of enterprise value. As a financial means of risk management, insurance is used by most enterprises as a means to avoid risks. The enterprise transfers part of the risk to the insurance company by paying insurance premium to ensure its own continuous and stable operation. In recent years, China's insurance industry has developed rapidly. The average premium growth rate from 2000 to 2012 is more than 15%, which is higher than the growth rate of China's GDP and has become one of the fastest growing sectors of the national economy. As an individual, the enterprise risk preference behavior can be divided into three types: risk aversion type, risk neutral type and risk preference type. For highly concentrated equity enterprises, their risk preference is similar to that of individuals and belongs to risk aversion; for other enterprises, it is risk-neutral. Mel and Smith have explained the seven motivations of corporate insurance demand, pointing out that buying insurance cannot simply be attributed to risk aversion; insurance companies have a comparative advantage in taking risks; they reduce the probability of bankruptcy and the associated costs; Protect the interests of creditors; the role of tax incentives and insurance regulation. This paper takes this as the starting point to carry on the research, from the insurance reduces the principal-agent cost between the stockholder and the manager, the shareholder and the creditor, reduces the moral hazard and the reverse selection problem, reduces the enterprise transaction cost; This paper analyzes the influence mechanism of insurance on enterprise value from several aspects of reducing bankruptcy probability and reducing enterprise tax burden. The enterprise transfers part of the risk to the insurance company by paying the insurance premium. When the loss occurs, the enterprise can obtain certain indemnity to ensure its own continuous and stable operation. Foreign scholars have proved that insurance has a positive impact on the improvement of enterprise value, but at present, the research on this aspect in China is limited to the theoretical level, and this conclusion has not been confirmed in China. Therefore, this paper selects the return on net assets as the index to measure the enterprise value, and selects the insurance premium logarithm, the enterprise assets logarithm, the long-term debt ratio, the cash ratio and the double hertz index as the independent variables according to the MM theory. And take the profit fictitious as the control variable. This paper tries to get the relationship between insurance and enterprise value through empirical test. In this paper, a comparative model is established, which includes 10 insurance companies and 10 uninsured enterprises whose size and industry are very close. Through the analysis of the selected indexes, it is found that the average value of the insured enterprises is greater than the average value of the uninsured enterprises. In order to make the argument more convincing, this paper selects the relevant financial data and insurance data of 102 listed enterprises from 2008 to 2012, establishes the multivariate linear regression model by using Eviews software, and selects the weighted least square method. The cross section relationship between insurance and enterprise value is analyzed by regression analysis. The study found that insurance plays a positive role in enterprise value. On the basis of the research on insurance and enterprise value in our country, the empirical research in two aspects fully shows that the insurance in our country can promote the improvement of enterprise value, which is consistent with the research of foreign scholars.
【學位授予單位】：中國海洋大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F842;F272.3
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