风险水平、替代性损失融资与企业保险需求——对A股制造业上市公司的经验研究

论文采用Heckman样本选择模型,以2010-2013年间A股制造业上市公司为研究样本,分析企业风险水平和替代性损失融资渠道对制造型企业保险购买可能性和购买数量的影响。研究结果表明,企业风险水平越高,保险购买可能性越大,但与之相联系的高成本制约了企业保险购买数量;企业是否购买保险与现金持有水平存在替代效应,现金持有量充足时企业更倾向于用自有资金进行损失融资,但保险购买数量与之存在依附关系,保费支付受制于现金持有水平;剩余举债能力对企业保险购买具有负面影响,在负债与保险两种损失融资方式之间,企业更倾向于前者。论文利用最新数据构建了企业可保风险水平和替代性损失融资的衡量指标,在微观层面量化研究了我国企业财产保险需求不足问题,并为企业和保险公司提供了相关决策建议。

Risk Level, Alternative Loss Financing and Enterprise Insurance Demand: An Empirical Study on Listed Manufacturing Enterprises

With Heckman sample selection model, the paper quantitatively analyzes the impacts of risk level and alternative loss financing on enterprise insurance participation and volume decision respectively. The finding reveals that the risk level of manufacturing enterprises is positively linked to the insurance participation decision, while the high cost associated with high risk constrains the insurance volume. In terms of loss financing, cash holding works as substitute of enterprise insurance. However, it is positively linked to the insurance volume. Residual debt financing capacity is negatively linked to enterprise insurance demand. Enterprises prefer debt to insurance as a loss financing tool. The paper builds measurable indicator of enterprise risk level and alternative loss financing tools. It tries to provide a reasonable and quantitative explanation for the insufficient demand of enterprise insurance and put forward some proposals to enterprises and insurance companies as well.