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保险参与,股票质押和股价崩盘风险:来自中国的证据
1School of computer science and technology, Shandong Technology and Business University, Yantai, China.
PloS one
|October 24, 2024
概括
股票质押可以通过对冲来降低股票价格崩盘风险. 保险参与进一步减轻了这种风险,特别是在拥有大股东的私营制造业公司.
科学领域:
- 企业金融公司财务
- 风险管理 风险管理
- 保险研究 保险研究
背景情况:
- 股权质押是具有潜在风险的常见金融策略.
- 股票价格崩盘风险是投资者和公司的重要关注点.
- 保险参与越来越多地融入了企业的财务战略.
研究的目的:
- 分析保险参与,股票质押和股票价格崩盘风险之间的相互作用.
- 调查保险通过哪些机制影响股权抵押和崩风险之间的关系.
- 检查企业特征对这种关系的缓和作用.
主要方法:
- 在上海和深 (2007-2021) 上市公司的实证分析.
- 将保险参与,股票质押和股票价格崩盘风险整合到一个统一的框架中.
- 统计分析以确定因果关系和缓解效应.
主要成果:
- 股票质押被发现通过作为对冲机制来降低股票价格崩盘风险.
- 保险参与显著减轻与股票质押相关的股票价格崩盘风险.
- 保险的缓解效应在私营公司,持股比例高的公司和制造业公司中更为明显.
结论:
- 保险参与作为一个有价值的监管机制,以减少股票价格崩盘的风险,源于股票质押.
- 公司特定的特点,如所有权结构和行业,影响保险在减轻股权质押相关风险方面的有效性.
- 调查结果强调了保险在企业金融风险管理中的战略重要性,特别是对于参与股权质押的公司.
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