[1]张庆君,李雨霏,岳 媛.经济政策不确定性、现金持有水平与过度投资[J].金融教育研究,2019,(02):32-41.
　ZHANG Qingjun,LI Yufei,YUE Yuan.Economic Policy Uncertainty,Cash Holding Level and Over-Investment[J].,2019,(02):32-41.
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经济政策不确定性、现金持有水平与过度投资()
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《金融教育研究》[ISSN:1006-6977/CN:61-1281/TN]

卷:
期数:
2019年02期
页码:
32-41
栏目:
经济观察
出版日期:
2019-04-10

文章信息/Info

Title:
Economic Policy Uncertainty,Cash Holding Level and Over-Investment
文章编号:
2095-0098(2019)02-0032-10
作者:
张庆君;  李雨霏;  岳 媛
天津财经大学 金融学院,天津 300222
Author(s):
ZHANG Qingjun;  LI Yufei;  YUE Yuan
School of Finance,Tianjin University of Finance and Economics,Tianjin 300222,China
关键词:
经济政策不确定性;  现金持有水平;  过度投资
Keywords:
economic policy uncertainty;  cash holding level;  over-investment
分类号:
F842.5
文献标志码:
A
摘要:
经济政策的运用必然存在不确定性,而微观企业的行为会受到经济政策不确定性的影响。选取2007-2015年我国保险市场上49家寿险公司和30家财产险公司的年度数据为研究样本,通过建立回归模型研究我国经济政策不确定性对保险公司现金持有水平的影响,以及现金持有水平与过度投资之间的相关性。实证结果发现:保险公司的现金持有水平与经济政策不确定性存在显著正相关,即经济政策的不确定性越大,保险公司现金持有水平越高; 而保险公司超额持有现金又会加剧过度投资,且随保险企业资产规模不同,其过度投资表现程度也不一样。保险企业应提升公司治理水平,在现金管理和投资之间建立有效的动态机制,以应对经济政策不确定性对保险企业带来的不利影响。
Abstract:
There must be uncertainty in the application of economic policies,and the behavior of micro enterprises is influenced by economic policy uncertainty.This article selects the insurance company in China from 2007 to 2015 as research samples,including 49 life insurance companies and 30 property insurance companies; and it establishes regression model to study the influence of economic policy uncertainty on cash holding level of insurance companies,as well as the correlation between cash holdings and overinvestment.The empirical results found that:there is a significant positive correlation between the cash holding level of insurance companies and the uncertainty of economic policy,that is,the higher the uncertainty of economic policy,the higher the level of cash held by insurance companies; the excess cash held by insurance companies will aggravate the overinvestment,in addition,the degree of over-investment performance of insurance companies varies with the asset scale.Insurance enterprises should improve the level of corporate governance; establish an effective dynamic mechanism between cash management and investment,in order to cope with the adverse impact of economic policy uncertainty on insurance enterprises.

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备注/Memo

备注/Memo:
收稿日期:2018-11-12 基金项目:国家社会科学基金项目 “市场决定背景下金融资源错配的微观基础及治理机制研究”(15BJL028) 作者简介:张庆君(1974-),男,辽宁大连人,教授,博士生导师,研究方向为金融理论与政策。
更新日期/Last Update: 2019-02-10