《保险研究》20250103-《保险公司持股能稳定股价吗？——基于过度关联交易的视角》（仲赛末、谷文臣）

［摘   要］本文整理了保险公司资金运用关联交易数据和持股数据，并结合2015~2022年A股上市公司的财务信息和市场信息，分析过度关联交易保险公司和普通保险公司持股对资本市场稳定性的影响。研究发现：普通保险公司持股会显著降低上市公司股价崩盘风险，而过度关联交易的保险公司持股会加剧股价崩盘风险。机制分析表明：过度关联交易的保险公司会加剧投机行为，包括降低持股稳定性、提高股价同步性及引发羊群效应，其持股特征和交易行为与公募基金相似，但与普通保险公司存在显著差异。此外，过度关联交易的保险公司较难发挥对上市公司的监督和治理功能。本文通过比较过度关联交易的保险公司与普通保险公司，以及保险公司与公募基金等其他机构投资者在资本市场中发挥的异质性作用及其动因，为保险资金如何促进资本市场平稳发展提供了启示。

［关键词］保险资金；过度关联交易；股价崩盘风险；“耐心资本”

［基金项目］国家自然科学基金面上项目“风险关联视角下保险公司信度保费厘定与最优资本配置”(72371246)。

［作者简介］仲赛末(通讯作者)，中南财经政法大学金融学院讲师；谷文臣，博士，中泰证券股份有限公司固定收益部。

Does Shareholding by Insurers Stabilize Share Price?—A Discussion Based on the Perspective of Excessive Related-party Transactions

ZHONG Sai-mo,Gu Wen-chen

Abstract：This paper investigates the impacts on the stability of the capital market of shareholdings by insurers with excessive related transactions and normal insurers,by integrating the investment type related transaction data and stock holding data of insurance companies with financial and market information of listed companies in China from 2015 to 2022.We find that stock holdings by normal insurance companies significantly mitigate the share price crash risk of listed companies.However,stock holdings by insurance companies with excessive related-party transactions exacerbate this risk.The mechanism analysis suggests that insurance companies with excessive related-party transactions tend to intensify speculative activities,including the instability of their stock holdings,increase in the stock price synchronization,and herding behaviors.Holding patterns and trading behaviors of insurance companies with excessive related-party transactions are more like public funds,rather than normal insurers.Additionally,they cannot play a role in supervising and governing listed companies.By comparing the heterogeneity and related reasons in their roles on the capital market of normal insurers and insurers with excessive related-party transactions,and insurers versus public funds,we provide an insight on how can insurance funds reinforces the well-being of the capital market.

Key words：insurance funds;excessive related-party transactions;share price crash risk;patient capital