The Influence Of Insurance Capital Participation On The Financing Effect Of Listed Private Enterprises In China

With the continuous exploration of insurance funds in the capital market,the scope of application of insurance funds in China has gradually expanded.At the same time,insurance funds have the characteristics of long sustainability,high stability,the role of the capital market has been paid much attention.Private economy is one of the important components of China's economic development,which is of great significance for promoting employment and realizing economic transformation.In 2017,a series of environmental regulation policies to limit production and the internal and external economic environment hit China's private enterprises hard.The financing difficulties of private enterprises made the development of private enterprises even worse.‘Several opinions on strengthening financial services for private enterprises'issued by the general office of the state council points out "to actively support eligible expand direct financing of private enterprises",the insurance fund is the important force in the direct financing;the insurance funds to support the development of private enterprises,can give full play to the advantages of insurance funds.The data in this paper are from the National tai 'an database,taking the panel data of 6 private listed companies from 2013 to 2018 as the research sample,and using the fixed effect model to study the influence of insurance participation on the financing efficiency and financing risk of private listed companies.On this basis,according to the actual controller types of listed private enterprises and the regions where they are located,the different effects of insurance participation on the financing effect of listed private enterprises in different regions and different actual controllers are discussed.Through empirical analysis,the following conclusions can be drawn:(1)for the whole sample data,the insurance shareholding listed private enterprises can significantly improve the financing efficiency of private enterprises,but has no significant significance in reducing the financing risk of private enterprises;(2)an interactive study was introduced to study the financing effect of the insurance shareholding ratio on listed private enterprises.It was found that the higher the insurance shareholding ratio was,the higher the financing efficiency was,and there was no significant improvement in the financing risk.(3)to study the private enterprises with different types of real controllers who participate in insurance shares,the insurance shares will significantly improve the financing efficiency of listed private enterprises,and cannot significantly reduce the financing risks of listed private enterprises of different types of real controls;(4)study on insurance participation in private enterprises listed in different regions.Insurance participation has a significant effect on improving the financing efficiency of private enterprises in different regions,but it also shows no significant difference in financing risks.In this regard,this paper believes that to further realize the support of insurance funds to private enterprises,it is inseparable from Chinese financing mechanism,the improvement of the internal governance structure of private enterprises and the encouragement of relevant national policies.At the government level,it is necessary to improve the insurance participation mechanism,continuously increase the insurance support to the central and western regions,and improve the information transparency by improving the credit rating mechanism of private enterprises.At the same time,private enterprises also need to improve their own governance structure to improve investors' trust in them.