| In the context of deepening supply-side structural reform and building a new development pattern,it is particularly important to support the healthy development of enterprises as the main body of China’s real economy to achieve high-quality economic development.Among them,financing is not only the source of funds for enterprises,but also the power source of other businesses.It is a business that needs to be attached great importance in the process of supporting the steady development of enterprises.At the national level,Premier Li Keqiang proposed to strengthen financial support for private enterprises when he chaired the executive meeting of The State Council in 2018.The State Council and other relevant departments issued several documents during2018-2022,aiming at improving the direct financing support system for private enterprises and reducing the financing cost of enterprises.The Notice on Further Strengthening Financial Support for the Development of Small and micro enterprises in 2022 issued by China Banking and Insurance Regulatory Commission also points out that the quality and efficiency of financial services should be further improved,and comprehensive financing costs should be reasonably reduced,so as to alleviate the problem of financing constraints for enterprises.At the enterprise level,enterprises choose appropriate financing channels to obtain the funds needed for business development at reasonable cost in time,which is not only conducive to the development of daily business activities,improve business operation efficiency,improve internal governance structure,enhance corporate value and market competitiveness,but also help enterprises to finance,forming a virtuous circle.However,with the rapid development of economy,Chinese enterprises generally face the problem of financing constraints in the daily operation,which restricts its healthy and long-term development,which are manifested as insufficient internal funds,the financing difficulty of external financing,financing expensive and financing slow.To alleviate the problem of enterprise financing constraints has become an urgent problem to be solved.At the same time,under the guidance of regulatory bodies such as the Banking and Insurance Regulatory Commission,insurance funds continue to develop along with the development of Chinese institutional investors,accumulating strong financial advantages and rich financial resources.By the end of 2021,the amount of insurance funds used has reached 23.23 trillion yuan,and the direct financing scale serving the real economy has reached 18.88 trillion yuan.As a long-term fund with a large capital scale,the insurance fund’s participation in the capital market is gradually standardized,and its function of serving the real economy has been paid more and more attention by relevant government departments.The shareholding of insurance funds play the role of active shareholders by participating in corporate governance to reduce the degree of information asymmetry of enterprises and reduce the agency cost of enterprises,so as to reduce the premium level required by external investors for enterprises’ financing and alleviate the financial constraints of enterprises.However,insurance funds also have commercial connections with the invested enterprises,which leads to doubts about whether they can influence the financing constraints of enterprises after holding shares.Moreover,different sources of insurance funds will have different impacts on the financing constraints of enterprises.Therefore,this paper tries to answer two questions: Does insurance capital shareholding have an impact on the financing constraints of enterprises?If there is an impact,is the impact of different types of insurance capital shareholding,namely property insurance capital and life insurance capital different?Based on the above analysis,this paper adopts literature research method and empirical research method to explore the impact of insurance fund shareholding on corporate financing constraints.Specific research ideas are as follows: On the basis of summarizing domestic and foreign literates on the factors affecting corporate financing constraints and insurance fund shareholding,the paper finds the research value in existing literates through literature review,so as to determine the research direction of this paper with theoretical and practical significance.In the process of further concrete analysis,the concept of insurance capital shareholding and corporate financing constraints are defined,and at the same time,the corresponding theoretical basis for corporate financing constraints and insurance capital shareholding is provided.This paper expounds the motivation of insurance fund holding and the manifestation of financing constraints of Chinese enterprises,and concludes that insurance fund holding has the objective conditions and subjective drive that can affect the financing constraints of enterprises.The analysis of the expression forms of corporate financing constraints provides ideas for exploring the mechanism of insurance fund shareholding affecting corporate financing constraints.Combined with the theoretical basis,this paper proposes two problems to be solved and puts forward the corresponding research hypothesis.In order to verify the validity of the research hypothesis,empirical tests were conducted based on the research samples of Chinese A-share listed companies from 2016 to 2021,including descriptive statistics,correlation analysis,fixed effect regression,heterogeneity analysis,further mechanism analysis,robustness test and endogeneity test.Combined with the theoretical analysis and empirical results of this paper,relevant countermeasures and suggestions are put forward from the perspectives of insurance institutions and regulatory authorities,Chinese listed enterprises,government departments,and how to ease the financing constraints of small and medium-sized enterprises.The research content of this paper consists of five chapters,which are arranged as follows:The first chapter is the introduction.This chapter first analyzes the research background related to corporate financing constraints and insurance funds,and puts forward the theoretical and practical research significance of this paper.From the three aspects of influencing factors of corporate financing constraints,insurance capital shareholding and the relationship between insurance capital shareholding and corporate financing constraints,the relevant researches of domestic and foreign scholars on this topic are summarized.Based on the literature review at home and abroad,it is found that there is a lack of direct research on insurance capital shareholding and corporate financing constraints in existing literature.Based on the literature review at home and abroad,it is found that there is a lack of direct research on insurance capital shareholding and corporate financing constraints in existing literature.The second chapter is related concept definition and theoretical basis.This chapter firstly defines the related concepts such as insurance capital shareholding and corporate financing constraints,and determines the research object of this paper.This paper expounds the corresponding theoretical basis of corporate financing constraints and insurance capital shareholding,which provides theoretical ideas for the following research hypothesis and mechanism analysis.This paper expounds the three types of manifestation forms of insurance fund holding and corporate financing constraints.On the basis of the above analysis,the paper discusses the mechanism of insurance capital holding and financing constraints,divides insurance capital into property insurance capital and life insurance capital,studies the mechanism of different types of insurance capital.The third chapter is the theoretical basis and research hypothesis of the influence of insurance capital shareholding on corporate financing constraints.This paper expounds the three types of manifestation forms of insurance fund holding and corporate financing constraints.The acquisitivity of corporate financing constraints is low,the cost is high,the risk is big and the financing source is big.It is also a possible way for insurance capital to affect corporate financing constraints.On the basis of the above analysis,the paper discusses the mechanism of insurance capital holding and financing constraints,divides insurance capital into property insurance capital and life insurance capital,studies the mechanism of different types of insurance capital.The fourth chapter is the empirical analysis of the influence of insurance capital shareholding enterprises on financing constraints.In the research design,firstly,the sample data acquisition approach and data processing process are explained.According to the hypothesis to be verified,the explained variables and explanatory variables are selected to construct the corresponding empirical model,and the descriptive statistics and correlation analysis of the related variables are carried out.Based on the analysis of the effect mechanism of insurance capital shareholding on financing constraints,empirical regression is carried out.The regression results show that insurance capital can alleviate the financing constraints of enterprises.In the heterogeneity analysis of the influence of insurance capital shareholding on financing constraints,it is found that the influence of insurance capital shareholding on the group with low internal agency cost and high external marketization degree is more significant,and the intermediary effect of enterprise financing cost and enterprise information disclosure quality is verified,so as to test the action path of insurance capital shareholding.The robustness test was conducted by replacing explanatory variables and explained variables,and the possible endogeneity problems of the model were solved by instrumental variable method and propensity value matching method(PSM).The results showed that the empirical results were robust,and the endogeneity problem was tested.The fifth chapter is the research conclusion,suggestion and prospect.Combined with the empirical results,this paper summarizes the research conclusion that insurance capital shareholding can alleviate the financing constraints of enterprises;Compared with property insurance funds,life insurance funds can alleviate enterprise financing constraints more effectively.In the enterprises with low internal agency cost and high external marketization degree,the effect of insurance capital shareholding is more significant.Insurance capital shareholding can alleviate corporate financing constraints by reducing corporate debt financing cost and improving the quality of corporate information disclosure.From the perspective of insurance institutions and regulatory authorities,listed companies and government departments,corresponding countermeasures and suggestions are put forward.Insurance institutions and regulatory authorities need to strengthen the supervision of the use of insurance funds,pay attention to the capacity building as shareholders and improve the allocation mechanism of insurance funds.Listed companies themselves need to improve the internal governance mechanism,improve the quality of information disclosure;Relevant government departments can strengthen market-oriented construction and precise formulation of corporate financing support policies.Finally,combined with the research results of our A-share listed companies,the paper divided the types of insurance funds from different angles,and alleviated the financing constraints of small and medium-sized enterprises.The main contributions and innovations of this paper are as follows:First,the innovation of research perspective.Most of the existing literature studies the influence of institutional investors’ shareholding on corporate governance performance and investment behavior,while there are very few papers on the influence of insurance fund shareholding on corporate financing constraints.This paper makes an attempt to study the influence of insurance capital shareholding on corporate financing constraints,and provides a new micro research perspective in the field of insurance capital and financing constraints.Second,supplement and expand the path to ease the financing constraints of enterprises.On the basis of revealing the shareholding of insurance capital and the effect of different types of insurance capital,namely property insurance capital and life insurance capital,on the financing constraints of enterprises,this paper further explores the mechanism of the shareholding of insurance capital to alleviate the financing constraints of enterprises,and puts forward two approaches to reduce the financing cost of enterprises and improve the quality of corporate information disclosure.At the same time,it also explores the cooperation between the insurance capital shareholding and the internal agency cost and the external marketization degree of the enterprise to participate in the corporate governance.Third,provide evidence for the active participation of insurance funds in corporate governance.Through empirical verification,the conclusion that insurance capital shareholding affects corporate financing constraints is robust,which provides empirical evidence for insurance capital to actively participate in corporate governance and play the role of active shareholders,and contributes to a more comprehensive understanding of its role in the capital market. |
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