Research On The Influence Of Insurance Capital Shareholding On Financing Efficiency Of Listed Companies

Financing activities run through all major stages of the daily operation of enterprises and play an indispensable role in the normal operation of enterprises,while efficient financing activities are more conducive to the realization of their own development goals.However,the current low financing efficiency of major enterprises has seriously restricted the development of enterprises.Therefore,many scholars in the current academic circle have set the issue of corporate financing efficiency as their research objectives,and their research results also have significant reference value for the formulation of strategic objectives of listed companies and the development of enterprises.Especially in recent years,China’s insurance industry has been developing well,showing a thriving scene and developing rapidly.At the same time,as an important source of capital market funds,the behavior of insurance institutional investors in the capital market and its impact have also attracted widespread attention of people and enterprises.Based on the actual situation in China,this paper uses relevant models to study whether the insurance capital shareholding has a positive impact on the financing efficiency of listed companies,so as to provide theoretical support for the policy formulation of the market supervision department and the decision-making of listed companies.Based on the data of A-share listed companies from 2018 to 2021,this paper calculates the financing efficiency of the major listed companies through the BCC model in data envelopment analysis.Then,the fixed effect regression model is used to verify whether increasing the proportion of insurance holdings and prolonging the time of insurance holdings have a positive impact on improving the financing efficiency of listed companies.Finally,it further studies the specific impact mechanism,and verifies whether the insurance shareholding is the specific impact path of actively participating in the governance of listed companies,improving the financing decisions of listed companies,thereby reducing the agency costs of listed companies,and improving the financing efficiency.The main conclusions of this paper include:(1)The overall shareholding ratio of insurance institutional investors has a positive impact on the financing efficiency of listed companies,and the higher the shareholding ratio of insurance capital,the stronger the promotion effect on the financing efficiency of listed companies.(2)The holding time of insurance institutional investors has a positive impact on the financing efficiency of listed companies,and the longer the holding time of insurance capital,the stronger the promotion effect on the financing efficiency of listed companies.(3)After holding shares in listed companies,insurance companies can participate in the governance of listed companies,supervise and improve the management decisions of listed companies,thereby effectively reducing the agency costs of listed companies and improving the efficiency of corporate financing.This paper believes that in order to further realize the role of insurance capital in promoting the financing of listed companies,China’s capital market management department should actively guide insurance capital to participate in the governance of listed companies and give corresponding policy incentives.The CBRC should improve the relevant policies on the use of insurance capital and appropriately relax the scale of insurance capital entering the market.Listed companies should improve their own equity structure and optimize their internal governance mechanism to improve the trust and support of investors.Insurance companies should improve their own quality,strengthen their internal governance and management capabilities,adhere to the principle of long-term value investment,and give full play to their own capital advantages.