本文選題：循環(huán)經(jīng)濟　切入點：財產(chǎn)保險　出處：《西南交通大學(xué)》2017年碩士論文

【摘要】：隨著我國環(huán)境污染、資源短缺的問題越來越嚴(yán)重,循環(huán)經(jīng)濟的概念迅速升溫,從理論的研究到實踐的執(zhí)行,循環(huán)經(jīng)濟已成為國家可持續(xù)發(fā)展的一項重要政策。尤其在中國西部地區(qū),很多城市以犧牲環(huán)境為代價來發(fā)展當(dāng)?shù)亟?jīng)濟,導(dǎo)致環(huán)境污染嚴(yán)重,這就使得發(fā)展循環(huán)經(jīng)濟成為了一個不可避免的選擇。由于循環(huán)經(jīng)濟產(chǎn)業(yè)的高投入和資金需求的特征使其對金融資本有著強烈的訴求。而保險作為三大金融體系之一,日漸成為資本市場的重要力量。作為經(jīng)營、管理風(fēng)險的特殊金融企業(yè),保險的分散風(fēng)險、組織經(jīng)濟補償?shù)穆毮芸梢詾檠h(huán)經(jīng)濟在新技術(shù)研發(fā)、推廣應(yīng)用的過程中可能遭受的風(fēng)險事故提供經(jīng)濟保障,從而成為發(fā)展循環(huán)經(jīng)濟、轉(zhuǎn)移風(fēng)險的重要手段。同時,保險資金具有長期性和廣泛性,既可以避免循環(huán)經(jīng)濟客體與傳統(tǒng)金融投放主體方向和期限錯位的問題,又可以為循環(huán)經(jīng)濟的發(fā)展籌集到更多的社會資金。因此,研究保險對西部地區(qū)循環(huán)經(jīng)濟企業(yè)發(fā)展的支持具有積極的理論和現(xiàn)實的意義。本文以2006-2014年西部地區(qū)高污染、高能耗上市公司為研究樣本,運用描述性統(tǒng)計、相關(guān)性分析、回歸分析等方法對數(shù)據(jù)進行了實證分析。首先,將財產(chǎn)保險作為自變量,凈資產(chǎn)收益率和TobinQ作為因變量,采用加權(quán)最小二乘法進行研究。研究發(fā)現(xiàn),整體而言上市公司使用財產(chǎn)保險進行風(fēng)險管理并沒有提升企業(yè)的企業(yè)價值,但卻顯著地提升了非國企的財務(wù)績效。進一步研究發(fā)現(xiàn),獨立董事金融背景越強,使用財產(chǎn)保險對提升企業(yè)的財務(wù)績效和市場價值作用越大,但提升效應(yīng)僅存在于非國有企業(yè)。而高管經(jīng)濟專業(yè)從業(yè)背景越多,越能顯著提升樣本企業(yè)的財務(wù)績效,其提升市場價值也只存在于非國有企業(yè)。接著,本文在控制企業(yè)價值、資產(chǎn)負債率、流動性等因素之后,借助最小二乘法回歸模型和動態(tài)面板模型進行研究,研究發(fā)現(xiàn)與非產(chǎn)險結(jié)合企業(yè)相比,企業(yè)通過保險業(yè)參股或參股保險業(yè)與保險公司建立良好的利益相關(guān)者關(guān)系,有利于緩解西部循環(huán)經(jīng)濟企業(yè)的融資約束。并且在金融市場化水平低和保險市場發(fā)展程度低的地區(qū),產(chǎn)險結(jié)合帶來的融資約束緩解效果強于金融市場化水平高和保險市場發(fā)展程度高的地區(qū)。最后,根據(jù)論文的研究結(jié)果,本文提出了鼓勵循環(huán)經(jīng)濟企業(yè)使用財產(chǎn)保險進行風(fēng)險轉(zhuǎn)移,強化財產(chǎn)保險市場的制度化建設(shè),加強金融創(chuàng)新,建立完善的產(chǎn)融結(jié)合平臺等建議和文章的研究局限。
[Abstract]:With the environmental pollution and the shortage of resources in our country, the concept of circular economy is heating up rapidly, from the theoretical research to the implementation of practice. Circular economy has become an important policy for the sustainable development of the country. Especially in western China, many cities develop the local economy at the expense of the environment, resulting in serious environmental pollution. This makes the development of circular economy an inevitable choice. Because of the characteristics of high investment and capital demand of circular economy industry, it has a strong demand for financial capital. As one of the three major financial systems, insurance is one of the three major financial systems. Increasingly becoming an important force in the capital market. As a special financial enterprise operating and managing risks, the function of insurance in dispersing risks and organizing economic compensation can be developed in new technologies for circular economy. Risks and accidents that may be encountered in the process of popularization and application provide economic security, thus becoming an important means of developing circular economy and transferring risks. At the same time, insurance funds are of a long-term and extensive nature. It can not only avoid the mismatch between the object of circular economy and the main body of traditional finance, but also raise more social funds for the development of circular economy. It has positive theoretical and practical significance to study the support of insurance to the development of circular economy enterprises in the western region. This paper takes the listed companies with high pollution and high energy consumption in the western region from 2006 to 2014 as the research samples, using descriptive statistics and correlation analysis. Firstly, taking property insurance as independent variable, net asset return rate and TobinQ as dependent variable, weighted least square method is used to analyze the data. On the whole, the use of property insurance for risk management in listed companies has not improved the enterprise value, but has significantly improved the financial performance of non-state-owned enterprises. Further research shows that the stronger the financial background of independent directors, the stronger the financial background of independent directors. The use of property insurance plays a more important role in improving the financial performance and market value of the enterprise, but the promotion effect only exists in the non-state-owned enterprises. The more the economic professional background of the senior management is, the more significant the financial performance of the sample enterprises can be improved. Then, after controlling the factors such as enterprise value, asset-liability ratio, liquidity and so on, this paper uses the least square regression model and dynamic panel model to study. The study found that compared with non-property insurance companies, enterprises establish a good stakeholder relationship with insurance companies through insurance equity participation or equity participation. It will help to ease the financing constraints of circular economy enterprises in the west, and in areas where the level of financial marketization is low and the level of development of the insurance market is low, The mitigation effect of the combination of property and insurance is stronger than that of the areas with high level of financial marketization and high degree of insurance market development. Finally, according to the research results of the paper, This paper puts forward some suggestions and limitations of this paper, such as encouraging circular economy enterprises to use property insurance for risk transfer, strengthening the institutionalization of property insurance market, strengthening financial innovation, establishing a perfect platform for the combination of production and finance, and so on.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F842.6;F832.51;F275

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