Insurance Fund Shareholding and the Operational Risk of Listed Companies
Given the operational characteristics of insurance liabilities and the constraints of prudential supervision policies,in-surance institutional investors have higher requirements for the operational stability of invested companies.These requirements not only affect the shareholding preference of insurance institutions,but also increase their risk governance motivation for invested en-terprises.However,whether insurance institutional investors can play the role of risk governance has not yet been fully studied.Based on the data of A-share listed companies from 2016 to 2021,this paper intents to study the impacts on operational risks by insurance fund shareholding.It finds that the shareholding of insurance funds can significantly reduce the operational risk of listed companies,and the higher the shareholding ratio,the stronger the risk governance effect,which conforms to the effective supervi-sion hypothesis.Mechanism analysis shows that insurance institutions can achieve risk governance through on-site research and ex-ternal governance mechanisms,thereby reducing operational risks.Heterogeneity analysis shows that the smaller the company size and the lower the shareholding ratio of the largest shareholder and management,the more effective insurance fund holdings can be in reducing operating risks.The research conclusions of this paper have positive significance for regulatory agencies to actively en-courage insurance funds to conduct equity investments,maintain the stable operation of listed companies,and promote the healthy development of the capital market.
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