Research on the Impact of Insurance Fund Shareholding on Enterprise Default Risk:Empirical Evidence from the Chinese A-share Market
Based on data from Chinese A-share listed companies from 2015 to 2021,this study empirically tests the impact of insurance fund shareholdings on enterprise default risk.Insurance fund shareholdings can play a governance effect of activing supervision,enhance the company's value and risk bearing level,and reduce the risk of enterprise default.Insurance fund shareholdings have a more significant impact on the default risk suppression of state-owned shareholding enterprises,enterprises with low marketization levels,and enterprises that have been issued standard unqualified opinions.To prevent the risk of corporate default,government regulatory agencies need to optimize and improve the institutional environment,require increased disclosure of corporate information,and regulate the entry of insurance funds into the market;insurance institutions should fully leverage their own advantages to participate in the governance of holding companies and effectively fulfill their supervisory and management functions;listed companies need to operate steadily,enhance their own value and risk-taking ability,and work together to maintain financial market stability.
insurance fund shareholdingdefault riskcorporate governance