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论文采用Heckman样本选择模型,以2010-2013年间A股制造业上市公司为研究样本,分析企业风险水平和替代性损失融资渠道对制造型企业保险购买可能性和购买数量的影响。研究结果表明,企业风险水平越高,保险购买可能性越大,但与之相联系的高成本制约了企业保险购买数量;企业是否购买保险与现金持有水平存在替代效应,现金持有量充足时企业更倾向于用自有资金进行损失融资,但保险购买数量与之存在依附关系,保费支付受制于现金持有水平;剩余举债能力对企业保险购买具有负面影响,在负债与保险两种损失融资方式之间,企业更倾向于前者。论文利用最新数据构建了企业可保风险水平和替代性损失融资的衡量指标,在微观层面量化研究了我国企业财产保险需求不足问题,并为企业和保险公司提供了相关决策建议。
The paper uses Heckman sample selection model and takes A-share manufacturing listed companies from 2010 to 2013 as a sample to analyze the impact of enterprise risk level and alternative loss financing channels on the insurance purchase possibility and purchase quantity of manufacturing enterprises. The results show that the higher the firm’s risk level is, the higher the possibility of insurance purchase is, but the high cost associated with it restricts the purchase quantity of insurance companies. Whether the company purchases insurance and cash holding level has the substitution effect and the cash holdings are sufficient Enterprises tend to use their own funds for the financing of losses, but the number of insurance purchases is dependent on the existence of premium payment is subject to the level of cash holdings; the residual ability to borrow has a negative impact on the purchase of insurance companies, liabilities and insurance losses Between the financing methods, enterprises prefer the former. Based on the latest data, the paper constructs the measure of insurable risk and alternative loss financing, and quantitatively studies the insufficiency of China’s property insurance needs at the micro level, and provides relevant suggestions for enterprises and insurance companies.