论文部分内容阅读
本文选取我国3843家制造业非上市公司2001～2005年面板数据,以委托代理理论为基础实证分析企业财产保险行为对债务期限结构选择的影响。研究结果表明,企业债务期限随其购买财产保险比率的增加而延长。本文分析认为,当利率不能准确反映银行承担的信用风险,司法体系不能保证契约得以有效执行时,保险监控和风险管理服务是一种重要替代机制。加强保险监控及风险管理服务创新,实现保险市场与资本市场的良性互动,是金融体系演进的大趋势,也是突破保险与资本市场发展困境的重要策略。
This paper selects the panel data of 3,843 non-listed manufacturing companies in China from 2001 to 2005, and analyzes the influence of the enterprise property insurance on the choice of the term structure of debt on the basis of principal-agent theory. The results show that the corporate debt maturity with the purchase of property insurance ratio increased. This article argues that when the interest rate can not accurately reflect the credit risk borne by the bank and the judicial system can not guarantee the effective implementation of the contract, the insurance monitoring and risk management service is an important alternative mechanism. Strengthening innovation in insurance monitoring and risk management services and achieving positive interaction between insurance market and capital market are major trends in the evolution of the financial system and an important strategy for breaking through the plight of insurance and capital market development.