证券市场导报Issue(11)：57-68,12.
险资持股能够抑制股票市场操纵吗?
摘要
Abstract
As important institutional investors,whether insurance companies'shareholding can stabilize markets and improve corporate governance of listed companies is a topic of common concern in academic and practical circles.Using Shanghai and Shenzhen A-share listed companies as samples,this paper empirically examines the impact of insurance investment shareholding on stock market manipulation.The research finds that insurance investment shareholding can significantly suppress stock market manipulation,a finding that remains valid after a series of endogeneity treatments and robustness tests.Mechanism tests indicate that:first,insurance investors have higher requirements for corporate information disclosure,which helps reduce market information asymmetry and decreases the possibility of market manipulation;second,insurance investors can strengthen supervision of corporate operations,financial transactions,and internal controls,compelling companies to incorporate more forward-looking and standardized requirements into their governance structures,significantly improving corporate governance and effectively suppressing stock market manipulation;third,insurance investment shareholding can reduce short-term impacts of market floating shares,helping stock prices quickly return to the company's intrinsic value,enhancing the depth and elasticity of stock trading,and reducing opportunities for stock market manipulation.Further analysis shows that in non-state-owned and large-scale enterprises,insurance investors can better play supervisory and governance roles;in companies audited by the Big Four,high-quality information environments lay the foundation for insurance investors to exert their influence,thereby better suppressing market manipulation in these companies.Compared to public funds,insurance investment has longer holding periods,places more emphasis on company transparency and compliance when selecting stocks,and typically deeply engages in corporate governance through methods such as appointing directors and participating in shareholders'meetings,thus better suppressing stock market manipulation.This paper enriches the literature on the impact of insurance investment shareholding on capital markets and provides empirical support for actively guiding long-term funds into the market.关键词
险资持股/股票市场操纵/信息透明度/公司治理/股票流动性Key words
insurance investment shareholding/stock market manipulation/information transparency/corporate governance/stock liquidity分类
管理科学引用本文复制引用
许荣,田文涛,邴涛..险资持股能够抑制股票市场操纵吗?[J].证券市场导报,2025,(11):57-68,12.基金项目
国家自然科学基金青年项目"中国股票市场的流动性共性研究:互联网信息源中的散户投资者视角"(批准号:72301181)、中国保险学会2025年度课题项目"保险资金培育耐心资本的机制策略研究"(ISCKT2025-N-1-10) （批准号:72301181）
