关键词: 保险投资, 公司绩效, 两类代理成本, 选择模型, 机构投资者

Abstract: As an important institutional investor, whether insurance funds can play an important role in promoting corporate performance is controversial in the existing research and regulatory policy formulation. Based on the sample of Ashare listed companies from 2005 to 2017, this paper finds that there is a significant inverted Ushaped curve effect on the performance and valuation of listed companies in China. And this paper finds this inverted Ushaped effect is mainly caused by reducing type I and type II agency costs. As the shareholding of insurance fund raises under the threshold, the type I and type II agency cost goes down accordingly, but goes up if it is above the threshold. The evidence that changes in insurance funds’ shareholdings influence the frequency of corporate site visits sponsored by insurance institutions further reinforces the above conclusions from the perspective of corporate governance participation. The empirical evidences help us understand the multiple effects and mechanisms between institutional investors and corporate performance. And it is also possible to provide reference for the formulation of a more consistent supervision policy about insurance fund's equity investment.

Key words: insurance investment, corporate performance, agency cost type I and type II, selection model, institutional investors