本文运用事件研究法实证检验了新《保险法》公布事件对我国保险类上市公司股价的冲击效应,为研究相关法律环境的制度变迁对我国保险业发展的影响以及法与金融理论在我国保险市场的适用情况提供了经验证据。主要结论如下:第一,新《保险法》公布事件对保险类上市公司有显著的市场冲击效应,即对我国保险业的发展和保险市场投资者的行为产生了一定的影响;第二,新《保险法》的修订和完善有利于改善保险业发展的法律环境,为发挥保险业的经济增长效应提供机制保障;第三,法与金融理论的研究方法和相关结论对研究我国保险业的发展有重要的参考价值和启示意义。
This paper investigates the concussion effects of the promulgation of the new Insurance Law on listed in- surance companies through an event study and provides empirical evidences for the impacts of legal environment changes on the development of China's insurance industry, and for the applicability of laws and financial theories in China's insurance market as well. There are several major findings. Firsdy, promulgation of the new Insurance Law has a significant repercussion on the listed insurance companies. Specifically, it has an impact on investor behav- iors and the development of the insurance industry as a whole. Secondly, the revised Insurance Law helps to im- prove the legal environment of China's insurance industry, providing the mechanism support for achieving sustain- able growth of the industry. Thirdly, the research methods and relevant conclusions from the study of relevant laws and financial theories are important references for further research on the development of China's insurance industry.