中国上市保险公司股权结构与经营绩效研究

发布时间：2018-02-07 17:41

本文关键词： 股权结构上市保险公司经营绩效股权集中度　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：股权结构对公司绩效的影响一直是公司治理结构研究中的重要的组成部分，历来中外很多学者针对不同股权结构下的公司经营绩效进行了各方面的分析，但一直到目前为止，针对金融保险机构公司股权结构方面的研究比较少，由于学术界普遍认为金融保险行业经营治理的特殊性，各国学者对上市公司的治理研究基本没有将金融保险公司纳入其中。然而，自从20世纪90年代金融危机爆发以来，各国政府逐渐认识到了金融系统稳定性对经济发展的必要性，作为金融系统的三驾马车之一的金融保险业，对稳定金融市场和各国的经济起到了重要的作用，而金融保险业的稳定与发展又与其治理的完善程度密不可分。研究中国上市保险公司股权结构对经营绩效的影响，有利于我们正视中国上市保险公司股权结构中存在的历史问题，也对整体股权结构乃至整个公司治理结构的优化起到积极的作用。本文用委托代理理论，回顾了中国各家上市保险公司发展的历史以及股权结构形成的原因，分析了股权结构的现状，并指出目前的股权结构存在的问题，并进一步分析了目前中国上市保险公司股权结构多元化的趋势，在理论分析的基础上运用实证研究方法进行验证，探讨了中国上市保险公司股权结构对经营绩效的影响和发生机制，最后对上市保险公司股权结构优化及整体的治理结构的健康发展提出了一些建议。本文在绪论部分介绍了本文的研究背景和思路。本文的第二部分回顾了国内外学者到目前为止对股权结构以及金融保险业公司治理的研究。本文的第三部分以委托代理理论为出发点，从理论上分析了股权集中度、控股股东性质的差别对中国上市保险公司治理机制及经营绩效的作用，对作出了股权集中度、控股股东性质对公司绩效影响的研究假设。本文第四部分进行了实证研究，运用面板数据回归的方法分析了中国上市保险公司不同的股权结构对经营绩效的影响，并对实证结果进行了解释。本文第五部分对研究进行了总结，并进一步探讨了股权结构和公司治理机制的关系，，分析了不同的股权结构造成公司治理机制作用的差异，而治理机制的差异进一步影响了上市保险公司治理决策和公司绩效。
[Abstract]:The influence of ownership structure on corporate performance has been an important part of the study of corporate governance structure. Many Chinese and foreign scholars have analyzed the corporate performance under different ownership structure, but up to now, There are few researches on the ownership structure of financial and insurance institutions. Because of the particularity of financial and insurance industry governance, the scholars of various countries have not included financial insurance companies in the research on the governance of listed companies. However, since the outbreak of the financial crisis in 1990s, governments have come to realize the necessity of the stability of the financial system for economic development. It plays an important role in stabilizing the financial market and the economy of various countries, and the stability and development of the financial and insurance industry are closely related to the perfection of its governance. It is beneficial for us to face up to the historical problems existing in the ownership structure of listed insurance companies in China and to optimize the whole ownership structure and even the whole corporate governance structure. Based on the principal-agent theory, this paper reviews the history of the development of the listed insurance companies in China and the reasons for the formation of the ownership structure, analyzes the present situation of the ownership structure, and points out the problems existing in the current ownership structure. It further analyzes the trend of the diversification of stock structure of listed insurance companies in China, and verifies it by using empirical research methods on the basis of theoretical analysis. This paper probes into the influence and occurrence mechanism of the ownership structure on the management performance of the listed insurance companies in China, and finally puts forward some suggestions for the optimization of the equity structure of the listed insurance companies and the healthy development of the overall governance structure. In the introduction part, this paper introduces the research background and ideas of this paper. The second part of this paper reviews the research on equity structure and corporate governance of finance and insurance industry. In the third part of this paper, based on the principal-agent theory, the author theoretically analyzes the effect of ownership concentration and the nature of controlling shareholders on the governance mechanism and management performance of listed insurance companies in China. The hypothesis of the effect of controlling shareholder nature on corporate performance. In the 4th part of this paper, the empirical research is carried out, and the impact of different ownership structure on the performance of listed insurance companies in China is analyzed by using panel data regression method, and the empirical results are explained. In the 5th part of this paper, the author summarizes the research, further discusses the relationship between the ownership structure and the corporate governance mechanism, and analyzes the differences in the role of corporate governance mechanism caused by different ownership structures. The difference of governance mechanism further affects the governance decision and corporate performance of listed insurance companies.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F842.3;F832.51

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