我国寿险公司治理结构对经营绩效影响研究

发布时间：2018-03-10 18:00

本文选题：中资寿险公司　切入点：公司治理　出处：《北京工商大学》2015年硕士论文　论文类型：学位论文

【摘要】：公司治理理论伴随着现代企业制度的建立而兴起,自20世纪90年代被引入中国以来,逐渐成为广大投资者关注的热点问题。公司治理理论致力于解决现代企业中委托代理问题,通过提高企业经营决策水平,增强企业在市场上的竞争力,提升企业绩效。我国寿险业经过30余年的高速发展,逐渐步入转型期,随着寿险市场的逐步开放,市场主体的多元化,寿险市场竞争也日趋激烈,各寿险公司也应当转变以往粗放型的发展方式以应对新挑战。良好的寿险公司治理有助于我国寿险公司深化体制改革,提升风险管理水平和运营能力,提高企业绩效,且寿险公司经营的稳健性具有重大的社会意义,因此各寿险公司的治理结构也是广大利益相关者和外部监管机构关注的重点。我国寿险公司治理尚处于起步阶段,各公司发展水平参差不齐,对公司绩效的积极作用没有充分发挥,尚有很大潜力可以挖掘。本文首先在公司治理的基本框架下,分析了我国寿险公司治理的特殊性,对国际上主要的保险公司治理模式进行了比较并总结了各自的优势,并选取了24家中资寿险公司,从股权结构、董事会设置、监事会设置和公开信息披露四个方面分析了我国寿险公司治理现状和问题。其次,使用因子分析法构建了我国寿险公司绩效评价体系,从公司偿债能力、盈利能力、运营能力和成长能力四个方面对我国寿险公司绩效进行了分析。在因子分析的基础上,本文尝试探讨寿险公司治理对公司绩效的影响,从股权结构、董事会设置、监事会设置和公开信息披露四个方面提出了7个假设,构建了多元线性回归模型,对各假设进行检验,其中通过检验的结论有3条,分别是前五大股东持股比例与寿险公司绩效呈负相关关系、董事会规模与寿险公司绩效呈负相关关系、董事长与总经理二职合一与寿险公司绩效呈负相关关系。最后,针对实证结论,本文提出了完善我国寿险公司治理的建议,包括建立我国寿险公司股权结构的有效模式,重视寿险公司董事会机制构建,强化寿险公司监事会职能以及加强外部监管以保障利益相关者权益。通过改善寿险公司治理结构,推动我国寿险公司治理由行政型向经济型转变,提高公司绩效,促进公司可持续发展。
[Abstract]:Since its introduction into China in 1990s, the theory of corporate governance has gradually become a hot issue for investors. The theory of corporate governance is devoted to solving the principal-agent problem in modern enterprises. After more than 30 years of rapid development, China's life insurance industry has gradually stepped into the transition period, with the gradual opening of the life insurance market. With the diversification of the main body of the market and the increasingly fierce competition in the life insurance market, every life insurance company should also change its old extensive development mode to meet the new challenge. Good life insurance company governance is helpful to deepen the system reform of the life insurance company in our country. It is of great social significance to improve the level of risk management and operation ability, to improve enterprise performance, and to improve the stability of life insurance companies. Therefore, the governance structure of the life insurance companies is also the focus of the stakeholders and external regulators. The governance of life insurance companies in China is still in its infancy, and the level of development of the companies is uneven. The positive role of corporate performance has not been brought into full play, and there is still great potential to be tapped. Firstly, under the basic framework of corporate governance, this paper analyzes the particularity of life insurance corporate governance in China. This paper compares the main international insurance company governance models and summarizes their respective advantages, and selects 24 Chinese life insurance companies, from the equity structure, board of directors, This paper analyzes the current situation and problems of life insurance company governance in China from four aspects: the establishment of supervisory board and the disclosure of public information. Secondly, the performance evaluation system of life insurance company in China is constructed by using factor analysis method, which is based on the company's solvency and profitability. On the basis of factor analysis, this paper attempts to explore the impact of life insurance company governance on corporate performance, from the equity structure, board of directors, This paper puts forward seven hypotheses in four aspects of the establishment of supervisory board and the disclosure of public information, constructs a multivariate linear regression model, tests each hypothesis, and concludes that there are three conclusions. Respectively, the proportion of the top five shareholders is negatively related to the life insurance company performance, the board size is negatively related to the life insurance company performance, the chairman and the general manager have a negative correlation with the life insurance company performance. Finally, the relationship between the board size and the life insurance company performance is negative correlation. In view of the empirical conclusions, this paper puts forward some suggestions to improve the governance of life insurance companies in China, including the establishment of an effective model for the equity structure of life insurance companies in China, and the emphasis on the construction of the mechanism of the board of directors of life insurance companies. Strengthening the function of the life insurance company's supervisory board and strengthening the external supervision to protect the rights and interests of the stakeholders. Through improving the life insurance company's governance structure, the life insurance company's governance in our country is changed from the administrative type to the economic type, and the company's performance is improved. Promote the sustainable development of the company.
【学位授予单位】：北京工商大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F842.3;F271

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