我国保险公司股权结构与公司治理绩效研究

发布时间：2018-05-17 08:09

本文选题：保险公司 + 股权结构　；参考：《华南理工大学》2014年硕士论文

【摘要】：保险公司作为一个特殊的企业，它的主要功能是“风险管理”，其风险管理能力的合理性水平直接影响到保险公司的治理绩效。此外，作为资本市场的主要参与者，保险公司还是企业上市、融资和金融资源分配的重要中介机构，也是进行金融风险防范和缓解银行系统危机的重要平台。纵观我国保险行业近20年的发展，特别是近两年的快速发展，虽然已经产生了一批资金充足、销售网络完善的保险公司，但保险公司治理结构的建设一直未得到有效执行，从而引发保险公司出现诸多操作不规范现象，如运作机制不完善、内部管理制度不健全、经营不规范等。在现代公司治理框架下，公司治理结构决定了企业行为，企业风险偏好与企业的管理效率，并最终体现在企业绩效指标上。保险公司的经营宗旨、产品性质、资本结构和监督机制的特殊性，决定了保险公司治理对于企业绩效影响具有特别的作用机制和影响程度。对于保险公司存在的这些问题，国内许多专家学者和行业管理层都进行了深入的探讨。诚然，许多研究对保险业公司治理的定位、模式包括结构的研究都有了大胆的规划和设计，并对业内公司治理实践以及治理监管做出了重要贡献。然而，大量的研究未将保险业尤其是保险企业的特殊性考虑在内，而是将公司治理一般理论直接运用到保险行业的研究中，未能得知在我国保险公司中股权结构对公司治理绩效有着怎样的影响力，并且这一类的研究还缺少数据上的支持。针对于此，本文将在以前学者研究的基础上，分析我国保险公司的股权结构对保险公司治理机制的影响。通过对比分析国外保险公司股权结构与治理模式现状，从理论上分析了在不同股权集中度和不同股权特性的情况下股权结构对公司治理的影响，为我国保险公司的股权结构与治理模式提供借鉴进一步丰富理论研究的同时。此外，本文还按照保险公司治理的特点和利益相关者共同治理的要求，使用我国境内保险公司2010年到2013年的财务数据和公司治理数据为研究样本，利用逐步回归法进行了实证研究，试图进一步论证在我国保险公司中这两者之间的关系，从而探索出一种适合我国国情的保险公司股权结构模式，以便提高我国保险公司的治理效率，促进我国保险公司的健康发展。其中，实证结果显示：国有股比例对企业治理绩效具有显著的积极影响，意味着在当前形势下，保险业的发展还需要政府在诸如资金、政策等方面的大力支持；但股权的过度集中对企业治理绩效造成了显著的负面影响；外资股股东未对保险公司治理绩效的提升产生正面影响。最后，本文对检验结果进行了相关的理论解释，，并基于实证研究结果提出了政策建议。
[Abstract]:As a special enterprise, the main function of the insurance company is "risk management". The reasonable level of its risk management ability directly affects the performance of the insurance company. In addition, as the main participant in the capital market, the insurance company is also an important intermediary organization for the enterprise to go on the market, the financing and the distribution of financial resources. In the past 20 years, the development of the insurance industry in China, especially the rapid development of the recent two years, has produced a lot of insurance companies with sufficient funds and perfect sales network, but the construction of the insurance company's governance structure has not been effectively implemented, thus triggering the insurance company. There are many unstandardized operation phenomena, such as imperfect operating mechanism, imperfect internal management system, unstandardized management, etc. under the framework of modern corporate governance, the corporate governance structure determines enterprise behavior, enterprise risk preference and enterprise management efficiency, and ultimately manifests in the enterprise performance indicators. The management purpose and product nature of the insurance company. The particularity of the quality, the capital structure and the supervision mechanism determines the special mechanism and influence of the insurance company governance on the impact of the enterprise performance. For the problems existing in the insurance company, many domestic experts and scholars and the industry management have carried out a thorough discussion. The research of the pattern, including the structure, has a bold plan and design, and has made important contributions to the practice of corporate governance and governance. However, a large number of studies do not take the particularity of the insurance industry, especially the insurance enterprise into consideration, but apply the general theory of corporate governance to the research of the insurance industry. It is known that ownership structure has an impact on corporate governance performance in China's insurance companies, and this kind of research still lacks data support.
In view of this, this article will analyze the influence of the ownership structure of the insurance company on the insurance company's governance mechanism on the basis of the previous scholars' research. By comparing and analyzing the status of the equity structure and the governance model of foreign insurance companies, this paper theoretically analyzes the equity structure to the public ownership structure under the circumstances of the different ownership concentration and the different ownership characteristics. The influence of corporate governance provides a reference for the study of the equity structure and governance model of China's insurance companies. In addition, this paper also uses the financial data and corporate governance data of China's domestic insurance companies from 2010 to 2013 in accordance with the characteristics of the insurance companies and the requirements of the common governance of the stakeholders. The empirical study is carried out by the stepwise regression method, trying to further demonstrate the relationship between the two in China's insurance companies, so as to explore an equity structure model suitable for the national conditions of our country so as to improve the efficiency of the insurance companies in China and promote the healthy development of the insurance companies in China. The results show that the proportion of state-owned shares has a significant positive impact on the performance of corporate governance, which means that under the current situation, the development of the insurance industry needs the government's strong support in such aspects as capital and policy, but the excessive concentration of equity has a significant negative impact on the performance of corporate governance; foreign shareholders have not been to the insurance company. Finally, the paper gives a theoretical explanation of the test results and puts forward policy recommendations based on the empirical results.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F271;F842.3

【参考文献】