我国保险公司治理对公司绩效影响的实证研究

发布时间：2018-07-03 09:49

本文选题：公司治理 + 保险公司　；参考：《西南财经大学》2014年硕士论文

【摘要】：近年来,保险公司的治理问题日益引起学者们的重视。由于保险公司在经营、治理目标以及治理原则上有其特殊性,决定了保险公司的治理结构也与一般公司治理结构不同,对公司绩效的影响也不同,应单独列出来研究。从目前我国保险公司治理情况来看,公司治理已完成了从无到有的变革,绝大部分保险公司建立了现代公司治理机制,具备较为完整的董事会、监事会、股东大会等相关制度,这对保险公司来说无疑是重大的进步,治理机制的完善,对各保险公司科学决策、高效执行、保护股东权益以及提高公司绩效均起到一定作用。但从横向来看,现代公司治理在我国尚处于发展阶段,尤其是在保险行业的运用时间短,与欧美国家保险公司治理水平存在较大的差距。国内大部分保险公司的治理架构完整、制度齐全,但在实践中往往形同虚设,可以说是“形似而神不似”,公司治理机制对公司绩效的影响有限。因此如何将形式上的治理机制转变为实质性的治理机制,使保险公司治理体系真正为保险公司服务,提高保险公司的绩效,是当前我国保险公司所面临的重要问题。本文通过实证检验的方式,利用搜集的数据,主要研究分析了保险公司治理中股权结构、董事会特征、高管激励机制对公司绩效的影响,得出相应的结论,最后从股权优化、董事会优化、高管激励优化以及信息披露四个方面对保险公司治理的完善提出了相应的建议,以期对我国保险公司治理结构完善有所裨益。本文通过以下五个方面来展开相关研究：第一部分,绪论。在本章中首先提出了本论文研究的目的和意义,然后说明了本文研究的内容以及方法,接着给出了基本结构与内容安排,最后阐述了本文的创新及不足之处。第二部分,阐述了公司治理及保险公司治理的定义,介绍了四个理论依据,然后介绍了公司绩效及其评价方法。接着分析归纳了我国保险公司治理的发展历程,阐述了保险公司治理的特殊性,指出了我国保险公司治理的现实情况。第三部分,阐述了保险公司治理对公司绩效的影响机制,分别说明了股权结构、董事会特征以及高管激励机制对保险公司绩效的影响并提出了相应的研究假设。第四部分,本章为实证研究部分。本文的被解释变量为保险公司总资产收益率(ROA),解释变量有股权结构以及董事会特征等九个,还根据保险公司的特殊性提出了相应的控制变量,运用了主成分分析以及多元回归的实证方法建立了相应的理论模型。然后利用我国25家中资寿险公司2012年的年度报告数据,通过Excel软件得出描述性统计结果,分析了数据反映的被解释变量以及解释变量的情况,接着根据选定的模型,利用SPSS和Eviews辅助软件并得出了相应的模型成果,根据回归成果得出相应的结论。最后对回归结果的意义和原因进行了阐述。第五部分,研究结论、政策建议及研究展望部分。本章在上一章实证的基础上得出结论,通过之前的理论、现实情况的梳理以及实证结果对我国保险公司治理中存在的问题提出了有针对性的政策建议,主要分为四个方面：股权结构优化,董事会治理优化,完善高管激励机制以及信息披露制度优化。最后对论文进一步的研究展望做出说明。
[Abstract]:In recent years, the problem of the insurance company's governance has attracted more and more attention of the scholars. As the insurance company has its particularity in the management, the management goal and the governance principle, it decides that the insurance company's governance structure is different from the general corporate governance structure, and the influence on the company performance is different, and it should be listed separately.
From the current situation of our country's insurance company governance, corporate governance has completed a change from scratch. Most insurance companies have established a modern corporate governance mechanism, with a relatively complete board of directors, board of supervisors, shareholders meeting and other related systems, which is undoubtedly a major progress for the insurance company, the improvement of the governance mechanism, and the protection of the various insurance companies. It plays a certain role in scientific decision-making, efficient implementation, protection of shareholders' rights and interests and improving the performance of the company. However, from the horizontal point of view, the modern corporate governance is still in the development stage in our country, especially in the insurance industry, it has a short time to use in the insurance industry, and there is a big gap with the governance level of the European and American insurance companies. The governance structure is complete and the system is complete, but in practice, it is often in the same shape, which can be said to be "similar to the gods", and the corporate governance mechanism has a limited impact on the company performance. Therefore, how to transform the governance mechanism of the formal governance into a substantial governance mechanism so that the insurance company management system can serve the insurance companies and improve the insurance public. The performance of the company is an important problem facing China's insurance companies.
In this paper, through the empirical test, using the collected data, this paper mainly analyzes the influence of the ownership structure, the board characteristics, the executive incentive mechanism on the company performance in the insurance company governance, and draws the corresponding conclusions. Finally, the insurance company is governed by four aspects of the equity optimization, the optimization of the board of directors, the optimization of the executive excitation and the information disclosure. In order to improve the governance structure of insurance companies in China, this paper puts forward corresponding suggestions to improve the governance structure of our insurance companies. The following five aspects are involved in this study.
The first part is introduction. In this chapter, the purpose and significance of the study are first presented, then the contents and methods of this study are explained, and then the basic structure and content arrangement are given, and the innovation and inadequacies of this paper are expounded at the end.
The second part expounds the definition of corporate governance and the management of insurance companies, introduces four theoretical bases, then introduces the company performance and its evaluation methods, then analyzes and summarizes the development process of the management of the insurance companies in China, expounds the particularity of the insurance company governance, and points out the reality of the management of the insurance companies in China.
In the third part, the influence mechanism of the insurance company governance on the performance of the company is expounded, and the influence of the ownership structure, the board characteristics and the executive incentive mechanism on the performance of the insurance company is explained respectively, and the corresponding research hypothesis is put forward.
The fourth part, this chapter is an empirical study. The explanatory variables of this article are the total asset return rate (ROA) of the insurance company, the explanatory variables have the ownership structure and the characteristics of the board of directors, etc. nine, and according to the particularity of the insurance company, the corresponding control variables are put forward, and the corresponding method of the principal component analysis and multiple regression is used to establish the corresponding method. And then, using the annual report data of 25 Chinese Chinese life insurance companies in 2012, the descriptive statistical results are obtained through Excel software, and the explanatory variables and the explanatory variables are analyzed. Then, according to the selected model, the corresponding model results are obtained by using SPSS and Eviews auxiliary software. The conclusion is drawn from the regression results. Finally, the significance and reasons of the regression results are expounded.
The fifth part, research conclusions, policy recommendations and research prospects. This chapter draws conclusions on the basis of the previous chapter. Through the previous theory, the reality of the combing and empirical results of the problems existing in the management of China's insurance companies put forward some targeted policy recommendations, mainly divided into four aspects: the optimization of ownership structure, The optimization of board governance, the improvement of executive incentive mechanism and the optimization of information disclosure system are finally explained.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F842.3;F272.5;F271

【参考文献】