媒体监督、董事会治理与保险公司代理成本——基于我国股份制保险公司经验数据的实证检验

发布时间：2018-08-19 18:48

【摘要】：媒体作为重要的外部治理机制,对降低代理成本具有举足轻重的作用。以2010年时存续期在5年及以上的股份制保险公司为研究样本,借助于样本公司2010年到2014年的数据,运用多元回归模型,检验了媒体监督在我国保险公司治理中的功能。研究发现,媒体监督能够显著降低保险公司的代理成本,对于信息透明度低的公司效果更为显著;媒体监督与董事会各治理机制呈显著的互补关系,即媒体监督能够强化和激活董事会各治理机制,董事会各治理机制的合理配置也能够促进媒体监督职能的发挥。研究表明媒体监督在保险业具有重要的治理职能,完善保险公司现代企业制度建设应将外部治理机制和内部治理机制并重,并关注内外部治理机制间的相互作用。
[Abstract]:As an important external governance mechanism, media plays an important role in reducing agency costs. Taking the joint-stock insurance companies with a duration of 5 years or more in 2010 as the research sample, with the help of the data of sample companies from 2010 to 2014, this paper tests the function of media supervision in the governance of insurance companies in China by using the multivariate regression model. It is found that media supervision can significantly reduce the agency cost of insurance companies, especially for companies with low information transparency, and that media supervision has a significant complementary relationship with the governing mechanisms of the board of directors. That is, media supervision can strengthen and activate the governing mechanism of the board of directors, and the reasonable allocation of the governance mechanism of the board of directors can also promote the function of media supervision. The study shows that media supervision has an important governance function in the insurance industry. To perfect the modern enterprise system construction of insurance companies, we should pay equal attention to the external governance mechanism and the internal governance mechanism, and pay attention to the interaction between the internal and external governance mechanisms.
【作者单位】：山东大学商学院;
【基金】：山东省社科项目“金融结构优化与经济增长方式转变关系研究”(15CJJJ16)
【分类号】：F271;F840.4;F842.3

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