我国非寿险公司治理与公司绩效的关系研究
发布时间：2019-06-14 23:38
【摘要】：我国保险业在改革开放的背景下快速发展,并逐渐在世界保险业中崭露头角。我国作为一个新兴的保险市场,正受到全世界保险行业的关注。保险业作为金融行业的一部分,对国民经济的影响举足轻重,其稳定健康对整个经济的发展至关重要。 2006年,我国保监会出台《关于规范保险公司治理结构的指导意见》,严格规范保险公司治理的各个方面,以期保险公司在健康的内部治理环境下,稳定、安全地经营发展。但是,这些措施的实施能否对保险公司的经营绩效产生影响呢? 出于对我国保险业公司治理建设实际意义的检验,本文在总结前人研究的基础上,以我国非寿险公司为研究对象,分析我国保险公司治理和公司绩效的现状,用实证研究的方法探讨公司治理各个因素对非寿险公司绩效的影响,并对实证结果作出解释,并有针对性地提出一些对保险公司治理的建议。 本文的实证研究从公司治理中股权结构、董事会特征以及管理层三方面出发,选择国有股比例、前五大股东持股比例、董事会人数、独立董事比例、两职合一情况等五个变量作为解释变量,而将公司绩效分为盈利能力、经营效率、偿付能力以及发展能力等四方面,分别以总资产收益率、综合成本率、偿付能力充足率、总资产增长率等四个变量作为被解释变量。以2011年我国45家非寿险公司的截面数据作为样本,得到四个多元线性回归模型。实证结果表明,国有股比例对公司绩效有显著的正面影响,前五大股东持股比例和董事会规模对公司绩效有显著的负面影响,两职合一情况对公司成长能力有正面影响,但对经营效率有负面影响,而独立董事比例与公司绩效之间没有显著的相关关系。 因此,完善我国保险公司治理,可以考虑引入民营资本和境外战略投资者,优化股权结构；控制董事会规模,完善独立董事功能；完善管理层监督,发挥两职合一的正面作用。
[Abstract]:Under the background of reform and opening up, China's insurance industry has developed rapidly and gradually emerged in the world insurance industry. As a new insurance market, China is attracting the attention of the insurance industry all over the world. As a part of the financial industry, the insurance industry plays an important role in the national economy, and its stability and health is very important to the development of the whole economy. In 2006, China Insurance Regulatory Commission issued the guidance on standardizing the Governance structure of Insurance companies, strictly standardizing all aspects of insurance company governance, in order to ensure the stable and safe management and development of insurance companies in a healthy internal governance environment. However, can the implementation of these measures have an impact on the operating performance of insurance companies? In order to test the practical significance of corporate governance construction in China's insurance industry, on the basis of summing up the previous studies, this paper takes China's non-life insurance companies as the research object, analyzes the present situation of insurance company governance and corporate performance in China, probes into the influence of various factors of corporate governance on the performance of non-life insurance companies by means of empirical research, explains the empirical results, and puts forward some suggestions on the governance of insurance companies. From three aspects of ownership structure, board characteristics and management in corporate governance, this paper chooses five variables, such as the proportion of state-owned shares, the proportion of the top five shareholders, the number of directors, the proportion of independent directors and the unity of the two positions, as explanatory variables, and divides corporate performance into four aspects: profitability, operating efficiency, solvency and development ability, respectively, with the rate of return on total assets and the comprehensive cost rate. Solvency adequacy ratio, total asset growth rate and other four variables as explained variables. Taking the cross section data of 45 non-life insurance companies in China in 2011 as samples, four multivariate linear regression models are obtained. The empirical results show that the proportion of state-owned shares has a significant positive impact on corporate performance, the proportion of the top five shareholders and the size of the board of directors have a significant negative impact on corporate performance, the integration of the two positions has a positive impact on the growth ability of the company, but has a negative impact on operational efficiency, but there is no significant correlation between the proportion of independent directors and corporate performance. Therefore, to improve the governance of insurance companies in China, we can consider introducing private capital and foreign strategic investors, optimizing the ownership structure, controlling the size of the board of directors, perfecting the function of independent directors, perfecting management supervision, and giving full play to the positive role of the integration of the two positions.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.3;F272.5
本文编号：2499795
[Abstract]:Under the background of reform and opening up, China's insurance industry has developed rapidly and gradually emerged in the world insurance industry. As a new insurance market, China is attracting the attention of the insurance industry all over the world. As a part of the financial industry, the insurance industry plays an important role in the national economy, and its stability and health is very important to the development of the whole economy. In 2006, China Insurance Regulatory Commission issued the guidance on standardizing the Governance structure of Insurance companies, strictly standardizing all aspects of insurance company governance, in order to ensure the stable and safe management and development of insurance companies in a healthy internal governance environment. However, can the implementation of these measures have an impact on the operating performance of insurance companies? In order to test the practical significance of corporate governance construction in China's insurance industry, on the basis of summing up the previous studies, this paper takes China's non-life insurance companies as the research object, analyzes the present situation of insurance company governance and corporate performance in China, probes into the influence of various factors of corporate governance on the performance of non-life insurance companies by means of empirical research, explains the empirical results, and puts forward some suggestions on the governance of insurance companies. From three aspects of ownership structure, board characteristics and management in corporate governance, this paper chooses five variables, such as the proportion of state-owned shares, the proportion of the top five shareholders, the number of directors, the proportion of independent directors and the unity of the two positions, as explanatory variables, and divides corporate performance into four aspects: profitability, operating efficiency, solvency and development ability, respectively, with the rate of return on total assets and the comprehensive cost rate. Solvency adequacy ratio, total asset growth rate and other four variables as explained variables. Taking the cross section data of 45 non-life insurance companies in China in 2011 as samples, four multivariate linear regression models are obtained. The empirical results show that the proportion of state-owned shares has a significant positive impact on corporate performance, the proportion of the top five shareholders and the size of the board of directors have a significant negative impact on corporate performance, the integration of the two positions has a positive impact on the growth ability of the company, but has a negative impact on operational efficiency, but there is no significant correlation between the proportion of independent directors and corporate performance. Therefore, to improve the governance of insurance companies in China, we can consider introducing private capital and foreign strategic investors, optimizing the ownership structure, controlling the size of the board of directors, perfecting the function of independent directors, perfecting management supervision, and giving full play to the positive role of the integration of the two positions.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.3;F272.5
【参考文献】
相关期刊论文 前1条
1 牛建波;;董事会规模的治理效应研究——基于业绩波动的新解释[J];中南财经政法大学学报;2009年01期
，本文编号：2499795
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