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论文编号：	10104
作者编号：	2120162738
上传时间：	2018/6/8 15:38:43
中文题目：	保险公司治理对资金运用效率影响的实证研究
英文题目：	Empirical Study on the Effect of the Corporate Governance upon Insurance Company’s Insurance Investment
指导老师：	郝臣
中文关键字：	保险公司公司治理；资金运用效率；内部治理
英文关键字：	Corporate governance of insurance companies; Capital utilization efficiency; Internal governance
中文摘要：	随着金融危机的爆发，人们开始逐渐认识到金融机构治理的重要性，金融机构开始从“治理者”向“被治理者”的角色转变。作为金融机构三巨头之一的保险行业，无论是从总资产规模还是保费收入方面，都在近几年以良好的势头取得了蓬勃的发展。但与此同时，我国的保险行业也面临着诸多问题。从我国保险业发展的现状来看，我国保险公司有承保业务和投资业务两大利润来源，而实际上我国的承保业务普遍处于亏损的状态，于是投资业务成为保险公司可以获取利润的唯一途径。据我国保险监督管理委员会官方发布，我国保险公司的平均资金运用效率较低，这在很大程度上影响着保险公司的偿付能力，因此需要迫切引发大家的关注。本文以公司治理为视角，研究保险公司治理对资金运用效率的影响。 通过对国内外保险公司治理和效率方面的文献进行梳理总结，发现我国对保险公司的研究较为滞后，很少有学者从公司治理角度对保险公司效率影响因素进行研究，且大多数集中于理论研究，实证研究较少且方法单一。本文以2016年我国147家包括财产险和人寿险在内的保险公司为样本，测算了2016年各家保险公司的资金运用效率值，并根据公司治理因素的重要性和数据的可得性，分股东、董事会、监事会和经理层四个层面，选取第一大股东持股比例、股东大会次数、两权分离状况、董事会规模、独立董事所占比例、监事会规模和高管规模七个具体指标，研究保险公司治理对资金运用效率的影响。 通过理论分析和实证研究，本文发现，在我国，第一大股东持股比例和独立董事所占比例能有效提高资金运用效率，而股东大会次数、两权分离状况、董事会规模、监事会规模和高管规模对资金运用效率无显著影响。综合来说，我国的保险公司治理在提高资金运用效率方面发挥了一部分作用，但是仍有一部分公司治理机制未能发挥其本身应有的作用。因此，保险公司应进一步提高自身的公司治理水平，保证公司治理机制能够充分发挥其应有的作用，使保险这一“朝阳行业”稳步发展。
英文摘要：	With the outbreak of the financial crisis, people began to realize the importance of financial institution governance, and financial institutions began to change their role from “governors” to “governed”. As one of the top three financial institutions, the insurance industry has achieved vigorous development in recent years both in terms of total assets and premium income. At the same time, however, the insurance industry in China also faces many problems. According to the current situation of China's insurance industry development, China's insurance companies have two major sources of profit: underwriting business and investment business. In fact, China's underwriting business is generally in a state of loss. Therefore, investment business becomes the only way for insurance companies to obtain profits. According to the official release of China's Insurance Regulatory Commission, the average capital efficiency of insurance companies in China is relatively low. This has affected the insurance company's solvency to a large extent, so it needs urgent attention.From the perspective of corporate governance, this paper studies the effect of the corporate governance upon insurance company’s insurance investment. By summarizing the literature on governance and efficiency of insurance companies at home and abroad, we find that China's research on insurance companies lags behind. Few scholars study the factors affecting the efficiency of insurance companies from the perspective of corporate governance, and most of them focus on theoretical studies. There are few empirical studies and empirical methods are relatively simple. This paper uses 147 insurance companies including property insurance and life insurance as samples in 2016 to calculate the capital efficiency of insurance companies in 2016. According to the importance of corporate governance factors and the availability of data, the paper is divided into four levels: shareholder, board of directors, board of supervisors and managerial level and selects seven typical corporate governance factors: shareholding ratio of the largest shareholder, shareholders meeting times, separation of powers, board size, percentage of independent directors, board of supervisors scale and executive scale to study the effect of the corporate governance upon insurance company’s insurance investment. Through theoretical analysis and empirical research, this paper finds that in China, the shareholding ratio of the largest shareholder and the percentage of independent directors can effectively improve the capital utilization efficiency of insurance companies, and shareholders meeting times, separation of powers, board size, board of supervisors scale and executive scale have no significant effect on the capital utilization efficiency of the insurance companies. In general, the governance mechanisms of insurance companies in China has played part of the role in improving the capital utilization efficiency of insurance companies. However, there are still some corporate governance mechanisms don’t play a role. Therefore, the insurance company should further improve its own corporate governance to ensure that the corporate governance mechanism can fully play its due role, and make the insurance industry develop steadily.
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