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论文编号：	11867
作者编号：	2120182994
上传时间：	2020/6/23 10:18:02
中文题目：	保险公司股权结构 对投保人利益保护影响研究
英文题目：	Research on the Impact of Insurance Company Ownership Structure on the Protection of Policyholders'' Interests
指导老师：	郝臣
中文关键字：	保险公司；股权结构；终极控股股东；投保人利益保护
英文关键字：	Insurance company; equity structure; ultimate controlling shareholder; protection of interests of policyholders.
中文摘要：	我国保险业自建国成立以来虽然经历了一段时间的停滞，但自从1978年复业以来，保险行业呈现迅猛发展的趋势。无论是保险机构数量还是原保费收入都呈现出几何增长的态势。近年来，随着保险行业对外国资本、民间资本的不断放开，我国保险公司股权结构呈现出多元化的趋势。与此同时，新引入资本本身的公司治理问题也给保险行业的发展带来一定的冲击。2016年，中国第二代偿付能力监管体系正式全面实施，风险综合评级制度的首次运行在强调保险公司风险管理的同时，也将保险公司投保人利益保护提到了重要高度。因此中国第二代偿付能力监管体系下，不断放开的保险行业如何实现对投保人利益保护是当下主要的理论与实践研究课题。 本文通过对国内外学者关于股权结构与利益相关者保护等关系的已有研究进行梳理，借鉴相关方法，考察了我国保险公司股权结构与投保人利益保护的关系。本文以中国第二代偿付能力监管体系正式实施以来，我国保险公司2016至2018年共333个观察数据为研究样本，选取偿付能力充足率指标来衡量保险公司对投保人利益保护程度，实证分析了我国保险公司终极控股股东控制权比例、控制层级、两权分离度与投保人利益保护程度之间的关系。最后还采用了滞后一期与剔除极端值的方法对样本数据进行了稳健性检验。 实证研究发现：（1）终极控股股东控制权比例与投保人利益保护显著正相关；（2）终极控股股东层级与投保人利益保护显著负相关；（3）两权分离度与投保人利益保护显著正相关。在得出结论后，文章总结了研究的局限性与研究展望。最后，在实证分析的基础上，为了促进保险行业对投保人利益保护提出了以下建议：我国保险行业监管机构应加强与完善信息披露制度的建立；加大开放力度积极应对我国保险公司股权多元化趋势；降低终极控股股东层级，强化投保人利益保护。
英文摘要：	Although China's insurance industry has experienced a period of stagnation since the founding of the People's Republic of China, the insurance industry has shown a rapid development trend since it was resumed in 1978. Both the number of insurance institutions and the original premium income have shown a geometric growth. In recent years, with the continuous liberalization of foreign capital and private capital by the insurance industry, the equity structure of insurance companies in China has shown a trend of diversification. At the same time, the corporate governance issues of the newly introduced capital itself also have a certain impact on the development of the insurance industry. In 2016, the China's second-generation solvency supervision system was officially implemented. The first operation of the comprehensive risk rating system emphasized the risk management of insurance companies, and also raised the protection of the interests of insurance policyholders to an important height. Therefore, under the supervision system of China's second-generation solvency supervision system, how to realize the protection of policyholders' interests is the main theoretical and practical research topic. This article combs the existing research on the relationship between equity structure and stakeholder protection by domestic and foreign scholars, and draws on relevant methods to examine the relationship between the equity structure of insurance companies in China and the protection of policyholders' interests. This article takes the 333 observation data of Chinese insurance companies from 2016 to 2018 as the research sample since the official implementation of the China's second-generation solvency supervision system, selects solvency adequacy ratio indicators to measure the degree of protection of insurance companies ’interests by insurance companies, and empirically analyzes China ’s insurance companies The relationship between the ultimate controlling shareholder's control proportion, control level, separation of the two powers and the degree of protection of the policyholder's interests. Finally, the method of lagging one period and eliminating extreme values were used to test the robustness of the sample data. The empirical study found that:(1) The proportion of the ultimate controlling shareholder's control power is significantly positively related to the protection of the insured's interests; (2) The level of the ultimate controlling shareholder is significantly negatively related to the protection of the insured's interests; (3) Two rights The degree of separation is significantly positively related to the protection of policyholders ’interests. After drawing conclusions, the article summarizes the research limitations and research prospects. Finally, on the basis of empirical analysis, in order to promote the insurance industry to protect the interests of policyholders, the following suggestions are proposed: China ’s insurance industry regulators should strengthen and improve the establishment of information disclosure system; increase the opening up and actively respond to the diversification of equity of China ’s insurance companies Trend; reduce the level of ultimate controlling shareholder and strengthen the protection of policyholders' interests.
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