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论文编号：	12372
作者编号：	2120192832
上传时间：	2021/6/9 19:50:14
中文题目：	保险公司关联交易的影响因素及其经济后果研究 ——基于公司治理和财务绩效视角
英文题目：	Empirical Research on the Influencing Factors and Utility of Related Party Transactions of Insurance Companies ——Based on the Perspective of Corporate Governance and Financial Performance
指导老师：	郝臣
中文关键字：	保险公司；关联交易；公司治理；经济后果
英文关键字：	Insurance Companies; Related Party Transactions; Corporate Governance; Economic Consequences
中文摘要：	2016年至2019年，发生关联交易的保险公司超过93%，其中不乏管理不善、违规关联交易的案例。2018年以来，为防范和化解金融风险、维护投保人权益，银保监会出台了一系列法律法规来提升保险公司治理水平和约束关联交易行为。随着政策日渐完善和治理水平逐步提高，异常关联交易在一定程度上得到了遏制，但仍常有发生。因此，有必要深入探讨关联交易的影响因素以及关联交易的经济后果。 本论文以“保险公司治理——保险公司关联交易——关联交易的经济后果”为研究主线，先后探讨保险公司治理视角下关联交易的影响因素、财务绩效视角下保险公司关联交易的经济后果。具体研究内容包括：一方面，研究保险公司治理对关联交易的影响，选取股权结构、独立董事比例等12个治理要素，运用前人的保险公司治理评价模型计算保险公司治理指数，将其与关联交易实际发生额进行实证分析。运用保险公司治理指数综合衡量保险公司治理水平，这是本论文的第一个创新点。经检验，保险公司治理能够降低关联交易的规模。另一方面，研究了关联交易的经济后果，分为三个步骤：第一步，利用前人的研究结论估计保险公司正常关联交易发生额；第二步，比较保险公司正常关联交易发生额和实际发生额，将研究样本划分为关联交易正常类保险公司和关联交易异常类保险公司；第三步，研究关联交易异常类保险公司中正常关联交易发生额、异常关联交易发生额和关联交易实际发生额的经济后果。把关联交易按性质分类，这是本论文的第二个创新点。经实证研究后发现，正常关联交易能够提升综合偿付能力和净资产收益率，异常关联交易不利于公司经济后果的提升。 本论文关于公司治理、关联交易、经济后果的实证研究结论，对完善公司治理、引导和监管保险公司关联交易提供了一定的指导。但本论文还存在改进空间，如应当更加全面地评价公司治理水平、分类别考察保险业务类与资金运用类等关联交易的经济后果。
英文摘要：	From 2016 to 2019, more than 93% of insurance companies have related party transactions, including cases of mismanagement and illegal related party transactions. Since 2018, in order to prevent and resolve financial risks and safeguard the rights and interests of policy holders, the CIRC has issued a series of laws and regulations to improve the corporate governance level of insurance institutions and restrict related party transactions. With the gradual improvement of policies and governance level, abnormal related party transactions have been curbed to a certain extent, but they still occur frequently. Therefore, it is necessary to further explore the influencing factors of related party transactions and the economic consequences of related transactions. This paper takes "Insurance Company Governance – Related Party Transactions of Insurance Companies - Economic Consequences of Related Party Transactions" as the main research line, and successively discusses the influencing factors of related party transactions from the perspective of insurance company governance and the economic consequences of related party transactions of insurance companies from the perspective of financial performance. On the one hand, in the study of the impact of insurance corporate governance on related party transactions, this paper selects 12 governance elements, such as equity structure and the proportion of independent directors, and uses the previous evaluation model of insurance corporate governance to calculate the corporate governance index of insurance institutions, then makes an empirical analysis between it and the actual amount of related party transactions. It is the first innovation of this paper to use the insurance company governance index to comprehensively measure the level of insurance company governance. After testing, the insurance company governance can reduce the scale of related party transactions. On the other hand, in the study of the economic consequences of related party transactions, the first step is to estimate the normal amount of related party transactions of insurance companies by using the previous research conclusions; the second step is to compare the normal amount of related party transactions and the actual amount of related party transactions of insurance companies, and divide the research sample into the normal type of related party transactions of insurance companies and the abnormal type of related party transactions; the third step is to study the economic consequences of the normal, abnormal and actual related party transactions in abnormal insurance companies. The second innovation of this paper is to classify related party transactions according to their nature. After empirical research, this paper finds that normal related party transactions can improve the comprehensive solvency and return on equity, while abnormal related party transactions are not conducive to the improvement of the company's economic consequences. The empirical research on corporate governance, related party transactions and economic consequences of this paper provides some guidance for improving corporate governance, guiding and supervising related party transactions of insurance companies. However, there is still room for improvement, such as more comprehensive evaluation of the level of corporate governance, classification of related party transactions such as insurance business and capital utilization.
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