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论文编号：	12397
作者编号：	2120192841
上传时间：	2021/6/10 12:25:08
中文题目：	保险公司高管非正常变更动因及经济后果研究——基于风险承担和经营效率的视角
英文题目：	Research on the Motivation and Economic Consequences of Abnormal Changes in Insurance Company Executive: Based on the Perspective of Risk-taking and Operating Efficiency
指导老师：	郝臣
中文关键字：	保险公司；风险承担；高管非正常变更；经营效率
英文关键字：	Insurance Company; Risk-taking Level; Abnormal Changes of Executives; Operating Efficiency
中文摘要：	自2010年监管机构严控系统风险起，银保监会对保险公司治理的重视程度不断增加。在金融机构混业经营的政策引导下，保险公司不仅面临着逆向选择和道德风险导致的高额赔付支出风险，更是同时承担着投资和金融服务等多种功能，呈现出风险多元化的特点。同时，经理层治理作为保险公司内部治理的重要一环，暴露出保险行业高管流动性过高的问题，引起了资本市场和媒体的重点关注。因此本论文将以保险公司高管非正常变更作为研究切入点，关注保险公司风险承担对高管非正常变更的影响，并进一步探究这一事件导致的经济后果。 本论文选取2016至2020年中国保险公司共528个观测值作为研究样本，探究了保险公司风险承担水平对高管非正常变更的影响，进一步深挖保险公司高管非正常变更带来的经营效率后果，并进行稳健性检验。本论文研究内容分为两部分：一方面，本文对保险公司风险承担水平划分为投资风险、承保风险、成长风险和直营风险，采用Logit回归法，检验了保险公司风险承担水平对高管非正常变更的影响，并通过Logistic模型预测2021年保险业高管变更情况。实证结果表明：（1）保险公司承担的风险水平和高管非正常变更显著正相关，这种关系在董事长更换中不明显，在总经理职位更替中尤为显著；（2）投资风险、直营风险、成长风险对高管变更的影响边际贡献递增，承保风险对高管变更的影响边际贡献递减；（3）发生过高管非正常变更的保险公司相较于一般保险公司，再次发生高管非正常变更的概率更大。另一方面，本文通过数据包络分析法得到发生过高管变更的保险公司经营效率，并通过组间均值差异性检验高管非正常变更对经营效率的影响。实证结果表明：高管非正常变更负向影响保险公司经营效率。 本论文以经理层治理为出发点，通过保险公司风险承担的动因研究和经营效率的经济后果研究，构建了完整的双逻辑研究链条，为保险公司完善经理层治理、银保监会掌控金融系统风险和投资者权益保护提供了理论和实践依据。同时，本论文整合了前人对保险公司风险的划分层级，结合商业银行违约测算的模型进一步改进为适用保险公司的情况，实现了研究方法创新。但本论文也存在样本区间短、经营效率测算对技术投入考虑较少等问题。
英文摘要：	Since the regulatory authorities strictly controlled system risks in 2010, the China Banking and Insurance Regulatory Commission has been paying more and more attention to the governance of insurance companies. Under the policy guidance of the mixed operation of financial institutions, insurance companies not only face the risk of high compensation expenditures caused by adverse selection and moral hazard, but also undertake multiple functions such as investment and financial services at the same time, showing the characteristics of risk diversification. . At the same time, as an important part of the internal governance of insurance companies, managerial governance has exposed the problem of excessive liquidity of insurance industry executives, which has attracted the attention of the capital market and the media. Therefore, this paper will take the abnormal change of senior management of insurance company as the research entry point, pay attention to the impact of insurance company's risk-taking on abnormal change of senior management, and further explore the economic consequences caused by this incident. This paper selects 528 observations of Chinese insurance companies from 2016 to 2020 as sample, explores the impact of insurance company risk-taking levels on abnormal changes in senior management, and further explores the operating efficiency brought about by abnormal changes in insurance company senior management Consequences, and conduct a robustness test. The research content of this thesis is divided into two parts: On the one hand, this paper divides the risk-taking level of insurance companies into investment risk, underwriting risk, growth risk and direct operating risk. Using Logit regression method, it examines that the risk-taking level of insurance companies has an impact on senior management. The impact of normal changes, and the logistic model is used to predict the changes of insurance industry executives in 2021. The empirical results show that: (1) The level of risk undertaken by insurance companies is significantly positively correlated with abnormal changes in senior management. This relationship is not obvious in the replacement of the chairman of the board, and is particularly significant in the replacement of the position of the general manager; (2) Investment risk, directness The marginal contribution of business risk and growth risk to the change of senior management is increasing, and the marginal contribution of underwriting risk to the change of senior management is decreasing; (3) Compared with general insurance companies, insurance companies that have undergone abnormal changes of senior management have higher marginal contributions. The probability of abnormal changes is greater. On the other hand, this paper uses the data envelopment analysis method to obtain the operating efficiency of insurance companies that have experienced changes in senior management, and examines the impact of abnormal changes in senior management on operating efficiency through the difference in the mean between groups. The empirical results show that: abnormal changes of senior management negatively affect the operating efficiency of insurance companies. This dissertation deals with the management of management, through the research on the motivations of insurance company risk-taking and the economic consequences of operating efficiency, constructs a complete dual-logic research chain to improve the management of insurance companies and the China Banking Regulatory Commission to control financial system risks and investments. The protection of the rights and interests of the authors provides a theoretical and practical basis. At the same time, this paper integrates the predecessors' classification of insurance company risks, and combines the model of commercial bank default measurement to further improve the situation of applicable insurance companies, and realizes the innovation of research methods. However, this paper also has problems such as short sample interval and less consideration of technical input in the calculation of operating efficiency.
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