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论文编号：	13989
作者编号：	2120213343
上传时间：	2023/6/7 13:18:40
中文题目：	保险公司治理对偿付能力影响的路径研究——基于投资效率中介变量的视角
英文题目：	Research on the path of the influence of insurance company governance on solvency--based on the perspective of investment efficiency intermediary variable
指导老师：	郝臣
中文关键字：	偿付能力；公司治理；投资效率；DEA；中国保险机构治理指数
英文关键字：	Solvency; Corporate Governance; Investment Efficiency; DEA; Insurance Institutions Governance Index
中文摘要：	偿付能力是保险公司治理三大监管支柱之一，自保险业2016年导入偿二代监管体系，银保监会对我国保险公司偿付能力的监管日趋严格，同时根据监管机构发布的相关数据，我国保险公司偿付能力存在下降趋势，投保人利益可能受到不利影响。学界对偿付能力影响因素做了较多研究，但很少考虑到公司治理总体水平对偿付能力的影响以及基于投资效率中介变量的影响路径。因此进一步研究保险公司偿付能力影响因素，探索相关的影响路径，寻求促进保险公司偿付能力稳步提升的方式，具有重要的理论和现实意义。 本文基于上述背景，基于投资效率中介变量视角研究保险公司治理对偿付能力的直接影响和间接影响，具体研究内容如下：第一，采用投入共享型两阶段DEA模型测算保险公司投资效率，同时结合综合偿付能力溢额和中国保险机构治理指数分析我国保险公司偿付能力、公司治理、投资效率现状；第二，利用OLS模型和中介效应模型检验保险公司治理水平对偿付能力的影响以及投资效率是否存在中介作用；第三，采用财务指标评价模型和基础DEA模型进行投资效率测算，替换原模型值，检验实证结果的稳健性；第四，以强制合规治理指数和自主合规治理指数为解释变量，探究强制合规和自主合规治理水平对偿付能力的影响以及投资效率是否存在中介作用。经过上述研究得出如下结论：第一，2016-2019年我国保险公司偿付能力波动较大，投资效率和公司治理水平偏低，投资效率呈下降趋势，公司治理水平呈上升趋势；第二，保险公司治理对偿付能力存在正向影响，投资效率在其中起到中介作用，实证结果具有稳健性；第三，强制合规治理水平对偿付能力存在显著正向影响，但投资效率中介作用不显著。 本文最后面向保险行业监管机构、保险公司和投保人三方主体提出相应建议。监管机构加强对保险公司业务活动和信息披露的监管力度，保险公司着力从投资与治理两个方面加强对投保人利益保护，投保人加强对保险公司公开披露信息的了解与学习。
英文摘要：	Solvency is one of the three regulatory pillars of insurance company governance. Since the introduction of the second generation compensation regulatory system in the insurance industry in 2016, China Banking and Insurance Regulatory Commission has become increasingly strict in monitoring the solvency of China’s insurance companies. At the same time, according to relevant data released by regulatory agencies, there is a downward trend in the solvency of China’s insurance companies, and the interests of insurance proposers may be adversely affected. Scholars have done a lot of research on the influencing factors of solvency, but they have rarely considered the impact of the overall level of corporate governance on solvency and the impact path based on intermediary variables of investment efficiency. Therefore, it is of important theoretical and practical significance to further study the influencing factors of insurance companies’ solvency, explore relevant influencing paths, and seek ways to promote the steady improvement of insurance companies’ solvency. Based on the above background, this article studies the direct and indirect impacts of insurance company governance on solvency from the perspective of intermediary variables of investment efficiency. The specific research content is as follows: First, we use the investment sharing two-stage DEA model to measure the investment efficiency of insurance companies, and analyze the current situation of solvency, corporate governance, and investment efficiency of China’s insurance companies’ by combining the comprehensive solvency surplus and China’s insurance institutional governance index. Secondly, we use OLS model and intermediary effect model to test the impact of insurance company governance level on solvency and whether there is an intermediary effect. Thirdly, we use the financial indicator evaluation model and the basic DEA model to measure investment efficiency, replacing the original investment efficiency and testing the robustness of the empirical results. Fourth, we use the mandatory compliance governance index and the autonomous compliance governance index as the explanatory variables, exploring the impact of the level of mandatory compliance and autonomous compliance governance on solvency and whether there is a mediating effect. Based on the above research, the following conclusions can be drawn: First, in 2016-2019, China’s insurance companies’ solvency fluctuated significantly, with low investment efficiency and corporate governance levels. Investment efficiency showed a downward trend, while corporate governance levels showed an upward trend. Secondly, insurance company governance has a positive impact on solvency, in which investment efficiency plays a mediating role, and the empirical results are robust. Thirdly, the level of mandatory compliance governance has a significant positive impact on solvency, but the intermediary effect of investment efficiency is not significant. Based on the conclusions of the study, this paper proposes corresponding recommendations for the insurance industry regulators, insurance companies, and insurance proposers. Regulatory agencies should strengthen supervision over insurance companies’ business activities and information disclosure. Insurance companies should focus on strengthening the protection of insurance proposers’ interests from both investment and governance aspects. And insurance proposers should strengthen their understanding of publicly disclosed information by insurance companies.
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