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论文编号：	14634
作者编号：	2120223696
上传时间：	2024/6/5 15:54:45
中文题目：	董事会独立性对保险公司投资效率的影响研究 ——基于风险承担中介变量的视角
英文题目：	Research on the Influence of Board Independence on the Investment Efficiency of Insurance Companies -Based on the Perspective of Risk-taking Intermediary Variable
指导老师：	郝臣
中文关键字：	独立董事；投资效率；风险承担；动态网络DEA
英文关键字：	Board Independence; Investment Efficiency; Risk-taking; Dynamic Network DEA
中文摘要：	保险公司的收入来源主要包括两个渠道：保费收入和投资收益。随着保险业的快速发展和竞争程度的加剧，一些保险公司通过降低费率来吸引客户，这种行为不利于保费收入的长期稳定增长。在承保业务带来的收入增长受到限制的背景下，投资业务对保险公司的作用越来越重要。但是目前我国保险公司的投资收益率整体偏低、投资效率还存在较大的改进空间。目前，学者们主要探究了非治理因素对保险公司投资效率的影响，而较少关注治理因素的作用。 基于以上背景，本文以治理要素中董事会治理为切入视角，以99家保险公司2016—2021年的数据共计594个观测值为样本，基于风险承担视角实证探究董事会独立性对保险公司投资效率的影响。具体内容如下：第一，测算并评价保险公司的投资效率；第二，探究董事会独立性对保险公司投资效率的影响；第三，探究风险承担在董事会独立性与保险公司投资效率之间的中介作用；第四，探究险种类型和资本结构对董事会独立性与保险公司投资效率关系的影响。经过实证分析，本文得出如下结论：第一，我国保险公司投资效率和独立董事比例整体偏低，且保险公司之间差距较大；第二，董事会独立性与保险公司投资效率显著正相关，且其关系受到险种类型和资本结构的影响；第三，风险承担在董事会独立性与保险公司投资效率之间存在中介作用。 在实证结果分析的基础上，本文从独立董事视角和保险公司视角分别提出三点建议。在独立董事视角方面：积极履行监督制衡职能、加强对保险公司投资决策过程的监督；积极履行专业咨询职能、为公司提供专业的风险评估和投资建议；积极履行参与决策职能。在保险公司视角方面：完善独立董事制度，保障独立董事的职能能够得到有效发挥；加强风险管理与内部控制，建立完善的风险评估、监测和报告机制；结合公司业务类型注重投资风险与投资策略的匹配。
英文摘要：	The income sources of insurance companies mainly include two channels: premium income and investment income. With the rapid development of the insurance industry, some insurance companies attract customers by reducing rates, which is not conducive to the stable growth of premium income. Under the background that the growth of premium income is limited, investment income is becoming more and more important to insurance companies. However, the investment return rate of China 's insurance companies is generally low, and there is still much room for improvement in investment efficiency. Currently, scholars have been primarily focusing on analyzing the influence of non-governance variables on the investment performance of insurance firms, while devoting lesser attention to the significance of governance factors. This study empirically examines the dataset comprising information from 99 insurance enterprises spanning the years 2016 to 2021. It delves into the influence of board independence on the investment efficiency of these insurance companies, adopting a risk-oriented approach. The detailed components of this analysis are outlined below: Firstly, we assess and quantify the efficiency of investments made by insurance companies. Secondly, explore the impact of board independence on the investment efficiency of insurance companies. Thirdly, this paper proceeds to delve deeper into the intricate connections between the board independence and the investment efficiency of insurance companies, specifically focusing on the intermediary function of risk-taking in this dynamic. Furthermore, the analysis extends to examining how diverse insurance types and capital structures influence the nexus between board independence and investment efficiency. After a meticulous investigation, this study arrives at several pivotal conclusions. Firstly, it becomes evident that Chinese insurance companies generally exhibit a rather low level of investment efficiency, paralleled with a low proportion of independent directors on their boards. Secondly, a notable positive correlation emerges between the board independence and the investment efficiency of these insurance companies. Thirdly, the intermediary function of risk-taking is pivotal in shaping the relationship between the independence of the board and the investment efficiency of insurance companies. This paper puts forward suggestions to improve the investment efficiency of insurance companies from the perspective of independent directors and insurance companies. This paper puts forward three suggestions from the perspective of independent directors: actively perform the function of supervision and balance, strengthen the supervision of the investment decision-making process; actively perform the professional consulting function, provide professional risk assessment and investment advice for the company; actively perform the function of participating in decision-making. This paper puts forward three suggestions from the perspective of insurance companies: improving the independent director system to ensure that the functions of independent directors can be effectively played; strengthen risk management and internal control, and establish a sound risk assessment, monitoring and reporting mechanism; combined with the company's business type, it focuses on the matching of investment risk and investment strategy.
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