联系我们

论文查询结果	返回搜索

论文编号：	6330
作者编号：	1120100787
上传时间：	2014/6/8 11:06:39
中文题目：	保险公司治理合规与有效性研究
英文题目：	The Study of Insurance Corporate
指导老师：	李维安
中文关键字：	公司治理；治理合规；治理有效性；委托代理
英文关键字：	Corporate Governance; Corporate Governance Compliance; Corporate Governance Effectiveness; Principal-agent theory
中文摘要：	十八届三中全会明确指出，全面深化改革的总目标是“完善和发展中国特色社会主义制度，推进国家治理体系和治理能力现代化”，而治理能力现代化的关键要素和核心表达即为有效治理。近年来，公司治理理论和实践的关注重点，皆经历了从公司治理结构、治理机制，到治理有效性的转变。一方面，金融危机的爆发以及部分国际大型金融机构、保险集团的破产暴露出已然建立起相对完善的公司治理结构的诸多大型公司仍然存在治理机制运作低效的情况；另一方面，伴随着我国企业改革进程逐步深化，大部分公司都已经建立起“合规”的公司治理架构，但仍存在“形似而神非”的治理有效性不足问题，凸显了公司治理结构和机制相对健全的“合规”情境下，进一步提升公司治理有效性的重要作用。具体到金融机构，它的经营和治理存在特殊性，尤其是复杂的委托代理关系和巨大的负外部性使得金融机构治理不仅要遵循股东利益最大化，更要考虑保护社会整体的利益。2006年实施的新修订的《公司法》鼓励公司自发完善治理结构；同年中国保监会出台了《关于规范保险公司治理结构的指导意见（试行）》，将保险公司治理监管作为保险业监管的三大支柱之一，保险业也成为唯一在公司治理方面进行强制性监管的行业，成为了研究公司治理合规和有效性以及二者关系问题的典型样本。基于此，本研究从公司治理合规出发，探索如何衡量公司治理有效性、如何把握公司治理合规与有效的关系，进而如何做到保险公司治理合规和有效的“形神兼备”就具有了积极的研究意义。本研究根植于公司治理现实中存在的问题，结合现有的公司治理理论和经济学分析范式，以我国股份制保险公司为特殊样本，界定和测度公司治理合规和有效性，理论分析和实证研究二者之间的关系，并进一步分析股东、监管部门和高管在合规和有效性两方面可能的决策选择动因。一方面，研究深化了公司治理合规和有效性理论，丰富了公司治理有效性的测量路径；另一方面，为完善保险公司治理，厘清保险公司治理监管边界，防止过度监管，全面提高治理监管有效性提供了理论依据。首先，本研究将公司治理行为划分为公司治理合规行为和公司治理创新行为，并进一步按照合规动机和遵守的监管要求将公司治理合规行为划分为强制性治理合规行为和自主性治理合规行为。实证研究中，通过调研问卷获得我国股份制保险公司治理数据，梳理目前我国保险公司治理监管法律法规和指引建议，逐家公司确认强制性治理合规行为和自主性治理合规行为，以此获得公司治理合规程度的数据。其次，本研究借鉴新制度经济学的研究将公司治理有效性定义为公司治理引起的公司效率的改善。保险公司治理有效性具体表现为在引入公司治理因素考量之后，在既定产出不变的前提下，公司实际成本与可能的最优成本之间接近程度的增量，包括治理合规行为和治理创新行为两方面的共同作用。基于随机前沿分析（SFA）的研究范式测度了公司治理有效性，结果显示公司治理因素确实能够提升公司效率，验证了公司治理有效性的存在，并进行了具体测量。再次，本研究对公司治理行为进行了成本收益分析，探讨公司治理合规和有效性的关系，进而实证验证了“合规平衡点”。结果显示，保险公司强制性治理合规有利于提升风险控制有效性，自主性治理合规有利于提升经营有效性。而两类公司治理合规和有效性的关系都呈倒“U”型，一定范围内提升治理合规程度能够增加治理有效性，但是这种正相关性逐渐降低。说明监管部门进行治理监管和保险公司治理合规需要注意保持在一定范围内，过度监管或者过度合规会对保险公司带来负担。进一步，本研究基于委托代理模型，从股东、监管部门和高管的角度，探讨保险公司治理合规和有效性决策过程中可能的动因。研究发现保险公司高管在提高公司治理水平的行为中没有直接获得收益，甚至自身权利有可能被限制，所以高管在满足公司治理监管要求后，缺乏继续提升公司治理水平的激励，进而可以解释保险公司在治理合规和有效性决策选择中存在的有效性不足的“困境”问题。最后，本研究为全面提升保险公司治理合规性和有效性提出具体政策建议。第一，政府监管部门应当进一步厘清监管边界，做到科学、有效监管；第二，保险公司需要进一步把握治理规律、规范治理行为，做到合规和有效的“形神兼备”；第三，提高公司治理水平需要完善保险公司高管薪酬激励机制，同时，应当加强对高管实施与公司治理相挂钩的“有效激励”力度；第四，加强保险公司信息披露和公司治理评价研究。
英文摘要：	The Third Plenary Session of the 18th CPC Central Committee notes that the overall goal of deepening reform is improving and developing the socialist system with Chinese characteristics, to promote national governance systems and governance capacity modernization. The key element and core expression of governance capacity is governance effectiveness. In recent years, the focus of corporate governance theory and practice experience the corporate governance structure-mechanisms-effectiveness transformation process. On the one hand, relatively complete governance structure still operated inefficiently. On the other hand, along with the gradual deepening of enterprise reform process in China, most companies have established a "compliance" corporate governance structure, it highlights the important role of further enhance the corporate governance effectiveness. Specific to the financial institution, with management and governance particularity, it needs not only to maximize the interests of shareholders, but also to consider protecting the interests of the whole society. The "Company Law" revised in 2006 encourages companies to improve the governance structure spontaneously; China Insurance Regulatory Commission issued the "Guiding Opinions on Regulating the Insurance Company Governance Structure (Trial)" in the same year, which made governance regulatory as one of the three pillars of the insurance industry supervision. The insurance industry has also become the only industry which supervising mandatorily in corporate governance, so it became the typical study sample of governance compliance and effectiveness. Based on this we explore how to measure the effectiveness of corporate governance from the compliance and how to grasp the corporate governance compliance. This study rooted in the reality of the existence of corporate governance issues, combining with the existing corporate governance theory and economics analysis paradigm, in China’s insurance company for specific samples, to define and measure the compliance and effectiveness. We theoretical analysis and empirical research their relationship, as will as explore the choose motivation. It deepen the theory of corporate governance compliance and effectiveness, provides a theoretical basis for comprehensively improving the effectiveness of regulatory governance. First of all, we divide corporate governance behavior into compliance behavior and innovative behavior. Then further divide compliance behavior into mandatory compliance behavior and self-governance governance compliance behavior, in accordance with regulatory requirements and motivation. In empirical study, we obtain China's joint-stock insurance company governance data through a questionnaire survey. Combing currently China's insurance regulatory laws, regulations and corporate governance guidelines, confirm the mandatory compliance behavior and self-governance governance compliance behavior of each company, in order to get the compliance data. Secondly, we draw new institutional economics study, to define the effectiveness of corporate governance as efficiency caused by corporate governance. Insurance corporate governance effectiveness is considering corporate governance factors, increments between the insurance companies’ actual cost and optimal cost, given the output under the same premise. It includes results of governance compliance behavior and governance innovation behavior. Furthermore we use stochastic frontier analysis (SFA) measure the effectiveness of corporate governance, showing that corporate governance factors are able to enhance corporate performance. It verifies the existence of corporate governance, and calculate the specific values. Thirdly, we analysis corporate governance costs and benefits theoretically, investigate the relationship between compliance and effectiveness of corporate governance and then verified evidence. The results show that mandatory compliance can enhance the effectiveness of risk control, and autonomy compliance can enhance the effectiveness of operations. The relationship between corporate governance compliance and effectiveness is tested inverted "U" shape. It means that improving the degree of compliance within a certain range can increase the effectiveness of governance, but this positive correlation decreased. Regulatory authorities and insurance companies’ compliance need to keep within a certain range, over-regulation or excessive compliance would burden on the insurance company. Further, we explore the possible motives of insurance corporate governance compliance and effectiveness decision. This study finds that insurance company executives could not gain direct pay from improving corporate governance, and even their rights may be restricted, as will as corporate governance assessment is difficult, so they lack of incentive to improve corporate governance. Based on these findings, this study makes specific policy recommendations about enhance compliance and effectiveness of insurers corporate governance. Firstly, government should further clarify the border of regulatory supervision, to get supervision scientificly and effectively. Secondly, insurance companies need to recognize the governance rules, and norm governance behavior. Thirdly, improving corporate governance should complete insurance company executive compensation incentives. Forthly, should strengthen the link between pay of executives and corporate governance. Finally, should strengthen the insurance company information disclosure and corporate governance evaluation studies.
查看全文：	预览  下载(下载需要进行登录)