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论文编号：	7427
作者编号：	2120132443
上传时间：	2015/6/9 19:58:16
中文题目：	大股东治理下保险公司投保人
英文题目：	The research on benefit protection of insurant
指导老师：	郝臣
中文关键字：	公司治理；大股东治理；保险公司；投保人利益
英文关键字：	company governance;shareholder governance; insurance company; the benifit of policyholder
中文摘要：	自1978年我国保险业恢复经营以来，保险业呈迅猛增长趋势。我国保险业肩负着对整个社会的保障责任，对我国的经济稳定也起着十分重要的作用。然而，诸多相关文献表明我国保险公司的股权结构以集中为主，特殊的股权结构决定了公司的大股东与保险公司投保人之间的利益问题是保险公司治理的主要问题。保单持有人是一个国家保险行业发展行程中的主力军，缺失了他们的支持，保险业举步维艰。因此，如何保障好保险公司投保人的利益，从而保证我国保险业持续发展，是当下主要的理论与实践研究课题。 本文在梳理了国内外学者对股权结构与公司绩效、价值等关系的已有研究成果基础上，借鉴方法，通过对我国保险公司的股东治理状况和其偿付能力的考察，实证研究了我国保险公司股权集中度、第一大股权性质与保险公司投保人利益保护程度之间的关系。本文以我国保险公司2009年至2011年共239个调研数据作为研究样本，并以保险公司主要利益相关者——保单持有人利益保护的视角出发，选取保险公司偿付能力来衡量其对保单持有人利益保护的程度，采用加权最小二乘回归法（WLS）检验了保险公司股权集中度、第一大股东性质与保险公司投保人利益保护程度的关系。最后还采用了最小绝对离差法和滞后一期回归法对样本数据进行了稳健性检验。自1978年我国保险业恢复经营以来，保险业呈迅猛增长趋势。我国保险业肩负着对整个社会的保障责任，对我国的经济稳定也起着十分重要的作用。然而，诸多相关文献表明我国保险公司的股权结构以集中为主，特殊的股权结构决定了公司的大股东与保险公司投保人之间的利益问题是保险公司治理的主要问题。保单持有人是一个国家保险行业发展行程中的主力军，缺失了他们的支持，保险业举步维艰。因此，如何保障好保险公司投保人的利益，从而保证我国保险业持续发展，是当下主要的理论与实践研究课题。 本文通过实证分析，得出以下结论：（1）我国保险公司股权较为集中；（2）保险公司股权越集中，其偿付能力越好，投保人利益保护程度越好；保险公司股权越分散，其偿付能力越差，投保人利益保护程度越低；（3）一大股东为国有控股的保险公司，其偿付能力优于非国有控股的保险公司，即国有控股的保险公司投保人利益保护程度优于非国有控股的保险公司。在实证分析结论的基础上提出了改善我国保险公司对投保人利益保护机制的四个建议：适度提高我国保险公司股权集中度；积极应对我国保险公司股东性质多元化趋势；提高我国保险公司信息披露水平，强化其投保人利益保护；完善我国保险公司治理相关的法律法规。最后对本文研究的不足之处进行了总结。 关键字：公司治理；大股东治理；保险公司；投保人利益
英文摘要：	Resuming operation in the insurance industry since 1978, the insurance industryshowed a trend of rapid growth. Insurance industry shoulders the responsibility forthe security of the whole society in our country, and also plays a very important roleto our country's economic stability. However, many related literature show that ourcountry insurance company's shareholding structure concentrated, special ownershipstructure determines that the major problems of insurance company governance is theissue between company's biggest shareholder and the insurance companypolicyholder. The interests of policyholders protection is not only the aim of theinternational insurance industry, but also a key areas the governments should giveattention to. Policyholder is a mainstay in the development of national insuranceindustry, without their supports, the insurance industry develops difficultly. Therefore,how to safeguard the interests of the policyholder and how to get their support for thedevelopment of the insurance industry is a main research topic in the theory andpractice. This paper combed the research of the domestic and foreign scholars onrelationship between ownership structure and corporate performance and value, andstudies the relation between ownership structure and policyholder interest protectionof the insurance companies in our country, and describes the status quo of our countryinsurance company's shareholder governance and its solvency, finally the paperempirically researches on relations between the ownership concentration, the natureof the biggest shareholder and the degree of protection on the interest of policyholder.Based on a total of 239 survey data as the research sample in the insurance companiesfrom 2009 to 2011 of China, and from the perspective of policyholders benefitprotection, the paper selects insurance company solvency to measure its policyholders benefit protection level, using the weighted least-squares regression method(WLS) tests the relations between the equity concentration, the nature of the biggest shareholder and the degree of protection on the interest of policy-holder. Finally,adopt the method of least absolute deviation to test the robustness of sample data. The empirical results show that:(1) the equity of the insurance companies in ourcountry are concentrated; (2)the more concentrated in the equity of the insurancecompanies, the better to its solvency and the better degree on policyholder benefitprotection; the more dispersed in the equity, the weaker to the solvency and the lowerlevel of policyholder benefit protection degree; (3)the biggest shareholder ofstate-owned insurance companies, its solvency is superior to the non-state-ownedholding insurance companies, namely state-owned insurance company policy-holderinsurance benefit protection degree is better than the non-state-owned holdingcompanies. On the basis of empirical analysis, the paper puts forward to somesuggestions to improving the protection degree of the interest of the policyholder: (1)Increasing ownership concentration properly in insurance company; (2) Respondingpositively to the trend of equity diversification in insurance company; (3) Improvingour country insurance company information disclosure mechanism;(4) Perfectingrelevant laws and regulations about our country insurance company. Finally, thispaper summarized the disadvantages of the study. Key words: corporate governance; shareholder governance; insurance company;the benefit of insurant
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