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论文编号：	9346
作者编号：	2120152481
上传时间：	2017/6/20 16:23:57
中文题目：	保险公司治理对偿付能力影响的实证研究 ——基于中国保险行业样本的检验
英文题目：	Empirical Research on the Impact of Governance on the Solvency of Insurance Company: Based on China''s Insurance Industry Inspection
指导老师：	郝臣
中文关键字：	保险公司治理、投保人利益、偿付能力、公司治理指数
英文关键字：	Insurance Corporate Governance、Interests of Insurant、 Solvency; Governance Index
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，由于保险公司股东在经营中承担的风险有限，投保人整体对公司资产的投入和贡献远远大于股东。保险公司偿付能力具体指保险公司对其所承担保险责任的经济补偿能力。关于保险公司偿付能力影响因素的研究成为了保险监管的重点，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健康发展，一直是学术界和实务界关注的焦点。 本文从公司治理的视角关注中国保险公司的偿付能力问题，选取偿付能力溢额指标量化保险公司的偿付能力，基于构建的中国保险公司治理指数，在理论分析的基础上，从公司治理总指数、治理不同层次、治理不同内容以及具体治理要素多角度出发，采用最小二乘回归分析计量方法，并根据理论和实际情况选取了相应的控制变量，实证检验保险公司治理对保险公司偿付能力的影响。 研究结果表明，首先保险公司治理总指数与保险公司偿付能力溢额显著正相关。其次，从保险公司治理合规性的不同层次来看，强制合规对偿付能力没有显著影响，而自主合规指数与保险公司偿付能力溢额显著正相关。从保险公司治理不同内容角度，按组织形式分别对股份制保险公司和有限制保险公司进行实证研究，发现对于股份制保险公司而言，分指数中监事会治理分指数和内外部审计分指数分别与保险公司偿付能力溢额呈正相关关系，而其余治理分指数没有对保险公司的偿付能力发挥显著作用。然而对于有限制保险公司而言，保险公司治理不同内容对其偿付能力没有显著的影响。再次，在公司治理具体治理要素方面，本文实证结果表明，第一大股东持股比例和高管规模与保险公司偿付能力溢额分别呈正相关关系，但其余公司治理要素在提高保险公司偿付能力方面具有无效性。同时，本文对每部分的实证结果都进行了滞后一期的稳健性检验，实证结论与之前基本一致，验证了实证结果的稳健性。综上可以看出，保险公司治理是保险公司偿付能力的重要影响因素，保险公司治理总体上在保护投保人利益方面起到有效作用。
英文摘要：	Since 1978, China's insurance industry has resumed operations, and the insurance industry has been growed rapidly. China's insurance industry is responsible for the protection of society as a whole, due to the insurance company shareholders in the operation of the limited risk. The insured as a whole on the company's investment and contribution is far greater than the shareholders. The solvency of an insurance company refers specifically to the economic compensation capacity of an insurance company for its insurance liability. The research on the influencing factors of the solvency of insurance companies has become the focus of insurance supervision. How to protect the interests of insurance companies, so as to ensure the sustained and healthy development of China's insurance industry has always been the focus of academic and practical circle. This paper focuses on the solvency of Chinese insurance companies from the perspective of corporate governance, and selects the solvency index of the insurance companies. Based on the theoretical analysis and the general index of corporate governance, the paper analyzes the measurement method by using the least squares regression analysis, and selects the corresponding control variables according to the theory and the actual situation, in order to verify the influence of the insurance company on the solvency of the insurance company. The results show that the total index of corporate governance is positively correlated with the solvency of insurance companies. Secondly, from the different levels of the insurance company's management compliance, the compulsory compliance has no significant effect on the solvency, and the independent compliance index has a significant positive correlation with the insurance company's solvency margin. From the perspective of different contents of insurance companies' governance, it is found that for the joint-stock insurance companies, the sub-index of the board of supervisors and the internal and external audit sub-indices are respectively related to the insurance companies Solvency is not positively related to the insurance company, and the rest of the governance sub-index does not play a significant role in the solvency of the insurance company. However, for a restricted insurance company, the different content of the insurance company has no significant impact on its solvency. Thirdly, in the aspect of corporate governance, the empirical results show that the proportion of the largest shareholder and the size of the executive are positively correlated with the solvency of the insurance company, but the rest of the corporate governance elements are improving the solvency of the insurance company with invalidity. At the same time, the empirical results of each part are lagged with one period of robustness test, the empirical conclusion is consistent with the previous, in order to verify the robustness of the empirical results. To sum up, insurance company governance is an important factor affecting the solvency of insurance companies. Insurance corporate governance has an effective role in protecting the interests of policyholders as a whole.
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