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论文编号：	9381
作者编号：	2120152482
上传时间：	2017/6/20 22:46:21
中文题目：	保险公司治理对风险承担影响的实证研究
英文题目：	Empirical Research on the Impact of Governance on Risk Taking of Insurance Company: Based on the Test of China’s Insurance Industry
指导老师：	郝臣
中文关键字：	保险公司；公司治理；风险承担；公司治理有效性
英文关键字：	insurance company; corporate governance; risk taking; the effectiveness of corporate governance
中文摘要：	随着全球化进程的加快，保险业面临的风险不断加大、日益复杂。良好的公司治理有利于强化保险公司整体风险管理，促进保险公司稳健发展。为此，中国保险监督管理委员会于 2006 年引入保险公司治理监管，建立起市场行为、偿付能力和公司治理三大监管支柱，逐步强化对保险公司治理的监管。经过十余年的探索和发展，我国保险公司治理已经从单纯强调机制构建、制度合规发展到关注有效性的阶段，本文从风险承担角度评估保险公司治理的有效性，具有很强的理论和现实意义。 在对国内外相关文献综述的基础上，本文选取了我国 107 家保险公司作为研究样本，从总体风险、杠杆风险、承保风险和投资风险四个方面选取代理变量来量化保险公司风险承担，使用保险公司治理、合规性区分层次和内容的相应指数测度保险公司治理水平，研究保险公司治理指数对风险承担的影响。之后，本文进一步将整体性的治理指数细化为具体治理要素，研究其对风险承担的影响。最后，本文进行了基于样本的稳健性检验。 经过实证分析，本文发现：从总指数衡量，保险公司治理有效控制了风险承担；从合规性不同层次看，自主合规抑制了保险公司风险承担行为，而强制合规没有发挥有效性；从合规性不同内容看，股份制保险公司监事会治理和有限制保险公司股东治理能抑制风险承担行为；从具体治理要素看，独立董事比例、董事会会议次数和监事会会议次数能有效抑制保险公司总体风险，董事会规模能够有效抑制保险公司杠杆风险，第一大股东比例和独董比例能有效抑制保险公司投资风险，而监事会规模却可能加剧保险公司杠杆风险和承保风险。综合来看，我国保险公司治理在抑制风险承担方面发挥了一定的有效性，但强制合规、部分治理分指数以及部分治理要素没能有效发挥作用，具有无效性。这一结论要求实践中我国保险公司要进一步关注和提高治理有效性和风险管理水平，促使保险公司真正有效发挥社会“稳定器”和经济“助推器”的作用。
英文摘要：	With the acceleration of the globalization process, the insurance industry is facing increasing risk and increasing complexity. Good corporate governance is conducive to strengthening the overall risk management of insurance companies to promote the sound development of insurance companies. To this end, the China Insurance Regulatory Commission in 2006 introduced insurance company governance supervision to establish market behavior, solvency and corporate governance three pillars of supervision, and to gradually strengthen the supervision of insurance companies. After ten years of exploration and development, China's insurance company governance has been from the simple emphasis on mechanism construction, system compliance development to focus on the effectiveness of the stage, this paper from the perspective of risk assessment insurance company governance effectiveness, with strong theory and Practical significance. On the basis of the literature review at home and abroad, this paper chooses 107 insurance companies as the research sample, and selects the agent variables from the aspects of overall risk, leverage risk, underwriting risk and investment risk to quantify the exposures of insurance companies, corporate governance, compliance level and content of the corresponding index measure the level of corporate governance, insurance companies to study the impact of governance risk on the impact. After that, this paper further refined the overall governance index into specific governance elements to study its impact on the risk. Finally, this paper carries out the sample-based robustness test. Through the empirical analysis, this paper finds that: from the general index to measure the insurance company governance to effectively control the risk; from the different levels of compliance, independent compliance to suppress the insurance company risk-taking behavior, and compulsory compliance did not play a valid; from the different elements of compliance, the management of the board of supervisors of the joint-stock insurance company and the management of the shareholders of the restricted insurance companies can curb the risk-taking behavior; from the specific governance elements, the proportion of the independent directors, the number of meetings of the board of directors and the number of meetings of the board of supervisors can effectively restrain the overall risk. The size of the board can effectively inhibit the risk of insurance companies and the proportion of the largest shareholder and the proportion of independent directors can effectively inhibit the insurance company investment risk, and the size of the board of supervisors may increase the risk of insurance companies and underwriting risk. On the whole, China's insurance company's governance has played a certain role in restraining the risk, but it is ineffective to force compliance, partial management sub-index and some management elements can not be effective. This conclusion requires that China's insurance companies to further focus on and improve the effectiveness of governance and risk management level, to promote the insurance company to effectively play the social "stabilizer" and economic "booster" role.
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