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论文编号：	9987
作者编号：	2120162715
上传时间：	2018/6/6 15:24:44
中文题目：	保险公司治理对偿付能力影响的实证研究
英文题目：	Empirical Research on the Impact of Governance on the Solvency of Insurance Company
指导老师：	郝臣
中文关键字：	保险公司；公司治理；偿付能力；偿二代
英文关键字：	Insurance Corporate; Corporate Governance; Solvency; Solvency II
中文摘要：	保险业作为重要的金融分支，具有风险转移、稳定经济的重要作用。偿付能力是公司偿付可预期和不可预期的保险金的能力，一直是保险监管考察的重点，也是公司经营稳定的指示器。近年来中国保险业发展势头强劲，保费收入位列世界第二，但规模导向的监管制度下行业粗放式发展也带来了投资端资产荒、资产负债不匹配等问题。为此，第二代偿付能力监管体系（简称“偿二代”）于2016年正式实施，该体系仍以偿付能力充足率为核心进行监管，但在不同程度上对最低资本和实际资本进行了的细化和再定义，使得每项资产类型和业务变动都能体现在充足率指标上，开启了中国保险业动态监管的新时代。 本文从治理视角切入，系统梳理了国内外保险公司治理、偿付能力影响因素及两者关系的相关文献，勾勒出理论上保险公司外部监管和内部治理对偿付能力的影响路径，随后分别进行实证分析。外部监管方面，考察偿二代整体作为外部监管压力变化的代理变量对偿付能力的影响，然后，分别考察不同险种、不同组织形式特征下的偿二代改革所引致的风险发现过程，将监管改革具体内容、变革指向具体对象与治理效应相结合。内部治理方面，本研究基于偿二代背景讨论具体保险公司治理要素对偿付能力的影响。最后，本文进行了基于样本的稳健性检验，发现中国保险公司治理机制可能存在的问题和障碍，进而为中国保险公司提升治理水平、提升偿付能力提供参考。 研究发现：外部治理方面，在短期内偿付能力充足率作为风险指示器呈下降趋势，进一步分子样本考察，发现，人身险公司和有限责任保险公司的偿付能力与外部监管显著负相关，该变化与偿二代下最低资本的计算方式有关；内部治理方面，独立董事占比的提升有助于从内部治理的角度推动保险公司偿付能力的提升，高管规模过大或过小都不利于保险公司偿付能力的提升，其他治理机制没有呈现出显著作用。综合来看，偿二代背景下中国保险外部监管有助于公司发现风险，引导公司合理配置风险资本；内部治理机制整体上对偿付能力的影响较弱，只有个别治理要素能够发挥有效性，保险公司治理仍存在较大的改善空间。
英文摘要：	As an important financial branch, the insurance industry plays an important role in transferring risks and stabilizing the economy. Solvency is the company's ability to pay for predictable and unpredictable insurance premiums. It has always been the focus of insurance inspections and an indicator of company stability. In recent years, China’s insurance industry has enjoyed a strong momentum of development and its premium income ranks second in the world. However, the extensive development of industries under a scale-oriented regulatory system has also brought about asset shortage on the investment side and mismatch of assets and liabilities. To this end, the second-generation solvency regulatory system (abbreviated as "reimbursement second-generation") was formally implemented in 2016. The system is still supervised with the solvency adequacy ratio as its core, but it has carried out the minimum capital and actual capital to varying degrees. The refinement and re-definition of each asset type and business change can be reflected in the adequacy ratio indicator, opening up a new era of China's insurance industry dynamic supervision. This paper uses the perspective of governance, systematically reviews the domestic and foreign insurance companies governance, solvency influencing factors and the related literature of the relationship between them, and outlines theoretically the impact of the external supervision of insurance companies and internal governance on the solvency, followed by empirical analysis. . In terms of external supervision, the impact of the second generation of compensation as an agent variable of external regulatory pressure changes on solvency is examined. Then, the risk discovery process induced by the reform of the second generation of compensation under different types of insurance and different organizational forms is examined, and the regulatory reform is implemented. The specific content and the change point to a combination of specific objects and governance effects. In terms of internal governance, this study discusses the impact of specific insurance company governance elements on solvency based on the background of the Second Generation Compensation. Finally, this paper conducts a sample-based robustness test and finds possible problems and obstacles in the governance mechanism of Chinese insurance companies, which in turn provides a reference for Chinese insurance companies to improve their governance and enhance their solvency. The study finds that in external governance, the solvency adequacy ratio as a risk indicator shows a declining trend in the short term. Further molecular surveys have found that the solvency of life insurance companies and limited liability insurance companies is significantly negatively related to external supervision. The calculation of the minimum capital under the second generation of compensation is relevant; in terms of internal governance, the increase in the proportion of independent directors helps to promote the solvency of insurance companies from the perspective of internal governance. Excessively large or small executives are not conducive to insurance companies. With the increase of solvency, other governance mechanisms have not shown significant effects. Taken together, the external supervision of China's insurance under the background of the second generation of compensation helps the company to discover risks and guide the company to rationally allocate risk capital; internal governance mechanisms have a weaker impact on solvency as a whole, and only individual governance elements can be effective. There is still much to improve in corporate governance.
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