我國非壽險公司治理與公司績效的關系研究
發(fā)布時間：2019-06-14 23:38
【摘要】：我國保險業(yè)在改革開放的背景下快速發(fā)展,并逐漸在世界保險業(yè)中嶄露頭角。我國作為一個新興的保險市場,正受到全世界保險行業(yè)的關注。保險業(yè)作為金融行業(yè)的一部分,對國民經(jīng)濟的影響舉足輕重,其穩(wěn)定健康對整個經(jīng)濟的發(fā)展至關重要。 2006年,我國保監(jiān)會出臺《關于規(guī)范保險公司治理結構的指導意見》,嚴格規(guī)范保險公司治理的各個方面,以期保險公司在健康的內部治理環(huán)境下,穩(wěn)定、安全地經(jīng)營發(fā)展。但是,這些措施的實施能否對保險公司的經(jīng)營績效產生影響呢? 出于對我國保險業(yè)公司治理建設實際意義的檢驗,本文在總結前人研究的基礎上,以我國非壽險公司為研究對象,分析我國保險公司治理和公司績效的現(xiàn)狀,用實證研究的方法探討公司治理各個因素對非壽險公司績效的影響,并對實證結果作出解釋,并有針對性地提出一些對保險公司治理的建議。 本文的實證研究從公司治理中股權結構、董事會特征以及管理層三方面出發(fā),選擇國有股比例、前五大股東持股比例、董事會人數(shù)、獨立董事比例、兩職合一情況等五個變量作為解釋變量,而將公司績效分為盈利能力、經(jīng)營效率、償付能力以及發(fā)展能力等四方面,分別以總資產收益率、綜合成本率、償付能力充足率、總資產增長率等四個變量作為被解釋變量。以2011年我國45家非壽險公司的截面數(shù)據(jù)作為樣本,得到四個多元線性回歸模型。實證結果表明,國有股比例對公司績效有顯著的正面影響,前五大股東持股比例和董事會規(guī)模對公司績效有顯著的負面影響,兩職合一情況對公司成長能力有正面影響,但對經(jīng)營效率有負面影響,而獨立董事比例與公司績效之間沒有顯著的相關關系。 因此,完善我國保險公司治理,可以考慮引入民營資本和境外戰(zhàn)略投資者,優(yōu)化股權結構；控制董事會規(guī)模,完善獨立董事功能；完善管理層監(jiān)督,發(fā)揮兩職合一的正面作用。
[Abstract]:Under the background of reform and opening up, China's insurance industry has developed rapidly and gradually emerged in the world insurance industry. As a new insurance market, China is attracting the attention of the insurance industry all over the world. As a part of the financial industry, the insurance industry plays an important role in the national economy, and its stability and health is very important to the development of the whole economy. In 2006, China Insurance Regulatory Commission issued the guidance on standardizing the Governance structure of Insurance companies, strictly standardizing all aspects of insurance company governance, in order to ensure the stable and safe management and development of insurance companies in a healthy internal governance environment. However, can the implementation of these measures have an impact on the operating performance of insurance companies? In order to test the practical significance of corporate governance construction in China's insurance industry, on the basis of summing up the previous studies, this paper takes China's non-life insurance companies as the research object, analyzes the present situation of insurance company governance and corporate performance in China, probes into the influence of various factors of corporate governance on the performance of non-life insurance companies by means of empirical research, explains the empirical results, and puts forward some suggestions on the governance of insurance companies. From three aspects of ownership structure, board characteristics and management in corporate governance, this paper chooses five variables, such as the proportion of state-owned shares, the proportion of the top five shareholders, the number of directors, the proportion of independent directors and the unity of the two positions, as explanatory variables, and divides corporate performance into four aspects: profitability, operating efficiency, solvency and development ability, respectively, with the rate of return on total assets and the comprehensive cost rate. Solvency adequacy ratio, total asset growth rate and other four variables as explained variables. Taking the cross section data of 45 non-life insurance companies in China in 2011 as samples, four multivariate linear regression models are obtained. The empirical results show that the proportion of state-owned shares has a significant positive impact on corporate performance, the proportion of the top five shareholders and the size of the board of directors have a significant negative impact on corporate performance, the integration of the two positions has a positive impact on the growth ability of the company, but has a negative impact on operational efficiency, but there is no significant correlation between the proportion of independent directors and corporate performance. Therefore, to improve the governance of insurance companies in China, we can consider introducing private capital and foreign strategic investors, optimizing the ownership structure, controlling the size of the board of directors, perfecting the function of independent directors, perfecting management supervision, and giving full play to the positive role of the integration of the two positions.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F842.3;F272.5
本文編號：2499795
[Abstract]:Under the background of reform and opening up, China's insurance industry has developed rapidly and gradually emerged in the world insurance industry. As a new insurance market, China is attracting the attention of the insurance industry all over the world. As a part of the financial industry, the insurance industry plays an important role in the national economy, and its stability and health is very important to the development of the whole economy. In 2006, China Insurance Regulatory Commission issued the guidance on standardizing the Governance structure of Insurance companies, strictly standardizing all aspects of insurance company governance, in order to ensure the stable and safe management and development of insurance companies in a healthy internal governance environment. However, can the implementation of these measures have an impact on the operating performance of insurance companies? In order to test the practical significance of corporate governance construction in China's insurance industry, on the basis of summing up the previous studies, this paper takes China's non-life insurance companies as the research object, analyzes the present situation of insurance company governance and corporate performance in China, probes into the influence of various factors of corporate governance on the performance of non-life insurance companies by means of empirical research, explains the empirical results, and puts forward some suggestions on the governance of insurance companies. From three aspects of ownership structure, board characteristics and management in corporate governance, this paper chooses five variables, such as the proportion of state-owned shares, the proportion of the top five shareholders, the number of directors, the proportion of independent directors and the unity of the two positions, as explanatory variables, and divides corporate performance into four aspects: profitability, operating efficiency, solvency and development ability, respectively, with the rate of return on total assets and the comprehensive cost rate. Solvency adequacy ratio, total asset growth rate and other four variables as explained variables. Taking the cross section data of 45 non-life insurance companies in China in 2011 as samples, four multivariate linear regression models are obtained. The empirical results show that the proportion of state-owned shares has a significant positive impact on corporate performance, the proportion of the top five shareholders and the size of the board of directors have a significant negative impact on corporate performance, the integration of the two positions has a positive impact on the growth ability of the company, but has a negative impact on operational efficiency, but there is no significant correlation between the proportion of independent directors and corporate performance. Therefore, to improve the governance of insurance companies in China, we can consider introducing private capital and foreign strategic investors, optimizing the ownership structure, controlling the size of the board of directors, perfecting the function of independent directors, perfecting management supervision, and giving full play to the positive role of the integration of the two positions.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F842.3;F272.5
【參考文獻】
相關期刊論文 前1條
1 牛建波;;董事會規(guī)模的治理效應研究——基于業(yè)績波動的新解釋[J];中南財經(jīng)政法大學學報;2009年01期
，本文編號：2499795
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