本文選題：保險(xiǎn)公司 + 股權(quán)結(jié)構(gòu)�。� 參考：《華南理工大學(xué)》2014年碩士論文

【摘要】：保險(xiǎn)公司作為一個(gè)特殊的企業(yè)，它的主要功能是“風(fēng)險(xiǎn)管理”，其風(fēng)險(xiǎn)管理能力的合理性水平直接影響到保險(xiǎn)公司的治理績效。此外，作為資本市場(chǎng)的主要參與者，保險(xiǎn)公司還是企業(yè)上市、融資和金融資源分配的重要中介機(jī)構(gòu)，也是進(jìn)行金融風(fēng)險(xiǎn)防范和緩解銀行系統(tǒng)危機(jī)的重要平臺(tái)�？v觀我國保險(xiǎn)行業(yè)近20年的發(fā)展，特別是近兩年的快速發(fā)展，雖然已經(jīng)產(chǎn)生了一批資金充足、銷售網(wǎng)絡(luò)完善的保險(xiǎn)公司，但保險(xiǎn)公司治理結(jié)構(gòu)的建設(shè)一直未得到有效執(zhí)行，從而引發(fā)保險(xiǎn)公司出現(xiàn)諸多操作不規(guī)范現(xiàn)象，如運(yùn)作機(jī)制不完善、內(nèi)部管理制度不健全、經(jīng)營不規(guī)范等。在現(xiàn)代公司治理框架下，公司治理結(jié)構(gòu)決定了企業(yè)行為，企業(yè)風(fēng)險(xiǎn)偏好與企業(yè)的管理效率，并最終體現(xiàn)在企業(yè)績效指標(biāo)上。保險(xiǎn)公司的經(jīng)營宗旨、產(chǎn)品性質(zhì)、資本結(jié)構(gòu)和監(jiān)督機(jī)制的特殊性，決定了保險(xiǎn)公司治理對(duì)于企業(yè)績效影響具有特別的作用機(jī)制和影響程度。對(duì)于保險(xiǎn)公司存在的這些問題，國內(nèi)許多專家學(xué)者和行業(yè)管理層都進(jìn)行了深入的探討。誠然，許多研究對(duì)保險(xiǎn)業(yè)公司治理的定位、模式包括結(jié)構(gòu)的研究都有了大膽的規(guī)劃和設(shè)計(jì)，并對(duì)業(yè)內(nèi)公司治理實(shí)踐以及治理監(jiān)管做出了重要貢獻(xiàn)。然而，大量的研究未將保險(xiǎn)業(yè)尤其是保險(xiǎn)企業(yè)的特殊性考慮在內(nèi)，而是將公司治理一般理論直接運(yùn)用到保險(xiǎn)行業(yè)的研究中，未能得知在我國保險(xiǎn)公司中股權(quán)結(jié)構(gòu)對(duì)公司治理績效有著怎樣的影響力，并且這一類的研究還缺少數(shù)據(jù)上的支持。 針對(duì)于此，本文將在以前學(xué)者研究的基礎(chǔ)上，分析我國保險(xiǎn)公司的股權(quán)結(jié)構(gòu)對(duì)保險(xiǎn)公司治理機(jī)制的影響。通過對(duì)比分析國外保險(xiǎn)公司股權(quán)結(jié)構(gòu)與治理模式現(xiàn)狀，從理論上分析了在不同股權(quán)集中度和不同股權(quán)特性的情況下股權(quán)結(jié)構(gòu)對(duì)公司治理的影響，為我國保險(xiǎn)公司的股權(quán)結(jié)構(gòu)與治理模式提供借鑒進(jìn)一步豐富理論研究的同時(shí)。此外，本文還按照保險(xiǎn)公司治理的特點(diǎn)和利益相關(guān)者共同治理的要求，使用我國境內(nèi)保險(xiǎn)公司2010年到2013年的財(cái)務(wù)數(shù)據(jù)和公司治理數(shù)據(jù)為研究樣本，利用逐步回歸法進(jìn)行了實(shí)證研究，試圖進(jìn)一步論證在我國保險(xiǎn)公司中這兩者之間的關(guān)系，從而探索出一種適合我國國情的保險(xiǎn)公司股權(quán)結(jié)構(gòu)模式，以便提高我國保險(xiǎn)公司的治理效率，促進(jìn)我國保險(xiǎn)公司的健康發(fā)展。其中，實(shí)證結(jié)果顯示：國有股比例對(duì)企業(yè)治理績效具有顯著的積極影響，意味著在當(dāng)前形勢(shì)下，保險(xiǎn)業(yè)的發(fā)展還需要政府在諸如資金、政策等方面的大力支持；但股權(quán)的過度集中對(duì)企業(yè)治理績效造成了顯著的負(fù)面影響；外資股股東未對(duì)保險(xiǎn)公司治理績效的提升產(chǎn)生正面影響。最后，本文對(duì)檢驗(yàn)結(jié)果進(jìn)行了相關(guān)的理論解釋，，并基于實(shí)證研究結(jié)果提出了政策建議。
[Abstract]:As a special enterprise, the main function of the insurance company is "risk management". The reasonable level of its risk management ability directly affects the performance of the insurance company. In addition, as the main participant in the capital market, the insurance company is also an important intermediary organization for the enterprise to go on the market, the financing and the distribution of financial resources. In the past 20 years, the development of the insurance industry in China, especially the rapid development of the recent two years, has produced a lot of insurance companies with sufficient funds and perfect sales network, but the construction of the insurance company's governance structure has not been effectively implemented, thus triggering the insurance company. There are many unstandardized operation phenomena, such as imperfect operating mechanism, imperfect internal management system, unstandardized management, etc. under the framework of modern corporate governance, the corporate governance structure determines enterprise behavior, enterprise risk preference and enterprise management efficiency, and ultimately manifests in the enterprise performance indicators. The management purpose and product nature of the insurance company. The particularity of the quality, the capital structure and the supervision mechanism determines the special mechanism and influence of the insurance company governance on the impact of the enterprise performance. For the problems existing in the insurance company, many domestic experts and scholars and the industry management have carried out a thorough discussion. The research of the pattern, including the structure, has a bold plan and design, and has made important contributions to the practice of corporate governance and governance. However, a large number of studies do not take the particularity of the insurance industry, especially the insurance enterprise into consideration, but apply the general theory of corporate governance to the research of the insurance industry. It is known that ownership structure has an impact on corporate governance performance in China's insurance companies, and this kind of research still lacks data support.
In view of this, this article will analyze the influence of the ownership structure of the insurance company on the insurance company's governance mechanism on the basis of the previous scholars' research. By comparing and analyzing the status of the equity structure and the governance model of foreign insurance companies, this paper theoretically analyzes the equity structure to the public ownership structure under the circumstances of the different ownership concentration and the different ownership characteristics. The influence of corporate governance provides a reference for the study of the equity structure and governance model of China's insurance companies. In addition, this paper also uses the financial data and corporate governance data of China's domestic insurance companies from 2010 to 2013 in accordance with the characteristics of the insurance companies and the requirements of the common governance of the stakeholders. The empirical study is carried out by the stepwise regression method, trying to further demonstrate the relationship between the two in China's insurance companies, so as to explore an equity structure model suitable for the national conditions of our country so as to improve the efficiency of the insurance companies in China and promote the healthy development of the insurance companies in China. The results show that the proportion of state-owned shares has a significant positive impact on the performance of corporate governance, which means that under the current situation, the development of the insurance industry needs the government's strong support in such aspects as capital and policy, but the excessive concentration of equity has a significant negative impact on the performance of corporate governance; foreign shareholders have not been to the insurance company. Finally, the paper gives a theoretical explanation of the test results and puts forward policy recommendations based on the empirical results.
【學(xué)位授予單位】：華南理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F271;F842.3

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