中国保险公司经营绩效与股东价值创造能力研究  

Research on Performance and the Ability of Value Creation of Insurance Companies in China

作　　者：谢志超[1] 曾忠东[1] 杜江[1] 

机构地区：[1]四川大学经济学院,四川成都610064

出　　处：《江西财经大学学报》2007年第3期22-27,共6页Journal of Jiangxi University of Finance and Economics

基　　金：教育部新世纪优秀人才支持计划基金项目(NCET-040883)

摘　　要：基于对中国保险公司保费收入增长与公司经营绩效和价值创造内在关系的研究结果表明:首先,保费收入、公司持有的现金及等价物、固定资产规模的相对比重以及流入公司的现金流量,并不是影响公司经营绩效的显著因素;其次,经营绩效与公司规模显著正相关,规模较大的保险公司在经营结构和组织管理上更加规范,经营绩效较好;再次,不适合用ROE来衡量中国保险公司的经营绩效,而经过单位化后的EVA per Capital比单纯使用能更好地衡量保险公司的绩效;最后,3家上市保险公司提高经营绩效不会显著增加股东财富,而加强风险管理,降低公司暴露的非系统风险,却可以显著地为股东带来更大的超额收益。This paper discusses the immanent relationship among the premium incomes growth, management performance and value creation, The conclusions are as follows： First, the premium incomes growth, the cash and equivalence held by companies, proportion of fixed assets in total assets, influent cash flow of companies are not the factors that significantly affect the performance of companies. Second, the larger company is the better in the structure and administration of management. So the correlation between the performance and size of the company is positive. Third, the ROE is not fit for evaluating the performance of insurance companies in China. And the EVA per capital better evaluates performance than the EVA. Finally, the advance of performance will not significantly increase wealth of shareholders in three listed insurance corporations. Contrarily, improving risk management and reducing the non-systematic risk of companies will significantly bring about greater excess returns.

关 键 词：保费收入 经营绩效 经济附加值 价值创造 

分 类 号：F842[经济管理—保险]