股权结构会影响保险公司的风险承担吗?——来自财产保险市场的证据  

Will Ownership Structure Affect the Risk-taking of Insurance Companies?——Evidence from the Property Insurance Market

作　　者：何小伟[1] 闫晓旭 He Xiaowei;Yan Xiaoxu(School of Insurance and Economics,University of International Business and Economics,Beijing 100029,China;Research DepartmentⅠ,China Development Research Foundation,Beijing 100010,China)

机构地区：[1]对外经济贸易大学保险学院,北京100029 [2]中国发展研究基金会研究一部,北京100010

出　　处：《金融理论探索》2020年第5期62-71,共10页Exploration of Financial Theory

基　　金：国家自然科学基金面上项目“农业保险的财政补贴政策对农户参保的激励效应测度及最优补贴水平研究”(71573041)。

摘　　要：利用29家中资财产保险公司在2011—2017年的面板数据,检验了股权结构对财产保险公司承保风险和投资风险的影响。结果发现:首先,第一大股东的持股比例对财产保险公司的承保风险和投资风险均有着负向的影响;其次,股权集中度对财产保险公司的承保风险有着显著的正向影响,但是对投资风险的影响并不显著;最后,股权性质在总体上与财产保险公司的风险承担水平负相关,特别地,国有保险公司有着更低的投资风险。Based on the panel data of 29 Chinese property insurance companies in 2011-2017,we examines the effects of the ownership structure on the underwriting risk and investment risk of property insurance companies.The results show that:firstly,the proportion of the largest shareholder has a negative impact on the underwriting risk and the investment risk of the property insurance company.Secondly,the ownership concentration has a significant positive impact on the underwriting risk,while the impact on investment risk is not significant.Finally,the nature of equity has negative correlation to the risk-taking of property insurance company,especially,the state-owned property insurance company has comparatively lower investment risk.The findings of this paper provide an empirical basis for the improvement of the regulatory policy of insurance ownership structure.

关 键 词：股权结构 风险承担 承保风险 投资风险 

分 类 号：F842.4[经济管理—保险]