股权结构、股权监管与财务业绩--来自中国寿险业股权监管的经验证据  

Shareholder Structure,Regulation on Shareholdings and Performance--Evidence from Regulation on Shareholdings in Chinese Life Insurance Industry

作　　者：祝继高[1] 苏嘉莉 黄薇[2] Zhu Jigao

机构地区：[1]对外经济贸易大学国际商学院,100029 [2]对外经济贸易大学保险学院,100029

出　　处：《会计研究》2020年第6期61-74,共14页Accounting Research

基　　金：国家社会科学基金重大项目(19ZDA101)的资助。

摘　　要：股权结构与财务业绩的关系存在一定的争论。保险行业的股权结构面临较为严格的监管,为研究股权结构对财务业绩的影响提供了独特的场景。通过对2009-2017年中国寿险企业的数据进行研究发现,第一大股东持股比例越高,寿险企业业绩更好,偿付能力充足率越高;而股权制衡度越高,寿险企业的业绩和偿付能力越差。在放宽寿险业股权监管的背景下,第一大股东高持股比例对于业绩和偿付能力的促进作用被削弱,从实际控制人角度分析也获得了同样的结论,表明股权监管的放松会加重寿险企业的代理问题。而且,第一大股东持股比例与财务业绩的相关关系在国有寿险企业和规模大的寿险企业中更弱。本文研究结论对于金融企业的股权监管和进一步扩大资本市场对外开放具有积极的启示作用。The relationship between ownership structure and financial performance is controversial.The ownership structure of insurance industry faces relatively strict regulation,which provides a unique setting for studying the impact of ownership structure on financial performance.Based on the data of China’s life insurance companies from 2009 to 2017,it is found that the higher the shareholding ratio of the largest shareholder,the better the performance of life insurance companies and the higher the solvency adequacy ratio.The higher the equity restriction ratio,the worse the performance and solvency of life insurance companies.In addition,in the context of deregulation of equity in the life insurance industry,the role of the largest shareholder’s high shareholding ratio in promoting performance and solvency has been weakened.The analysis from the perspective of the actual controller has also reached the same conclusion,indicating that deregulation of equity will exacerbate the agency problem of life insurance companies.Moreover,the relationship between the largest shareholder’s shareholding ratio and financial performance is weaker among state-owned life insurance companies and large-scale life insurance companies.The research conclusions of this paper have implications for the regulation of financial enterprises’ equity and the opening-up in capital markets.

关 键 词：寿险企业 股权结构 绩效 偿付能力 监管 

分 类 号：F832.51[经济管理—金融学] F842.62F830.42