保险公司股权结构对风险承担影响的实证研究  

An Empirical Study on the Impact of the Ownership Structure on Risk-taking of Insurance Company

作　　者：王博文 郝臣[2] WANG Bo-wen;HAO Chen(School of Finance,Renmin University of China,Beijing 100872;School of Business,Nankai University,Tianjin 300071,China)

机构地区：[1]中国人民大学财政金融学院,北京100872 [2]南开大学商学院,天津300071

出　　处：《兰州财经大学学报》2020年第4期1-15,共15页Journal of Lanzhou University of Finance and Economics

基　　金：国家社科基金后期资助项目“我国中小型保险机构治理研究”(20FGLB037);天津市哲学社会科学规划基金项目“基于风险承担视角的我国保险公司监督机制有效性研究”(TJGL20-003)。

摘　　要：公司治理是保险业监管的三大支柱之一,也是在公司层面管控保险公司风险承担的重要手段,而股权结构又是公司治理的基础。聚焦于股权结构这一重要的治理要素,基于我国保险行业2016—2018年的全样本数据,实证分析股权结构对保险公司风险承担的影响。研究发现:机构投资者的存在可以显著降低保险公司的总体风险和杠杆风险;股权集中度与保险公司的风险承担并非简单的单向线性关系,而是对保险公司的总体风险表现出先抑制后促进的关系;股权集中度还有利于抑制保险公司的投资风险。因此,应该积极鼓励机构投资者参与到保险公司的治理当中,实现保险公司股权集中度的合理安排,从而有效管控保险公司的风险承担。Corporate governance is one of the three pillars of insurance supervision,and it is also an important means to control the risk-taking of insurance companies at the corporate level.And the equity structure is the foundation of corporate governance.Focusing on the equity structure,this paper empirically analyzes the impact of equity structure on risk-taking of insurance companies based on sample data of China's insurance industry from 2016 to 2018.The results show that the existence of institutional investors can significantly reduce the overall risk and leverage risk of insurance companies.The relationship between equity concentration and overall risk of insurance companies is not a simple one-way linear relationship but one of first suppressing and then promoting.The concentration of equity is also conducive to curbing the investment risks of insurance companies.Therefore,institutional investors should be actively encouraged to participate in the governance of insurance companies for achieving a certain degree of equity concentration so as to effectively control the risk-taking of the insurance companies.

关 键 词：保险公司治理 股权结构 机构投资者 股权集中度 风险承担 

分 类 号：F832.51[经济管理—金融学] F842.3