大股东关联交易活动与保险公司风险承担  

The Effect of Majority Shareholder's Related Party Transactions on Insurers'Risk-Taking in China

作　　者：仲赛末 王向楠[2] 郭金龙[2] ZHONG Sai-mo;WANG Xiang-nan;GUO Jin-long

机构地区：[1]中南财经政法大学金融学院保险系 [2]中国社会科学院金融研究所、保险与经济发展研究中心

出　　处：《保险研究》2023年第3期25-40,共16页Insurance Studies

基　　金：国家社会科学基金年度项目(22BJY217)。

摘　　要：近年来,随着经济金融化趋势的逐渐走强,金融机构资金运用关联交易的规模逐渐增大,资金流向也越来越隐蔽和复杂。本文整理了保险公司大股东企业网络信息和保险公司资金运用关联交易活动的数据,分析了关联交易活动对保险公司风险承担的影响。研究发现,随着关联交易规模的增加,保险公司的过度杠杆水平提高,经营稳定性下降,人身险公司和财产险公司的表现没有显著差异;相对于非金融机构控股的保险公司,金融机构控股的保险公司进行关联交易活动显著降低了风险承担水平;相对于央企控股的保险公司,地方国企或民营企业控股的保险公司进行关联交易活动更会造成风险承担。机制检验和稳健性检验进一步支持了本文的研究发展。基于此,本文建议完善金融机构关联交易的整治工作,防止大股东违规侵占资金、不当输送利益的行为,保障金融业的安全稳健。With the prevalence of financialization,the related party transactions(RPT)of capital utilization nature of financial institution have experienced rapid expansion,while their structures become more hidden and complex.We collected the sharehold-er's relationship network and RPT information of Chinese insurers and analyzed the impact of RPT activities on insurers'risk-taking behaviors.The study finds that,with the growth of RPT size,the excessive leverage level of insurers increases,and their stability decreases.There is no significant difference in the performance of life insurance companies and property insurance companies.Compared with insurers with non-financial major shareholders,RPT activities greatly reduce risk-taking levels of insurers controlled by financial shareholders.The RPT activities of local state-owned and private insurers stimulate the risk-taking behaviors in contrast with central state-owned insurers.The mechanism test and robustness test further confirm the conclusions.In order to enhance the financial safety,we should continue to strengthen the rectification of financial institutions'RPT,and prevent major shareholders from illegally embezzling funds and improper benefit transfer.

关 键 词：保险公司 资金运用 经济金融化 公司治理 金融监管 

分 类 号：F842.1[经济管理—保险]