【作者】 罗胜；

【导师】 李维安；

【作者基本信息】 南开大学 ， 公司治理， 2012， 博士

【摘要】 近年来，如何改善和提高公司治理水平无疑是学术界和产业界都热议的内容，也是资本市场和金融行业关注的焦点。公司治理是公司制的核心，是提高公司素质和核心竞争力的关键。保险公司改革以公司治理建设为中心。2006年，中国保监会借鉴国际保险监督官协会核心监管原则，引入保险公司治理监管，建立了市场行为监管、偿付能力监管和公司治理监管三大监管支柱。公司治理风险是保险公司在经营管理活动过程中面临的诸多风险中的一个重要方面，因此保险公司治理评价与监管问题的研究具有重要的理论和现实意义。本文从治理评价与治理监管入手，基于行业的特殊性和监管的特殊范畴，对保险公司治理监管中涉及的诸多问题进行较为全面和系统的研究。保险公司是较为特殊的金融企业，其盈利模式和管理方式与一般实业企业相比有较大差异，其公司治理从细节和过程观察呈现一定的特殊性，因此需要在分析保险公司治理特殊性基础上，结合我国保险公司治理有关政策对保险公司治理评价各方面进行研究，而不能直接套用一般公司治理评价系统。本文设计的七个维度构成的保险公司治理评价系统，是对目前监管部门正在推行的保险公司治理自评指标体系的发展和完善。本文中，保险公司治理评价与治理监管是并列的关系。本文利用保险公司治理报告的有关数据，按照指标信息齐全、不含异常数据的样本筛选原则，最终确定有效样本82家。其中，产险公司38家，寿险公司44家；国有控股保险公司53家，民营控股保险公司16家，外资控股保险公司13家；沪深地区保险公司28家，东部地区保险公司46家，中西部地区保险公司8家。本文结合样本公司的公司性质、控股股东和地区分布，对样本公司的公司治理情况、财务业绩指标和公司治理自评结果进行描述性统计，并实证考察了保险公司的公司治理状况与盈利能力和偿付能力的相关关系。描述统计和实证研究发现，我国保险公司治理的合规性已经达到一定水平，但有效性亟待提高，部分公司治理机制尚未发挥预期的作用。中国保监会作为中国保险业的政府监管机构，在对保险公司实施监管的过程中提出了保险公司治理监管的命题，并已在实践中逐步推行，目前已经形成了一个初步的制度体系和监管框架。基于实证研究发现的问题，本论文重点对我国保险公司治理监管框架和内容进行了系统的研究。具体问题包括：保险公司的特殊性，其对公司治理的影响，中国保险公司治理现状、历史形成过程和存在的问题，对保险公司治理进行监管的原因与合法性，治理监管在整个保险监管框架中所处的地位、扮演的角色和承担的功能，保险公司治理监管的性质、目标、原则，可以采取的行为，保险公司治理监管的对象与着力点，已经采取的政策措施和监管效果观察，政策措施如何改进等问题。本文可以看作是对目前正在进行的实践行为的理论总结，并试图构建一个清晰的保险公司治理监管理论研究框架。针对上述研究内容，本论文采用的研究方法包括规范分析方法和大样本的实证研究方法。规范研究方法主要体现在研究背景与意义分析、研究理论基础的梳理、国内外研究现状的述评、保险公司治理的发展、保险公司治理监管的演进、保险公司治理评价体系设计研究、保险公司治理监管的国际比较、保险公司治理监管的框架构建、保险公司治理监管内容的分析和相关对策建议。实证研究方法主要体现在本论文在公司治理评价的基础上，开展保险公司治理的一般描述性统计分析，保险公司治理与偿付能力、财务业绩关系的实证研究。本文共分为八章，第一章引言部分说明文章的选题意义和研究内容。第二章为基础理论和文献综述，分别对公司治理转型理论、公司治理评价理论、保险公司治理特殊性理论和公司治理监管理论做基本阐述，同时对保险公司治理、治理评价和治理监管方面的理论文献进行梳理和分析。第三章分析了我国保险公司治理的历史演进和监管的发展历程。第四章对保险公司治理评价进行全面阐述，重点分析评价的指标设计和评价的标准体系的构建。第五章是通过在评价指标基础上提取的数据，对保险业的治理状况做实证分析，同时整理出通过评价发现的问题。第六章是对保险公司治理框架的理论构建，重点是对保险公司治理监管的性质、目标、原则和行为的法理分析。第七章是采用规范研究的方法，对中国保监会目前已采取的监管政策的逻辑归纳和整理分析，分为治理机构监管和机制监管两个部分。金融危机以来，全球对金融风险更为关注，对通过政府监管控制金融市场风险寄予厚望。中国经济体制尚处在转轨进程中，如何既使中国的保险监管发挥更加有效的作用，又能规范和约束监管行为，减少政府对市场经济的不当管制和干预，充分发挥并增强经济主体的自主性和公司治理的自我调节作用，是监管机构在实施监管行为中需要尤为注意的问题。本文正以此为目的，在公司治理评价基础上，对公司治理监管的合理性和有效性进行系统性研究，研究内容具有一定的创新性，同时研究结论对于提高保险公司治理实践水平，促进公司治理评价体系的优化和监管部门的监管制度创新等都具有重要的意义。更多还原

【Abstract】 In recent years, how to improve and enhance corporate governance standards isundoubtedly the hot content in both academia and practice, becoming the focus of thecapital market and financies industry. The insurance industry is the fastest growingsectors of our national economy, and one of the responsibilities of insurance system isprotecting stability of the entire economic and social stability. Corporate governancestructure is the core of the corporate system, and the key to improve the quality andcore competitiveness of the company. The center of insurance corporate governancereform will be building construction. In2006, the China Insurance RegulatoryCommission learnt the core regulatory principles of International Association ofInsurance Supervisors, introducing of the insurance regulatory structure, corporategovernance, and constructed the three pillars of corporate governance regulation,including the establishment of a market conduct regulation, solvency regulation andsupervision. Risk management activities an important aspect of insurance companiescorporate governance in the course of many risks faced in, which is different from thefinancial indicators oriented financial risk, market risk, etc.. There are basic, sourcecharacteristics. It determines the research analysis of the insurance regulatory issuesof corporate governance has important practical and theoretical significance.This thesis starting from evaluation of governance, based on the specificity andregulation industry specific areas, studyies many problems involved in insuranceregulation in corporate governance comprehensively and systematically. Insurancecompanies is a more specific financial enterprises, compared with the generalindustrial enterprises, the profit model and management are quite different. From thedetails and process of observation, its corporate governance showed some specificity,and therefore can not be directly applied to general corporate governance ratingsystem. It need special treatment in the analysis of insurance companies based oncorporate governance with China’s insurance policy evaluation of all aspects ofcorporate governance research, design, consisting of seven dimensions of corporate governance evaluation of the insurance system is the insurance regulatory authoritieson the current corporate governance self-evaluation index system of development andimprovement.The governance evaluation and governance supervision is a parallel system. Weuse data from corporate governance report, according to complete index information,the sample does not contain abnormal data filtering principle, and ultimatelydetermine the effective sample of82. Combined with the sample nature of company,this thesis describes statistics the controlling shareholder, regional distributionfinancial performance indicators and corporate governance evaluation results.Empirical study has been done about insurance company corporate governance andprofitability and solvency of the relationship. Among them, there are38insurancecompanies,44life insurance companies;53state-controlled insurance companies,16private insurance companies and13foreign insurance companies; Shanghai and28regional insurance companies, insurance companies,46east and west insurancecompany8. Descriptive statistics and empirical studies have found that China’sinsurance compliance of corporate governance has reached a certain level, but theeffectiveness needs to be improved, many corporate governance mechanisms do notfunction as expected.China Insurance Regulatory Commission is the government regulatory agencies.It put in the course of insurance corporate governance regulation, and has beengradually introduced in practice, has formed a preliminary institutional system andmonitoring framework. Based on the problems have found in empirical studies, thisthesis focuses on the corporate governance of China’s insurance regulatoryframework and content of a systematic study. Specific issues include: the specialnature of insurance companies, its impact on corporate governance, governance ofChina’s current insurance company, history and problems of the formation,governance of insurance companies for regulatory reasons and legitimacy,governance, regulatory framework for insurance regulation in the in the position, roleand functions of the insurance nature of corporate governance regulation, objectives,principles, actions can be taken, the object of the insurance regulatory and corporategovernance focus, policies and measures already taken and regulatory effects observed, how to improve policies and measures and other issues. This thesis can beseen as ongoing theoretical summary of practices, and attempt to build a theory ofinsurance governance regulatory framework clearly.In response to these researches content, research methods used in this paperinclude the standard analytical methods, and empirical research methods of largesamples. Standard research methods are mainly reflected in the analysis of researchbackground and significance, the sort of theoretical basis, research status of thereview, insurance corporate governance development, regulation of corporategovernance, the evolution of the insurance, the insurance company managementevaluation system for design research, insurance corporate governance regulationinternational comparison, the insurance regulatory framework for corporategovernance, building insurance corporate governance regulatory analysis of thecontent, the relevant policy proposals. Empirical research methods in this paper ismainly reflected in the evaluation of corporate governance based on the governanceof the insurance company to carry out a general description of statistical analysis, thenature of the insurance company shareholders and management sub-branch type ofcomparative study of governance and solvency of insurance companies, empiricalstudy of financial performance.This paper is divided into eight chapters; Chapter1introduction sectiondescribes the meaning of article topics and contents. Chapter2is basis theory andliterature review, specificity to do the basic set theory of restructuring management oncorporate governance, evaluation of corporate governance theory, insurance theory ofcorporate governance and corporate governance regulatory. While the insurancecompany management, governance, evaluation and regulatory aspects of governancesort out and analyze the theoretical literature. Chapter3analyzes the corporategovernance of China’s insurance regulatory evolution and the history of thedevelopment process of trying to control the insurance company into the overallsupervision of the insurance industry and insurance regulators in the process ofhistorical development observed. Chapter4described governance of insurancecompanies to conduct a comprehensive evaluation, focusing on analysis andevaluation indicators and evaluation criteria designed to build the system. Chapter5 is based on the indicators in the evaluation of the data extracted, the governance ofthe insurance industry to do empirical analysis, while sorting out the problemsidentified by the evaluation. Chapter6is the governance framework of the theory ofinsurance companies to build, focusing on corporate governance regulation of theinsurance nature, objectives, principles and behavior of legal analysis. Chapter7isthe use of standard research methods. China Insurance Regulatory Commission’sregulatory policy has been the logic of induction and analyzed, regulatory andgovernance structures are divided into two parts, regulatory mechanisms, systematicobservation of the regulatory bodies for the insurance company’s equity, board ofdirectors, management and risk management mechanisms, incentives, transparency,accountability mechanisms and oversight mechanisms for regulatory policy. Chapter8is a summary of conclusions and policy recommendations.Since the financial crisis, global financial risks are more concerned about controlthrough government regulation of financial market risks have high hopes. China’seconomic system is still in the transition process, even if China’s insurance regulatorsto play a more effective role, but also norms and constraints of regulatory actions,reducing government regulation and market economy, the improper interference, togive full play and enhance the autonomy of economic agents and corporategovernance self-regulation, the regulatory agencies in the implementation ofregulatory actions that need particular attention. This article is for this purpose, theevaluation of corporate governance on the basis of reasonable regulation of corporategovernance and effectiveness of systematic study of the contents of a certaininnovation, while research findings for the promotion of the level of insurance toimprove corporate governance practices to promote the optimization of the evaluationsystem of corporate governance and regulatory system innovation and so have urgentand important significance.更多还原