股权结构对财险公司风险承担行为影响的实证研究

本文从理论层面上剖析了公司股权结构对风险承担的影响及具体作用机理,然后基于2002~2018年我国77家财险公司的非平衡面板数据构建联立方程模型,利用三阶段最小二乘法(3SLS)进行参数估计。研究发现,股权结构对我国财险公司的风险承担行为存在显著影响。具体而言,股权集中度对承保风险存在显著正向影响,表现出"侵占效应";股权制衡度对承保风险存在显著负向影响,对投资风险存在显著正向影响;外资参股对承保风险和投资风险分别存在显著正向和负向影响,外资股东的进入有利于降低财产保险公司的投资风险,但在一定程度上会提高其承保风险。基于此,本文提出强化股权的穿透式监管、推进形成"相对集中、多股制衡"的股权结构以及适当引入外资丰富财险公司股权结构等建议。

An Empirical Study on the Influence of Ownership Structure on Property Insurance Companies' Risk-taking Behavior

This paper theoretically analyzed the impact of insurance company′s ownership structure on its’ risk-taking behavior and the specific mechanism through which the effect works by building a simultaneous equation model based on the unbalanced panel data of 77 property insurance companies in China from 2002 to 2018 and using the three-stage least squares method(3 SLS) to estimate parameters.We have found that the ownership structure has a significant impact on the risk-taking behavior of Chinese property insurance companies.In particular, the degree of shareholding concentration has a significant positive impact on the underwriting risk, indicating an "encroachment effect";while the degree of shareholding check and balance has a significant negative impact on the underwriting risk and a significant positive impact on the investment risk;the foreign equity participation, on the contrary, shows positive effect on underwriting risk and negative effect on investment risk.The entry of foreign shareholders is conducive to reducing the investment risk of property insurance companies, but to a certain extent increases their underwriting risk.Upon all of these, the paper proposes to strengthen the look-through supervision of ownership structure, promote a "relatively concentrated but still multi-shareholding balanced" equity structure, and appropriately introduce foreign capital to enrich equity structure of insurance companies.