保险公司治理结构研究文献述评

保险公司由于其经营目标、资本结构、经营产品等方面的特殊性,治理结构也与一般金融机构公司有所不同。为进一步完善中国保险公司治理结构的理论框架,本文对保险公司治理结构研究外文文献进行了述评。     

保险公司内含价值理论发展综述

由于保险公司业务的特殊性,公司价值评估方法不适用于寿险公司.内含价值理论应运而生,并且成为保险公司价值评估的主要方法之一.本文梳理国内外关于内含价值理论的研究,总结相关成果和结论.     

新《保险法》对我国保险公司治理监管的影响

本文从保险公司治理及其监管内涵出发,着重阐释了新<保险法>修订中有关保险公司治理相关法律规定的补充与修改,提出了下一阶段基于公司治理角度的保险监管改进思路.     

对我国保险公司治理缺陷的思考

应收保费一直是困扰我国众多保险公司的现实性问题,许多保险公司的应收保费比率(当期应收保费/当期保费收入)始终居高不下.本文之所以称应收保费困境,是针对我国保险公司的现实情况而言的.事实上,许多财险公司也非常注重控制和治理应收保费问题,但是效果不佳,应收保费比率反复不定.大量应收保费存在的危害是不言而喻的,例如,增加了保险公司经营的成本和费用,影响了保险基金的正常运转,阻碍了保险公司内控管理制度的实施等.笔者认为,对其治理效果不佳的最终根源在于我国保险公司治理的缺陷.     

商业银行的特殊性及其公司治理改革

本文从商业银行作为金融企业不同于其他一般企业的特殊性出发,分析了商业银行的特殊性及其对公司治理的影响,并提出了完善商业银行公司治理的对策建议.     

保险公司内含价值理论发展综述

由于保险公司业务的特殊性,公司价值评估方法不适用于寿险公司。内含价值理论应运而生,并且成为保险公司价值评估的主要方法之一。本文梳理国内外关于内含价值理论的研究,总结相关成果和结论。     

对建立我国中小企业板上市公司治理评价体系的思考

公司治理评价体系是分析和评价公司治理的方法和指标,中小企业板上市公司治理评价体系和主板市场上市公司治理评价体系相比有着特殊性,本文对此做出了区分和思考并提出了相应建议.     

保险公司的内部审计工作策略分析

文章首先对保险公司运营特点进行了分析,并提出了保险公司内部审计问题,其次就保险公司内部审计革新措施进行了论述,其中包括数字化转型实施路径、规范公司治理、内部审计的“两统筹”长效机制构建以及提高内部审计的独立性措施,以供参考。     

我国上市保险公司可持续增长实证研究

运用希金斯的可持续增长模型对我国上市保险公司的可持续增长进行实证研究,分析可持续增长的组成要素销售净利率、总资产周转率、收益留存率、权益乘数这四个参数对保险公司可持续增长能力的影响,提出深化我国保险业的公司治理、大力拓展业务范围、正确处理内源性融资和外源性融资的关系等政策建议,以期对我国上市保险公司可持续增长提供借鉴。     

中国保险公司治理研究:基于知识和创新的视角

中国保险公司治理的基本特征是"股东单边治理",本文基于知识和创新的视角指出,股东单边治理的根本缺陷在于无法对经理层进行有效的内部制衡和市场制衡,上述缺陷导致中国保险公司内部治理结构失衡.不同国家采用不同方式对股东单边治理缺陷进行弥补.通过理论推导和国外实践,本文指出中国保险公司治理发展只能走利益相关者内部治理主导模式.     

Corporate governance in mutual insurance companies

The key corporate governance issues facing mutual insurance company managements are examined. Results of a comprehensive survey of the state of corporate governance in mutual property-liability insurance companies are presented. Recommendations for changes in governance practices by mutual companies are presented and their implications are discussed.     

Can business ethics enhance corporate governance? Evidence from a survey of UK insurance executives

This paper seeks to explore the implementation of corporate ethical culture and policies as an adjunct to formal forms of corporate governance. The insurance industry utilises a variety of external governance structures, but is almost unique in that stock companies (which are exposed to an external market for corporate control) and mutual companies (which are owned by a subset of their customers) are in active competition. A questionnaire survey of senior executives in U.K. insurance companies was undertaken to explore the implementation of ethical policies and codes, to investigate ethical attitudes, and to analyze the extent to which these policies and attitudes varied among companies. The results suggest that ethical policies have a higher profile and ethical attitudes and behaviour are more positive in mutual as opposed to stock insurance companies. These findings support the contention that a strong corporate ethical culture may be utilised to enhance formal corporate governance instruments. Stephen Diacon and Christine Ennew both work in the School of Management and Finance at the University of Nottingham, United Kingdom. Dr. Diacon is Senior Lecturer in Insurance Studies and Director of the University of Nottingham Insurance Centre. Dr. Ennew is Reader in Marketing and Associate Editor of International Journal of Bank Marketing.     

险资入市促进了公司创新吗

随着国家政策的放开,保险公司持股上市企业的现象剧增,保险机构投资者逐渐成为中国资本市场中的重要角色,对企业经营决策发挥了重大作用。在此背景下,本文考察了险资入市对企业创新活动的影响。研究发现:一方面,保险机构投资者持股公司的研发投入和专利产出更少;另一方面,保险机构投资者持股公司的CEO强制变更概率更高,经营业绩更差。本文还讨论了保险公司影响企业创新背后的理论机理。本文研究表明,险资持股带来了过度监督效应,抑制了企业创新。本文有助于市场加深对保险机构的认识,丰富企业创新的相关研究,为改善公司治理提供建议。保险机构投资者是中国资本市场改革的重要力量,政府监管部门需合理引导保险机构投资者,使其发挥积极的外部治理作用。     

Ownership and Governance in the Insurance Industry: A Review of the Theory and Evidence

The objective of this paper is to review the coexistence of mutual and proprietary insurance companies from a corporate governance perspective.The paper begins by reviewing the theoretical justification for the existence of mutual and proprietary companies in the insurance industry. The paper then examines the empirical evidence on insurance company performance and seeks to identify whether organisational structure influences managerial behaviour. Finally, the paper analyses the impactof insurance conversions (i.e. mutualisation and demutualisation) on the welfare of po1icyholders,shareholders and managers in order to identify whether the conversion process is motivated by efficiency or expropriation objectives.     

Corporate governance in Russia: a framework for analysis

In the past several years, the Putin government’s goal of joining the World Trade Organization, as well as the critical shortage of investment funds in the country, have been prime levers in raising the importance of corporate governance in Russia. While most research has addressed relatively discrete aspects of the topic, this article provides an integrative framework for analyzing corporate governance in Russia. With large companies as the focus, the framework is particularly appropriate for companies in transitioning economies whose corporate governance systems are still developing. The framework draws on a cultural-embeddedness model as well as agency and stakeholder theories. Propositions for corporate governance in large Russian companies are developed for exploration in future research.     

Japan's Lost Decade and its Financial System

After briefly explaining the causes of the Japanese asset‐price bubble in the 1980s, this paper analyses why the bursting of the bubble developed into a full‐fledged financial crisis in the late 1990s. In order to cope with this crisis, the Government has injected capital directly into the banking sector and banks have written off enormous amounts of bad loans. However, the Japanese financial sector remains very weak and Japan still faces a number of problems in its financial system. Firstly, the profit margin of banks is too small to cover the increased default risk following the bursting of the bubble, and there are market distortions created by the government‐backed financial institutions and the requirements on new lending to small and medium sized companies. Secondly, banks still have excessive stock investment and crossholding of shares between banks and other companies has weakened the market discipline on entrenched management. Thirdly, the government guarantee of all banking‐sector liabilities should be removed. Once the financial system is stabilised, a risk‐adjusted deposit insurance premium should be introduced so as to strengthen market discipline on banks, and the huge postal saving system should be privatised to create a level‐playing field among deposit taking financial institutions. Besides the foregoing, the weak corporate governance structure of Japanese financial institutions has to be remodelled. The management of banks has shielded themselves by extensive cross‐shareholdings, especially with life insurance companies. There has been extensive mutual provision of capital, most large life insurance companies have weak corporate governance, and many of the large shareholders of banks are life insurance companies. This double gearing between banks and life insurance companies has therefore weakened the market control of Japanese financial institutions.     

Is Corporate Governance in China Related to Performance Persistence?

This paper examines the relationship between performance persistence and corporate governance (as proxied for by board characteristics and shareholder structure). We document systematic differences in performance persistence across listed companies in China during 2001–2011, and empirically demonstrate that firms with better corporate governance show higher performance persistence. The results are robust over both the short and long terms. We also find that performance persistence is an important factor in refinancing, and it can lower companies’ costs of borrowing. Overall, our findings offer important implications for business ethics, as we demonstrate how corporate governance can lower companies’ costs of debt.     

法律、制度与上市公司最佳股权结构

国内外绝大部分研究者支持股权集中度与投资者法律保护之间的替代假说,认为适度的股权集中有利于公司治理和公司绩效。公司治理效率与否,与其初始治理结构关系重大,但法律及制度对公司股权结构有重大影响。根据我国目前的国情,多个大股东并存的股权集中模式是全流通时代我国上市公司股权结构的最佳选择。可以通过两种途径对我国上市公司的股权结构进行引导:一是通过制定法律,鼓励法人间的相互持股,并提高司法体制的效率;二是寻求功能替代性的制度安排,比如鼓励上市公司股票发行方式的变革、鼓励资产重组、引导外资收购等。