《保险研究》20190905-《利益相关者视角下我国保险公司独立董事制度有效性研究》（李腾、钟明）

［摘   要］建立独立董事制度是完善我国保险公司治理结构的重要举措之一,对维护保险机构、保险消费者和中小股东的合法权益具有重要意义。现有文献对一般上市公司独立董事制度有效性的研究较多,但保险公司在资本结构、经营模式等方面具有诸多特殊性,所以有必要对保险公司独立董事制度有效性进行专门研究。本文基于我国47家股份制保险公司2016～2018年的数据,实证检验了保险公司独立董事占比及其背景特征对公司盈利能力、偿付能力水平的影响。研究发现,独立董事占比与盈利能力呈U型关系,但对偿付能力水平的影响不显著。进一步地,本文区分保险公司是否具有自发性公司治理意识和股权集中程度高低进行横截面分析,结果发现,我国保险公司独立董事制度的有效性在具有自发性公司治理意识或股权更分散的公司中显著更强。本文的研究结论为进一步完善我国保险公司独立董事制度提供了理论依据和决策支持。

［关键词］独立董事制度；公司治理；盈利能力；偿付能力水平

［作者简介］李腾,上海财经大学金融学院博士生,研究方向:保险公司治理,E-mail:litengah@126.com；钟明,上海财经大学金融学院教授、博士生导师,研究方向:保险理论与实务。

A Research on the Effectiveness of the Independent Director  System of Insurance Companies in China from the Perspective of Stakeholders

LI Teng,ZHONG Ming

Abstract：The establishment of the independent director system is one of the important measures to improve the governance structure of insurance companies in China,which is of great significance for protecting the legitimate rights and interests of insurance institutions,insurance consumers and minority shareholders.There are many studies on the independent director system of general listed companies in existing literature,but insurance companies have many particularities in capital structure,business model and other aspects,so it is necessary to conduct a special study on the independent director system of insurance companies.Based on the data of 47 joint-stock insurance companies in China from 2016 to 2018,this paper empirically tested the relationship between the proportion of independent directors and their background characteristics and the insurer’s solvency level and profitability.It is found that the proportion of independent directors has a u-shaped relationship with profitability,but it has no significant impact on the solvency level.Further,according to the cross-sectional analysis of whether insurance companies have the spontaneous sense of corporate governance and the degree of equity concentration,the effectiveness of the independent director system of insurance companies is significantly stronger in insurance companies with the spontaneous sense of corporate governance or more dispersed equity.The conclusion of this paper provides theoretical basis and decision-making support for further improving the independent director system of insurance companies in China.

Key words：independent director system;corporate governance;profitability;solvency