《保险研究》20191206-《外部治理对保险公司风险承担的影响研究——基于外部监管和产品市场竞争视角》（李艺华、郝臣）

［摘   要］随着我国保险业的快速发展,保险公司治理问题受到了广泛关注。外部治理作为保护利益相关者利益的重要途径,对保险公司风险承担的影响是公司治理领域的前沿问题。本文基于我国85家财产险和人身险公司2010~2017年的面板数据,考察了外部监管和产品市场竞争两大外部治理机制对保险公司风险承担的影响。研究发现：外部监管与保险公司总体风险和杠杆风险承担水平负相关,产品市场竞争与保险公司总体风险和投资风险承担水平负相关。本文研究表明,外部监管和产品市场竞争两大外部治理机制对合理管控保险公司风险承担发挥了重要作用,但作用效果存在一定的差异。

［关键词］保险公司；外部治理；外部监管；产品市场竞争；风险承担

［基金项目］国家自然科学基金重点项目“现代社会治理的组织与模式研究”(项目号71533002)；中国保险学会年度课题“严监管形势下中小保险机构公司治理研究”(项目号ISCKT2019-N-1-02)。

［作者简介］李艺华,中国人民大学财政金融学院研究生；郝臣,南开大学商学院、南开大学中国公司治理研究院副教授,硕士研究生导师。

A Research on the Impact of External Governance on Insurance Company′s Risk Taking—Based on the Perspective of External Supervision and Product Market Competition

LI Yi-hua,HAO Chen

Abstract：With the booming of China′s insurance industry,the corporate governance issues of insurance companies have received wide attention. As an important way to protect stakeholders,the effect of external governance on the risk-taking of insurance companies is a frontier issue in the field of corporate governance. Based on the panel data of 85 property and life insurance companies from 2010 to 2017,this paper examined the impact of external supervision and product market competition on the risk-taking of insurance companies. The paper finds that external supervision is negatively correlated with the overall and leverage risk-taking level of insurance companies,while product market competition is negatively correlated with the overall and investment risk-taking level of insurance companies. The research shows that,as the two main external governance mechanisms of insurance companies,external supervision and product market competition play an important role in controlling the risk-taking level of insurance companies at a reasonable level,but the results of the impact are slightly different.

Key words：insurance company;external governance;external supervision;product market competition;risk taking