Research On Governance Efficiency And Influencing Factors Of Life Insurance Companies ��Based On The Empirical Analysis Of Life Insurance Companies In China From 2016 To 2018

The issue of corporate governance caused by the separation of "ownership and control" has been a research hotspot in academia and industry,and the evaluation of corporate governance is one of the important research contents.Many organizations around the world have launched a number of high-impact corporate governance evaluations or rating systems.Some scholars have also conducted in-depth research on corporate governance evaluations from an academic perspective and proposed corresponding evaluation systems.However,the index selection range and methods adopted by each evaluation system are quite different,so the conclusions are also slightly different.At the same time,each evaluation system focuses more on a hierarchical evaluation of the ex-post governance status formed by the adopted governance mechanism,and lacks objective standards for the weighting level of the governance mechanismes in the evaluation system.Nor can it be analyzed at the level of the intrinsic role of the governance mechanism.The reform of financial institutions,especially corporate governance reforms of financial institutions,is the key to preventing and mitigating financial system risks in the new stage,and is also an important guarantee for the healthy development of the financial industry at current.As an important financial institution,insurance companies must further improve their governance mechanisms and improve the effectiveness of corporate governance.It is not possible to generally use representative corporate governance evaluation or rating systems to conduct corresponding evaluations of the governance of insurance companies,because of the small number of public insurance companies in China.In addition,the insurance corporate governance evaluation system used by the former China Insurance Regulatory Commission is also a hierarchical evaluation of the current state of governance,and cannot evaluate the internal level of the governance mechanism.A large amount of literature shows that the objective evaluation of the effectiveness of the governance of insurance companies has theoretical and practical significance.As a financial institution,an insurance company has unique operating characteristics,making its corporate governance both unique and general.Relatively speaking,the research on the governance of insurance companies in the domestic academic community started late,and there are great research differences due to different micro-levels such as research content,research samples,and research methods.The current research on the governance of insurance companies mainly focuses on the role of single or multiple governance mechanisms,the relationship between governance mechanisms and corporate performance,and the evaluation of governance effectiveness.The ultimate purpose of the research on the governance of insurance companies is to hope that under a perfect governance mechanism,various agency costs caused by conflicts of interest can be effectively reduced,and the company's operating indicators can be improved,so that corporate governance is effective.In recent years,insurance companies have basically built a relatively complete internal governance mechanism through continuous construction,but a variety of governance issues in practice show that the completeness of the governance mechanism does not necessarily represent the effectiveness of governance.Therefore,this study is based on the basic theory of corporate governance and related models of production efficiency theory.It attempts to introduce the concept of efficiency in economics into the quantitative study of the effectiveness of corporate governance.Consider the governance process of insurance companies as a similar production process.Based on the efficiency perspective,define governance inputs and governance outputs,and analyze the governance efficiency of insurance companies.First of all,in the theoretical review section,this research takes corporate governance theory and production efficiency theory as the main basic theory of the research.We review and collate the domestic and foreign scholars' research on corporate governance and production efficiency through literature analysis.The concept of corporate governance efficiency is defined on the basis of the concept of governance mechanism and production efficiency.At the same time,we summarize the general empirical research on corporate governance mechanism and production efficiency and its specific application in the insurance field,and provide reference ideas and methods for the study of this paper.Secondly,in the analysis of the actual governance status of life insurance companies,considering the governance differences between property insurance companies and life insurance companies and the pertinence of the research,the life insurance company was selected as the specific research subject,and the external governance factors faced by different life insurance companies had similarity.In this study,54 sample life insurance companies were selected.Basic analysis was made on internal governance mechanisms including the equity structure of the internal governance mechanism of the sample companies,the size of the board of directors,the personal characteristics of board members,the diversity of the board of directors,the combination of the CEO and the chairman,the establishment of professional committees,the size of senior management,personal characteristics of senior management members,the size of the supervisory board,and the personal characteristics of members of the supervisory board.Finally,in the empirical part,based on the theory of corporate governance and production efficiency,we introduce the traditional models CCR-DEA,BCC-DEA model and Malmquist model used for production efficiency calculation,and introduce the model to measure the governance efficiency of life insurance companies,and make relevant analysis of the calculation results.We selected 54 life insurance companies as a sample,and based on the collected governance summary information and financial statement data disclosed by the sample companies from 2016 to 2018,we established input and output variables of corporate governance.From a static perspective,the traditional CCR-DEA model and BCC-DEA model are used to analyze the technical efficiency,pure technical efficiency and scale efficiency of life insurance company governance;From the perspective of dynamics over time,the Malmquist model is used to analyze the total factor productivity and its decomposition of corporate governance;In order to find out the reasons for the differences in the governance efficiency of different life insurance companies,a multiple linear regression model was used to study the internal governance mechanisms how to affect corporate governance efficiency.The study found that,under the condition of constant returns to scale,the technical efficiency of the governance of the sample life insurance company has maintained a high level,and the overall average of the technical efficiency of corporate governance has remained relatively stable during the three-year period.In the case of variable returns to corporate governance,the differences in the technical efficiency of corporate governance are mainly due to the scale efficiency of corporate governance,and the pure technical efficiency of most sample life insurance company governance is on the effective frontier.Under the intertemporal dynamic comparison of corporate governance efficiency,the growth of total factor productivity appears to rise,stabilize,and decline,butchanges in the relative technical efficiency of corporate governance are the main influencing factors for the declining of the Malmquist index of corporate governance.The regression results of the Malmquist index on corporate governance show that the size of senior management and senior management compensation have significant negative and positive effects,the setting of professional committees has a certain positive impact,the proportion of independent directors,the size of the board of directors,the proportion of female directors,the size of the board of supervisors all have not very significant effects.