Insurance Corporation Governance: Theories And Mode,Empirical Analysis And Chinese Practice

As one of the three financial instruments, insurance plays an important role in promoting the national economy and enhancing social welfare. Since insurance resumed business, China has achieved rapid development in insurance. Although insurance corporation governance has got improved and perfected constantly, there are still a lot of deficiencies because of the limit of various reasons. The deficiencies have become the main barriers that constrain the steady development of insurance and competitiveness of insurance companies.Since 1980s when corporate governance first came into being, its system has been more and more perfect In the middle of 1990s, corporate governance began to apply to financial institutions and finally led to the appearance of financial institution governance, which made the issues concerned become one of the important branches in the research field of corporate governance. All of these provided the foundation and possibility for the theoretical research of insurance corporation governance. Under this background, this paper tries to, from the perspective of theoretical analysis and empirical research, make analysis on issues about insurance corporation governance in the hope of make beneficial explorations for Chinese insurance corporation governance on the basis of the theoretical mode and empirical tests of insurance corporation governance.As for the content arrangement, the paper firstly reviews the literatures about corporate governance,bank governance and insurance corporation governance; On the basis of the specialty of insurance and its governance structure, the paper puts forward the theoretical mode of insurance corporation governance, compares and analyzes the typical insurance corporation governance structures within the world and summarizes the basic international experience of insurance corporation governance; Then the paper analyzes the development process of insurance corporation goverruuce,the characteristic and problems of Chinese insurance corporation governance. In the section of empirical analysis, the paper chooses 217 global listed insurance corporations from the OSIRIS as samples, using the method of statistic and econometric analysis, discusses the effect of corporate governance mechanisms, such as ownership structures,board size, on the performance of insurance companies; At last, this paper summarizes the significance of above case analysis and empirical analysis and puts forth some policy recommendations according to the state of Chinese insurance corporation governance.The innovations lie in the summarization of theoretical mode of insurance corporation governance on the basis of the characteristic of corporate governance and financial institution governance. Meanwhile, with the intemational samples, the paper tests the effect of a series of corporate governance on the performance of insurance companies, which compensates the absence of empirical analysis in this field in China. Due to the limit of the availability of the data, the paper only makes section analysis of the effect of ownership structure and board size on the performance of insurance corporation governance. This is the main deficiency of the paper, which means the result needs more tests with larger samples.