Research On Chinese Insurance Company’s Ownership Structure And Governance Efficiency

Insurance company is "risk management" as the main function of the special enterprise,the level of the risk management ability and rationality, direct relationship between theinsurance company’s business performance. In addition, the insurance company or of thecapital market to participate in the main body, is the enterprise listing, financing andallocation of financial resources important intermediary agencies, and financial riskprevention and to alleviate the banking system crisis in the important platform. Throughoutthe development of China’s insurance industry, nearly20years of development, especially therapid development of the last two years, although has produced a batch of capital strength,distribution network perfect insurance company, but the insurance company governancestructure for the construction of the problem has not been effectively implemented, triggeringinsurance company appeared in the operation of many non-standard phenomena, such as theoperation mechanism is not perfect, the irregular internal management system is not sound,management, etc. Under the modern corporate governance, corporate governance structuredetermines the enterprise behavior, the appetite for risk and management efficiency ofenterprises, and ultimately reflected on the corporate performance indicators. Insurancecompany business objectives, product properties, capital structure and the particularity ofsupervision mechanism, determines the insurance company governance effects on enterpriseperformance has special function mechanism and the influence degree. For the problems ofthe insurance company, the domestic many experts and scholars have carried on the thoroughdiscussion and industry management. It is true that a lot of research on the positioning of theinsurance company governance, patterns, including structure research has a bold planning anddesign, and the industry in the corporate governance practices and made importantcontribution to the management regulation. A lot of research, however, does not take intoconsideration of the insurance industry, especially the particularity of insurance enterprise,but the general theory of corporate governance directly applied to the study of the insuranceindustry, fail to learn that in the performance of equity structure on the corporate governancein our country’s insurance companies have what kind of influence, and this kind of research isthe lack of data support.For this, this article will be on the basis of the previous scholars research, the analysis ofinsurance companies in China equity structure on the influence of insurance companygovernance mechanism. Through the comparative analysis of foreign insurance companyownership structure and governance patterns present situation, analyzed theoretically in the different ownership concentration and equity characteristics under the condition of theinfluence of ownership structure on corporate governance, for our country insurancecompany’s ownership structure and governance patterns provide reference to further enrichthe theoretical study and at the same time. In addition, this article also according to thecharacteristics of insurance company governance and the requirements of the stakeholdersco-governance, using the domestic insurance companies in China from2010to2013financialdata and corporate governance as the research sample, using stepwise regression method isused for empirical research, trying to further demonstrate the relationship between the two inthe insurance companies of China, so as to explore a suitable for China’s national conditionsof insurance company ownership structure model, in order to improve the efficiency ofinsurance company governance in our country, promote the healthy development of insurancecompanies in our country. Among them, the empirical results show that: the proportion ofstate-owned shares has significant positive impact on corporate governance performance,means that in the current situation, the development of the insurance industry also needs thegovernment in the aspects such as funds, policy support; But the excessive concentration ofequity caused significant negative impact on corporate governance performance; Foreigncapital on the performance of insurance company governance promote positive impact.Finally, in this paper, the inspection result has carried on the related theories, and putsforward policy Suggestions based on the empirical results.