Research On The Impact Of Listed Insurance Company Governance On Risk-taking

With the rapid development of financial globalization,the risks in the insurance indus try are increasing and becoming more complex.Good corporate governance is conducive t o the improvement of risk control and management level of insurance companies,so as to promote the stable operation of the entire industry and even the national economy.It has an important position in the social and economic system.As one of the three pillars of insu rance company governance supervision,it is of great significance to study the influence of corporate governance on insurance company risk taking.Based on the literature research of domestic and foreign scholars,as an emerging mar ket country,few of my country's listed insurance companies are included in the research alone.few of my country's listed insurance companies are included in the research alone.From this new perspective,this paper takes China's a-share listed insurance compan ies as the research object.Corporate governance usually involves ownership structure,boar d governance,executive compensation,etc.Therefore,shareholding concentration,board size and independent directors ratio,and the sum of the top three executive compensation are selected as the substitution variables of these three dimensions.In order to eliminate the influence of capital structure and enterprise scale,the asset-liability ratio and the total asse ts of enterprises are selected as control variables.Because insurance companies are mainly faced with underwriting risks and investment risks in the operation process,and underwrit ing risks are the risks peculiar to insurance companies,so in the aspect of dependent varia bles,they choose the risks peculiar to the business operations of insurance companies,that is,underwriting risks;In economics,risk refers to uncertainty,with "good" and "bad" risks,and "good" risks as enterprise benefits.Therefore,in order to investigate the influence of enterprise operating performance,the return on total assets of the company was includedin the research.Data of relevant variables from 2008 to 2017 were collected as samples for regression study through WIND database,EPS database,insurance yearbook over the years and the official website of the circ.The study found that: because the individual deci sion is prone to risk preference,the more concentrated the equity of the insurance compan y,the greater the risk they take;There is a negative correlation between the size of the boa rd of directors and the risk taking of an insurance company.Because of the possibility of e ndogenicity,the influence of executive compensation on the efficiency and risk of insuran ce companies is not clear.There is an obvious negative correlation between the asset-liabili ty ratio of an insurance company and its income level and risk bearing level.The size of aninsurance company has a positive impact on operating efficiency,but not on risk.Accordin g to the above conclusions,some Suggestions are put forward to improve the governance of insurance companies,so as to promote the steady development of China's insurance ind ustry.