中国寿险公司产权结构及其有效性研究
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摘要
伴随着中国保险业的高速增长,中国寿险公司的产权结构也经历着一系列的动态演变过程。国有独资寿险公司的股份制改造,中国人寿和中国平安的成功上市,众多寿险公司引入战略投资者,多家寿险公司股权结构的频繁变更以及银行相继参股中小寿险公司,中国寿险业正经历着由垄断性国有产权独家经营变迁为包括国有产权在内的公有产权和私有产权并存的竞争性行业的历程。中国寿险公司已从过去的单个国有保险公司一统天下发展至现在的几十家股份保险公司,不仅组织形式上从国有独资保险企业演变为内资股份制公司、外资股份制公司和合资公司,股权结构也发生了重大变革,其股份性质从单纯的国有股份向国有股份、外资股份和民营股份多元化的股权结构转变,股东数量也从国有独资一元结构向国有控股的多元结构转变。
中国寿险公司产权结构的多元化发展为改善公司的治理结构,提高其经营效率作出了很大贡献,但随之而来也为寿险公司的经营带来了新的问题。国有寿险公司的股份制改造出现的企业所有权和实际控制权的“两权分离”使寿险公司必须面对由于公司所有者与经营者拥有的信息不对称而带来的委托—代理问题；在引入战略投资者过程中,境外资本对中国寿险公司的渗透以及境外资本自身存在的问题或关联交易行为可能会影响其控股的国内寿险公司的偿付能力,从而侵害广大被保险人的利益；民营企业自身在资金实力和经营理念方面的不成熟以及对寿险业盈利周期的估计不足使得寿险公司出现股权变更的浪潮：银行入股寿险公司可能会引起银行和保险公司内部传递的金融风险以及关联交易行为的不规范,从而增加银行和保险公司整合的难度,导致寿险公司效率降低。因此,中国寿险公司产权制度的改革不能只注重产权结构形式上的多元化,更重要的是如何让这种多元化的产权结构为中国寿险公司带来更高的效率,也就是寿险公司产权结构的有效性问题,这是中国寿险公司目前面临的紧迫问题。
近年来,从定性的角度分析我国保险公司产权结构改革的必要性和产权结构改革的具体措施的研究比较多,特别是针对我国保险公司在国有控股的股权结构占主导的情况下存在的问题以及由此产生的保险公司的治理问题的相关研究较多。专门针对寿险公司产权结构有效性进行研究的文献非常少。因此有必要从定量的角度讨论寿险公司产权结构有效性,用实证方法分析和检验中国寿险公司产权结构变革带来的股权结构的多元化和经营者激励问题究竟为寿险公司的利润效率和成本效率带来什么影响以及影响有多大,从而为中国寿险公司在实践中采取各种提高经营效率的措施提供理论支持。本文以寿险公司的产权结构能否使在它支配下的公司主体产生将外部性较大地内在化的激励作为寿险公司产权结构有效性的衡量标准。以此为核心,本文一方面从寿险公司的资本名义产权和实际产权的“两权结构”出发,引出寿险公司外部性内在化的两层次的激励机制,即名义产权激励机制和实际产权激励机制,并通过分别分析股权结构和经理激励与寿险公司效率的关系,对寿险公司产权结构有效性进行系统地阐述,从而建立起寿险公司产权结构有效性理论的基本框架；另一方面在分析了中国寿险公司产权结构的发展状况之后,运用随机前沿分析法(stochastic frontier approach, SFA)构建中国寿险公司随机前沿利润效率和成本效率模型,通过研究股权结构和经理报酬对中国寿险公司利润效率和成本效率的影响,检验中国寿险公司产权结构的有效性,并最终提出提升中国寿险公司产权结构有效性的思路和策略。
本文主要由八个部分构成。第一部分是导论。这部分对论文研究背景、目的及意义,文献综述和研究现状,论文框架体系及研究方法,论文研究的创新和不足进行阐述。第二部分是寿险公司产权结构及其有效性的基础理论。这部分介绍和评述本研究所涉及到的相关概念和理论,如：产权的定义、交易费用、产权结构及其有效性的界定、效率、激励以及寿险公司产权结构有效性的界定等,为后续的研究奠定理论基础。第三部分是对寿险公司产权结构有效性理论进行一般分析。这部分一方面以本文对寿险公司产权结构有效性的界定为基础,通过分析寿险公司股权结构有效性和经理激励有效性来反映寿险公司名义和实际产权的两层次激励机制,从而构建了寿险公司产权结构有效性的分析框架；另一方面这部分界定了本文所研究的寿险公司效率的内涵,介绍了寿险公司效率的研究方法以及测度函数的选择,为本文后续的实证分析打好理论基础。第四部分是中国寿险公司产权结构状况分析。这部分不仅概括了中国寿险公司产权结构的历史演进过程,并以中国人寿为例分析了我国寿险公司产权结构改革,归纳出现阶段我国寿险公司股权结构的特点,而且也概述了中国寿险公司经理激励机制的发展历程,对比了中国人寿、中国平安和中国太平洋三家上市保险公司的经理报酬激励机制,分析了中国寿险公司经理激励机制存在的问题。第五部分是寿险公司产权结构的国际比较及其启示。这部分对美国、英国、日本和台湾寿险公司的产权结构的变迁过程进行了归纳和比较,并结合这些发达国家和地区具体寿险公司的股权结构数据,分别对美国、英国、日本和台湾地区寿险公司的股权结构和经理激励进行详细分析并总结它们共有的特点,最后探讨发达国家和地区产权结构对我国寿险公司产权结构改革的启示和借鉴意义。第六部分是中国寿险公司股权结构有效性分析。这部分采用超越对数成本函数,借鉴Battese&Coelli(1995)模型构建中国寿险公司的随机前沿利润(成本)效率模型,运用2006-2010年中国56家人寿保险公司共225组样本数据,在估计各家公司不同时期利润(成本)效率的基础上分析股权结构对中国寿险公司利润(成本)效率的影响。第七部分是中国寿险公司经理激励有效性分析。这部分以中国人寿、中国平安以及中国太保三家上市保险公司作为研究样本,采用Cobb-Douglas成本函数,借鉴随机前沿法的Battese&Coelli(1995)模型构建中国上市保险公司利润(成本)效率的实证模型,分析了经理报酬对中国上市保险公司利润(成本)效率的影响。第八部分是提升中国寿险公司产权结构有效性的思路及策略。这部分指出中国寿险公司应该分别提升其股权结构和经理激励的有效性,促使寿险公司名义产权和实际产权的两层次的激励达到最大,从而提高我国寿险公司的总体经营效率,并提出相应的具体措施。
本文可能的创新之处主要体现在以下几个方面：
第一,本文初步构建了寿险公司产权结构及其有效性的研究框架。国内外分别研究产权结构和寿险公司效率及其影响因素的相关文献不少,但是将二者结合起来,从产权结构的视角研究寿险公司经营效率的文献则可谓匮乏。
第二,本文以产权结构能否激励在它支配下的公司主体实现外部性较大地内在化作为寿险公司产权结构有效性的衡量标准,以寿险公司效率分别与股权结构和经理激励之间的关系作为寿险公司产权结构有效性理论的具体表现内容,从理论和实证两方面对寿险公司产权结构有效性理论进行了系统地论证。
第三,运用随机前沿法(SFA)尝试性地分别实证检验了股权结构和经理激励对我国寿险公司前沿效率(即利润效率和成本效率)的影响。本文分别构建了中国寿险公司随机前沿利润(成本)效率模型和中国上市保险公司随机前沿利润(成本)效率模型,并在研究中沿用了Battese&Coelli(1995)提出的改进方案,将上述模型中的寿险公司利润(成本)非效率项(Ui)直接设成寿险公司影响因素和随机误差的具体函数,以便更准确地分析股权结构和经理激励分别对我国不同寿险公司的利润(成本)效率的影响。上述两个实证模型分别运用了2006-2010年55家中国主要人寿保险公司共225组样本数据以及中国平安2004-2010年、中国人寿2006-2010年和中国太保2007-2010年三家上市保险公司的全部16组样本数据,最终得出若干有新意的结论：股权集中度对中国寿险公司的利润效率和成本效率均有影响,而股权性质仅对利润效率有显著影响而对成本效率没有显著影响;经理薪酬和经理持股对我国上市保险公司的利润效率分别有显著的负向和正向影响,但对成本效率则没有显著影响。
第四,总结发达国家和地区部分寿险公司最新产权结构状况的特点对我国寿险公司产权结构改革具有较强的实际借鉴意义。本文运用美国、英国、日本和台湾地区部分寿险公司2010年年报中股权结构和经理报酬激励方面的具体数据资料,归纳和总结了发达国家和地区寿险公司产权结构的最新发展特点和趋势。这种运用国外最新数据资料在寿险公司产权结构方面的研究在国内非常少见。
With the rapid growth of China's insurance industry, the structure of property rights of life insurance company in China is also experiencing a series of dynamic evolution process. Joint-stock reform of state-owned life insurance companies; China Life and Ping An of China's success Listing:the introduction of strategic investors in many life insurance companies; frequent change of the ownership structure of many life insurance companies and banks have shares of small and medium-sized life insurance companies, Chinese life insurance industry is undergoing a course of exclusive monopoly state-owned property changes as the coexistence of state-owned property including public property and private property rights. Life insurance company in China has already transformed from the past a single state-owned insurance companies dominate the world to the present dozens of stock insurance company. Not only organizational form evolved from the wholly state-owned insurance companies for the within-owned joint-stock companies and foreign joint-stock companies and joint ventures, equity structure has also undergone major changes, the nature of its shares changes from the state-owned shares to diversified ownership structure of the state-owned shares, foreign shares and private shares, the number of shareholders change from the state-owned structure to the pluralistic structure the state-owned holding.
The diversified development of the property rights structure of the Chinese life insurance companies has make great contribution to improve the company's governance structure and their operational efficiency, but the accompanying life insurance company operating a new problem."separation of two rights" of ownership and the actual control of the enterprise which happened in the joint-stock reform of state-owned life insurance company makes life insurance company must face the principal-agent problem produced by the information asymmetry between company owners and managers. In the process of introduction of strategic investors, the penetration of foreign capital on the Chinese life insurance companies and foreign capital itself the problems or acts of connected transactions may affect the holding of the domestic life insurance company's solvency, and thus against the interests of the majority of the insured person's. Private enterprises in their own immaturity in financial strength and business philosophy and underestimation of the life insurance industry profit cycle makes life insurance company frequently change the equity. Bank shares life insurance company maybe lead to the integration of corporate governance more difficult and affecting the life insurance company because of the increasing internal transmission of financial risk and non-standard behavior of connected transactions. Therefore, the property rights system reform of China's life insurance companies can not only focus on the diversification of the form of property rights structure, but more importantly, how to make this diversity of property rights structure for the Chinese life insurance companies to bring greater efficiency, which is the issue of the effectiveness of property rights structure of life insurance companies. This is the pressing issues facing the life insurance companies.
In recent years, analyzed the need for reform of property rights structure of insurance companies and the specific measures of property rights structural reform from the qualitative point of view more, in particular, more research on the problems of Chinese insurance companies in the state-controlled ownership structure dominated and the resulting governance problems. Specifically for the effectiveness of the property rights structure of the life insurance companies, the research literature is very small. Therefore it is necessary to discuss the effectiveness of the property rights structure of the life insurance companies from a quantitative point of view. It is also necessary to analyze and inspect with empirical method what the diversification of ownership structure and manager's incentive caused by the property structural reform of life insurance company in China impact on the life insurance company's profit efficiency and cost efficiency and the extent of impact, and provide theoretical support for the Chinese life insurance companies to take various measures to improve operating efficiency in practice. In this paper, whether the ownership structure of the life insurance companies for the main body of the company at its disposal to provide externalities more to internalize the incentive as a measure of the effectiveness of the property rights structure of life insurance companies. With this as the core, on the one hand, starting from the "two rights structure" of nominal property rights and real property rights of capital in life insurance company, the paper leads to the incentives of two levels of internalize externalities of life insurance companies, that is, nominal property right incentives and the actual property right incentives. Through the analysis of the relationship between ownership structure and the efficiency of life insurance companies and the relationship between manager incentives and the efficiency of life insurance companies, it systematically elaborated the efficiency of property rights structure of the life insurance companies in order to establish the framework of basic theory of the effectiveness of the property rights structure of life insurance companies. On the other hand, after analysis of the development of the property rights structure of Chinese life insurance companies, the paper uses stochastic frontier approach (SFA) to build stochastic frontier profit efficiency and cost efficiency model of Chinese life insurance companies, and studies on the impact of ownership structure and manager remuneration on Chinese life insurance companies profit efficiency and cost efficiency to test the effectiveness of the property rights structure of Chinese life insurance companies, and eventually proposes suggests and recommendations to improve the effectiveness of the property rights structure of Chinese life insurance company.
This dissertation is composed by eight parts. Chapter Ⅰ servers as an introduction which is concerned with such areas as the aim and significance of this dissertation, literature review, analytical framework, methodology, as well as contribution and deficiency. Chapter Ⅱ is the basic theory of the property rights structure and its effectiveness of life insurance companies. Reviewing the related concepts and theories of property rights, transaction costs, incentives and efficiency, this part gives attention to the definition of property rights structure and its effectiveness. Chapter Ⅲ is the general analysis of the effectiveness of property rights structure of life insurance companies. This part consists of its theoretical framework and core elements of property rights structure of life insurance companies. Chapter Ⅳ is the analysis of the history, status quo and the main features of the reform of Chinese life insurance company property rights structural and manager incentives, including the reform of property rights structure of China Life Insurance Co., Ltd and the comparation of managers remuneration incentives of China Life, Ping An and China Pacific as a case. Chapter Vis its international comparison. This part laterally compares the changes of the property rights structure of life insurance companies and analyzes the ownership structure and manager incentives of some life insurance companies in US, Japan, UK and Taiwan, and also summarizes its characteristics, in order to provide useful experience for us. Chapter Ⅵ is the analysis of the effectiveness of ownership structure of Chinese life insurance company. This part builds the empirical model of Chinese life insurance company profits and cost efficiency using the beyond logarithm cost function and combining with Battese&Coelli (1995) model, and estimates the profit and cost efficiency of companies in different period, and analyzes the influence of equity structure on China life insurance companies' profits and cost efficiency. Chapter W is the analysis of the effectiveness of manager incentives of Chinese life insurance company. This part builds the empirical model of China's listed insurance company profits efficiency and cost efficiency using the Cobb-Douglas cost function, and analyzes the influence of manager compensation on Chinese life insurance companies'profits and cost efficiency. Chapter Ⅷ is the proposals of improve the effectiveness of life insurance companies property rights structure in China. Based on these theoretical and empirical results, this part elaborated the specific measures to enhance the efficiency of ownership structure and managers incentives of life insurance company in China.
The contributions of this dissertation may include the following aspects:
Firstly, the dissertation initially builts the framework of the effectiveness of the structure of property rights of life insurance companies. The literature about life insurance companies operating efficiency from the perspective of the property rights structure can be described as scarce.
Secondly, this paper uses whether the ownership structure of the life insurance companies for the main body of the company at its disposal to provide externalities more to internalize the incentive as a measure of the effectiveness of life insurance companies property rights structure, and uses the relationship between the efficiency of life insurance companies and its ownership structure and manager incentives as specific performance, and systematically demonstrates the theory of effectiveness of life insurance companies property rights structure from both theoretical and empirical.
Thirdly, the dissertation uses Battese&Coelli (1995) model of the stochastic frontier efficiency analysis (SFA) build the stochastic frontier pro fit-efficiency and cost-efficiency model of Chinese life insurance company and the stochastic frontier profit-efficiency and cost-efficiency model of Chinese listed insurance companies. Based on the above two models, the paper analyzes the impact of the ownership structure on Chinese life insurance companies profit-efficiency and cost-efficient and the managerial compensation on Chinese listed insurance companies profit-efficiency and cost-efficient.
Finally, the dissertation summarizes the characteristics of the ownership structure and manager remuneration incentives in the2010Annual Report of some life insurance companies in developed countries and regions, and has a strong actual reference for the reform of property rights structure of life insurance companies in China.
中国寿险公司产权结构的多元化发展为改善公司的治理结构,提高其经营效率作出了很大贡献,但随之而来也为寿险公司的经营带来了新的问题。国有寿险公司的股份制改造出现的企业所有权和实际控制权的“两权分离”使寿险公司必须面对由于公司所有者与经营者拥有的信息不对称而带来的委托—代理问题；在引入战略投资者过程中,境外资本对中国寿险公司的渗透以及境外资本自身存在的问题或关联交易行为可能会影响其控股的国内寿险公司的偿付能力,从而侵害广大被保险人的利益；民营企业自身在资金实力和经营理念方面的不成熟以及对寿险业盈利周期的估计不足使得寿险公司出现股权变更的浪潮：银行入股寿险公司可能会引起银行和保险公司内部传递的金融风险以及关联交易行为的不规范,从而增加银行和保险公司整合的难度,导致寿险公司效率降低。因此,中国寿险公司产权制度的改革不能只注重产权结构形式上的多元化,更重要的是如何让这种多元化的产权结构为中国寿险公司带来更高的效率,也就是寿险公司产权结构的有效性问题,这是中国寿险公司目前面临的紧迫问题。
近年来,从定性的角度分析我国保险公司产权结构改革的必要性和产权结构改革的具体措施的研究比较多,特别是针对我国保险公司在国有控股的股权结构占主导的情况下存在的问题以及由此产生的保险公司的治理问题的相关研究较多。专门针对寿险公司产权结构有效性进行研究的文献非常少。因此有必要从定量的角度讨论寿险公司产权结构有效性,用实证方法分析和检验中国寿险公司产权结构变革带来的股权结构的多元化和经营者激励问题究竟为寿险公司的利润效率和成本效率带来什么影响以及影响有多大,从而为中国寿险公司在实践中采取各种提高经营效率的措施提供理论支持。本文以寿险公司的产权结构能否使在它支配下的公司主体产生将外部性较大地内在化的激励作为寿险公司产权结构有效性的衡量标准。以此为核心,本文一方面从寿险公司的资本名义产权和实际产权的“两权结构”出发,引出寿险公司外部性内在化的两层次的激励机制,即名义产权激励机制和实际产权激励机制,并通过分别分析股权结构和经理激励与寿险公司效率的关系,对寿险公司产权结构有效性进行系统地阐述,从而建立起寿险公司产权结构有效性理论的基本框架；另一方面在分析了中国寿险公司产权结构的发展状况之后,运用随机前沿分析法(stochastic frontier approach, SFA)构建中国寿险公司随机前沿利润效率和成本效率模型,通过研究股权结构和经理报酬对中国寿险公司利润效率和成本效率的影响,检验中国寿险公司产权结构的有效性,并最终提出提升中国寿险公司产权结构有效性的思路和策略。
本文主要由八个部分构成。第一部分是导论。这部分对论文研究背景、目的及意义,文献综述和研究现状,论文框架体系及研究方法,论文研究的创新和不足进行阐述。第二部分是寿险公司产权结构及其有效性的基础理论。这部分介绍和评述本研究所涉及到的相关概念和理论,如：产权的定义、交易费用、产权结构及其有效性的界定、效率、激励以及寿险公司产权结构有效性的界定等,为后续的研究奠定理论基础。第三部分是对寿险公司产权结构有效性理论进行一般分析。这部分一方面以本文对寿险公司产权结构有效性的界定为基础,通过分析寿险公司股权结构有效性和经理激励有效性来反映寿险公司名义和实际产权的两层次激励机制,从而构建了寿险公司产权结构有效性的分析框架；另一方面这部分界定了本文所研究的寿险公司效率的内涵,介绍了寿险公司效率的研究方法以及测度函数的选择,为本文后续的实证分析打好理论基础。第四部分是中国寿险公司产权结构状况分析。这部分不仅概括了中国寿险公司产权结构的历史演进过程,并以中国人寿为例分析了我国寿险公司产权结构改革,归纳出现阶段我国寿险公司股权结构的特点,而且也概述了中国寿险公司经理激励机制的发展历程,对比了中国人寿、中国平安和中国太平洋三家上市保险公司的经理报酬激励机制,分析了中国寿险公司经理激励机制存在的问题。第五部分是寿险公司产权结构的国际比较及其启示。这部分对美国、英国、日本和台湾寿险公司的产权结构的变迁过程进行了归纳和比较,并结合这些发达国家和地区具体寿险公司的股权结构数据,分别对美国、英国、日本和台湾地区寿险公司的股权结构和经理激励进行详细分析并总结它们共有的特点,最后探讨发达国家和地区产权结构对我国寿险公司产权结构改革的启示和借鉴意义。第六部分是中国寿险公司股权结构有效性分析。这部分采用超越对数成本函数,借鉴Battese&Coelli(1995)模型构建中国寿险公司的随机前沿利润(成本)效率模型,运用2006-2010年中国56家人寿保险公司共225组样本数据,在估计各家公司不同时期利润(成本)效率的基础上分析股权结构对中国寿险公司利润(成本)效率的影响。第七部分是中国寿险公司经理激励有效性分析。这部分以中国人寿、中国平安以及中国太保三家上市保险公司作为研究样本,采用Cobb-Douglas成本函数,借鉴随机前沿法的Battese&Coelli(1995)模型构建中国上市保险公司利润(成本)效率的实证模型,分析了经理报酬对中国上市保险公司利润(成本)效率的影响。第八部分是提升中国寿险公司产权结构有效性的思路及策略。这部分指出中国寿险公司应该分别提升其股权结构和经理激励的有效性,促使寿险公司名义产权和实际产权的两层次的激励达到最大,从而提高我国寿险公司的总体经营效率,并提出相应的具体措施。
本文可能的创新之处主要体现在以下几个方面：
第一,本文初步构建了寿险公司产权结构及其有效性的研究框架。国内外分别研究产权结构和寿险公司效率及其影响因素的相关文献不少,但是将二者结合起来,从产权结构的视角研究寿险公司经营效率的文献则可谓匮乏。
第二,本文以产权结构能否激励在它支配下的公司主体实现外部性较大地内在化作为寿险公司产权结构有效性的衡量标准,以寿险公司效率分别与股权结构和经理激励之间的关系作为寿险公司产权结构有效性理论的具体表现内容,从理论和实证两方面对寿险公司产权结构有效性理论进行了系统地论证。
第三,运用随机前沿法(SFA)尝试性地分别实证检验了股权结构和经理激励对我国寿险公司前沿效率(即利润效率和成本效率)的影响。本文分别构建了中国寿险公司随机前沿利润(成本)效率模型和中国上市保险公司随机前沿利润(成本)效率模型,并在研究中沿用了Battese&Coelli(1995)提出的改进方案,将上述模型中的寿险公司利润(成本)非效率项(Ui)直接设成寿险公司影响因素和随机误差的具体函数,以便更准确地分析股权结构和经理激励分别对我国不同寿险公司的利润(成本)效率的影响。上述两个实证模型分别运用了2006-2010年55家中国主要人寿保险公司共225组样本数据以及中国平安2004-2010年、中国人寿2006-2010年和中国太保2007-2010年三家上市保险公司的全部16组样本数据,最终得出若干有新意的结论：股权集中度对中国寿险公司的利润效率和成本效率均有影响,而股权性质仅对利润效率有显著影响而对成本效率没有显著影响;经理薪酬和经理持股对我国上市保险公司的利润效率分别有显著的负向和正向影响,但对成本效率则没有显著影响。
第四,总结发达国家和地区部分寿险公司最新产权结构状况的特点对我国寿险公司产权结构改革具有较强的实际借鉴意义。本文运用美国、英国、日本和台湾地区部分寿险公司2010年年报中股权结构和经理报酬激励方面的具体数据资料,归纳和总结了发达国家和地区寿险公司产权结构的最新发展特点和趋势。这种运用国外最新数据资料在寿险公司产权结构方面的研究在国内非常少见。
With the rapid growth of China's insurance industry, the structure of property rights of life insurance company in China is also experiencing a series of dynamic evolution process. Joint-stock reform of state-owned life insurance companies; China Life and Ping An of China's success Listing:the introduction of strategic investors in many life insurance companies; frequent change of the ownership structure of many life insurance companies and banks have shares of small and medium-sized life insurance companies, Chinese life insurance industry is undergoing a course of exclusive monopoly state-owned property changes as the coexistence of state-owned property including public property and private property rights. Life insurance company in China has already transformed from the past a single state-owned insurance companies dominate the world to the present dozens of stock insurance company. Not only organizational form evolved from the wholly state-owned insurance companies for the within-owned joint-stock companies and foreign joint-stock companies and joint ventures, equity structure has also undergone major changes, the nature of its shares changes from the state-owned shares to diversified ownership structure of the state-owned shares, foreign shares and private shares, the number of shareholders change from the state-owned structure to the pluralistic structure the state-owned holding.
The diversified development of the property rights structure of the Chinese life insurance companies has make great contribution to improve the company's governance structure and their operational efficiency, but the accompanying life insurance company operating a new problem."separation of two rights" of ownership and the actual control of the enterprise which happened in the joint-stock reform of state-owned life insurance company makes life insurance company must face the principal-agent problem produced by the information asymmetry between company owners and managers. In the process of introduction of strategic investors, the penetration of foreign capital on the Chinese life insurance companies and foreign capital itself the problems or acts of connected transactions may affect the holding of the domestic life insurance company's solvency, and thus against the interests of the majority of the insured person's. Private enterprises in their own immaturity in financial strength and business philosophy and underestimation of the life insurance industry profit cycle makes life insurance company frequently change the equity. Bank shares life insurance company maybe lead to the integration of corporate governance more difficult and affecting the life insurance company because of the increasing internal transmission of financial risk and non-standard behavior of connected transactions. Therefore, the property rights system reform of China's life insurance companies can not only focus on the diversification of the form of property rights structure, but more importantly, how to make this diversity of property rights structure for the Chinese life insurance companies to bring greater efficiency, which is the issue of the effectiveness of property rights structure of life insurance companies. This is the pressing issues facing the life insurance companies.
In recent years, analyzed the need for reform of property rights structure of insurance companies and the specific measures of property rights structural reform from the qualitative point of view more, in particular, more research on the problems of Chinese insurance companies in the state-controlled ownership structure dominated and the resulting governance problems. Specifically for the effectiveness of the property rights structure of the life insurance companies, the research literature is very small. Therefore it is necessary to discuss the effectiveness of the property rights structure of the life insurance companies from a quantitative point of view. It is also necessary to analyze and inspect with empirical method what the diversification of ownership structure and manager's incentive caused by the property structural reform of life insurance company in China impact on the life insurance company's profit efficiency and cost efficiency and the extent of impact, and provide theoretical support for the Chinese life insurance companies to take various measures to improve operating efficiency in practice. In this paper, whether the ownership structure of the life insurance companies for the main body of the company at its disposal to provide externalities more to internalize the incentive as a measure of the effectiveness of the property rights structure of life insurance companies. With this as the core, on the one hand, starting from the "two rights structure" of nominal property rights and real property rights of capital in life insurance company, the paper leads to the incentives of two levels of internalize externalities of life insurance companies, that is, nominal property right incentives and the actual property right incentives. Through the analysis of the relationship between ownership structure and the efficiency of life insurance companies and the relationship between manager incentives and the efficiency of life insurance companies, it systematically elaborated the efficiency of property rights structure of the life insurance companies in order to establish the framework of basic theory of the effectiveness of the property rights structure of life insurance companies. On the other hand, after analysis of the development of the property rights structure of Chinese life insurance companies, the paper uses stochastic frontier approach (SFA) to build stochastic frontier profit efficiency and cost efficiency model of Chinese life insurance companies, and studies on the impact of ownership structure and manager remuneration on Chinese life insurance companies profit efficiency and cost efficiency to test the effectiveness of the property rights structure of Chinese life insurance companies, and eventually proposes suggests and recommendations to improve the effectiveness of the property rights structure of Chinese life insurance company.
This dissertation is composed by eight parts. Chapter Ⅰ servers as an introduction which is concerned with such areas as the aim and significance of this dissertation, literature review, analytical framework, methodology, as well as contribution and deficiency. Chapter Ⅱ is the basic theory of the property rights structure and its effectiveness of life insurance companies. Reviewing the related concepts and theories of property rights, transaction costs, incentives and efficiency, this part gives attention to the definition of property rights structure and its effectiveness. Chapter Ⅲ is the general analysis of the effectiveness of property rights structure of life insurance companies. This part consists of its theoretical framework and core elements of property rights structure of life insurance companies. Chapter Ⅳ is the analysis of the history, status quo and the main features of the reform of Chinese life insurance company property rights structural and manager incentives, including the reform of property rights structure of China Life Insurance Co., Ltd and the comparation of managers remuneration incentives of China Life, Ping An and China Pacific as a case. Chapter Vis its international comparison. This part laterally compares the changes of the property rights structure of life insurance companies and analyzes the ownership structure and manager incentives of some life insurance companies in US, Japan, UK and Taiwan, and also summarizes its characteristics, in order to provide useful experience for us. Chapter Ⅵ is the analysis of the effectiveness of ownership structure of Chinese life insurance company. This part builds the empirical model of Chinese life insurance company profits and cost efficiency using the beyond logarithm cost function and combining with Battese&Coelli (1995) model, and estimates the profit and cost efficiency of companies in different period, and analyzes the influence of equity structure on China life insurance companies' profits and cost efficiency. Chapter W is the analysis of the effectiveness of manager incentives of Chinese life insurance company. This part builds the empirical model of China's listed insurance company profits efficiency and cost efficiency using the Cobb-Douglas cost function, and analyzes the influence of manager compensation on Chinese life insurance companies'profits and cost efficiency. Chapter Ⅷ is the proposals of improve the effectiveness of life insurance companies property rights structure in China. Based on these theoretical and empirical results, this part elaborated the specific measures to enhance the efficiency of ownership structure and managers incentives of life insurance company in China.
The contributions of this dissertation may include the following aspects:
Firstly, the dissertation initially builts the framework of the effectiveness of the structure of property rights of life insurance companies. The literature about life insurance companies operating efficiency from the perspective of the property rights structure can be described as scarce.
Secondly, this paper uses whether the ownership structure of the life insurance companies for the main body of the company at its disposal to provide externalities more to internalize the incentive as a measure of the effectiveness of life insurance companies property rights structure, and uses the relationship between the efficiency of life insurance companies and its ownership structure and manager incentives as specific performance, and systematically demonstrates the theory of effectiveness of life insurance companies property rights structure from both theoretical and empirical.
Thirdly, the dissertation uses Battese&Coelli (1995) model of the stochastic frontier efficiency analysis (SFA) build the stochastic frontier pro fit-efficiency and cost-efficiency model of Chinese life insurance company and the stochastic frontier profit-efficiency and cost-efficiency model of Chinese listed insurance companies. Based on the above two models, the paper analyzes the impact of the ownership structure on Chinese life insurance companies profit-efficiency and cost-efficient and the managerial compensation on Chinese listed insurance companies profit-efficiency and cost-efficient.
Finally, the dissertation summarizes the characteristics of the ownership structure and manager remuneration incentives in the2010Annual Report of some life insurance companies in developed countries and regions, and has a strong actual reference for the reform of property rights structure of life insurance companies in China.
引文
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1注：为了书写的简便,本文后续内容中提到的寿险公司利润效率均指寿险公司标准利润效率。
1 David B. Houston and Richard M. Simon,1970. "Economies of Scale in Financial Institutions:A Study in Life Insurance", Econometrica, Vol.38, No.6 (Nov.,1970), pp.856-864.
2 Randall Geehan,1977, "Returns to Scale in the Life Insurance Industry", The Bell Journal of Economics Vol. 8, No.2 (Autumn,1977), pp.497-514.
3 Praetz, P.,1980. "Returns to scale in the US life insurance industry", Journal of Risk and insurance 47, 525-533.
4 Yuengert, A. M.,1993, "The measurement of efficiency in life insurance:Estimates of a mixed normal-gamma error model", Journal of Banking & Finance,17,483-496.
5 Rai, A.,1996, "Cost efficiency of international insurance firms", Journal of Financial Services Research 10, 213-233.
6 Hardwick, P.,1997, "Measuring cost inefficiency in the UK life insurance industry", Review of Economics and Statistics 49,211-219.
7 Gardner, L. A. and M. F. Grace,1993. "X-Efficiency in the US life insurance industry", Journal of Banking & Finance 17,497-510.
8 Fecher F.;Perelman S. and Pestieau P.,1993, "Scale economies and performance in the French insurance industry". Insurance:Mathematics and Economics, Vol.12, NO.1:87-88.
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10 Cummins J.D.;Tennyson S.;Weiss M.A.,1999, "Consolidation and efficiency in the US life insurance industry", Journal of Banking and Finance, Vol.23,No.2:325-357.
11 Cummins J.D and H. Zi,1998, "Comparison of Frontier Efficiency Methods:An Application to the US Life Insurance Industry", Journal of Productivity Analysis 10,131-152.
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1中国人寿公司介绍[EB/OL].中国人寿保险股份有限公司官方网站,http://www.e-chinalife.com/about-us/introduce.html.
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1 New York State Consolidated Laws. Section 216.
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1英勇：《胡桃壳里的保险帝国》[M],北京：北京大学出版社2003年版,第132页。
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4 Prudential 2002 Annual Report, p.8.
1 Wellpoint Inc, Unum Group Inc, UnitedHealth Group Inc and Prudential Financial Inc No. of recorded shareholders[EB/OL]. ISIS全球保险公司财务分析库,https:/www.isis.bvdep.com/ip.
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1 WELLPOINT, INC.CORPORATE GOVERNANCE GUIDELINES, As Amended February 3,2011, p3.
2 WELLPOINT, INC.CORPORATE GOVERNANCE GUIDELINES, As Amended February 3,2011, p6-7.
1 Prudential Financial Inc Annual Report 2011, p209-211
2 United Health UNH-2011-Form 10-K,p79.
1 United Health UNH-2011-Form 10-K,p81.
2王友：《世界保险市场概况》[M],北京：中国文史出版社1994年版,第216页。
3(英)H.A.L科克雷尔(H.A.L.Cockerell),(英)埃德温·格林(Edwin Green)著,邵秋芬,颜鹏飞译：《英国保险史1547-1970》[M],武汉：武汉大学出版社1988年版,第70页。
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1 United Kingdom Insurance Report 2010. P29.
2 United Kingdom Insurance Report 2010. P28.
1英杰华集团简介[EB/OL]. http://baike.baidu.com/view/1068858.htm
1 AVIVA Plc Company History[EB/OL].ISIS全球保险公司财务分析库https://www.isis.bvdep.com/ip
2 Prudential plc Company History[EB/OL].ISIS全球保险公司财务分析库https://www.isis. bvdep.com/ip
3 Old Mutual Plc Company History[EB/OL].ISIS全球保险公司财务分析库https://www.isis.bvdep.com/ip
4 Friends Provident Life Office Company History[EB/OL].ISIS全球保险公司财务分析库,https://www.isis.bvdep.com/ip
1 Standard Life plc Annual Report and Accounts 2010, p72.
1王友：《世界保险市场概况》[M],北京：中国文史出版社1994年版,第19页。
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1沙银华.日本大和生命是如何倒闭的?[EB/OL].中保网·中国保险报,2008年10月16日,http://www.sinoins.com/news/101422/30373.html.
2沙银华.相互保险根基动摇日本寿险转向股份制增多[N].中国保险报,2009年6月9日第7版。
1沙银华.相互保险根基动摇日本寿险转向股份制增多[N].中国保险报,2009年6月9日第7版。
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1李克穆主编《中国保险年鉴2011》.中国保险年鉴编辑部,2011年9月,第959-963页。
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3贾林青：《保险法》[M].北京：中国人民大学出版社2006年版,第61页。
1中国保险监督管理委员会赴台湾地区考察组.考察台湾地区保险市场的若干思考[J].保险研究,2011年第3期,第122-127页。
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1关于富邦金控：大事记[EB/OL].富邦金融控股股份有限公司网页,http://www.fubon.com/financial/financial_about/000financial_about_12.htm
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1 Hardy, Daniel and Bonaccorsi di Patti, Emilia,2001, "Bank Reform and Bank Efficiency in Pakistan" (September 2001). IMF Working Paper, Vol., pp.1-35.
1 J. David Cummins, Giuseppe Turchetti.1996, "Productivity and Technical Efficiency in the Italian Insurance Industry", Center for Financial Institutions Working Papers, Mar 1996, p.p.10-96.
2 Rai. A.,1996, "Cost efficiency of international insurance firms". Journal of Financial Services Research 10. 213-233.
3 Cummins J.D and H. Zi,1998, "Comparison of Frontier Efficiency Methods:An Application to the US Life Insurance Industry", Journal of Productivity Analysis 10,131-152.
4 J.David Cumminsa,Sharon Tennysonl,Mary A. Weiss.1999, "Consolidation and efficiency in the US life insurance industry", Journal of Banking & Finance, Volume 23, Issues 2-4, February 1999, Pages 325-357.
5 Allen N. Berger, David B. Humphreyc, Lawrence B. Pulley.1996, "Do consumers pay for one-stop banking? Evidence from an alternative revenue function", Journal of Banking & Finance,Volume 20, Issue 9, November 1996, Pages 1601-1621.
6 Gardner, L. A. and M. F. Grace,1993, "X-Efficiency in the US life insurance industry", Journal of Banking & Finance 17,497-510.
1 Fields, J. A. and N. B. Murphy,1989, "An analysis of efficiency in the delivery of financial services:The case of life insurance agencies'", Journal of Financial Services Research 2,343-356.
2 Cummins J.D and H. Zi,1998, "Comparison of Frontier Efficiency Methods:An Application to the US Life Insurance Industry", Journal of Productivity Analysis 10,131-152.
3 Hardwick, P.,1997, "Measuring cost inefficiency in the UK life insurance industry", Review of Economics and Statistics 49,211-219.
4 Rai, A.,1996, "Cost efficiency of international insurance firms", Journal of Financial Services Research 10, 213-233.
52011年上半年保险中介市场报告.2011年8月19日.中国保险监督管理委员会[EB/OL]http://www.circ.gov.cn/web/site0/tab65/i175445.htm
6这里“佣金”的具体数值在各年的《中国保险年鉴》中以“手续费和佣金”项列出。实际上,“佣金”和“手续费”在我国保险实务中一直存在混用的情况。通常情况下,二者具有一定的相关性,但内涵和外延又不完全相同。在保险领域,2009年2月修订的新《保险法》明确规定,“佣金”和“手续费”成为两个含义完全不同的词语。新《保险法》在第117条和第118条将保险经纪人和代理人的中介业务报酬统称为“佣金”,第54条将“手续费”规定为保险责任开始前,投保人要求解除合同时应当按照约定向保险人支付的费用。依据新《保险法》的精神,本文将保险公司为获得保费收入而支出的劳务报酬统一用“佣金”来表示。
1 David B. Houston and Richard M. Simon.1970, "Economies of Scale in Financial Institutions:A Study in Life Insurance", Econometrica, Vol.38, No.6 (Nov.,1970). pp.856-864.
2 Mary A. Weiss.1986, "Analysis of Productivity at the Firm Level:An Application to Life Insurers", The Journal of Risk and Insurance, Vol.53, No.1 (Mar.,1986), pp.49-84.
3 Praetz, P.,1980, "Returns to scale in the US life insurance industry". Journal of Risk and insurance 47, 525-533.
4 Neil A. Doherty.1981, "The Measurement of Output and Economies of Scale in Property-Liability Insurance", The Journal of Risk and Insurance. Vol.48, No.3 (Sep.,1981), pp.390-402.
5 Yuengert, A. M.,1993, "The measurement of efficiency in life insurance:Estimates of a mixed normal-gamma error model", Journal of Banking & Finance,17,483-496.
6 Cummins J.D and H. Zi,1998, "Comparison of Frontier Efficiency Methods:An Application to the US Life Insurance Industry", Journal of Productivity Analysis 10,131-152.
1 Allen N. Berger, David B. Humphreyc, Lawrence B. Pulley.1996, "Do consumers pay for one-stop banking? Evidence from an alternative revenue function", Journal of Banking & Finance,Volume 20. Issue 9, November 1996. Pages 1601-1621.
2 Cummins J.D., M. A. Weiss and H. Zi,1997, "Organizational form and efficiency:An Application to the US Life Insurance Industry", Journal of Productivity Analysis,10,131-152.
3为了控制规模偏差对公司经营效率的影响,本文代入实证模型中进行计算的产出变量的数值都经过将相应的产出变量除以总资产得到。这里的总资产用平均总资产来表示,即年初总资产与年末总资产之和除以2获得。
4结合我国实际情况,本文中把我国寿险公司的股权性质分为国有、民营和合资三种类型。文中的国有寿险公司主要指以国有独资公司作为其最大的控股股东的寿险公司；民营寿险公司主要指非国有控股民营寿险公司；合资寿险公司指在寿险公司的注册资本中,外国合营者的投资比例不低于25%的寿险公司。
1 David A. Kodde and Franz C. Palm,"Wald Criteria for Jointly Testing Equality and Inequality Restrictions", Econometrica Vol.54, No.5 (Sep.,1986),pp.1243-1248.
1 David A. Kodde and Franz C. Palm,"Wald Criteria for Jointly Testing Equality and Inequality Restrictions". Econometrica Vol.54, No.5 (Sep.,1986),pp.1243-1248.
1 Hardy, Daniel and Bonaccorsi di Patti, Emilia,2001, "Bank Reform and Bank Efficiency in Pakistan" (September 2001). IMF Working Paper, Vol., pp.1-35.
2这里的“总资产”用平均总资产来表示,即年初总资产与年末总资产之和除以2获得。
1 David A. Kodde and Franz C. Palm,"Wald Criteria for Jointly Testing Equality and Inequality Restrictions", Econometrica Vol.54, No.5 (Sep.,1986),pp.1243-1248.
1 David A. Kodde and Franz C. Palm,"Wald Criteria for Jointly Testing Equality and Inequality Restrictions", Econometrica Vol.54, No.5 (Sep.,1986),pp.1243-1248.
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1注：为了书写的简便,本文后续内容中提到的寿险公司利润效率均指寿险公司标准利润效率。
1 David B. Houston and Richard M. Simon,1970. "Economies of Scale in Financial Institutions:A Study in Life Insurance", Econometrica, Vol.38, No.6 (Nov.,1970), pp.856-864.
2 Randall Geehan,1977, "Returns to Scale in the Life Insurance Industry", The Bell Journal of Economics Vol. 8, No.2 (Autumn,1977), pp.497-514.
3 Praetz, P.,1980. "Returns to scale in the US life insurance industry", Journal of Risk and insurance 47, 525-533.
4 Yuengert, A. M.,1993, "The measurement of efficiency in life insurance:Estimates of a mixed normal-gamma error model", Journal of Banking & Finance,17,483-496.
5 Rai, A.,1996, "Cost efficiency of international insurance firms", Journal of Financial Services Research 10, 213-233.
6 Hardwick, P.,1997, "Measuring cost inefficiency in the UK life insurance industry", Review of Economics and Statistics 49,211-219.
7 Gardner, L. A. and M. F. Grace,1993. "X-Efficiency in the US life insurance industry", Journal of Banking & Finance 17,497-510.
8 Fecher F.;Perelman S. and Pestieau P.,1993, "Scale economies and performance in the French insurance industry". Insurance:Mathematics and Economics, Vol.12, NO.1:87-88.
9 Fukuyama, H.,1997, "Investigating productive efficiency and productivity changes of Japanese life insurance companies", Pacific-Basin Finance Journal 5:481-509.
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1 New York State Consolidated Laws. Section 216.
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1 United Kingdom Insurance Report 2010. P29.
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1 Standard Life plc Annual Report and Accounts 2010, p72.
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1 Hardy, Daniel and Bonaccorsi di Patti, Emilia,2001, "Bank Reform and Bank Efficiency in Pakistan" (September 2001). IMF Working Paper, Vol., pp.1-35.
1 J. David Cummins, Giuseppe Turchetti.1996, "Productivity and Technical Efficiency in the Italian Insurance Industry", Center for Financial Institutions Working Papers, Mar 1996, p.p.10-96.
2 Rai. A.,1996, "Cost efficiency of international insurance firms". Journal of Financial Services Research 10. 213-233.
3 Cummins J.D and H. Zi,1998, "Comparison of Frontier Efficiency Methods:An Application to the US Life Insurance Industry", Journal of Productivity Analysis 10,131-152.
4 J.David Cumminsa,Sharon Tennysonl,Mary A. Weiss.1999, "Consolidation and efficiency in the US life insurance industry", Journal of Banking & Finance, Volume 23, Issues 2-4, February 1999, Pages 325-357.
5 Allen N. Berger, David B. Humphreyc, Lawrence B. Pulley.1996, "Do consumers pay for one-stop banking? Evidence from an alternative revenue function", Journal of Banking & Finance,Volume 20, Issue 9, November 1996, Pages 1601-1621.
6 Gardner, L. A. and M. F. Grace,1993, "X-Efficiency in the US life insurance industry", Journal of Banking & Finance 17,497-510.
1 Fields, J. A. and N. B. Murphy,1989, "An analysis of efficiency in the delivery of financial services:The case of life insurance agencies'", Journal of Financial Services Research 2,343-356.
2 Cummins J.D and H. Zi,1998, "Comparison of Frontier Efficiency Methods:An Application to the US Life Insurance Industry", Journal of Productivity Analysis 10,131-152.
3 Hardwick, P.,1997, "Measuring cost inefficiency in the UK life insurance industry", Review of Economics and Statistics 49,211-219.
4 Rai, A.,1996, "Cost efficiency of international insurance firms", Journal of Financial Services Research 10, 213-233.
52011年上半年保险中介市场报告.2011年8月19日.中国保险监督管理委员会[EB/OL]http://www.circ.gov.cn/web/site0/tab65/i175445.htm
6这里“佣金”的具体数值在各年的《中国保险年鉴》中以“手续费和佣金”项列出。实际上,“佣金”和“手续费”在我国保险实务中一直存在混用的情况。通常情况下,二者具有一定的相关性,但内涵和外延又不完全相同。在保险领域,2009年2月修订的新《保险法》明确规定,“佣金”和“手续费”成为两个含义完全不同的词语。新《保险法》在第117条和第118条将保险经纪人和代理人的中介业务报酬统称为“佣金”,第54条将“手续费”规定为保险责任开始前,投保人要求解除合同时应当按照约定向保险人支付的费用。依据新《保险法》的精神,本文将保险公司为获得保费收入而支出的劳务报酬统一用“佣金”来表示。
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1 Allen N. Berger, David B. Humphreyc, Lawrence B. Pulley.1996, "Do consumers pay for one-stop banking? Evidence from an alternative revenue function", Journal of Banking & Finance,Volume 20. Issue 9, November 1996. Pages 1601-1621.
2 Cummins J.D., M. A. Weiss and H. Zi,1997, "Organizational form and efficiency:An Application to the US Life Insurance Industry", Journal of Productivity Analysis,10,131-152.
3为了控制规模偏差对公司经营效率的影响,本文代入实证模型中进行计算的产出变量的数值都经过将相应的产出变量除以总资产得到。这里的总资产用平均总资产来表示,即年初总资产与年末总资产之和除以2获得。
4结合我国实际情况,本文中把我国寿险公司的股权性质分为国有、民营和合资三种类型。文中的国有寿险公司主要指以国有独资公司作为其最大的控股股东的寿险公司；民营寿险公司主要指非国有控股民营寿险公司；合资寿险公司指在寿险公司的注册资本中,外国合营者的投资比例不低于25%的寿险公司。
1 David A. Kodde and Franz C. Palm,"Wald Criteria for Jointly Testing Equality and Inequality Restrictions", Econometrica Vol.54, No.5 (Sep.,1986),pp.1243-1248.
1 David A. Kodde and Franz C. Palm,"Wald Criteria for Jointly Testing Equality and Inequality Restrictions". Econometrica Vol.54, No.5 (Sep.,1986),pp.1243-1248.
1 Hardy, Daniel and Bonaccorsi di Patti, Emilia,2001, "Bank Reform and Bank Efficiency in Pakistan" (September 2001). IMF Working Paper, Vol., pp.1-35.
2这里的“总资产”用平均总资产来表示,即年初总资产与年末总资产之和除以2获得。
1 David A. Kodde and Franz C. Palm,"Wald Criteria for Jointly Testing Equality and Inequality Restrictions", Econometrica Vol.54, No.5 (Sep.,1986),pp.1243-1248.
1 David A. Kodde and Franz C. Palm,"Wald Criteria for Jointly Testing Equality and Inequality Restrictions", Econometrica Vol.54, No.5 (Sep.,1986),pp.1243-1248.
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