《保险研究》20190702-《保险公司股权结构对风险承担行为的影响研究》（毛颖、孙蓉、甄浩）

［摘   要］保险业异化产品设计、非理性举牌及万能险业务规模异常增长等风险事件,需要防范化解。以某保险集团为典型案例,分析其过度风险承担行为及导致经营风险和系统重要性增加的行为后果,解构保险公司股权结构对风险承担行为的影响机理：国有与非国有公司因多重委托代理链条和预算软约束导致的风险承担激励差异在保险业中并不明显,且国有保险公司存在的社会性政策负担,会抑制其风险承担行为激励；股东的控制权伴随着股权集中度而增长,增大了股东通过高风险活动谋取控制权私人收益的动机和能力；金字塔式持股结构导致了控制权与现金流权偏离,使最终控制人从事高风险项目的预期收益大于预期成本。研究表明,强化股权的穿透式监管、加强保险公司内部治理制衡机制、创建保险公司外部治理机制发挥作用的市场环境,是健全保险公司治理、化解经营风险的关键措施。

［关键词］公司治理；股权结构；风险承担行为；案例分析

［作者简介］毛颖,西南财经大学保险学院博士研究生，E-mail:446725691@qq.com；孙蓉,西南财经大学保险学院教授、博生生导师；甄浩,西南财经大学经济学院博士研究生。

The Impact of the Ownership Structure on Risk-taking Behaviour in the Insurance Industry:A Case Study of One Insurance Group

MAO Ying,SUN Rong,ZHEN Hao

Abstract：The risk events of insurance industry in recent years,such as distorted product design,irrational banner acquisition and abnormal growth of the universal insurance business,need to be prevented and resolved. Taking one insurance group as a typical case,we analyzed its series of excessive risk events and the corresponding consequences of increase in operational risks and its systemic importance,then deconstructed the impact mechanism of the ownership structure on risk-taking behaviour in the insurance industry: the difference in risk-taking incentives between state-owned and non-state-owned companies was not obvious in the insurance industry due to multiple principal-agent chains and soft budget constraints,and the social policy burden of state-owned insurance companies inhibited their risk-taking incentives; the control rights increased with the ownership concentration,thus strengthened the motivation and ability of shareholders to obtain private benefits of control through high risk-taking behaviours; the pyramid-type ownership structure led to the deviation of control rights and cash flow rights,which made the expected benefits of the ultimate controller greater than cost in taking high risk projects. The research shows that strengthening the look-through supervision of equity,enhancing the internal check and balance mechanism,and creating the market environment in which the external governance mechanism plays a role,are the key measures to improve the corporate governance of insurance companies and resolve their operational risks.

Key words：corporate governance; ownership structure; risk-taking behaviour; case study