《保险研究》20231004-《公司治理视角下我国保险集团内部资本市场效率研究》（王艳、陈天任）

［摘   要］随着我国保险业全面实施对资本监管要求更为严格的“偿二代”二期规则，保险集团内部资本市场的效率问题变得比以往任何时候都更加突出。本文运用我国9家保险集团及集团下相关的30家保险子公司2015~2021年间数据，通过调整的利润敏感系数模型(Adjusted Profit-Sensitivity，APS)测度保险集团内部资本市场效率，进一步分析了以股权集中度和股权制衡度等度量的公司治理水平对我国保险集团内部资本市场效率的影响。实证分析结果显示，我国保险集团内部资本市场整体有效，但样本保险集团内部资本市场的无效配置行为依然不同程度地存在；随着保险集团母公司对内部子公司控制权的增强，内部资本市场效率下降；随着中小股东对保险集团内子公司持股比例的提高，内部资本市场效率相应得到提高。

［关键词］保险集团；内部资本市场效率；公司治理；股权结构

［基金项目］本文是教育部人文社科青年基金项目(18YJC790228)和对外经济贸易大学中央高校基本科研业务费专项资金项目(19YB09)的阶段性研究成果。

［作者简介］王艳，对外经济贸易大学保险学院副教授，研究方向：保险财务与会计、偿付能力管理；陈天任，对外经济贸易大学保险学院硕士研究生。

A Research on the Efficiency of China′s Insurance Group′s Internal Capital Market from the Perspective of Corporate Governance

WANG Yan,CHEN Tian-ren

Abstract：Under the second phase of the “Solvency II” rule,the efficiency of the internal capital market of insurance groups becomes even more crucial than ever.This paper uses the data of 9 insurance groups and 30 insurance subsidiaries under the group from 2015 to 2021 to measure the internal capital market efficiency of insurance groups through the adjusted profit sensitivity model(APS),and introduces corporate governance factors such as ownership concentration ratio and equity balance to further analyze the impacts of corporate governance on the internal capital market efficiency of insurance groups in China.The empirical results show that the internal capital market of insurance groups in China is generally effective,but ineffective allocation behaviors in the internal capital market of the sample insurance groups still exists.As the ownership concentration increases,the efficiency of the internal capital market decreases.And with the increase of ownership by small and medium-sized shareholders,the efficiency of the internal capital market improves.

Key words：insurance group;internal capital market efficiency;corporate governance；ownership structure