Research On The Information Disclosure Level Of Insurance Companies In China And Its Influence

Compared with the general market,the financial market is a market for information financing.As a guide for funds,information promotes the circulation of funds between the government,enterprises and individuals,and realizes the market's optimal allocation of resources.As an important part of the financial industry,insurance companies have also played a huge role in the use,processing and circulation of information.Compared with general financial institutions,insurance companies reflect their particularity in corporate governance objectives,one of which is to protect the interests of stakeholders such as policyholders.This determines that the insured is one of the important subjects of the insurance industry's use of information,meeting the information needs of policyholders,and reducing the information asymmetry between the insurance industry and policyholders has become one of the focuses of insurance company governance.The information disclosure behavior of insurance companies is an important way for policyholders to obtain information.Therefore,it is very important to study the relationship between insurance company information disclosure and the protection of policyholders' interests.Based on this research background,this paper first constructs the information disclosure evaluation index system of insurance companies in China,and examines the information disclosure level of insurance companies in China from the aspects of mandatory information disclosure and voluntary information disclosure,and by manually browsing the sample company's official website.Index assignment,using the entropy model to generate the information disclosure index of 74 family insurance companies and 75 property insurance companies in China in 2017.According to the index,the level of information disclosure of insurance companies in China needs to be improved in 2017,and the level of disclosure among insurance companies is large;the disclosure level of personal insurance companies is significantly higher than that of property insurance companies,and the information disclosure level of Chinese insurance companies is higher than Foreign insurance company.Based on the generated information disclosure index of China's insurance companies in 2017,in order to further study the protection relationship between insurance companies and policyholders,this paper takes 2017 China Insurance Company Information Disclosure Index,Mandatory Information Disclosure Index and Voluntary Information Disclosure Index as explanatory variables.The solvency surplus logarithm is the explanatory variable,and the model is built for regression.The empirical results prove that there is a positive correlation between the information disclosure level of insurance companies,the level of voluntary information disclosure and the solvency margin,that is,the level of information disclosure of insurance companies,especially the higher the level of voluntary information disclosure,the stronger the solvency of the company.The better the effect on the protection of the insured's interests.There is no significant correlation between the level of mandatory information disclosure of insurance companies and the ability to pay.In order to ensure the robustness of the empirical results,this paper tests the robustness of the model by replacing the explanatory variables and examining the multicollinearity.The final robustness test results are consistent with the empirical results.Based on the research in this paper,this paper puts forward relevant suggestions.It is believed that the regulatory authorities should revise and improve the "Administrative Measures for Information Disclosure of Insurance Companies",and should continue to strengthen the supervision of information disclosure of compulsory insurance companies.Insurance companies should further improve the level of voluntary information disclosure.To better protect the interests of policyholders.