| With the speed of financial opening to the outside world accelerating,the content expanding and deepening,a large number of private capital and foreign capital have entered the insurance field.Coupled with the relaxation of the upper limit of shareholders’ shareholding ratio,the ownership structure of insurance companies has undergone tremendous changes.The essence of insurance is protection.However,in the past few years,under the background of scarce assets and low interest rates,some insurance companies mismatched the term of insurance products,making long-term insurance short-term,pushing universal insurance and investment-linked insurance with higher investment attributes,and the insurance products seriously deviated from the essence of risk protection.What’s more,some insurance companies after using universal insurance,investment-linked insurance and other insurance to collect funds,crazy placard mergers and acquisitions in the secondary market are regarded as "barbarians" in the capital market.The occurrence of the above-mentioned risk events has stung the sensitive nerves of the stability of China’s financial system,and the regulatory authorities have to take measures to strengthen supervision to control the unbridled irrational prosperity of the insurance industry.Especially since the 19 th National Congress of the Communist Party of China,preventing and resolving major financial risks has become the top priority of regulatory work.Under the background of preventing and defusing major financial risks and strict insurance supervision,this paper takes the title of the influence of property insurance company’s ownership structure on its risk taking,which is of great significance both theoretically and practically.In view of this,this paper makes an in-depth analysis of the relationship between ownership structure and risk-taking in China’s property insurance industry.On the basis of systematically combing the internal and external governance of companies at home and abroad,as well as the related research on internal governance of banks and insurance companies,this paper selects the panel data of 78 property insurance companies in China from 2017 to 2020 to establish multiple linear regression models,and makes regression analysis on the relevant factors of ownership structure one by one.The robustness test is carried out by the way of common regression and variable substitution of all influencing factors,and the samples are grouped according to different enterprise characteristics for heterogeneity analysis.The results show that:(1)In China’s property insurance companies,the increase of ownership concentration has not significantly increased the risk-taking level of enterprises,but has significantly reduced the underwriting risk and investment risk of enterprises;(2)Compared with other insurance companies,state-controlled insurance companies have lower investment risks,but there is no obvious difference in underwriting risks;(3)The participation of foreign capital significantly reduces the underwriting risk of enterprises,but has no significant impact on the investment risk;(4)Institutional investors’ equity participation significantly reduces the underwriting risk of enterprises,and at the same time increases the underwriting risk of participating enterprises,but the result has not passed the robustness test.Finally,based on the above research conclusions,this paper puts forward the following policy suggestions: First,strengthen the penetrating supervision of equity.The regulatory authorities should take measures such as strict examination of shareholders’ resumes,improvement of shareholders’ professional requirements,and setting of negative list of market access to improve the entry threshold of insurance industry.Second,speed up the reform of mixed ownership of insurance companies and give full play to the leading role of state-owned capital.Third,appropriately introduce foreign capital to enrich the ownership structure of insurance companies. |
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