| With the deepening of China’s financial mixed operation degree and the liberalization of bank investment in insurance companies,bancassurance has entered a new era of equity cooperation.Major domestic banks have entered the insurance market by means of equity acquisition.With the support of background banks,bank-related insurance have developed and grown rapidly.Due to the similarity between life insurance business and some banking businesses,after more than ten years of development,bank-related life insurance has become the main force of bank-related insurance,which has an important impact on the development of life insurance market.Therefore,it is necessary to study the impact of ownership structure factors on its operating efficiencyThis paper first sorts out the relevant literature of bank-related life insurance and equity structure.Secondly,the paper introduces the shareholding structure and development status of bank-related life insurance companies in China,further expounds relevant theories,defines the equity structure,the concept of bank-related life insurance and operating efficiency,and analyzes the influence mechanism of equity structure factors on the operating efficiency of bank-related life insurance companies.Then,using the panel data of 11 bank-related life insurance companies in China from 2015 to 2019,the operating efficiency was calculated by constructing the window SBM model,and the influencing factors of the operating efficiency of bank-related life insurance were preliminarily analyzed according to the calculation results.On this basis,the influence of equity structure factors on the operating efficiency of Chinese bank-related life insurance companies is studied through Tobit model.Finally,according to empirical research results,suggestions are put forward to improve the operating efficiency of Chinese bank-related life insurance companies.The results show that: first,bank holding insurance companies bring improved efficiency,but there are still some bank-related life insurance companies with low efficiency,the number of employees and other resource input is still wasted;second,the bank background has a significant impact on the operating efficiency of bank-related life insurance companies.The operating efficiency of state-owned bank-related life insurance is obviously higher than that of life insurance companies controlled by non-state-owned banks,while the participation of foreign investment can improve the operating efficiency of bank-related insurance companies.Third,the higher the shareholding ratio of holding banks is not the better.On the contrary,a balanced shareholding structure can promote the improvement of operating efficiency.Fourth,the stronger the profitability of the controlling shareholder,the lower the operating efficiency of the bank-related life insurance company,which also shows that the high equity concentration will bring "encroachment effect".According to the research results,the following suggestions are put forward:(1)bank-related life insurance companies should optimize their input and output,streamline their branches,and strictly control the quality and quantity of institutional personnel.At the same time,strengthen the management of expenses;(2)appropriately adjust the equity structure to ensure the balance of equity.At the same time,introduce foreign capital to optimize its shareholding structure;(3)strengthen financial supervision and information disclosure to prevent controlling shareholders or executives from damaging the interests of the company;(4)use the brand power of background banks to strengthen publicity and further build their own brand image. |
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