| The "Administrative Measures for the Pilot Equity of Commercial Banks Investing in Insurance Companies" is a management regulation issued by China’s Banking Regulatory Commission in 2009 in response to the current situation of the financial market,and since then,bank-affiliated life insurance companies have emerged and thus entered the public’s field of vision.From the perspective of modern corporate finance theory,banks will lead to changes in the internal governance of the company through equity investment in insurance companies,and the efficiency of the use of funds by insurance companies will also change.Taking the internal governance of the company as the starting point,this thesis selects the representative indicators of the board of directors and equity,and studies the impact of the internal governance of the company on the efficiency of the use of funds of bank-based life insurance companies,which has certain practical significance.Through the principal-agent theory,the thesis analyzes the impact of the internal governance of banking insurance companies on the efficiency of their capital utilization.At the same time,the difference between the internal governance of bank-based life insurance companies and general insurance companies is analyzed,the assumptions are established and the indicators of board of directors and corporate governance are selected,and the relevant data of a total of 10 bank-based life insurance companies in China in the five years from 2016 to 2020 are sorted out,and the empirical analysis method of Tobit is used for research.First of all,this thesis collects the required data on the official website of the insurance company;secondly,the efficiency of the insurance company’s capital utilization is calculated,and then the empirical research is conducted according to the hypothesis of the thesis,and the regression results are obtained,and finally the conclusion is drawn.The thesis found that there is a significant negative relationship between board size(BD)and the efficiency of capital utilization by bank-affiliated life insurance companies.There is a significant positive correlation between the average age of board members of bank-affiliated life insurance companies and the efficiency of the use of funds.The shareholding ratio(OR)of the largest shareholder has a significant positive correlation on the efficiency of capital utilization.The negative relationship between the proportion of directors with a bank background(BDR)and the efficiency of the use of funds is significant.Whether a commercial bank directly holds a stake(CB)has a significant positive correlation on the efficiency of capital utilization.The relationship between the ratio of independent directors(IR)and the efficiency of capital utilization is not significant,and the analysis believes that it is due to the excessive number of companies that do not have independent directors.In view of the research results,this thesis believes that it is necessary to maintain the size of the board of directors,reduce the introduction of directors with bank backgrounds,and pay attention to the introduction of older and more professional directors,but also maintain appropriate equity concentration.Based on the research results of the thesis,this thesis suggests that banks and life insurance companies improve the structure of the board of directors;strengthen the cooperation between banks and insurance companies;maintain a moderate shareholding structure.From the perspective of internal governance of banking life insurance companies innovatively,the thesis discusses its influence on the efficiency of fund utilization of banking life insurance companies.The thesis also concludes with a summary of the shortcomings of the study.It is hoped that the conclusions of this thesis can help the banking life insurance companies to improve their governance and improve their capital utilization efficiency. |
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