Solvency Regulation, Capital Structure Optimization and Insurance Corporate Governance
There is a big difference in profit-making pattern,capital structure,regulation and stakeholders between insurance companies and other corporate,which leads to the governance complexity of insurance companies.Restricted by solvency regulation,the capital structure of an insurance company can explain the corporate governance risk in agent problem.This paper tries to discuss how solvency regulation influences the capital structure of an insurance company at first.In the aspect of positive research,this paper has found an interesting phenomenon,that is,the capital structure of China?s insurance industry is sensitive to solvency regulation,however,as to specific insurance companies,it does not make sense.At the same time,the corporate governance risk induced by the unreasonable capital structure of China?s insurance companies is notably represented by the abuse of domination,corporate paralysis,control weakness and embezzlement of managers.As policy applications,this paper suggests that government should make solvency regulation more efficient and insurance companies must enhance corporate governance by optimizing capital structure.
solvency capital structure corporate governance
PENG Youyuan
School of Finance,Renmin University of China,Beijing,China,100872
国内会议
北京
英文
74-81
2011-07-24（万方平台首次上网日期，不代表论文的发表时间）