金融学院知识库

股权结构对公司成长发挥着重要的作用，两者之间的关系一直是学术研究中的热点话题。由于金融业的特殊性，学者们研究此类问题时，往往将保险公司的相关数据做剔除考虑。而寿险公司的健康成长同样有赖于合理的股权架构，以寿险公司为研究对象，考虑股权结构对其成长的影响是具有现实意义的。

根据公司治理理论、委托代理理论、利益侵占和利益协同理论、企业成长内生因素论等理论以及相关文献，将股权结构分成“股权性质”、“股权集中度”以及“股权制衡度”三方面内容，将寿险公司的成长分成“‘质’的提高”和“‘量’的增加”两个维度，“质”的提高体现在公司内在能力的提高，“量”的增加一般指公司规模的扩大。为了更加清晰寿

险公司的股权结构与成长状况的变化，本文还对整体寿险公司历年来的股权结构变化和总体成长状况进行了整理。对理论进行充分的分析后，选取 59 家寿险公司 2015 年至 2021 年一共 7 年时间的数据长度，采用双向固定效应模型对面板数据用 stata17 进行实证分析，试图进一步研究股权结构对寿险公司成长的影响。通过理论分析和实证研究，本文得出的结论如下：（1）股权结构对寿险公司综合成长的影响主要体现在“量”的成长方面。国有股由于需要考虑承担社会责任，稳定经济运行，并不会一味的扩大规模，与寿险公司“量”的成长呈现负相关关系，外资股与寿险公司“量”的成长呈现正相关关系，股权集中度与寿险公司“量”的成长呈现 U 型关系。而股权结构对寿险公司“质”的成长影响较小，只有股权制衡度与“质”的成长呈现倒 U 型关系，股权集中度与股权性质对寿险公司“质”的成长没有显著的作用；（2）受“量”的成长影响，国有股对寿险公司综合成长也表现为负相关关系，而外资股与寿险公司综合成长呈正相关；（3）股权集中度和股权制衡度对寿险公司综合成长的影响呈现非线性关系，股权集中度与寿险公司综合成长为正 U 型关系，股权制衡度与寿险公司综合成长呈现倒 U 型关系。

根据以上研究结论，本文提出以下建议：（1）寿险公司不仅要关注自身的规模成长，更要注重公司内在能力的提高；（2）在坚持发挥国有经济主导作用的前提下推动寿险公司股权多元化；（3）寿险公司要选择适合自身的股权集中度，使控股股东的利益与中小股东利益一致，减少大股东的利益侵占行为；（4）寿险公司要落实“保险业对外开放持续深化”的相关要求。

Ownership structure plays an important role in company growth, and the relationship between the two has been a hot topic in academic research. Because of the particularity of financial industry, when scholars study this kind of problem, they often take the relevant data of insurance company into consideration. The healthy growth of life insurance companies also depends on a reasonable equity structure, taking life insurance companies as the research object, considering the impact of equity structure on its growth is of practical significance.

 According to corporate governance theory, principal-agent theory, interest encroachment and interest synergy theory, enterprise growth endogenous factors theory and related literature, the structure of equity is divided into three parts: the nature of equity, the degree of concentration of equity and the degree of checks and balances of equity, the growth of life insurance companies can be divided into two dimensions: the improvement of quality and the increase of quantity, an increase in volume generally refers to an increase in the size of a company. In order to clarify the change of ownership structure and growth status of life insurance companies, this paper also analyzes the change of ownership structure and growth status of life insurance companies. After a thorough analysis of the theory, the data of 59 life insurance companies from 2015 to 2021 for a total of seven years were selected for empirical analysis using two-way fixed-effect model and STATA17, this paper attempts to further study the impact of equity structure on the growth of life insurance companies.Through theoretical analysis and empirical research, the conclusions are as follows: (1) the impact of equity structure on the comprehensive growth of life insurance companies is mainly reflected in the“Volume” of growth. Due to the need to consider the social responsibility of state-owned shares, stable economic operation, and will not blindly expand the size of life insurance companies, “Volume” growth

has a negative correlation, there is a positive correlation between foreign capital stock and the growth of“Volume” of life insurance companies, and a U-shaped relationship between ownership concentration and the growth of“Volume” of life insurance companies. However, equity structure has little influence on the growth of quality of life insurance companies, and only the degree of equity checks and balances and the growth of quality have an inverted U-shaped relationship, the degree of ownership concentration and the nature of ownership have no significant effect on the growth of“Quality” of life insurance companies, (3) the influence of the degree of equity concentration and the degree of equity checks and balances on the comprehensive growth of life insurance companies shows a non-linear relationship, the relationship between equity concentration degree and comprehensive growth of life insurance company is positive U-shaped, and the relationship between equity balance degree and comprehensive growth of life insurance company is inverted U-shaped.

Based on the above research conclusions, this paper puts forward the following suggestions: (1) life insurance companies should not only pay attention to their own scale growth, but also pay attention to the improvement of the company's internal capabilities; (2) to promote the diversification of life insurance company's equity on the premise of giving play to the leading role of state-owned economy; (3) to choose the right degree of equity concentration for life insurance company so as to make the interests of controlling shareholders coincide with those of small and medium-sized shareholders; (4) Life insurance companies should implement the requirements of“Deepening the opening-up of the insurance industry to the outside world”.