实际控制人如何影响寿险公司内部资金交易

多类经济主体希望将保险公司纳入到以自身为核心的企业关系网络中,借助保险公司投融资功能进行内部资金交易。本文对实际控制人(简称“实控人”)如何影响寿险公司的内部资金交易活动进行了理论分析;同时以2013-2021年我国73家寿险公司为样本进行回归分析。本文研究发现:绩效好的寿险公司更会向实控人或实控人关联方流出资金;实控人在寿险公司偿付能力较差时,会向寿险公司净流入资金。调节效应分析表明:相对于金融机构实控人,非金融机构实控人从寿险公司抽取了更多资金;随着持股比例上升,实控人会减少寿险公司向外流出资金的规模,并向寿险公司净流入资金。鉴此,本文提出加强相关监管及提高信息披露水平的政策建议。

Various economic entities hope to incorporate insurance companies into their self-centered enterprise networks,utilizing the investment and financing functions of insurance companies for internal capital transactions.This paper theoretically analyzes how the ultimate controlling shareholders influence the internal capital transaction activities of life insurance companies and provides empirical evidence based on data of 73 life insurance companies in China from 2013 to 2021.We find that the better the operating performance of a life insurance company,the larger the scale of capital outflow to its ultimate controlling shareholders or related enterprises of the ultimate controlling shareholders;only when the solvency of the life insurance company is poor will the ultimate controlling shareholders net inject capital into the life insurance company.Moderating effects tests show that compared to financial institution controllers,non-financial institution controllers extract more funds from life insurance companies;with increasing shareholding ratio,controllers reduce the scale of capital outflow from life insurance companies and net inject capital into them.Therefore,this paper proposes intensive supervision and information disclosure for the ultimate controlling shareholders of life insurance companies.