我国寿险公司信用评级制度研究
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摘要
目前，保险业是我国国民经济中发展最快的行业之一，在经济补偿、资金融通、社会管理等方面发挥着重要作用。在快速发展的同时，我国保险业仍然存在着一些亟待解决的突出矛盾和问题：“规模扩张”的粗放式经营、保险人违规欺诈、行业自律能力差、保险监管技术落后、保险市场信息不对称。由此导致的信用缺失已成为制约我国保险业发展的瓶颈，对保险公司进行信用评级是解决我国保险人信用缺失问题的有效方法。如何充分发挥信用评级第三方监督机制的作用，实现市场主体之间良性互动，是值得理论界和实务界关注的一个重要问题。
国际金融危机表明，以美国为主导的国际信用评级体系存在严重缺陷，市场化运作导致评级机构为追求利益最大化而掩盖风险，再加上监管长期缺位，结果导致了严重危机。美国的经验教训为我国民族信用评级的实践和创新提供了历史机遇，信用经济的发展呼唤新的评级思想和理论创新。在此背景下，研究如何建立适合我国国情的寿险公司信用评级制度，显得尤为重要。这也是本文研究的动机之所在。
本文在整体思路上，遵循“理论架构——现实考察——实证分析——政策框架”的研究范式，具体演进方向按照“内涵界定——理论基础——制度环境——关键技术——实证测度——实现机制”进行研究。
首先，从声誉理论、不对称信息理论、风险文化理论以及全面风险管理思想等四个视角对建立我国寿险公司信用评级制度进行了理论上的探索。理论研究认为，信用评级是矫正寿险市场参与者之间信息不对称的制度安排，是声誉理论在保险业的重要应用；我国保险市场对信用评级制度需求强烈；信用评级应关注寿险公司的整体风险，指标体系要全面可行；现代的风险主要是人为风险，信用评级要特别注意文化和人的因素。
其次，从市场供需、信息披露、国际金融危机和社会信用状况等方面阐述了构建我国寿险公司信用评级制度的可行环境。结果发现：保险信用评级需求迫切、供给不足，我国寿险公司信息披露初具条件，社会信用环境日益改善，国际金融危机提供了历史机遇和宝贵经验。当前我国寿险行业具备了建立信用评级制度的基本条件，构建我国寿险公司信用评级制度不仅必要，而且可行。
再次，在全面性、借鉴国际经验、立足中国国情等理念的指导下，设计了基于ERM的我国寿险公司信用评级指标体系，其中一级指标11个，包括6个定性指标：外部环境、内部环境、企业文化、内部控制、发展远景、合规经营和5个定量指标：资本与偿付充足性、资产品质、管理绩效、盈利能力、流动性，并对指标的适用性进行了具体分析。在此基础上，针对定量指标，运用因子分析法对我国50家寿险公司进行了信用等级评定；对定性指标，运用层次分析法和模糊综合评判方法进行了个案分析；然后，综合定性和定量分析结果，以确定综合得分和信用等级。结果表明，基于ERM的寿险公司信用评级指标体系全面反映了我国寿险公司的信用状况，指标体系适用可行；“骆驼法则”财务指标体系符合我国寿险业的信息披露实际情况，能较好反映我国寿险公司的经营状况；模糊综合评判适合于不易量化的定性指标分析，个案结果与实际经营情况基本吻合。
最后，论文从路径选择、建设标准、具体机制和配套措施等方面对我国寿险公司信用评级制度的实现方式进行了深入研究。基于当前我国寿险行业的发展现状，寿险公司信用评级制度模式应该选择混合信用体系模式，发挥政府和市场双重力量；短期内可以考虑由保监会提供寿险公司全面信息，委托权威机构对寿险公司进行信用评级，并对外公布；长期内考虑逐步建立专门的保险信用评级机构，采取非自愿无偿评级和自愿有偿评级相结合的方式。
Currently, China's insurance industry is one of the fastest developing industries inthe national economy，which plays an important role in economic compensation,capital financing, social management and so on. Meanwhile, some seriouscontradictions and problems are coming up and need to be solved: extensivemanagement for expansion, illegal operation and fraud, the absence of industryself-regulation and supervision, as well as information asymmetry in the insurancemarket, which have come out the lack of credit, which in turn has seriously hamperedthe development of China's insurance industry. Therefore，it is time to strengthen theestablishment of the insurance industry credit system,or rather how to give full play tothe third-party oversight mechanisms of the credit rating and exert the positiveinteraction between the main players in the market is a concern not only for thetheoretical but also practical circles.
Unfortunately, ever since the international financial crisis took place, the US-ledinternational credit rating system has been deeply questioned. Universallyacknowledged, it’s the rating agencies who underestimate risk for maximum benefit,and the long-term absence of supervision, that should be responsible for the crisis. Soin the development of credit economy, it is of necessity to innovate the credit ratingsystem ideologically and theoretically, which more importantly gives us a historicopportunity for practice and innovation of China's national credit rating. Under thesecircumstances, the paper commits to find out a credit rating system suitable for China'slife insurance companies.
In this paper, the paradigm: the theoretical framework--reality examine-Empirical Analysis–Policy is taken, specifically, the connotation defined-thetheoretical basis-the institutional environment-a key technology-empirical measure–Implementation.
Firstly, the theoretical study is based on reputation theory, asymmetric informationtheory, the theory of risk culture, as well as a comprehensive risk management.According to the theoretical study, it can be concluded that the credit rating as aninstitution effectively alleviates information asymmetry, and also is an importantapplication of reputation theory in the insurance industry, which illustrates a strongdemand for the credit rating system in China; For the credit rating, it is focused on the overall risk of the life insurance company, that is to say, a comprehensive and feasibleindex system should be established. In view of modern risk for the credit rating, it ismainly human risk. In this case, cultural and human factors should be taken intoconsideration when building up the new credit rating system.
Secondly, the paper makes a description of applicability to build China’s lifeinsurance company credit rating, in terms of market supply and demand, informationdisclosure, the international financial crisis and the credit standing.Severalconclusions can be drawn from it: the urgent demand for credit rating is not inharmony with the inadequate supply; information disclosure regulations of China'slife insurance companies have drawn up initially and generally; social creditenvironment is improving gradually; the international financial crisis provides ahistoric opportunity and valuable experience; China's life insurance industry meet thebasic conditions for the establishment of a credit rating system.Above all, it is notonly necessary but also feasible to build a China’s life insurance company credit ratingsystem..
Thirdly, under the guidance of comprehensive concepts which draw oninternational experience, and take account of China's national conditions, a China's lifeinsurance company credit rating index system based on ERM is designed. Among11primary indicators, there are six qualitative indicators: the external environment,internal environment, enterprise culture, internal control, development prospect, andcompliance management respectively; and five quantitative indicators: capital andpayment adequacy, asset quality, management performance, profitability, and liquidity.To validate the feasibility of this credit rating index system, case analysis is taken. Forquantitative indicators,50life insurance companies in China have been takenexamples by the means of factor analysis; for qualitative indicators, analytic hierarchyprocess and fuzzy comprehensive evaluation method are combined to study othercases. The results shows that to our delight, the credit rating index system for china’sinsurance company based on ERM fully reflects the credit status of China's lifeinsurance companies; What’s more, the "Camel” financial index system is in line withthe information disclosure of the actual situation of China's life insurance industry,which perform well in evaluating China's life insurance company business status; Asfor fuzzy comprehensive evaluation, it is a suitable and reliable choice when analyzingthe qualitative indicators which are difficult to quantify.
Finally, the further study focus on path selection, construction standards, thespecific mechanisms and supporting measures to set up credit rating system in China's life insurance companies. The results are as follows:(a). Given the present status ofChina life insurance industry, a mixed credit system is priority to the life insurancecompany credit rating system, in which the government and the market can work inharmony;(b) In the short term, the China Insurance Regulatory Commission providescredit rating authority entrusted with all-round information of life insurancecompanies. Taking it seriously, the agencies rate the companies, and publish the results;(c) In the long term, specialized insurance credit rating agencies, combinations of thenon-voluntary rating with unpaid and voluntary rating with paid, should beestablished.
国际金融危机表明，以美国为主导的国际信用评级体系存在严重缺陷，市场化运作导致评级机构为追求利益最大化而掩盖风险，再加上监管长期缺位，结果导致了严重危机。美国的经验教训为我国民族信用评级的实践和创新提供了历史机遇，信用经济的发展呼唤新的评级思想和理论创新。在此背景下，研究如何建立适合我国国情的寿险公司信用评级制度，显得尤为重要。这也是本文研究的动机之所在。
本文在整体思路上，遵循“理论架构——现实考察——实证分析——政策框架”的研究范式，具体演进方向按照“内涵界定——理论基础——制度环境——关键技术——实证测度——实现机制”进行研究。
首先，从声誉理论、不对称信息理论、风险文化理论以及全面风险管理思想等四个视角对建立我国寿险公司信用评级制度进行了理论上的探索。理论研究认为，信用评级是矫正寿险市场参与者之间信息不对称的制度安排，是声誉理论在保险业的重要应用；我国保险市场对信用评级制度需求强烈；信用评级应关注寿险公司的整体风险，指标体系要全面可行；现代的风险主要是人为风险，信用评级要特别注意文化和人的因素。
其次，从市场供需、信息披露、国际金融危机和社会信用状况等方面阐述了构建我国寿险公司信用评级制度的可行环境。结果发现：保险信用评级需求迫切、供给不足，我国寿险公司信息披露初具条件，社会信用环境日益改善，国际金融危机提供了历史机遇和宝贵经验。当前我国寿险行业具备了建立信用评级制度的基本条件，构建我国寿险公司信用评级制度不仅必要，而且可行。
再次，在全面性、借鉴国际经验、立足中国国情等理念的指导下，设计了基于ERM的我国寿险公司信用评级指标体系，其中一级指标11个，包括6个定性指标：外部环境、内部环境、企业文化、内部控制、发展远景、合规经营和5个定量指标：资本与偿付充足性、资产品质、管理绩效、盈利能力、流动性，并对指标的适用性进行了具体分析。在此基础上，针对定量指标，运用因子分析法对我国50家寿险公司进行了信用等级评定；对定性指标，运用层次分析法和模糊综合评判方法进行了个案分析；然后，综合定性和定量分析结果，以确定综合得分和信用等级。结果表明，基于ERM的寿险公司信用评级指标体系全面反映了我国寿险公司的信用状况，指标体系适用可行；“骆驼法则”财务指标体系符合我国寿险业的信息披露实际情况，能较好反映我国寿险公司的经营状况；模糊综合评判适合于不易量化的定性指标分析，个案结果与实际经营情况基本吻合。
最后，论文从路径选择、建设标准、具体机制和配套措施等方面对我国寿险公司信用评级制度的实现方式进行了深入研究。基于当前我国寿险行业的发展现状，寿险公司信用评级制度模式应该选择混合信用体系模式，发挥政府和市场双重力量；短期内可以考虑由保监会提供寿险公司全面信息，委托权威机构对寿险公司进行信用评级，并对外公布；长期内考虑逐步建立专门的保险信用评级机构，采取非自愿无偿评级和自愿有偿评级相结合的方式。
Currently, China's insurance industry is one of the fastest developing industries inthe national economy，which plays an important role in economic compensation,capital financing, social management and so on. Meanwhile, some seriouscontradictions and problems are coming up and need to be solved: extensivemanagement for expansion, illegal operation and fraud, the absence of industryself-regulation and supervision, as well as information asymmetry in the insurancemarket, which have come out the lack of credit, which in turn has seriously hamperedthe development of China's insurance industry. Therefore，it is time to strengthen theestablishment of the insurance industry credit system,or rather how to give full play tothe third-party oversight mechanisms of the credit rating and exert the positiveinteraction between the main players in the market is a concern not only for thetheoretical but also practical circles.
Unfortunately, ever since the international financial crisis took place, the US-ledinternational credit rating system has been deeply questioned. Universallyacknowledged, it’s the rating agencies who underestimate risk for maximum benefit,and the long-term absence of supervision, that should be responsible for the crisis. Soin the development of credit economy, it is of necessity to innovate the credit ratingsystem ideologically and theoretically, which more importantly gives us a historicopportunity for practice and innovation of China's national credit rating. Under thesecircumstances, the paper commits to find out a credit rating system suitable for China'slife insurance companies.
In this paper, the paradigm: the theoretical framework--reality examine-Empirical Analysis–Policy is taken, specifically, the connotation defined-thetheoretical basis-the institutional environment-a key technology-empirical measure–Implementation.
Firstly, the theoretical study is based on reputation theory, asymmetric informationtheory, the theory of risk culture, as well as a comprehensive risk management.According to the theoretical study, it can be concluded that the credit rating as aninstitution effectively alleviates information asymmetry, and also is an importantapplication of reputation theory in the insurance industry, which illustrates a strongdemand for the credit rating system in China; For the credit rating, it is focused on the overall risk of the life insurance company, that is to say, a comprehensive and feasibleindex system should be established. In view of modern risk for the credit rating, it ismainly human risk. In this case, cultural and human factors should be taken intoconsideration when building up the new credit rating system.
Secondly, the paper makes a description of applicability to build China’s lifeinsurance company credit rating, in terms of market supply and demand, informationdisclosure, the international financial crisis and the credit standing.Severalconclusions can be drawn from it: the urgent demand for credit rating is not inharmony with the inadequate supply; information disclosure regulations of China'slife insurance companies have drawn up initially and generally; social creditenvironment is improving gradually; the international financial crisis provides ahistoric opportunity and valuable experience; China's life insurance industry meet thebasic conditions for the establishment of a credit rating system.Above all, it is notonly necessary but also feasible to build a China’s life insurance company credit ratingsystem..
Thirdly, under the guidance of comprehensive concepts which draw oninternational experience, and take account of China's national conditions, a China's lifeinsurance company credit rating index system based on ERM is designed. Among11primary indicators, there are six qualitative indicators: the external environment,internal environment, enterprise culture, internal control, development prospect, andcompliance management respectively; and five quantitative indicators: capital andpayment adequacy, asset quality, management performance, profitability, and liquidity.To validate the feasibility of this credit rating index system, case analysis is taken. Forquantitative indicators,50life insurance companies in China have been takenexamples by the means of factor analysis; for qualitative indicators, analytic hierarchyprocess and fuzzy comprehensive evaluation method are combined to study othercases. The results shows that to our delight, the credit rating index system for china’sinsurance company based on ERM fully reflects the credit status of China's lifeinsurance companies; What’s more, the "Camel” financial index system is in line withthe information disclosure of the actual situation of China's life insurance industry,which perform well in evaluating China's life insurance company business status; Asfor fuzzy comprehensive evaluation, it is a suitable and reliable choice when analyzingthe qualitative indicators which are difficult to quantify.
Finally, the further study focus on path selection, construction standards, thespecific mechanisms and supporting measures to set up credit rating system in China's life insurance companies. The results are as follows:(a). Given the present status ofChina life insurance industry, a mixed credit system is priority to the life insurancecompany credit rating system, in which the government and the market can work inharmony;(b) In the short term, the China Insurance Regulatory Commission providescredit rating authority entrusted with all-round information of life insurancecompanies. Taking it seriously, the agencies rate the companies, and publish the results;(c) In the long term, specialized insurance credit rating agencies, combinations of thenon-voluntary rating with unpaid and voluntary rating with paid, should beestablished.
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