我国保险公司资本结构对公司绩效影响的实证分析
发布时间：2018-02-24 13:46
本文关键词： 保险公司 资本结构 公司绩效 盈利能力 结构优化 出处：《山东大学》2017年硕士论文 论文类型：学位论文
【摘要】：自"新国十条"发布以来,保险业受到自上而下各层面的重视,保险公司已成为我国社会保障体系中的重要支柱,也是社会资金的重要融通渠道,作为金融行业里重要的一部分,对国民经济的稳定有着至关重要的作用,也是促进经济发展的保障和动力来源。同时,根据入世承诺,我国保险业是金融行业中最早开放、步伐最大、发展最快的行业,也可以说,保险业在一定程度上是金融业的指向标。近年来,伴随着我国保险业的大发展,保险公司的资本结构和公司绩效评价也在不断发生着改变,但对于保险公司来说其资本结构对公司绩效的影响问题却一直没有得到具体研究。本文首先介绍了选题背景和研究意义,并回顾了国内外关于资本结构和公司绩效的文献研究成果以及已成型的模型理论体系,再根据历年数据分析了我国保险公司现行资本结构和公司绩效的变化趋势,为之后的实证工作做好了理论准备和基础信息储备。之后本文根据前人研究的经验和对保险行业的分析,选取资产负债率、偿债能力比率、股本资金和净收保费作为解释变量保险公司资本结构的评价指标,选取净资产收益率、投资收益率和利润率作为被解释变量公司绩效的评价指标,利用国外第三方数据库ORBIS数据,通过对我国寿险公司和财险公司分别进行实证分析研究,探究我国保险公司资本结构对公司绩效的影响关系。本文的研究发现:我国保险公司资本结构对公司绩效存在显著的影响,可通过对保险公司资本结构的调整来影响公司绩效表现。对于寿险公司,提升其净资产收益率的方法有降低资产负债率、提高偿债能力比率和增加股本资金,其中可重点考虑降低资产负债率和增加股本资金的方法;提升其投资收益率的方法有增加股本资金和降低净收保费;提升其利润率的方法有降低资产负债率、降低偿债能力比率、增加股本资金和减少净收保费,并且所有提升利润率的方法都可着重考虑。而对于财险公司,提升其净资产收益率的方法有降低资产负债率、提高偿债能力比率和增加股本资金,其中可重点考虑提高偿债能力比率的方法;提升其投资收益率的方法有增加股本资金和降低净收保费,并可着重考虑这两种方法;提升其利润率的方法有降低资产负债率、降低偿债能力比率、增加股本资金和减少净收保费,但方法效果不如寿险公司明显。最后,本文根据研究结果提出相应对策和建议:增强资本结构动态优化调整意识,积极建立健全本公司资本结构的动态调节机制,按照公司自身特点优化资本结构,达到公司价值最大化的目标;回归理性发展,减少盲目扩大规模行为,从单一经营负债业务逐渐转变至同时经营资产业务,将吸纳保费量恢复到合理水平,提升公司实际盈利能力和投资收益水平;根据自身实际选择合理的负债水平,适当降低资产负债率以提升公司盈利水平和获利能力,同时打通公司内部融资渠道,提高公司内容融资能力,保障公司发展的安全性和稳定性;促进债券市场和股票市场的协调发展,保障企业融资途径的畅通和多样,提升资金流动性和融资效率,让债券市场和股票市场更好的服务于企业的发展;提升信息披露力度和透明度,改善信息沟通途径,增强股民信心,提升社会投资热度,增加企业市场价值,保障企业发展和市场环境的稳定。
[Abstract]:Since the "new country ten" release, the insurance industry at all levels by top-down attention, the insurance company has become an important pillar of China's social security system, social capital is an important channel for financing, financial industry as an important part of the national economy, stability plays a vital role, but also to promote the guarantee of economic development and the source of power. At the same time, according to WTO commitments, China's insurance industry is the financial industry's first open pace, the largest, fastest-growing industries, it can be said that the insurance industry is a pointer to the financial industry to a certain extent. In recent years, with the great development of China's insurance industry the capital structure and corporate performance evaluation of insurance companies are constantly changing, but the problem for insurance companies and the capital structure's impact on corporate performance has not been specific research. This paper introduces the topic The background and significance of the research, and reviews the research literature on capital structure and corporate performance at home and abroad and has formed the theoretical system of the model, according to the data analysis of the trend of China's insurance company's current capital structure and corporate performance, empirical work for the theory preparation and the basic information reserves. According to the experience of previous studies and the analysis of the insurance industry's selection, asset liability ratio, solvency ratio, equity funds and net premiums as evaluation index of capital structure variables of insurance company, select the rate of return on net assets, investment income rate and profit rate as the explanatory variable of corporate performance evaluation index, using ORBIS data foreign third party database, through the China Life Insurance Company and insurance company are analyzed in empirical research, to explore China's insurance company capital structure of the public Influence of our performance relationship. This study found that: the capital structure of insurance companies in China have a significant impact on company performance, can influence the company performance through the capital structure of insurance companies. The adjustment for the life insurance companies, improve its net assets yield a lower rate of assets and liabilities, improve solvency ratio and increase in equity funds, which can focus on methods to reduce the asset liability ratio and increase equity funds; improve their investment yields have increased equity funds and reduce net premiums; enhance their profit margins have lower asset liability ratio, lower solvency ratios, increase equity funds and reduce the net premium, and all the margin methodology will be considered. For insurance companies, improve its net assets yield a lower rate of assets and liabilities, improve solvency ratio and increase 鍔犺偂鏈祫閲，
本文编号：1530459
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