我国寿险公司资本结构影响因素的实证研究

发布时间：2018-03-15 10:11

本文选题：资本结构　切入点：寿险公司　出处：《浙江工商大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着我国人口老龄化的加速,人均收入水平的提高以及城市化进程的加快,我国寿险业未来发展潜力巨大。而与此同时,快速增加的保费收入使我国寿险业负债水平大幅上升,资本金消耗加快,在当前融资渠道有限的情况下,寿险业偿付能力不足以及资本结构水平偏高的问题日渐凸出。因此,在当前寿险业资本金不足,偿付能力下降的背景下,研究资本结构的影响因素对优化我国寿险公司资本结构具有重要的现实意义。首先,本文厘清了资本结构的基本含义,并在此基础上,对经典资本结构理论和保险公司资本结构的相关文献进行了系统的梳理和分析。其次,从寿险公司资本结构现状、寿险公司与产险公司资本结构对比、中外资寿险公司资本结构对比三个方面考察了我国寿险公司资本结构的特点。研究发现我国寿险公司具有独特的融资路径,即保费收入拉高资产负债率,在偿付能力监管的要求下,通过增加利润留存进行内部融资,辅之以次级债和追加股权投资进行外部融资。最后,本文利用固定效用模型与可行广义最小二乘法(FGLS),以我国2004年-2012年25家寿险公司为样本,检验宏观经济因素、监管因素、公司特征因素、保险业务等因素对我国寿险公司资本结构的影响。实证结果表明：较快的宏观经济增长速度、宽松的货币政策和严格的偿付能力监管会提升寿险公司资本结构水平；而降低保费收入增速与退保率、提升公司盈利能力与固定资产比率可降低寿险公司资本结构水平,在此基础上,本文提出了优化我国寿险公司资本结构的政策与建议。
[Abstract]:With the acceleration of population aging, the improvement of per capita income and the acceleration of urbanization, the future development potential of life insurance industry in China is huge. At the same time, the rapidly increasing premium income has greatly increased the level of life insurance liabilities in China. Capital consumption is speeding up. In the current situation of limited financing channels, the problems of insufficient solvency and high level of capital structure of the life insurance industry are becoming increasingly prominent. Therefore, under the background of insufficient capital and declining solvency in the current life insurance industry, It is of great practical significance to study the influencing factors of capital structure to optimize the capital structure of life insurance companies in China. First of all, this paper clarifies the basic meaning of capital structure, and on this basis, the classical capital structure theory and insurance company capital structure related literature are systematically combed and analyzed. Secondly, from the current situation of the capital structure of the life insurance company, the capital structure comparison between the life insurance company and the property insurance company, The capital structure of Chinese and foreign life insurance companies is compared in three aspects, and the characteristics of the capital structure of life insurance companies in China are investigated. It is found that the life insurance companies in China have a unique financing path, that is, the premium income increases the asset-liability ratio. At the request of solvency regulation, internal financing is carried out through increased retention of profits, supplemented by external financing with subprime debt and additional equity investments. Finally, using the fixed utility model and feasible generalized least square method, 25 life insurance companies in China from 2004 to 2012 are taken as samples to test macroeconomic factors, regulatory factors and corporate characteristics. The empirical results show that rapid macroeconomic growth rate, loose monetary policy and strict solvency supervision will improve the level of capital structure of life insurance companies. The capital structure level of life insurance companies can be reduced by reducing the increase of premium income and the rate of withdrawal, and by improving the profitability and the ratio of fixed assets. On the basis of this, this paper puts forward some policies and suggestions for optimizing the capital structure of life insurance companies in China.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F842.3

【参考文献】