我国非寿险公司再保险与资本结构研究

发布时间：2018-04-23 14:36

本文选题：资本结构 + 再保险　；参考：《保险研究》2013年05期

【摘要】：我国保险业转型和保险回归保障功能对保险公司运用再保险和合理配置资本结构提出了更高要求。本文以2007年～2011年我国的非寿险保险公司为研究对象,实证检验保险公司再保险购买与资本结构选择间的因果关系,采用2SLS和FEPD模型研究发现,非寿险保险公司财务杠杆与再保险比率存在显著的正相关关系,再保险率反过来也正向提高了财务杠杆率。本文的结论证明我国非寿险保险公司再保险购买与资本结构选择的因果关系与现有的资本结构理论相符。本文的研究证实,再保险购买能够有效减少我国非寿险保险公司的偿付压力,可以为我国非寿险保险公司的业务拓展提供安全边际,从而以较低成本维持较高的财务杠杆比例。
[Abstract]:The transformation of insurance industry and the function of insurance return security put forward higher requirements for insurance companies to use reinsurance and allocate capital structure rationally. Taking non-life insurance companies in China from 2007 to 2011 as the research object, this paper empirically tests the causal relationship between reinsurance purchase and capital structure selection of insurance companies, and finds out by using 2SLS and FEPD models. There is a significant positive correlation between non-life insurance companies' financial leverage and reinsurance ratio, which in turn increases the financial leverage ratio. The conclusion of this paper proves that the causality between reinsurance purchase and capital structure selection of non-life insurance companies in China is consistent with the existing capital structure theory. The research in this paper proves that reinsurance purchase can effectively reduce the solvency pressure of non-life insurance companies in China, and can provide a safety margin for the business expansion of non-life insurance companies in China, thus maintaining a higher financial leverage ratio at a lower cost.
【作者单位】：复旦大学经济学院;
【基金】：复旦大学985工程三期整体推进社会科学研究“中国巨灾保险体系构建:制度安排、产品设计与金融创新”(2012SHKXQN006)
【分类号】：F842.3;F224

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