我国财产保险业资本结构与经营效率的关系研究

发布时间：2018-11-20 07:20

【摘要】：我国保险业已初具规模，为我国经济发展、社会稳定发挥了重要作用。然而，长期以来我国保险业片面地追求规模和发展速度，忽视经营效率和发展质量，这种粗放的发展模式增加了保险公司的经营风险。另外，保险公司是经营风险的企业，这就要求保险公司拥有合理的资本结构来应对风险的不确定性。保险公司作为金融机构进行负债经营，与一般工业企业的资本结构相比具有高负债率的特点，与人寿保险公司相比财产保险公司的保单负债更具有不确定性和流动性。财产保险业资本结构的特殊性，决定了研究财产保险业资本结构的重要性。因此，论文从经营效率的新角度研究我国财产保险业资本结构问题。论文首先对我国财产保险业资本结构进行了理论分析，将这些作为进一步研究的理论基础。其次，研究了财产保险业资本结构与经营效率的理论关系，从偿付能力与风险承担的正向影响、财务困境与监管成本的负向影响两方面分析了财产保险业资本结构对经营效率的直接影响机制，从股权结构和债权结构两方面分析了财产保险业资本结构对经营效率的间接影响机制。最后，进行了实证研究，使用DEA方法测算出样本产险公司的经营效率，，引入面板VAR模型做了脉冲响应分析和方差分解，更为清晰地分析了我国财产保险业资本结构与经营效率的动态关系。研究发现，我国财产保险业经营效率的提升主要依赖规模效率的提高，而相对制约于纯技术效率，亟需提高资源运用能力。当前我国财产保险业以资产负债率衡量的资本结构无论在短期还是长期都不利于提高经营效率，资产负债率还不合理。经营效率对资产负债率的影响具有迟滞效应，经营效率提高短期内不利于资产负债率增加，在长期内有利于资产负债率增加，向初始水平恢复。以责任准备金与总资产之比衡量的资本结构在短期和长期都有利于提高经营效率，经营效率在短期比长期更有利于责任准备金与总资产之比的增加，在长期内这一影响作用渐弱。
[Abstract]:China's insurance industry has begun to take shape, playing an important role in economic development and social stability. However, for a long time, the insurance industry of our country has been pursuing the scale and the development speed one-sidedly, neglecting the management efficiency and the development quality, this extensive development mode has increased the management risk of the insurance company. In addition, the insurance company is the enterprise that manages the risk, which requires the insurance company to have the reasonable capital structure to deal with the uncertainty of the risk. As a financial institution, insurance companies have the characteristics of high debt ratio compared with the capital structure of general industrial enterprises. Compared with life insurance companies, the insurance policies of property insurance companies have more uncertainty and liquidity. The particularity of the capital structure of the property insurance industry determines the importance of studying the capital structure of the property insurance industry. Therefore, the paper studies the capital structure of China's property insurance industry from a new perspective of management efficiency. Firstly, the capital structure of China's property insurance industry is theoretically analyzed, which is regarded as the theoretical basis for further research. Secondly, the paper studies the theoretical relationship between capital structure and operating efficiency of property insurance industry, from the positive influence of solvency and risk bearing. This paper analyzes the direct influence mechanism of capital structure of property insurance industry on operation efficiency from two aspects: financial distress and negative influence of supervision cost. This paper analyzes the indirect influence mechanism of capital structure of property insurance industry on operation efficiency from two aspects: equity structure and creditor's right structure. Finally, the empirical study is carried out, and the operating efficiency of the sample property insurance company is calculated by using DEA method. The panel VAR model is introduced to do impulse response analysis and variance decomposition. The dynamic relationship between capital structure and operation efficiency of property insurance industry in China is analyzed more clearly. It is found that the improvement of management efficiency of property insurance industry in China mainly depends on the improvement of scale efficiency, but is relatively restricted by pure technical efficiency, so it is urgent to improve the ability of resource utilization. At present, the capital structure of property insurance industry measured by asset-liability ratio is not conducive to improving the operating efficiency in the short or long run, and the asset-liability ratio is not reasonable. The effect of operation efficiency on asset-liability ratio is delayed. The improvement of operation efficiency is not conducive to the increase of asset-liability ratio in the short term, and in the long term it is conducive to the increase of asset-liability ratio and recovers to the initial level. The capital structure measured by the ratio of liability reserve to total assets is beneficial to the improvement of operating efficiency in the short and long term, and the operating efficiency is more favorable to the increase of the ratio of liability reserve to total assets in the short term than in the long run. In the long run, this effect is becoming weaker.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F840.4;F842.3;F842.65

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