我国财产保险公司资本结构影响因素的研究

发布时间：2019-04-18 19:47

【摘要】：近年来,我国保险行业进入快速发展阶段,财产保险公司作为我国保险市场的重要组成部分,发挥着保障国民财产安全和分散风险的作用。财险公司资本结构的合理性,关系到公司的偿付能力、融资能力、发展能力,明确哪些因素能够影响资本结构,对于优化财险公司资本结构具有重要的现实意义。目前,我国保险公司资本结构的研究对象大多集中于上市保险公司、少数寿险或财险公司,以整个财险市场作为研究对象的文献不多,另外,在资本结构刻画指标选取方面,也局限于分析传统公司资本结构时常用的资产负债率、产权比率。鉴于此,本研究扩展了资本结构刻画指标,确定包括资产负债率、产权比率、权益保费比率和准备金比率在内的资本结构的刻画指标,并构建资本结构影响因素指标体系。实证研究部分,选取2009年至2015年的40家财险公司作为研究对象,构建多元线性模型探究各资本结构刻画指标受不同因素的影响,最后进行对比分析。研究表明:构建的资本结构影响因素指标体系对以资产负债率和准备金比率刻画的资本结构影响显著,对以产权比率、权益保费比率刻画的资本结构的影响不显著。以资产负债率作为资本结构的刻画指标时,经济增长速度、总资产报酬率、公司规模、再保险比率与资本结构呈正相关关系,产品分散化与资本结构呈负相关关系,保费报酬率、保费增长率、成长性、公司成熟度、收支间隔间、实际税率对资本结构的影响不显著。以准备金比率作为资本结构的刻画指标时,经济增长速度、总资产报酬率、成长性、公司规模、再保险比率与资本结构呈正相关关系,保费报酬率、保费增长率、公司成熟度与资本结构之间呈负相关关系,收支间隔间、实际税率、产品及地域分散化对资本结构的影响不显著。
[Abstract]:In recent years, China's insurance industry has entered a stage of rapid development. As an important part of the insurance market in China, property insurance companies play an important role in safeguarding the safety of national property and dispersing risks. The rationality of the capital structure of the property insurance company is related to the solvency, financing ability and development ability of the company. It is of great practical significance for optimizing the capital structure of the property insurance company to make clear which factors can affect the capital structure. At present, the research objects of the capital structure of insurance companies in our country are mostly focused on listed insurance companies, a few life insurance or property insurance companies, there are few literature regarding the whole property insurance market as the research object, in addition, in the capital structure characterization index selection aspect, Also limited to the analysis of traditional corporate capital structure commonly used asset-liability ratio, property rights ratio. In view of this, this study extends the capital structure characterization index, determines the capital structure characterization index including asset-liability ratio, property right ratio, equity premium ratio and reserve ratio, and constructs the index system of capital structure influencing factors. In the part of empirical research, 40 property insurance companies from 2009 to 2015 are selected as the research object, and the multi-linear model is constructed to explore the influence of different factors on each capital structure portrayal index, and finally, the comparative analysis is carried out. The research shows that the index system of capital structure has a significant impact on the capital structure characterized by asset-liability ratio and reserve ratio, but not on the capital structure characterized by property right ratio and equity premium ratio. When the ratio of assets and liabilities is taken as the index of capital structure, the speed of economic growth, the rate of return on total assets, the size of the company, the ratio of reinsurance are positively correlated with the capital structure, and the decentralization of products is negatively correlated with the capital structure. The rate of return on premium, the growth rate of premium, the maturity of the company, the interval between income and expenditure, and the effect of effective tax rate on the capital structure are not significant. When the reserve ratio is used as the index of capital structure, the rate of economic growth, the rate of return on total assets, the growth, the size of the company and the ratio of reinsurance are positively correlated with the capital structure, the rate of return on premium and the rate of increase of premium. There is a negative correlation between the maturity of the company and the capital structure, and there is no significant influence on the capital structure by the income and expenditure interval, the effective tax rate, the product and the regional decentralization.
【学位授予单位】：青岛大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F842.3;F840.4

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