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论文编号：	7498
作者编号：	2120132391
上传时间：	2015/6/10 21:48:04
中文题目：	我国保险公司资本结构影响因素研究
英文题目：	Research of Influencing Factors for Insurance Companies’ Capital Structures in Our Country
指导老师：	郝臣
中文关键字：	保险公司；资本结构；影响因素；稳健性检验
英文关键字：	insurance company; capital structure; influence factors; robustness test
中文摘要：	从财务杠杆的角度，公司的资本结构可以理解为，公司的债务资本与权益资本之间的比例。运用财务杠杆，公司可以获得一定的杠杆利益，但同时也要承担一定的财务风险。因此，选择一个合理的资本结构，对一家公司来说就显得尤为重要。而保险行业作为一个特殊的金融行业，相比于其他金融行业有其特殊性。保险业务的收入，作为保险公司资金的主要来源，属于负债融资的范畴，这就决定了保险行业本身就具有高负债的资本结构特点。正是这种特殊的资本结构特点，使得对保险公司资本结构的影响因素进行研究分析显得十分必要。 本文尝试对我国保险公司资本结构的影响因素进行研究分析。根据相关理论研究成果，本文提出了五个研究假设，并从2009年至2013年历年《中国保险年鉴》中获得本文所需数据，经过对数据的处理，最终选取2008年至2012年我国共计395家保险公司的平衡面板数据作为本文的研究样本。本文选取资产负债比率，长期负债比率，产权比率，权益保费比率以及准备金比率五个变量作为被解释变量，来衡量我国保险公司的资本结构水平。其中，资产负债比率，长期负债比率，产权比率是比较通用的资本结构衡量标准，而权益保费比率以及准备金比率，这两个比率是保险公司所特有的用于衡量资本结构水平的比率。选取公司规模，获利能力，成长性，资产担保价值，再保险比率五个变量作为解释变量。同时，本文还选取公司组织形式、中外资类型、险种以及公司成熟度作为控制变量。在实证检验部分，本文分别对所设计的模型进行了最小二乘回归分析以及面板数据回归分析；在稳健性检验部分，从样本、变量、方法三个层次进行优化改良，并进行了相应的回归分析。 经过实证检验以及稳健性检验，本文得出的结论为，保险公司的公司规模与保险公司的资本结构水平显著正相关，而保险公司的获利能力，成长性，资产担保价值以及再保险比率对保险公司资本结构的影响不显著。
英文摘要：	From the perspective of financial leverage, the company's capital structure, can be understood as the ratio between company's debt capital and equity capital. Using financial leverage, a company can get some leverage interests, but also has to undertake a certain financial risk. Therefore, choosing a reasonable capital structure is particularly important for a company. The insurance industry is a special financial industry. Insurance business income, as a main source of funds, belongs to the category of debt financing, which determines the insurance industry itself has a high debt capital structure. It is this special capital structure characteristic that makes it important to study the influencing factors for insurance companies' capital structures. This article tries to study the influencing factors for insurance companies' capital structures. According to the related theory, it puts forward five research hypotheses, then it selects the panel data of a total of 395 insurance companies in our country as the research sample from the China insurance yearbooks. According to the theory of capital structure and the former related research results, it selects asset and liability ratio, long-term debt ratio, equity ratio, equity premium rates and reserve ratio as explained variables to measure the level of capital structure. Among them, only equity premium rates and reserve ratio are peculiar to the insurance company’s capital structure level. Select company size, profitability, growth, asset collateral value, and reinsurance ratio as explanatory variables. It also selects company organization form, type, kind and maturity as control variables. After empirical test and robustness test, this article gets some conclusions as follows, company size is positively related to the level of capital structure, but all other factors such as profitability, growth, asset collateral value, and reinsurance ratio have no significant effects on insurance company’s capital structure.
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