产险业资本结构与承保风险对获利能力的影响——基于结构方程模型的实证分析
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财经研究 2008 年 第 34 卷第 01 期, 页码：63 - 72
摘要
参考文献
摘要
文章以资本结构理论为基础,利用国内产险公司2001～2004年的财务数据,运用结构方程模型探讨产险公司资本结构与承保风险对获利能力的影响。实证结果发现,资本结构的变化对我国产险公司的获利能力有正负两方面的影响,而资本结构与风险之间是相互影响的。当不考虑风险的影响时,资产负债率的提高会增强公司的获利能力,而随着资产负债率的提高,公司承保风险加大,对公司的获利能力有显著的负向影响。因此,产险公司不应一味地通过提高资产负债率来取得短期获利,还应注意控制风险,增强长期获利能力。
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[3]赵旭.关于中国保险公司市场行为与市场绩效的实证分析[J].经济评论,2003,[4]:118～122.
[4]戴稳胜,张阿兰,林桢舜,谢邦昌.寿险业产业结构与企业经营策略对获利能力的影响[J].统计研究,2004,[9]:19～22.
[5]Modigliani F,Miller M H.The cost of capital,corporationfinance,and the theory of in-vest ment[J].American Economic Review,1958,48:261～297.
[6]Modigliani F,Miller M H.Corporate income taxes and the cost of capital:Acorrection[J].American Economic Review,1963,53:433～443.
[7]Staking K B,Babbel D F.The relation between capital structure,interest rate sensitivi-ty,and market valueinthe property-liabilityinsuranceindustry[J].Journal of Risk andInsurance,1995,62:690～718.
[8]Baranoff E,Sager T.The relations among organizational and distribution forms and capital and asset risk structures in the life insurance industry[J].Journal of Risk and Insurance,2003,70:375～400.
[9]Fairley WB.Invest ment income and profit margins in property-liabilityinsurance:The-ory and empirical results[J].The Bell Journal of Economics,1979,10:192～210.
[10]侯杰泰,温忠麟,成子娟.结构方程模型及其应用[M].北京:教育科学出版社,2004.
[11]Grace MF,Harrington S E,Klein R W.Risk-based capital and solvency screeningin property-liability insurance:Hypotheses and empirical tests[J].Journal of Risk and In-surance,1998,65:213～243.
引用本文
赵桂芹, 王上文. 产险业资本结构与承保风险对获利能力的影响——基于结构方程模型的实证分析[J]. 财经研究, 2008, 34(1): 63–72.
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