保险公司资本结构的动态调整机制研究

摘要

Five propositions and the dynamic adjustment mechanism of the insurance company's capital structure are put forward on the basis of contingency theory and capital structure theory. Taking the four public insurance companies listed in A shares-China Life, Ping An insurance, CPIC and NCL as examples, the paper analyzes capital structure adjustments behaviors that the insurance companies made based on enterprise valve, solvency, business strategy, macro-economic environment and capital structure, and verifies the accommodated degree of the five propositions and the dynamic adjustment mechanism of the insurance company's capital structure. Researching results showed that the capital structure adjustment of insurance company is the result of dynamic adjustment in combination between solvency supervision aim and enterprise value. Business strategy, macro-economic environment and capital market also play important roles on the adjustment of capital structure of the insurance company. The insurance company should adjust its capital structure and dynamically consider all kinds of determinants.%基于权变理论和资本结构理论的相关研究提出了五个命题与保险公司资本结构的动态调整机制，并以国内A股上市的中国人寿、中国平安、中国太保和新华保险等四家保险公司为例，通过比较分析保险公司根据企业价值、偿付能力、企业战略、宏观经济环境、资本市场等调整资本结构的行为，并验证五个命题和保险公司资本结构动态调整机制在我国的适应程度。研究发现，保险公司资本结构的调整需要保险公司在偿付能力监管目标和企业价值目标之间进行动态调整；企业战略、宏观经济环境和资本市场对保险公司资本结构调整均有着明显的影响；保险公司要根据环境的变化，综合考虑各方面的因素调整资本结构。