上市保险公司资本结构偏好与优化:基于利益相关者理论的分析视角  

Inclination and Optimization of the Listed Insurance Company's Capital Structure:A Stakeholder Perspective

作　　者：阳义南[1] 双希 

机构地区：[1]中山大学岭南学院,广东广州510275 [2]Durham University,Old Elvet Durham DH1 3HP,UK

出　　处：《南方金融》2012年第4期68-72,共5页South China Finance

基　　金：中国博士后科学基金面上项目(项目编号:20100480798);教育部人文社会科学项目(项目编号:11YJC630247)的资助

摘　　要：基于利益相关者理论,本文分析了保险公司股东、保单持有人和保险行业监管机构等三个主要利益相关者对保险公司资本结构的偏好及其影响,在此基础上运用博弈论和股东收益率模型对利益相关者影响下的保险公司资本结构进行理论分析。研究结果表明:在利益相关者的影响作用下,保险公司采用较低的财务杠杆能更好地最大化各利益相关者的效用,优化公司资本结构。这一结论也得到了我国三家A股保险公司上市前后财务杠杆变化的经验数据支持。为此,本文提出降低保险公司财务杠杆、优化资本结构的政策建议。Based on the analysis framework of stakeholder theory, this paper firstly dissects the option motivation of insurance companies＇ financial lever for stockholders, policy holders and supervision institutions which are the main stakeholders. Then, it uses game theory and stockholder earnings rating model to analyze how to optimize insurance companies＇ capital structure under that background. Afterwards, it conducts empirical study on financial lever change of three listed insurances companies in China＇s A share market to prove the hypothesis of stakeholder theory. Finally, it gives some advices on how to lower the financial lever to optimize the capital structure.

关 键 词：公司治理 保险公司 资本结构 利益相关者 财务杠杆 

分 类 号：F840.32[经济管理—保险] F224