我国财产保险公司资本结构的影响因素分析——基于权衡理论视角的实证检验  

Analysis of Capital Structure of Property Insurance Company Based on Empirical Test of Trade-off Theory

作　　者：景珮[1] 李秀芳[1] 

机构地区：[1]南开大学经济学院,天津300071

出　　处：《现代财经（天津财经大学学报）》2013年第1期80-86,共7页Modern Finance and Economics：Journal of Tianjin University of Finance and Economics

基　　金：国家自然科学基金项目(BE010892)

摘　　要：研究发现我国财产保险公司存在最优资本结构,公司每年会向最优资本结构调整,调整的程度是实际差距的60%左右。最优资本结构受规模、成长性、盈利性、承保风险、再保险比例等因素影响,其中再保险比例、规模、成长性以及承保风险对资本结构比率有负向影响,盈利性对资本结构有正向影响。We use the trade-off theory to explain the changes of property-insurance company＇s capital structure,analyze the benefit and cost of holding capital,and then explore factors affecting the optimal capital structure.In the empirical analysis,we use the partial adjustment model to fit the time-varying behavior of the capital structure.The result shows that there is an optimal capital structure of property-insurance company,the actual capital structure adjust to the optimal one,the adjustment speed is about 60% of the gap.Optimal capital structure is affected by size,growth,profitability,underwriting risk and reinsurance ratio.Scale,growth and underwriting risk have negative effects on capital structure,while profitability has positive effect.

关 键 词：财产险公司资本结构 权衡理论 局部调整模型 

分 类 号：F275[经济管理—企业管理]