保险公司最优资本结构研究  

The Optimal Capital Structure of Insurance Companies

作　　者：李冰清[1] 谭艺[1] 

机构地区：[1]南开大学经济学院,天津300071

出　　处：《保险研究》2013年第12期3-13,共11页Insurance Studies

摘　　要：基于保险公司经营的特殊性,研究了在偿付能力约束下的保险公司的最优资本结构问题,提出了最优化保险公司资本结构的一种新的方式。保费收入作为保险公司的负债,其成本相对固定,本文以股东收益最大化为目标确定最优资本投入,从而确定保险公司的最优资本结构。通过对未来经济情景和保险产品收支的模拟,确定不同初始资本投入的最优投资策略和与之对应的资本投资收益率,进而选择能获得最高收益率的初始资本投入为最优的资本投入。与此同时,进一步分析了承保风险边际和经济环境的变化对保险公司资本结构的影响。This paper studied the optimal capital structure of an insurance company under the restriction of solven- cy, and put forward a new way to determine the optimal capital structure based on the particularity of an insurance company. Premium income is the liabilities of an insurance company, and it has a relatively fixed cost of capital. We determined the optimal capital input for maximization of shareholder returns, and in turn, arrived at the optimal cap- ital structure of an insurance company. Through the simulation of the future economic scenarios and the revenue and expenses of insurance products, we determined the optimal investment strategies for different level of initial capital and the return on initial capital, and then we chose optimum capital input. At the same time, the paper nomic environment changes on the capital structure the initial capital which had the highest investment yield as the also analyzed the impacts of underwriting risk margins and eco- of an insurance company.

关 键 词：资本结构 偿付能力 投资策略 

分 类 号：F275[经济管理—企业管理]