摘要
本文利用1998—2010年中国大陆地区财产保险公司和人寿保险公司的业务数据和财务数据,在部分调整模型的基础上,通过差分GMM方法对二者资本结构的影响因素进行实证研究。本文发现,中国产险公司和寿险公司的目标资本结构与公司规模、公司成熟度的关联显著为正,与产品分散化、地理分散化、产品收支间隔期的关联不显著,而再保险利用只对产险公司影响显著。平均而言,每一年度中国产险公司和寿险公司分别可以调整目标资本结构缺口的42.1%和28.5%。
This paper studies the determinants of the capital structure of property and liability（PL） insurance firms and life insurance firms in China.Using the business data and financial report data of China mainland area insurance firms from 1998 to 2010,this paper makes an empirical research through difference GMM estimation,based on a partial adjustment model.The results show that the target capital structure of both type insurance firms is significantly positive relevant to the firm size and the firm age,however,the business-line diversification,the geographical diversification and the interval between expenses and receipts are found to be of little significance.The degree of reinsurance utilization only influences PL insurance firms significantly.Furthermore,on average level,PL insurance firms（life insurance firms） adjust 42.1%（28.5%） of the gap towards target capital structure in one year.
出处
《财经论丛》
CSSCI
北大核心
2012年第2期64-69,共6页
Collected Essays on Finance and Economics
基金
四川省保险学会基金资助项目(2011SCBX05)
西南财经大学"211"工程三期建设重点项目
