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.
出处
《现代财经（天津财经大学学报）》
CSSCI
北大核心
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)
关键词
财产险公司资本结构
权衡理论
局部调整模型
capital structure of property insurance company
trade-off theory
partial adjustment model
