本文關(guān)鍵詞： 保險公司 資本結(jié)構(gòu) 公司績效 盈利能力 結(jié)構(gòu)優(yōu)化　出處：《山東大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：自"新國十條"發(fā)布以來,保險業(yè)受到自上而下各層面的重視,保險公司已成為我國社會保障體系中的重要支柱,也是社會資金的重要融通渠道,作為金融行業(yè)里重要的一部分,對國民經(jīng)濟(jì)的穩(wěn)定有著至關(guān)重要的作用,也是促進(jìn)經(jīng)濟(jì)發(fā)展的保障和動力來源。同時,根據(jù)入世承諾,我國保險業(yè)是金融行業(yè)中最早開放、步伐最大、發(fā)展最快的行業(yè),也可以說,保險業(yè)在一定程度上是金融業(yè)的指向標(biāo)。近年來,伴隨著我國保險業(yè)的大發(fā)展,保險公司的資本結(jié)構(gòu)和公司績效評價也在不斷發(fā)生著改變,但對于保險公司來說其資本結(jié)構(gòu)對公司績效的影響問題卻一直沒有得到具體研究。本文首先介紹了選題背景和研究意義,并回顧了國內(nèi)外關(guān)于資本結(jié)構(gòu)和公司績效的文獻(xiàn)研究成果以及已成型的模型理論體系,再根據(jù)歷年數(shù)據(jù)分析了我國保險公司現(xiàn)行資本結(jié)構(gòu)和公司績效的變化趨勢,為之后的實證工作做好了理論準(zhǔn)備和基礎(chǔ)信息儲備。之后本文根據(jù)前人研究的經(jīng)驗和對保險行業(yè)的分析,選取資產(chǎn)負(fù)債率、償債能力比率、股本資金和凈收保費(fèi)作為解釋變量保險公司資本結(jié)構(gòu)的評價指標(biāo),選取凈資產(chǎn)收益率、投資收益率和利潤率作為被解釋變量公司績效的評價指標(biāo),利用國外第三方數(shù)據(jù)庫ORBIS數(shù)據(jù),通過對我國壽險公司和財險公司分別進(jìn)行實證分析研究,探究我國保險公司資本結(jié)構(gòu)對公司績效的影響關(guān)系。本文的研究發(fā)現(xiàn):我國保險公司資本結(jié)構(gòu)對公司績效存在顯著的影響,可通過對保險公司資本結(jié)構(gòu)的調(diào)整來影響公司績效表現(xiàn)。對于壽險公司,提升其凈資產(chǎn)收益率的方法有降低資產(chǎn)負(fù)債率、提高償債能力比率和增加股本資金,其中可重點(diǎn)考慮降低資產(chǎn)負(fù)債率和增加股本資金的方法;提升其投資收益率的方法有增加股本資金和降低凈收保費(fèi);提升其利潤率的方法有降低資產(chǎn)負(fù)債率、降低償債能力比率、增加股本資金和減少凈收保費(fèi),并且所有提升利潤率的方法都可著重考慮。而對于財險公司,提升其凈資產(chǎn)收益率的方法有降低資產(chǎn)負(fù)債率、提高償債能力比率和增加股本資金,其中可重點(diǎn)考慮提高償債能力比率的方法;提升其投資收益率的方法有增加股本資金和降低凈收保費(fèi),并可著重考慮這兩種方法;提升其利潤率的方法有降低資產(chǎn)負(fù)債率、降低償債能力比率、增加股本資金和減少凈收保費(fèi),但方法效果不如壽險公司明顯。最后,本文根據(jù)研究結(jié)果提出相應(yīng)對策和建議:增強(qiáng)資本結(jié)構(gòu)動態(tài)優(yōu)化調(diào)整意識,積極建立健全本公司資本結(jié)構(gòu)的動態(tài)調(diào)節(jié)機(jī)制,按照公司自身特點(diǎn)優(yōu)化資本結(jié)構(gòu),達(dá)到公司價值最大化的目標(biāo);回歸理性發(fā)展,減少盲目擴(kuò)大規(guī)模行為,從單一經(jīng)營負(fù)債業(yè)務(wù)逐漸轉(zhuǎn)變至同時經(jīng)營資產(chǎn)業(yè)務(wù),將吸納保費(fèi)量恢復(fù)到合理水平,提升公司實際盈利能力和投資收益水平;根據(jù)自身實際選擇合理的負(fù)債水平,適當(dāng)降低資產(chǎn)負(fù)債率以提升公司盈利水平和獲利能力,同時打通公司內(nèi)部融資渠道,提高公司內(nèi)容融資能力,保障公司發(fā)展的安全性和穩(wěn)定性;促進(jìn)債券市場和股票市場的協(xié)調(diào)發(fā)展,保障企業(yè)融資途徑的暢通和多樣,提升資金流動性和融資效率,讓債券市場和股票市場更好的服務(wù)于企業(yè)的發(fā)展;提升信息披露力度和透明度,改善信息溝通途徑,增強(qiáng)股民信心,提升社會投資熱度,增加企業(yè)市場價值,保障企業(yè)發(fā)展和市場環(huán)境的穩(wěn)定。
[Abstract]:Since the "new country ten" release, the insurance industry at all levels by top-down attention, the insurance company has become an important pillar of China's social security system, social capital is an important channel for financing, financial industry as an important part of the national economy, stability plays a vital role, but also to promote the guarantee of economic development and the source of power. At the same time, according to WTO commitments, China's insurance industry is the financial industry's first open pace, the largest, fastest-growing industries, it can be said that the insurance industry is a pointer to the financial industry to a certain extent. In recent years, with the great development of China's insurance industry the capital structure and corporate performance evaluation of insurance companies are constantly changing, but the problem for insurance companies and the capital structure's impact on corporate performance has not been specific research. This paper introduces the topic The background and significance of the research, and reviews the research literature on capital structure and corporate performance at home and abroad and has formed the theoretical system of the model, according to the data analysis of the trend of China's insurance company's current capital structure and corporate performance, empirical work for the theory preparation and the basic information reserves. According to the experience of previous studies and the analysis of the insurance industry's selection, asset liability ratio, solvency ratio, equity funds and net premiums as evaluation index of capital structure variables of insurance company, select the rate of return on net assets, investment income rate and profit rate as the explanatory variable of corporate performance evaluation index, using ORBIS data foreign third party database, through the China Life Insurance Company and insurance company are analyzed in empirical research, to explore China's insurance company capital structure of the public Influence of our performance relationship. This study found that: the capital structure of insurance companies in China have a significant impact on company performance, can influence the company performance through the capital structure of insurance companies. The adjustment for the life insurance companies, improve its net assets yield a lower rate of assets and liabilities, improve solvency ratio and increase in equity funds, which can focus on methods to reduce the asset liability ratio and increase equity funds; improve their investment yields have increased equity funds and reduce net premiums; enhance their profit margins have lower asset liability ratio, lower solvency ratios, increase equity funds and reduce the net premium, and all the margin methodology will be considered. For insurance companies, improve its net assets yield a lower rate of assets and liabilities, improve solvency ratio and increase 鍔犺偂鏈祫閲，

本文編號：1530459