【摘要】：我國保險業(yè)已初具規(guī)模，為我國經(jīng)濟發(fā)展、社會穩(wěn)定發(fā)揮了重要作用。然而，長期以來我國保險業(yè)片面地追求規(guī)模和發(fā)展速度，忽視經(jīng)營效率和發(fā)展質(zhì)量，這種粗放的發(fā)展模式增加了保險公司的經(jīng)營風險。另外，保險公司是經(jīng)營風險的企業(yè)，這就要求保險公司擁有合理的資本結(jié)構(gòu)來應對風險的不確定性。保險公司作為金融機構(gòu)進行負債經(jīng)營，與一般工業(yè)企業(yè)的資本結(jié)構(gòu)相比具有高負債率的特點，與人壽保險公司相比財產(chǎn)保險公司的保單負債更具有不確定性和流動性。財產(chǎn)保險業(yè)資本結(jié)構(gòu)的特殊性，決定了研究財產(chǎn)保險業(yè)資本結(jié)構(gòu)的重要性。因此，論文從經(jīng)營效率的新角度研究我國財產(chǎn)保險業(yè)資本結(jié)構(gòu)問題。 論文首先對我國財產(chǎn)保險業(yè)資本結(jié)構(gòu)進行了理論分析，將這些作為進一步研究的理論基礎。其次，研究了財產(chǎn)保險業(yè)資本結(jié)構(gòu)與經(jīng)營效率的理論關系，從償付能力與風險承擔的正向影響、財務困境與監(jiān)管成本的負向影響兩方面分析了財產(chǎn)保險業(yè)資本結(jié)構(gòu)對經(jīng)營效率的直接影響機制，從股權結(jié)構(gòu)和債權結(jié)構(gòu)兩方面分析了財產(chǎn)保險業(yè)資本結(jié)構(gòu)對經(jīng)營效率的間接影響機制。最后，進行了實證研究，使用DEA方法測算出樣本產(chǎn)險公司的經(jīng)營效率，，引入面板VAR模型做了脈沖響應分析和方差分解，更為清晰地分析了我國財產(chǎn)保險業(yè)資本結(jié)構(gòu)與經(jīng)營效率的動態(tài)關系。 研究發(fā)現(xiàn)，我國財產(chǎn)保險業(yè)經(jīng)營效率的提升主要依賴規(guī)模效率的提高，而相對制約于純技術效率，亟需提高資源運用能力。當前我國財產(chǎn)保險業(yè)以資產(chǎn)負債率衡量的資本結(jié)構(gòu)無論在短期還是長期都不利于提高經(jīng)營效率，資產(chǎn)負債率還不合理。經(jīng)營效率對資產(chǎn)負債率的影響具有遲滯效應，經(jīng)營效率提高短期內(nèi)不利于資產(chǎn)負債率增加，在長期內(nèi)有利于資產(chǎn)負債率增加，向初始水平恢復。以責任準備金與總資產(chǎn)之比衡量的資本結(jié)構(gòu)在短期和長期都有利于提高經(jīng)營效率，經(jīng)營效率在短期比長期更有利于責任準備金與總資產(chǎn)之比的增加，在長期內(nèi)這一影響作用漸弱。
[Abstract]:China's insurance industry has begun to take shape, playing an important role in economic development and social stability. However, for a long time, the insurance industry of our country has been pursuing the scale and the development speed one-sidedly, neglecting the management efficiency and the development quality, this extensive development mode has increased the management risk of the insurance company. In addition, the insurance company is the enterprise that manages the risk, which requires the insurance company to have the reasonable capital structure to deal with the uncertainty of the risk. As a financial institution, insurance companies have the characteristics of high debt ratio compared with the capital structure of general industrial enterprises. Compared with life insurance companies, the insurance policies of property insurance companies have more uncertainty and liquidity. The particularity of the capital structure of the property insurance industry determines the importance of studying the capital structure of the property insurance industry. Therefore, the paper studies the capital structure of China's property insurance industry from a new perspective of management efficiency. Firstly, the capital structure of China's property insurance industry is theoretically analyzed, which is regarded as the theoretical basis for further research. Secondly, the paper studies the theoretical relationship between capital structure and operating efficiency of property insurance industry, from the positive influence of solvency and risk bearing. This paper analyzes the direct influence mechanism of capital structure of property insurance industry on operation efficiency from two aspects: financial distress and negative influence of supervision cost. This paper analyzes the indirect influence mechanism of capital structure of property insurance industry on operation efficiency from two aspects: equity structure and creditor's right structure. Finally, the empirical study is carried out, and the operating efficiency of the sample property insurance company is calculated by using DEA method. The panel VAR model is introduced to do impulse response analysis and variance decomposition. The dynamic relationship between capital structure and operation efficiency of property insurance industry in China is analyzed more clearly. It is found that the improvement of management efficiency of property insurance industry in China mainly depends on the improvement of scale efficiency, but is relatively restricted by pure technical efficiency, so it is urgent to improve the ability of resource utilization. At present, the capital structure of property insurance industry measured by asset-liability ratio is not conducive to improving the operating efficiency in the short or long run, and the asset-liability ratio is not reasonable. The effect of operation efficiency on asset-liability ratio is delayed. The improvement of operation efficiency is not conducive to the increase of asset-liability ratio in the short term, and in the long term it is conducive to the increase of asset-liability ratio and recovers to the initial level. The capital structure measured by the ratio of liability reserve to total assets is beneficial to the improvement of operating efficiency in the short and long term, and the operating efficiency is more favorable to the increase of the ratio of liability reserve to total assets in the short term than in the long run. In the long run, this effect is becoming weaker.
【學位授予單位】：中國海洋大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F840.4;F842.3;F842.65

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