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本文首先提出了若干关于承保业务影响寿险公司资本结构及其调整的假说,进而基于Nerlove部分调整模型,利用1998～2009年我国大陆地区寿险公司的财务报告数据,通过非线性最小二乘回归进行实证研究。主要发现:我国寿险公司存在目标资本结构和动态调整过程。目标资本结构与承保业务的持续性、业务规模显著正相关性,与传统型业务比重显著负相关,与业务分出程度、业务期限结构和业务成长性的关系不显著。我国寿险公司资本结构的调整系数平均为0.316。调整系数与业务成长性显著正相关,与业务持续性显著负相关,与业务规模的相关性不显著,此外,中资寿险公司调整资本结构快于合资公司。
This paper first proposes several hypotheses about the underwriting business’s impact on the capital structure and its adjustment of life insurance companies. Based on Nerlove’s partial adjustment model and the financial reporting data of China’s mainland life insurance companies from 1998 to 2009, the empirical test is conducted by nonlinear least-squares regression the study. The main findings are as follows: The life insurance company in our country has the target capital structure and dynamic adjustment process. There was a significant positive correlation between the target capital structure and the continuity of underwriting business and the scale of business. There was a significant negative correlation between the target capital structure and the proportion of the traditional business, and the relationship between the target capital structure and business coverage, business term structure and business growth was insignificant. The average adjustment coefficient of China’s life insurance company’s capital structure is 0.316. The adjustment coefficient is significantly and positively related to business growth, negatively related to business continuity, and not significant to business scale. In addition, the adjustment of capital structure by Chinese life insurance companies is faster than that of joint ventures.